Vapotherm Reports Second Quarter 2024 Financial Results
Vapotherm (OTCQX: VAPO) reported Q2 2024 financial results with net revenue of $16.9 million, a 5.3% increase from Q2 2023. U.S. disposables revenue grew by 25.9%, driving overall disposables revenue up 13.9%. Gross margin improved to 49.1% from 42.8% in Q2 2023. Adjusted EBITDA loss decreased to $2.9 million from $6.4 million in Q2 2023. The company's unrestricted cash and cash equivalents stood at $2.9 million at quarter-end. CEO Joseph Army highlighted increased adoption of their technology for COPD patients following the HYPERACT study results. Despite revenue growth, Vapotherm reported a net loss of $14.3 million or $2.22 per share, compared to $14.8 million or $2.34 per share in Q2 2023.
Vapotherm (OTCQX: VAPO) ha riportato i risultati finanziari del Q2 2024 con un fatturato netto di 16,9 milioni di dollari, un aumento del 5,3% rispetto al Q2 2023. I ricavi degli articoli monouso negli Stati Uniti sono aumentati del 25,9%, contribuendo a un incremento complessivo dei ricavi degli articoli monouso del 13,9%. Il margine lordo è migliorato al 49,1% rispetto al 42,8% del Q2 2023. La perdita di EBITDA rettificato è diminuita a 2,9 milioni di dollari rispetto ai 6,4 milioni di dollari del Q2 2023. Alla fine del trimestre, la liquidità e le equivalenti di cassa della società si attestavano a 2,9 milioni di dollari. Il CEO Joseph Army ha evidenziato un maggiore uso della loro tecnologia per i pazienti con BPCO a seguito dei risultati dello studio HYPERACT. Nonostante la crescita dei ricavi, Vapotherm ha riportato una perdita netta di 14,3 milioni di dollari, equivalenti a 2,22 dollari per azione, rispetto a una perdita di 14,8 milioni di dollari o 2,34 dollari per azione nel Q2 2023.
Vapotherm (OTCQX: VAPO) reportó los resultados financieros del Q2 2024 con ingresos netos de 16.9 millones de dólares, un aumento del 5.3% en comparación con el Q2 2023. Los ingresos por productos desechables en EE. UU. crecieron un 25.9%, impulsando el aumento general de ingresos por productos desechables del 13.9%. El margen bruto mejoró al 49.1% desde el 42.8% en el Q2 2023. La pérdida de EBITDA ajustado disminuyó a 2.9 millones de dólares desde los 6.4 millones de dólares en el Q2 2023. Al final del trimestre, el efectivo y equivalentes de efectivo de la empresa se situaron en 2.9 millones de dólares. El CEO Joseph Army destacó la mayor adopción de su tecnología para pacientes con EPOC tras los resultados del estudio HYPERACT. A pesar del crecimiento de ingresos, Vapotherm reportó una pérdida neta de 14.3 millones de dólares o 2.22 dólares por acción, en comparación con 14.8 millones de dólares o 2.34 dólares por acción en el Q2 2023.
Vapotherm (OTCQX: VAPO)는 2024년 2분기 재무 결과를 발표하며 순수익이 1,690만 달러로 2023년 2분기 대비 5.3% 증가했다고 전했습니다. 미국의 일회용 제품 수익은 25.9% 증가하여 전체 일회용 제품 수익이 13.9% 상승했습니다. 총 이익률은 42.8%에서 49.1%로 개선되었습니다. 조정 EBITDA 손실은 640만 달러에서 290만 달러로 감소했습니다. 분기 말 회사의 제한 없는 현금 및 현금성 자산은 290만 달러로 집계되었습니다. CEO 조셉 아미는 HYPERACT 연구 결과 이후 COPD 환자에 대한 기술 채택 증가를 강조했습니다. 수익 증가에도 불구하고 Vapotherm는 1,430만 달러의 순손실을 기록했으며, 이는 주당 2.22 달러로 2023년 2분기의 1,480만 달러 또는 주당 2.34 달러에 비해 감소한 수치입니다.
Vapotherm (OTCQX: VAPO) a publié les résultats financiers du T2 2024, avec un revenu net de 16,9 millions de dollars, représentant une augmentation de 5,3 % par rapport au T2 2023. Les revenus des produits jetables aux États-Unis ont augmenté de 25,9 %, propulsant le revenu total des produits jetables à la hausse de 13,9 %. La marge brute a été améliorée à 49,1 % contre 42,8 % au T2 2023. La perte d'EBITDA ajusté a diminué à 2,9 millions de dollars contre 6,4 millions de dollars au T2 2023. La trésorerie et les équivalents de trésorerie de l'entreprise s'élevaient à 2,9 millions de dollars à la fin du trimestre. Le PDG Joseph Army a souligné l'adoption accrue de leur technologie pour les patients atteints de BPCO après les résultats de l'étude HYPERACT. Malgré la croissance des revenus, Vapotherm a enregistré une perte nette de 14,3 millions de dollars, soit 2,22 dollars par action, contre une perte de 14,8 millions de dollars ou 2,34 dollars par action au T2 2023.
Vapotherm (OTCQX: VAPO) hat die Finanzergebnisse für das zweite Quartal 2024 veröffentlicht, mit einem Nettoumsatz von 16,9 Millionen Dollar, was einem Anstieg von 5,3% im Vergleich zum zweiten Quartal 2023 entspricht. Der Umsatz mit Einmalprodukten in den USA wuchs um 25,9%, was zu einem Gesamtumsatzanstieg der Einmalprodukte von 13,9% führte. Die Bruttomarge verbesserte sich von 42,8% auf 49,1% im zweiten Quartal 2023. Der adjustierte EBITDA-Verlust verringerte sich von 6,4 Millionen Dollar auf 2,9 Millionen Dollar im zweiten Quartal 2023. Das ungebundenen Bargeld und die Bargeldäquivalente des Unternehmens betrugen Ende des Quartals 2,9 Millionen Dollar. CEO Joseph Army hob die gestiegene Akzeptanz ihrer Technologie für COPD-Patienten nach den Ergebnissen der HYPERACT-Studie hervor. Trotz des Umsatzwachstums berichtete Vapotherm von einem Nettoverlust von 14,3 Millionen Dollar oder 2,22 Dollar pro Aktie im Vergleich zu einem Verlust von 14,8 Millionen Dollar oder 2,34 Dollar pro Aktie im zweiten Quartal 2023.
- Net revenue increased by 5.3% to $16.9 million in Q2 2024
- U.S. disposables revenue grew by 25.9% compared to Q2 2023
- Gross margin improved to 49.1% from 42.8% in Q2 2023
- Adjusted EBITDA loss reduced to $2.9 million from $6.4 million in Q2 2023
- Non-GAAP cash operating expenses decreased by $2.1 million from Q2 2023
- Net loss of $14.3 million in Q2 2024
- GAAP operating expenses increased by $0.5 million from Q2 2023
- International revenue decreased by 15.0% compared to Q2 2023
- Unrestricted cash and cash equivalents decreased to $2.9 million from $9.7 million at the end of 2023
Insights
Vapotherm's Q2 2024 results show mixed signals. Revenue grew 5.3% year-over-year to
However, the company still faces challenges. The Adjusted EBITDA loss, while improved, remains at
The international market performance is also worrying, with a
Vapotherm's Q2 results highlight the growing acceptance of their High Velocity Therapy (HVT) technology, particularly in COPD treatment. The
The HYPERACT study results, presented at the 2024 Critical Care Congress, appear to be driving this adoption. This underscores the importance of clinical evidence in the medical device industry. However, the international market decline is concerning and may indicate challenges in global market penetration or competition.
The transition to the HVT 2.0 platform seems to be progressing well, but Vapotherm must continue innovating to maintain its competitive edge. The company's focus on operational efficiency, as seen in the gross margin improvement, is important for long-term success in the medical device sector.
Vapotherm's Q2 results reflect broader trends in the respiratory care market. The strong growth in U.S. disposables aligns with the increasing prevalence of COPD and other respiratory conditions. However, the international market decline suggests potential regional variations in healthcare spending or adoption of new technologies.
The company's Path to Profitability initiatives are showing results, with reduced non-GAAP cash operating expenses. This is important in a market where cost pressures are significant. The improved gross margin also indicates better positioning against competitors.
The shift towards disposables (
Second Quarter 2024 Financial Results and Related Highlights
- Net revenue for the second quarter of 2024 was
$16.9 million 5.3% as compared to the second quarter of 2023- Disposables revenue increased by
13.9% as compared to the second quarter of 2023 U.S. disposables revenue increased by25.9% as compared to the second quarter of 2023
- Disposables revenue increased by
- Gross margin in the second quarter of 2024 was
49.1% as compared to42.8% in the second quarter of 2023 - For the second quarter of 2024, GAAP operating expenses were
$17.6 million $12.1 million - GAAP operating expenses increased by
$0.5 million - Non-GAAP cash operating expenses decreased by
$2.1 million
- GAAP operating expenses increased by
- Adjusted EBITDA loss in the second quarter of 2024 was
$2.9 million $6.4 million - The Company's unrestricted cash and cash equivalents were
$2.9 million
"I'm pleased our
Results for the Three Months Ended June 30, 2024
The following table reflects the Company's net revenue for the three months ended June 30, 2024 and 2023:
Three Months Ended June 30, | ||||||||||||||||||||||||
2024 | 2023 | Change | ||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||
Amount | % of Revenue | Amount | % of Revenue | $ | % | |||||||||||||||||||
Revenue | ||||||||||||||||||||||||
Capital (product & lease revenue) | $ | 3,061 | 18.1 | % | $ | 3,646 | 22.7 | % | $ | (585) | (16.0) | % | ||||||||||||
Disposables | 12,442 | 73.7 | % | 10,927 | 68.1 | % | 1,515 | 13.9 | % | |||||||||||||||
Service and other | 1,381 | 8.2 | % | 1,464 | 9.2 | % | (83) | (5.7) | % | |||||||||||||||
Total net revenue | $ | 16,884 | 100.0 | % | $ | 16,037 | 100.0 | % | $ | 847 | 5.3 | % | ||||||||||||
Net revenue for the second quarter of 2024 was
Revenue information by geography is summarized as follows:
Three Months Ended June 30, | ||||||||||||||||||||||||
2024 | 2023 | Change | ||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||
Amount | % of Revenue | Amount | % of Revenue | $ | % | |||||||||||||||||||
$ | 13,323 | 78.9 | % | $ | 11,847 | 73.9 | % | $ | 1,476 | 12.5 | % | |||||||||||||
International | 3,561 | 21.1 | % | 4,190 | 26.1 | % | (629) | (15.0) | % | |||||||||||||||
Total net revenue | $ | 16,884 | 100.0 | % | $ | 16,037 | 100.0 | % | $ | 847 | 5.3 | % | ||||||||||||
Net revenue in
Gross profit and gross margin for the second quarter of 2024 was
Total operating expenses were
Net loss for the second quarter of 2024 was
Adjusted EBITDA was negative
Cash Position
Unrestricted cash and cash equivalents were
Website Information
Vapotherm routinely posts important information for investors on the Investor Relations section of its website, http:// investors.vapotherm.com/. Vapotherm intends to use this website as a means of disclosing material, non-public information and for complying with Vapotherm's disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of Vapotherm's website, in addition to following Vapotherm's press releases, Securities and Exchange Commission ("SEC") filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, Vapotherm's website is not incorporated by reference into, and is not a part of, this document.
Non-GAAP Financial Measures
This press release includes non-GAAP financial measures, including EBITDA, Adjusted EBITDA, non-GAAP operating expenses and non-GAAP cash operating expenses. EBITDA and Adjusted EBITDA differ from net income as calculated in accordance with
These non-GAAP financial measures are presented because the Company believes they are useful indicators of its operating performance. Management uses these non-GAAP financial measures, as measures of the Company's operating performance and for planning purposes, including the preparation of the Company's annual operating budget and financial projections. The Company believes these measures are useful to investors as supplemental information because they are frequently used by analysts, investors and other interested parties to evaluate companies in its industry. The Company believes Adjusted EBITDA is useful to its management and investors as a measure of comparative operating performance from period to period.
These non-GAAP financial measures should not be considered alternatives to, or superior to, net income or loss as a measure of financial performance or cash flows from operations as a measure of liquidity, or any other performance measure derived in accordance with GAAP. They should not be construed to imply that the Company's future results will be unaffected by unusual or non-recurring items. In addition, Adjusted EBITDA is not intended to be a measure of free cash flow for management's discretionary use, as it does not reflect certain cash requirements such as tax payments, debt service requirements, capital expenditures and certain other cash costs that may recur in the future. Adjusted EBITDA contains certain other limitations, including the failure to reflect our capital expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in the Adjusted EBITDA presentation. The Company's presentation of Adjusted EBITDA should not be construed to imply that its future results will be unaffected by any such adjustments. Management compensates for these limitations by primarily relying on the Company's GAAP results in addition to using Adjusted EBITDA and other non-GAAP financial measures on a supplemental basis. The Company's definitions of Adjusted EBITDA, non-GAAP operating expenses and non-GAAP cash operating expenses are not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation.
About Vapotherm
Vapotherm, Inc. (OTCQX: VAPO) is a publicly traded developer and manufacturer of advanced respiratory technology based in
Vapotherm high velocity therapy is mask-free non-invasive respiratory support and is a front-line tool for relieving respiratory distress—including hypercapnia, hypoxemia, and dyspnea. It allows for the fast, safe treatment of undifferentiated respiratory distress with one tool. The HVT 2.0 and Precision Flow systems' mask-free interface delivers optimally conditioned breathing gases, making it comfortable for patients and reducing the risks and care complexities associated with mask therapies. While being treated, patients can talk, eat, drink and take oral medication.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, including the statement about the Company's belief regarding an increased willingness to use the Company's technology on COPD patients. In some cases, you can identify forward-looking statements by terms such as "believe," "expect," "continue," "plan," "intend," "will," "outlook," or "typically," or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words, and the use of future dates. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statement. Applicable risks and uncertainties include, but are not limited to the following: Vapotherm's proposed merger with Veronica Merger Sub, Inc. and Vapotherm's ability to satisfy the conditions to closing or otherwise complete the merger on a timely basis or at all and the impact the pending merger may have on Vapotherm's current plans and operations, including potentially diverting management's attention from our business; the effects of the merger (or the announcement or pendency thereof) on Vapotherm's future business and financial and operating results, its ability to retain key personnel and maintain relationships with customers, manufacturers, suppliers, employees (including the risks relating to the ability to retain or hire key personnel), other business partners or governmental entities, and the risk and outcome of legal proceedings related to the merger; Vapotherm's ability to raise additional capital to fund its existing operations and debt service obligations; Vapotherm's ability to comply with its financial covenants, execute on its path to profitability initiative, convert excess inventory into cash and fund its business and otherwise continue as a going concern through 2024; Vapotherm has incurred losses in the past and may be unable to achieve or sustain profitability in the future; risks associated with its manufacturing operations in
VAPOTHERM, INC. | ||||||||
June 30, 2024 | December 31, 2023 | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 2,904 | $ | 9,725 | ||||
Accounts receivable, net of expected credit losses | 8,563 | 10,672 | ||||||
Inventories, net | 23,295 | 22,968 | ||||||
Prepaid expenses and other current assets | 2,259 | 3,058 | ||||||
Total current assets | 37,021 | 46,423 | ||||||
Property and equipment, net | 23,592 | 23,703 | ||||||
Operating lease right-of-use assets | 2,911 | 3,372 | ||||||
Restricted cash | 1,109 | 1,109 | ||||||
Goodwill | 561 | 565 | ||||||
Deferred income tax assets | 56 | 57 | ||||||
Other long-term assets | 2,677 | 2,388 | ||||||
Total assets | $ | 67,927 | $ | 77,617 | ||||
Liabilities and Stockholders' Deficit | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 4,381 | $ | 5,053 | ||||
Contract liabilities | 1,258 | 1,237 | ||||||
Accrued expenses and other current liabilities | 22,913 | 12,805 | ||||||
Current portion of loans payable, net | 118,406 | - | ||||||
Total current liabilities | 146,958 | 19,095 | ||||||
Long-term loans payable, net | - | 107,059 | ||||||
Other long-term liabilities | 2,288 | 6,797 | ||||||
Total liabilities | 149,246 | 132,951 | ||||||
Commitments and contingencies | ||||||||
Stockholders' deficit | ||||||||
Preferred stock ( | - | - | ||||||
Common stock ( | 6 | 6 | ||||||
Additional paid-in capital | 496,083 | 492,764 | ||||||
Accumulated other comprehensive (loss) income | (106) | 91 | ||||||
Accumulated deficit | (577,302) | (548,195) | ||||||
Total stockholders' deficit | (81,319) | (55,334) | ||||||
Total liabilities and stockholders' deficit | $ | 67,927 | $ | 77,617 | ||||
VAPOTHERM, INC. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Net revenue | $ | 16,884 | $ | 16,037 | $ | 36,018 | $ | 33,768 | ||||||||
Cost of revenue | 8,601 | 9,177 | 18,078 | 20,696 | ||||||||||||
Gross profit | 8,283 | 6,860 | 17,940 | 13,072 | ||||||||||||
Operating expenses | ||||||||||||||||
Research and development | 3,328 | 3,723 | 6,960 | 7,710 | ||||||||||||
Sales and marketing | 6,732 | 8,276 | 13,874 | 17,868 | ||||||||||||
General and administrative | 3,768 | 5,019 | 8,240 | 10,789 | ||||||||||||
Merger-related costs | 3,723 | - | 3,723 | - | ||||||||||||
Impairment of right-of-use assets | - | - | - | 432 | ||||||||||||
(Gain) loss on disposal of property and equipment | (1) | (2) | (9) | 53 | ||||||||||||
Total operating expenses | 17,550 | 17,016 | 32,788 | 36,852 | ||||||||||||
Loss from operations | (9,267) | (10,156) | (14,848) | (23,780) | ||||||||||||
Other (expense) income | ||||||||||||||||
Interest expense | (4,944) | (4,642) | (14,197) | (8,973) | ||||||||||||
Interest income | 1 | 26 | 6 | 54 | ||||||||||||
Foreign currency (loss) gain | (43) | 9 | (39) | (145) | ||||||||||||
Net loss before income taxes | $ | (14,253) | $ | (14,763) | $ | (29,078) | $ | (32,844) | ||||||||
Provision for income taxes | 18 | 25 | 29 | 34 | ||||||||||||
Net loss | $ | (14,271) | $ | (14,788) | $ | (29,107) | $ | (32,878) | ||||||||
Other comprehensive (loss) income: | ||||||||||||||||
Foreign currency translation adjustments | (35) | (22) | (197) | 113 | ||||||||||||
Total other comprehensive (loss) income | (35) | (22) | (197) | 113 | ||||||||||||
Total comprehensive loss | $ | (14,306) | $ | (14,810) | $ | (29,304) | $ | (32,765) | ||||||||
Net loss per share - basic and diluted | $ | (2.22) | $ | (2.34) | $ | (4.52) | $ | (5.76) | ||||||||
Weighted-average number of shares used in calculating net | 6,442,763 | 6,328,222 | 6,436,631 | 5,705,607 | ||||||||||||
(1) On August 18, 2023, the Company effected a 1:8 reverse stock split for each share of common stock issued | ||||||||||||||||
VAPOTHERM, INC. | ||||||||
Six Months Ended June 30, | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (29,107) | $ | (32,878) | ||||
Adjustments to reconcile net loss to net cash used in operating activities | ||||||||
Stock-based compensation expense | 3,290 | 5,405 | ||||||
Depreciation and amortization | 2,528 | 2,445 | ||||||
Provision for credit losses | 110 | (2) | ||||||
Provision for inventory valuation | 73 | 283 | ||||||
Non-cash lease expense | 461 | 733 | ||||||
Impairment of right-of-use assets | - | 432 | ||||||
(Gain) loss on disposal of property and equipment | (9) | 53 | ||||||
Placed units reserve | 234 | 418 | ||||||
Interest paid in-kind | 4,918 | 4,553 | ||||||
Non-cash interest expense | 4,931 | 620 | ||||||
Amortization of discount on debt | 429 | 368 | ||||||
Deferred income taxes | 29 | 34 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 1,986 | 212 | ||||||
Inventories | (407) | 7,646 | ||||||
Prepaid expenses and other assets | 506 | (2,794) | ||||||
Accounts payable | (579) | (315) | ||||||
Contract liabilities | 23 | 72 | ||||||
Accrued expenses and other liabilities | 2,045 | (3,460) | ||||||
Operating lease liabilities, current and long-term | (1,288) | (1,213) | ||||||
Net cash used in operating activities | (9,827) | (17,388) | ||||||
Cash flows from investing activities | ||||||||
Purchases of property and equipment | (2,662) | (1,408) | ||||||
Net cash used in investing activities | (2,662) | (1,408) | ||||||
Cash flows from financing activities | ||||||||
Proceeds from issuance of common stock and pre-funded warrants and | - | 20,943 | ||||||
Proceeds from loans, net of discount | 5,820 | - | ||||||
Proceeds from exercise of warrants | - | 3 | ||||||
Proceeds from exercise of stock options | 1 | - | ||||||
Proceeds from issuance of common stock under Employee Stock Purchase Plan | 12 | 77 | ||||||
Net cash provided by financing activities | 5,833 | 21,023 | ||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (165) | 35 | ||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (6,821) | 2,262 | ||||||
Cash, cash equivalents and restricted cash | ||||||||
Beginning of period | 10,834 | 16,847 | ||||||
End of period | $ | 4,013 | $ | 19,109 | ||||
Supplemental disclosures of cash flow information | ||||||||
Interest paid during the period | $ | 3,557 | $ | 2,720 | ||||
Property and equipment purchases in accounts payable and accrued expenses | $ | 732 | $ | 175 | ||||
Issuance of common stock warrants in conjunction with long term debt | $ | 16 | $ | 71 | ||||
Issuance of common stock for services | $ | 155 | $ | 117 | ||||
Non-GAAP Financial Measures
The following table contains a reconciliation of net loss to Adjusted EBITDA for the three months ended June 30, 2024 and 2023, respectively.
Three Months Ended June 30, | ||||||||
2024 | 2023 | |||||||
(Unaudited) | (in thousands) | |||||||
Net loss | $ | (14,271) | $ | (14,788) | ||||
Interest expense, net | 4,943 | 4,616 | ||||||
Provision for income taxes | 18 | 25 | ||||||
Depreciation and amortization | 1,224 | 1,197 | ||||||
EBITDA | $ | (8,086) | $ | (8,950) | ||||
Merger-related costs | 3,723 | - | ||||||
Stock-based compensation | 1,456 | 2,585 | ||||||
Foreign currency loss (gain) | 43 | (9) | ||||||
Gain from deconsolidation | - | (5) | ||||||
Gain on disposal of property and equipment | (1) | (2) | ||||||
Adjusted EBITDA | $ | (2,865) | $ | (6,381) | ||||
The following table contains a reconciliation of operating expenses to Non-GAAP operating expenses and Non-GAAP cash operating expenses for the three months ended June 30, 2024 and June 30, 2023, respectively.
Three Months Ended June 30, | ||||||||
2024 | 2023 | |||||||
(Unaudited) | (in thousands) | |||||||
GAAP operating expenses | $ | 17,550 | $ | 17,016 | ||||
Merger-related costs | (3,723) | - | ||||||
Gain on disposal of property and equipment | 1 | 2 | ||||||
Non-GAAP operating expenses | 13,828 | 17,018 | ||||||
Stock-based compensation | (1,423) | (2,534) | ||||||
Depreciation and amortization | (262) | (293) | ||||||
Gain from deconsolidation | - | 5 | ||||||
Non-GAAP cash operating expenses | $ | 12,143 | $ | 14,196 | ||||
Supplemental Operating Metrics | |||||||||||||||
June 30, | |||||||||||||||
2024 | 2023 | Change | |||||||||||||
Amount | Amount | Amount | % | ||||||||||||
HVT 2.0 and precision flow units installed base | |||||||||||||||
24,992 | 24,563 | 429 | 1.7 | % | |||||||||||
International | 12,975 | 12,729 | 246 | 1.9 | % | ||||||||||
Total | 37,967 | 37,292 | 675 | 1.8 | % | ||||||||||
Three Months Ended June 30, | |||||||||||||||
2024 | 2023 | Change | |||||||||||||
Amount | Amount | Amount | % | ||||||||||||
HVT 2.0 and precision flow units sold and leased | |||||||||||||||
193 | 293 | (100) | (34.1) | % | |||||||||||
International | 99 | 146 | (47) | (32.2) | % | ||||||||||
Total | 292 | 439 | (147) | (33.5) | % | ||||||||||
Disposable patient circuits sold | |||||||||||||||
82,290 | 69,323 | 12,967 | 18.7 | % | |||||||||||
International | 29,634 | 35,744 | (6,110) | (17.1) | % | ||||||||||
Total | 111,924 | 105,067 | 6,857 | 6.5 | % | ||||||||||
Investor Relations Contacts:
John Landry, SVP & CFO, ir@vtherm.com, +1 (603) 658-0011
View original content to download multimedia:https://www.prnewswire.com/news-releases/vapotherm-reports-second-quarter-2024-financial-results-302220359.html
SOURCE Vapotherm, Inc.
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