Vapotherm Says It Is Compliant To NYSE Listing, Prices $23M Private Placement

Vapotherm Says It Is Compliant To NYSE Listing, Prices $23M Private Placement
  • Vapotherm Inc VAPO expects Q4 FY22 sales of $18.4 million to $18.7 million, versus the consensus of $16.32 million, with FY22 sales expectation of $66-$67 million compared to the consensus Of $64.47 million.
  • For Q4, the company expects a gross margin of 27%-28% and 25%-26% for FY22.
  • For the fourth quarter of 2022, the company expects non-GAAP operating expenses excluding impairment of long-lived assets and loss on disposal of property and equipment, of $20.9 million to $21.1 million.
  • Cash and cash equivalents were approximately $15.7 million as of December 31, 2022.
  • "Growth was driven primarily by consistent quarterly improvement in U.S. disposables turn rates, reaching 70% of the three-year pre-COVID historical average in the fourth quarter, up from 60% in the third quarter," said Joseph Army, President & CEO.
  • The company looks to decrease annual cash operating expenses from $100 million in 2021 to $60 million to $62 million in 2023 while still making significant investments in future growth drivers. 
  • For FY23, Vapotherm expects revenue of $77 million to $79 million, compared to the consensus of $76.44 million, with a gross margin of 48%-50%.
  • Concerning the previously reported two delisting notices from the NYSE in 2022, the company received a price cure notification letter from the NYSE indicating the company's stock price was above the NYSE's minimum requirement.
  • Vapotherm announced a securities purchase agreement for private placement financing for gross proceeds of approximately $23.0 million.
  • The company will issue 17.5 million shares and pre-funded warrants, purchasing up to 4.4 million shares. The warrants will be exercisable at $1.17 per share.
  • Price Action: VAPO shares are up 8.94% at $1.07 on the last check Wednesday.

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