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Vapotherm (VAPO) investor relations material
Vapotherm Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net revenue for Q2 2024 was $16.9M, up 5.3% year-over-year, driven by strong U.S. disposables growth, while capital equipment revenue declined.
U.S. disposables revenue rose 25.9% year-over-year, with global disposables up 13.9% due to increased adoption of HVT 2.0.
Net loss for Q2 2024 was $14.3M ($2.22/share), a slight improvement from $14.8M ($2.34/share) in Q2 2023; six-month net loss was $29.1M, down from $32.9M year-over-year.
Adjusted EBITDA loss narrowed to $2.9M from $6.4M year-over-year, reflecting cost control initiatives.
A definitive merger agreement was signed in June 2024; if completed, shareholders will receive $2.18 per share in cash.
Financial highlights
Q2 2024 net revenue: $16.9M (+5.3% YoY); six months: $36.0M (+6.7% YoY).
Gross margin improved to 49.1% in Q2 2024 from 42.8% in Q2 2023, driven by operational efficiency in Mexico.
Net loss: $14.3M for Q2 2024 ($2.22/share); $29.1M for six months ($4.52/share).
Operating cash outflow for six months: $9.8M, improved from $17.4M in prior year.
Unrestricted cash and cash equivalents at June 30, 2024: $2.9M; negative working capital of $109.9M.
Outlook and guidance
Management expects continued net losses for several years and will require additional funding.
FDA clearance for Access365 home ventilation solution anticipated in 2025.
Merger expected to close in the second half of 2024, subject to customary conditions.
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