Vapotherm (VAPO) Misses Q4 EPS by 12c, Revenues Beat; Offers FY19 Revenue Mid-Point Below Consensus

Vapotherm (NYSE: VAPO) reported Q4 EPS of ($1.39), $0.12 worse than the analyst estimate of ($1.27). Revenue for the quarter came in at $11.7 million versus the consensus estimate of $11.28 million.

• Revenue for the fourth quarter of 2018 was $11.7 million, representing a 12.3% increase over the prior year period
• Gross margin was 41.2% in comparison to gross margin of 33.2% in the fourth quarter of 2017
• Completed an IPO raising $57.4 million in net proceeds

“We are pleased with our progress during 2018, which included a 19.0% revenue increase over the prior year” said Joe Army, President and CEO of Vapotherm. “The work we completed in 2018 set the foundation to further promote adoption of Hi-VNI Technology in 2019, including the publication of clinical trial results from participating emergency departments demonstrating Hi-VNI as non-inferior to NIPPV for undifferentiated respiratory distress patients, receipt of a de novo grant from the FDA which created a new category under which our Precision Flow Hi-VNI™ system is currently the only product listed, and the recently published IntellO2™ study which demonstrated that IntellO2 helps clinicians maintain premature neonates in the target oxygenation range significantly better than manual control alone, the current standard of care.”

GUIDANCE:

Vapotherm sees FY2019 revenue of $49-51 million, versus the consensus of $50.3 million.

Vapotherm sees Q1 revenue of $11.8-12 million, versus the consensus of $11.91 million.

• For fiscal 2019, we expect gross margin to be in the range of 41.0% and 41.5%.

For earnings history and earnings-related data on Vapotherm (VAPO) click here.

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