Announcement • Sep 20
Perceptive Discovery Fund LP, managed by Perceptive Advisors LLC completed the acquisition of Vapotherm, Inc. (OTCPK:VAPO) from a group of shareholders. Perceptive Discovery Fund LP, managed by Perceptive Advisors LLC executed the non binding term sheet to acquire Vapotherm, Inc. (OTCPK:VAPO) from a group of shareholders on April 29, 2024. Perceptive Discovery Fund LP, managed by Perceptive Advisors LLC entered into definitive merger agreement to acquire Vapotherm, Inc. from a group of shareholders for $15.2 million on June 17, 2024. Vapotherm’s stockholders will receive $2.18 in cash for each outstanding share of Company common stock. Perceptive will invest $50.0 million of new preferred equity capital into the business, a portion of which will be used to fund the merger consideration and make certain closing-related payments. Upon termination of the Merger Agreement under certain specified circumstances, Vapotherm will be required to pay Perceptive a termination fee of $1.0 million.
Acting upon the recommendation of the Special Committee, the Board approved the merger agreement and the transaction and has recommended that the Company’s stockholders approve the adoption of the merger agreement and approve the transaction on the terms set forth in the merger agreement. The board of directors of Perceptive also approved the agreement. The transaction is expected to close in the second half of 2024.
Eric Blanchard and Amelia Runyan Davis of Cooley LLP is acting as legal counsel to Perceptive and Latham & Watkins LLP is acting as legal counsel to SLR. Scalar, LLC is acting as financial advisor and fairness opinion provider to the Special Committee and Paul Kinsella and Sarah Young of Ropes & Gray LLP is acting as legal counsel to the Vapotherm. Haim Zaltzman and Daniel Mun of Latham & Watkins LLP acted as legal counsel for SLR Investment Corp., public fund managed by SLR Capital Partners, LLC. Vapotherm has retained Morrow Sodali LLC, a proxy solicitor, to solicit proxies in connection with the Special Meeting at a cost of approximately $20,000 plus expenses. Scalar received a fee of $140,000 from Vapotherm for providing its services and rendering its opinion.
Perceptive Discovery Fund LP, managed by Perceptive Advisors LLC completed the acquisition of Vapotherm, Inc. (OTCPK:VAPO) from a group of shareholders on September 20, 2024. Effective as of the closing of the merger, trading of Vapotherm’s common stock has been suspended on OTCQX, and Vapotherm has requested that its common stock be delisted from OTCQX. Vapotherm shareholders approved the transaction on September 19, 2024. Announcement • Jun 18
Perceptive Discovery Fund LP, managed by Perceptive Advisors LLC entered into definitive merger agreement to acquire Vapotherm, Inc. (OTCPK:VAPO) for $15.1 million. Perceptive Discovery Fund LP, managed by Perceptive Advisors LLC entered into definitive merger agreement to acquire Vapotherm, Inc. (OTCPK:VAPO) for $15.1 million on June 17, 2024. Vapotherm’s stockholders will receive $2.18 in cash for each outstanding share of Company common stock. Perceptive will invest $50.0 million of new preferred equity capital into the business, a portion of which will be used to fund the merger consideration and make certain closing-related payments. Acting upon the recommendation of the Special Committee, the Board approved the merger agreement and the transaction and has recommended that the Company’s stockholders approve the adoption of the merger agreement and approve the transaction on the terms set forth in the merger agreement. The transaction is expected to close in the second half of 2024. Cooley LLP is acting as legal counsel to Perceptive and Latham & Watkins LLP is acting as legal counsel to SLR. Scalar, LLC is acting as financial advisor to the Special Committee and Ropes & Gray LLP is acting as legal counsel to the Vapotherm. Announcement • Mar 15
Vapotherm, Inc. to Unveil Access365 Home Ventilation Solution at MEDTRADE Vapotherm, Inc. announced the debut of its Access365™ Home Ventilation Solution at the upcoming MEDTRADE conference. The highly anticipated Access365 home ventilator will be unveiled at MEDTRADE Dallas on March 27th. The device is designed to reduce hospital readmissions, improve patient quality of life, and reduce HME costs for late-stage hypercapnic COPD patients. In addition to VAPS and volume control/assist ventilation modes and Vapotherm's proven high velocity therapy, the ventilator incorporates a built-in medical grade humidifier and integrated Bluetooth pulse oximetry and spirometry. The Access365 Home Ventilation Solution also includes cloud connectivity to enable remote data retrieval and system upgrades and a patient engagement platform which breaks the cycle of symptom exacerbation and readmission through early identification of worsening symptoms allowing more rapid clinical intervention. This proprietary algorithm resulted in up to a 41% reduction in late-stage COPD hospital readmissions. Vapotherm anticipates receiving FDA clearance for Access365 in early 2025. Announcement • Dec 15
The New York Stock Exchange to Commence Delisting Proceedings against Vapotherm The New York Stock Exchange (‘NYSE’, the ‘Exchange’) announced that the staff of NYSE Regulation has determined to commence proceedings to delist the common stock of Vapotherm, Inc. (the ‘Company’) from the NYSE. Trading in the Company’s common stock will be suspended immediately. NYSE Regulation reached its decision to delist the Company’s common stock pursuant to Section 802.01B of the NYSE’s Listed Company Manual because the Company had fallen below the NYSE’s continued listing standard requiring listed companies to maintain an average global market capitalization over a consecutive 30 trading day period of at least $15,000,000. The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange. The NYSE will apply to the Securities and Exchange Commission to delist the common stock upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision. Announcement • Nov 11
Vapotherm, Inc. Revises Revenue Guidance for the Full Year 2023 Vapotherm, Inc. revised revenue guidance for the full Year 2023. The Company now expects full year revenue to be between $69 million and $71 million, a decrease from the Company’s previous fiscal outlook of $70 million to $73 million. Announcement • Nov 02
Vapotherm, Inc. to Report Q3, 2023 Results on Nov 08, 2023 Vapotherm, Inc. announced that they will report Q3, 2023 results After-Market on Nov 08, 2023 Announcement • Sep 26
Vapotherm Announces Presentation of an Investigator-Initiated Clinical Trial, 'High Flow Humidified Oxygen as an Early Intervention in Children with Acute Severe Asthma - a Feasibility Randomized Controlled Trial' at the European Respiratory Society International Congress 2023 Vapotherm, Inc. announced the presentation of an Investigator-initiated clinical trial, “High flow humidified oxygen as an early intervention in children with acute severe asthma - a feasibility randomized controlled trial” at the European Respiratory Society International Congress 2023. The study was conducted through the Brighton and Sussex Clinical Trial Unit at University Hospitals, Sussex, England under the direction of Drs. Hector Rojas-Anaya and Paul Seddon. Children who presented to the Emergency Department with acute, severe, asthma exacerbations that did not respond to initial pharmacologic treatment were randomized to either HVNI or standard nasal oxygen therapy. 86% (19/22) of children treated with standard oxygen required escalation of therapy, while only 61% (17/28) of children treated with HVNI needed further escalation. In addition, children treated with HVNI met hospital discharge criteria in a median time of 29 hours, compared to a median time of 37 hours for those treated with standard oxygen. Studies of acute asthma and other emergent conditions are limited, in part, by the challenge of obtaining informed consent. This study demonstrated the feasibility of pediatric emergency studies utilizing coordinated care and delayed informed consent. Announcement • Aug 09
Vapotherm, Inc. Revises Earnings Guidance for Fiscal 2023 Vapotherm, Inc. revised earnings guidance For fiscal 2023. For the period, the Company now expects full year revenue to be between $70 million and $73 million, a decrease from its previous expectation of $77 million to $79 million. The Company now expects full year gross margins of 43% to 45%, a decrease from its previous expectation of 48% to 50%. Announcement • Jul 26
Vapotherm, Inc. to Report Q2, 2023 Results on Aug 08, 2023 Vapotherm, Inc. announced that they will report Q2, 2023 results After-Market on Aug 08, 2023 Announcement • Feb 10
Vapotherm Receives Price Cure Notification Letter from the NYSE Indicates its Stock Price Above the NYSE's Minimum Requirement Vapotherm, Inc. announced that with respect to the previously reported two delisting notices from the New York Stock Exchange (NYSE) in 2022, the company reported that it recently received a price cure notification letter from the NYSE indicating the company’s stock price was above the NYSE’s minimum requirement of one dollar per share based on a 30-trading day average. Accordingly, the company is no longer considered below the one dollar continued listing criterion. The company recently received a plan acceptance letter from the NYSE indicating it had accepted the company’s previously submitted business plan to cure its non-compliance with its market capitalization requirement. As set forth in the acceptance letter, the NYSE will continue listing the Company and will perform quarterly reviews for an 18-month period that started September 27, 2022 (the date the delisting notice was received by the Company) for compliance with the goals and initiatives outlined in the Company’s business plan, which are consistent with the key initiatives the Company has publicly disclosed. The Company will need to achieve the minimum continued listing standards of either average global market capitalization over a consecutive 30 trading-day period of $50 million or total stockholders’ equity of $50 million at the completion of the 18-month period. Price Target Changed • Jul 06
Price target decreased to US$4.83 Down from US$5.50, the current price target is an average from 4 analysts. New target price is 94% above last closing price of US$2.49. Stock is down 89% over the past year. The company is forecast to post a net loss per share of US$3.11 next year compared to a net loss per share of US$2.31 last year. Major Estimate Revision • Mar 03
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from US$102.9m to US$104.5m. Forecast EPS reduced from -US$2.24 to -US$2.57 per share. Medical Equipment industry in the US expected to see average net income growth of 20% next year. Consensus price target down from US$39.00 to US$27.00. Share price rose 17% to US$14.89 over the past week. Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: US$2.31 loss per share (down from US$2.16 loss in FY 2020). Revenue: US$113.3m (down 9.9% from FY 2020). Net loss: US$59.8m (loss widened 16% from FY 2020). Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 3.6%. Over the next year, revenue is expected to shrink by 9.6% compared to a 11% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Price Target Changed • Feb 26
Price target decreased to US$34.33 Down from US$41.00, the current price target is an average from 4 analysts. New target price is 125% above last closing price of US$15.29. Stock is down 37% over the past year. The company is forecast to post a net loss per share of US$2.23 next year compared to a net loss per share of US$2.16 last year. Reported Earnings • Nov 06
Third quarter 2021 earnings released: US$0.52 loss per share (vs US$0.49 loss in 3Q 2020) The company reported a solid third quarter result with improved revenues and control over costs, although losses increased. Third quarter 2021 results: Revenue: US$38.1m (up 25% from 3Q 2020). Net loss: US$13.6m (loss widened 9.0% from 3Q 2020). Executive Departure • Oct 12
Chief Accounting Officer Joel Dube has left the company On the 6th of October, Joel Dube's tenure as Chief Accounting Officer ended. We don't have any record of a personal shareholding under Joel's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 6.46 years. Recent Insider Transactions Derivative • Aug 15
Senior VP notifies of intention to sell stock John Landry intends to sell 20k shares in the next 90 days after lodging an Intent To Sell Form on the 9th of August. If the sale is conducted around the recent share price of US$27.51, it would amount to US$550k. Since September 2020, John's direct individual holding has decreased from 117.39k shares to 108.71k. Company insiders have collectively bought US$4.3m more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Aug 11
Second quarter 2021 earnings released: US$0.67 loss per share (vs US$0.35 loss in 2Q 2020) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: US$20.6m (down 41% from 2Q 2020). Net loss: US$17.3m (loss widened 115% from 2Q 2020). Recent Insider Transactions Derivative • Jul 31
Senior VP & Chief Commercial Officer exercised options and sold US$170k worth of stock On the 28th of July, Gregoire Ramade exercised 8k options at a strike price of around US$3.78 and sold these shares for an average price of US$25.00 per share. This trade did not impact their existing holding. Since September 2020, Gregoire has owned 10.71k shares directly. Company insiders have collectively bought US$8.4m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • Jun 30
Insider recently bought US$4.8m worth of stock On the 28th of June, Thomas Smith bought around 200k shares on-market at roughly US$23.84 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$9.6m more in shares than they have sold in the last 12 months. Executive Departure • Jun 25
Independent Director Marina Hahn has left the company On the 22nd of June, Marina Hahn's tenure as Independent Director ended after 3.7 years in the role. As of March 2021, Marina still personally held 20.68k shares (US$497k worth at the time). A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 6.13 years. Recent Insider Transactions • May 19
Independent Chairman of the Board recently bought US$170k worth of stock On the 13th of May, James Liken bought around 10k shares on-market at roughly US$16.99 per share. This was the largest purchase by an insider in the last 3 months. This was James' only on-market trade for the last 12 months. Reported Earnings • May 06
First quarter 2021 earnings released: US$0.40 loss per share (vs US$0.66 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: US$32.3m (up 69% from 1Q 2020). Net loss: US$10.4m (loss narrowed 25% from 1Q 2020). Recent Insider Transactions • Mar 12
Independent Director recently bought US$109k worth of stock On the 4th of March, Anthony Arnerich bought around 5k shares on-market at roughly US$21.84 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$4.7m more in shares than they have sold in the last 12 months. Reported Earnings • Feb 25
Full year 2020 earnings released: US$2.16 loss per share (vs US$2.74 loss in FY 2019) The company reported a solid full year result with improved revenues and control over costs, although losses were not reduced. Full year 2020 results: Revenue: US$125.7m (up 161% from FY 2019). Net loss: US$51.5m (flat on FY 2019). Analyst Estimate Surprise Post Earnings • Feb 25
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 6.0%. Over the next year, revenue is expected to shrink by 29% compared to a 20% growth forecast for the Medical Equipment industry in the US. Is New 90 Day High Low • Feb 25
New 90-day low: US$23.17 The company is down 9.0% from its price of US$25.37 on 27 November 2020. The American market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is up 10.0% over the same period. Recent Insider Transactions Derivative • Jan 28
Senior VP & Chief Commercial Officer notifies of intention to sell stock Gregoire Ramade intends to sell roughly 8.00k shares in the next 90 days after lodging an Intent To Sell Form on the 20th of January. If the sale is conducted around the recent share price of US$31.92, it would amount to US$255k. Since March 2020, Gregoire's direct individual holding has decreased from 88.25k shares to 10.71k. Company insiders have collectively bought US$1.8m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions Derivative • Jan 23
Senior VP & Chief Commercial Officer exercised options and sold US$56k worth of stock On the 20th of January, Gregoire Ramade exercised 2.00k options at a strike price of around US$3.78 and sold these shares for an average price of US$31.92 per share. This trade did not impact their existing holding. Since March 2020, Gregoire's direct individual holding has decreased from 88.25k shares to 10.71k. Company insiders have collectively bought US$1.8m more than they sold, via options and on-market transactions, in the last 12 months. Is New 90 Day High Low • Jan 13
New 90-day high: US$32.08 The company is up 7.0% from its price of US$29.95 on 14 October 2020. The American market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is up 8.0% over the same period. Recent Insider Transactions • Dec 13
Insider recently bought US$217k worth of stock On the 9th of December, Thomas Smith bought around 8k shares on-market at roughly US$27.14 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$4.6m more in shares than they have sold in the last 12 months. Major Estimate Revision • Dec 03
Analysts update estimates The 2020 consensus revenue estimate increased from US$103.9m to US$117.0m. Earning per share (EPS) estimate remained mostly unchanged at -US$2.05. The Medical Equipment industry in the US is expected to see an average net income growth of 25% next year. The consensus price target of US$42.67 was unchanged from the last update. Share price is up 9.1% to US$26.38 over the past week. Is New 90 Day High Low • Nov 10
New 90-day low: US$23.44 The company is down 19% from its price of US$28.86 on 12 August 2020. The American market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Analyst Estimate Surprise Post Earnings • Nov 06
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 27%. Earnings per share (EPS) missed analyst estimates by 12%. Over the next year, revenue is expected to shrink by 11% compared to a 16% growth forecast for the Medical Equipment industry in the US. Reported Earnings • Nov 06
Third quarter 2020 earnings released: US$0.49 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: US$30.6m (up 183% from 3Q 2019). Net loss: US$12.4m (loss narrowed 2.5% from 3Q 2019). Price Target Changed • Nov 06
Price target lowered to US$42.67 Down from US$47.33, the current price target is an average from 4 analysts. The new target price is 51% above the current share price of US$28.26. As of last close, the stock is up 226% over the past year.