Vapotherm, Inc. (OTCQX: VAPO) has closed its merger with a newly-formed entity organized and funded by an affiliate of Perceptive Advisors, The merger, announced on June 17, 2024, involves Perceptive's Discovery Fund and the Company's existing lender, SLR Capital Partners. Key aspects of the deal include:
- SLR converting approximately $83.0 million of term debt into preferred equity of the new entity
- Perceptive investing $50.0 million of new preferred equity capital
- SLR retaining $40.0 million of term debt post-closing
As a result of the merger, Vapotherm's common stock trading has been suspended on OTCQX, and the company has requested delisting from OTCQX.
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) announced it has signed a definitive merger agreement with a newly-formed entity organized by Perceptive Advisors. The existing lender, SLR Capital Partners, will convert $81 million of term debt into preferred equity, and Perceptive will invest $50 million of new preferred equity capital into Vapotherm. Stockholders will receive $2.18 per share, a 166% premium over the closing price on June 14, 2024. The transaction, expected to close in the second half of 2024, will make Vapotherm a private company. The merger is endorsed by a special committee of independent directors and remains subject to stockholder approval and customary closing conditions.
Vapotherm, Inc. (OTCQX: VAPO) reported its first quarter 2024 financial results, showcasing a 7.9% increase in net revenue, with disposables revenue rising by 13.5%. The gross margin improved to 50.5% compared to the previous year. Operating expenses decreased, leading to a reduction in Adjusted EBITDA loss. The company's unrestricted cash and cash equivalents stood at $3.3 million. The positive financial performance was attributed to the Path to Profitability initiatives.
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