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VAPO on NYSE

Vapotherm

Medical device manufacturer

Vapotherm Inc. Is a corporation based in Exeter, New Hampshire that was founded in 1999 as a medical device manufacturer after creating the first heated and humidified high flow therapy nasal cannula system.3 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

1999Founded1

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  • TickerVAPO on NYSE1
  • IndustrySurgical & Medical Instruments & Apparatus1
  • HeadquartersStevensville1
  • Websitevapotherm.com
  • Legal formDelaware corporation1
  • Business address100 Domain Drive, Exeter, Nh 038335
  • Filer categoryNon-accelerated filer, Smaller reporting company5
  • LEI549300A6KMUMDX27EQ684
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O Corporation Service Company, 19808 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 53012594

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Vapotherm Inc. Is a corporation based in Exeter, New Hampshire that was founded in 1999 as a medical device manufacturer after creating the first heated and humidified high flow therapy nasal cannula system.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2023

41.2%Gross margin8
-56.9%Operating margin8
-84.7%Net margin8
2.8%Revenue growth, 20238
-$27.3MFree cash flow8

Where the money goes

Where each dollar of revenue went, fiscal 2023

  • Cost of revenue55¢$40.4M
  • Research and development19¢$14.2M
  • Interest26¢$18.7M
  • Income tax0¢$126.0K

Out of $68.7M in revenue.8 The company lost money this year.

Financial statements

Revenue910118$68.7M in 2023+62% since 2018
0$50.0M$100.0M$150.0M2018: $42.4M$42.4M20182019: $48.1M$48.1M2019+14%2020: $125.7M$125.7M2020+161%2021: $113.3M$113.3M2021−10%2022: $66.8M$66.8M2022−41%2023: $68.7M$68.7M2023+3%
Gross profit910118$28.3M in 2023+69% since 2018
0$20.0M$40.0M$60.0M$80.0M2018: $16.8M$16.8M20182019: $21.3M$21.3M2019+27%2020: $63.0M$63.0M2020+196%2021: $53.2M$53.2M2021−16%2022: $17.2M$17.2M2022−68%2023: $28.3M$28.3M2023+64%
Operating income910118-$39.1M in 2023+5% since 2018
-$150.0M-$100.0M-$50.0M02018: -$37.2M-$37.2M20182019: -$48.2M-$48.2M2019+29%2020: -$43.0M-$43.0M2020−11%2021: -$57.2M-$57.2M2021+33%2022: -$100.4M-$100.4M2022+76%2023: -$39.1M-$39.1M2023−61%
Net income910118-$58.2M in 2023+37% since 2018
-$150.0M-$100.0M-$50.0M02018: -$42.5M-$42.5M20182019: -$51.1M-$51.1M2019+20%2020: -$51.5M-$51.5M2020+1%2021: -$59.8M-$59.8M2021+16%2022: -$113.3M-$113.3M2022+89%2023: -$58.2M-$58.2M2023−49%
Fiscal year2017201820192020202120222023
Revenue$42.4M9$48.1M10$125.7M10$113.3M11$66.8M8$68.7M8
Cost of revenue$25.6M9$26.8M10$62.7M10$60.1M11$49.6M8$40.4M8
Gross profit$16.8M9$21.3M10$63.0M10$53.2M11$17.2M8$28.3M8
Research and development$8.8M9$13.4M10$17.0M10$18.4M11$20.8M8$14.2M8
Operating expenses$110.4M11$117.6M8$67.4M8
Operating income-$37.2M9-$48.2M10-$43.0M10-$57.2M11-$100.4M8-$39.1M8
Interest$3.1M9$5.1M10$4.7M10$2.6M11$11.6M8$18.7M8
Income before tax-$59.9M11-$113.2M8-$58.1M8
Income tax$09-$146.0K10$010-$76.0K11$11.0K8$126.0K8
Net income-$42.5M9-$51.1M10-$51.5M10-$59.8M11-$113.3M8-$58.2M8
Earnings per share-$2.3111-$33.898-$9.648
Earnings per share (diluted)-$2.3111-$33.898-$9.648
Shares (weighted, basic)25.9M shares113.3M shares86.0M shares8
Shares (weighted, diluted)25.9M shares113.3M shares86.0M shares8

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Corporate structure

Vapotherm sits at the top of its group. 9 entities, 5 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Vapotherm

  • Vapotherm Exeter, New Hampshire, United States
    • HGE Health Care Solutions, LLC Subsidiary · Delaware, United States
    • Vapotherm Access Care Management Network, LLC Subsidiary · Delaware, United States
    • Vapotherm Access Management Services, LLC Subsidiary · Oklahoma, United States
    • Vapotherm Brasil Participaceoes LTDA Subsidiary · Brazil
    • Vapotherm Holding Company, LLC Subsidiary · Delaware, United States
    • Vapotherm Mexico, S. de R.L. de C.V. Subsidiary · Mexico
    • Vapotherm Technology Asia PTE. LTD. Subsidiary · Singapore
    • Vapotherm UK Ltd. (formerly Solus Medical Limited) Subsidiary · United Kingdom

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Vapotherm reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$46.8M8 Dec 31, 2023$46.0M8 Dec 31, 2022+1.6%
Accumulated depreciation$23.1M8 Dec 31, 2023$19.4M8 Dec 31, 2022+18.9%
Property and equipment, net$23.7M8 Dec 31, 2023$26.6M8 Dec 31, 2022−11.0%
Operating-lease assets (leased space)$3.4M8 Dec 31, 2023$5.8M8 Dec 31, 2022−41.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$9.7M8 Dec 31, 2023$15.7M8 Dec 31, 2022−38.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$565.0K8 Dec 31, 2023$536.0K8 Dec 31, 2022+5.4%
Finite-lived intangibles, gross$5.6M8 Dec 31, 2023$5.6M11 Dec 31, 20220%
Accumulated amortization$1.3M8 Dec 31, 2023$1.3M11 Dec 31, 20220%
Finite-lived intangibles, net$08 Dec 31, 2023$08 Dec 31, 2022

Inventory

ItemLatestA year beforeChange
Inventory, total$23.0M8 Dec 31, 2023$33.0M8 Dec 31, 2022−30.4%
Raw materials$12.0M8 Dec 31, 2023$15.9M8 Dec 31, 2022−24.6%
Finished goods$10.0M8 Dec 31, 2023$16.2M8 Dec 31, 2022−38.6%

Leadership

Who has led Vapotherm, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Joseph Army2018–2024

President

  1. Joseph Army2018–2024
200020052010201520202025
Board members and other officers (24)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • HGE Health Care Solutions, LLC Delaware6
  • Vapotherm Access Care Management Network, LLC Delaware6
  • Vapotherm Access Management Services, LLC Oklahoma6
  • Vapotherm Brasil Participaceoes LTDA Brazil6
  • Vapotherm Holding Company, LLC Delaware6
  • Vapotherm Mexico, S. de R.L. de C.V. Mexico6
  • Vapotherm Technology Asia PTE. LTD. Singapore6
  • Vapotherm UK Ltd. (formerly Solus Medical Limited) Scotland6

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Sep 20, 20248-K Completed an acquisition or sale; Listing notice or transfer; Unregistered sale of shares39
  2. Sep 19, 20248-K Shareholder vote40
  3. Aug 12, 20248-K Results of operations41
  4. Jun 20, 20248-K Entered a material agreement; New debt or obligation; Executive or director change42
  5. May 9, 20248-K Results of operations43
  6. Apr 1, 20248-K Entered a material agreement; New debt or obligation; Regulation FD disclosure44
  7. Feb 27, 20248-K Executive or director change45
  8. Feb 22, 20248-K Results of operations46
  9. Dec 15, 20238-K Listing notice or transfer47
  10. Dec 11, 20238-K Listing notice or transfer48
  11. Nov 8, 20238-K Results of operations49
  12. Oct 2, 20238-K Executive or director change; Regulation FD disclosure50
  13. Nov 13, 2018New chief executive Joseph Army becomes CEO15
  14. 1999Founded Founded1

Calendar

When it reported results

  1. Aug 12, 2024Reported quarterly or annual results41
  2. May 9, 2024Reported quarterly or annual results43
  3. Feb 22, 2024Reported quarterly or annual results46
  4. Nov 8, 2023Reported quarterly or annual results49
  5. Aug 8, 2023Reported quarterly or annual results51
  6. May 3, 2023Reported quarterly or annual results52
  7. Feb 23, 2023Reported quarterly or annual results53
  8. Feb 8, 2023Reported quarterly or annual results54

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

250 filings to the SEC since October 2021: 4 annual reports, 9 quarterly reports, 40 major events, 110 insider forms, 37 large holders, 50 other. The latest 20:

  1. Nov 14, 2024SCHEDULE 13G EDGAR
  2. Nov 14, 2024SCHEDULE 13G/A EDGAR
  3. Nov 14, 2024SC 13G/A EDGAR
  4. Nov 13, 2024SC 13G/A EDGAR
  5. Nov 13, 2024SC 13G/A EDGAR
  6. Nov 12, 2024SC 13G/A EDGAR
  7. Sep 25, 202415-12G EDGAR
  8. Sep 24, 2024EFFECT EDGAR
  9. Sep 24, 2024EFFECT EDGAR
  10. Sep 24, 2024EFFECT EDGAR
  11. Sep 24, 20244 PRIMARY DOCUMENT EDGAR
  12. Sep 24, 20244 PRIMARY DOCUMENT EDGAR
  13. Sep 24, 20244 PRIMARY DOCUMENT EDGAR
  14. Sep 24, 20244 PRIMARY DOCUMENT EDGAR
  15. Sep 24, 20244 PRIMARY DOCUMENT EDGAR
  16. Sep 24, 20244 PRIMARY DOCUMENT EDGAR
  17. Sep 24, 20244 PRIMARY DOCUMENT EDGAR
  18. Sep 24, 20244 PRIMARY DOCUMENT EDGAR
  19. Sep 24, 20244 PRIMARY DOCUMENT EDGAR
  20. Sep 24, 20244 PRIMARY DOCUMENT EDGAR

The 250 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

52 open-market trades by officers, directors and large owners since October 2021: 41 buys and 11 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jan 22, 2024LIKEN JAMES WDirectorSale17,500$0.91$15.9KForm 4
Sep 8, 2023Army JosephPresident and CEOBuy78,013$3.53$275.1KForm 4
Sep 7, 2023Army JosephPresident and CEOBuy21,987$3.31$72.8KForm 4
Aug 31, 2023Arnerich Anthony L.DirectorBuy32,750$3.14$102.9KForm 4
Aug 31, 2023Arnerich Anthony L.DirectorBuy32,750$3.14$102.9KForm 4
Aug 30, 2023Arnerich Anthony L.DirectorBuy5,000$2.90$14.5KForm 4
Aug 30, 2023Arnerich Anthony L.DirectorBuy5,000$2.90$14.5KForm 4
Aug 22, 2023Army JosephPresident and CEOBuy14,907$3.98$59.3KForm 4
Aug 21, 2023Army JosephPresident and CEOBuy27,604$3.62$99.9KForm 4
Aug 18, 2023Army JosephPresident and CEOBuy7,489$3.07$23.0KForm 4
Aug 15, 2023Army JosephPresident and CEOBuy61,182$0.42$25.7KForm 4
Aug 14, 2023Army JosephPresident and CEOBuy21,939$0.40$8.8KForm 4
Aug 11, 2023Army JosephPresident and CEOBuy216,879$0.39$84.6KForm 4
Feb 10, 2023Berry Lance ADirectorBuy95,238$1.05$100.0KForm 4
Feb 10, 2023Landry JohnSVP & Chief Financial OfficerBuy71,428$1.05$75.0KForm 4
Feb 10, 2023McKay DorotaVP, Controller and CAOBuy19,047$1.05$20.0KForm 4
Feb 10, 2023LIKEN JAMES WDirectorBuy238,095Form 4
Feb 10, 2023Army JosephPresident and CEOBuy476,190$1.05$500.0KForm 4
Feb 10, 2023WEATHERMAN ELIZABETH HDirectorBuy476,190$1.05$500.0KForm 4
Dec 5, 2022WEATHERMAN ELIZABETH HDirectorBuy10,423$1.56$16.3KForm 4

All 52 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How Vapotherm is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARVAPOTHERM INC2
  • CIK0001253176
  • Employer ID (EIN)46-22592982
  • Filer statusNon-accelerated filer<br>smaller reporting company2
  • Fiscal year endsDecember 312
  • Industry code (SIC)3841 Surgical & Medical Instruments & Apparatus2
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance2
  • Business address100 Domain Drive, Exeter, NH 038332
  • Phone603-658-04112
  • Shares outstanding6,244,935 as of Aug 1, 202413
  • Public float$19.6M as of Jun 30, 202371
  • On EDGAR sinceJul 9, 20032
  • Filings596 in all: 4 (269), 8-K (64), 3 (37), SC 13G/A (35), SC 13G (21), 4/A (19), 10-Q (17), DEFA14A (11)2
    All 50 form types

    CORRESP (10), EFFECT (8), SC 13D/A (8), 10-K (6), D (6), REGDEX (6), S-8 (6), S-8 POS (6), UPLOAD (6), DEF 14A (5), SC 13D (4), SD (4), 424B5 (3), DRSLTR (3), POS AM (3), S-3 (3), SC 13E3/A (3), 3/A (2), 424B4 (2), 5 (2), DRS (2), DRS/A (2), PRE 14A (2), S-1 (2), S-1/A (2), 10-K/A (1), 15-12G (1), 25-NSE (1), 424B3 (1), 8-A12B (1), 8-K/A (1), ARS (1), CERT (1), CT ORDER (1), DEFM14A (1), DEFR14A (1), PREM14A (1), PRER14A (1), S-3/A (1), SC 13E3 (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Feb 22, 2024
    Quarterly report (10-Q) Aug 12, 2024
    Proxy statement (DEF 14A) May 1, 2023
    Latest 8-K (8-K) Sep 20, 2024

Sources

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