Vapotherm prices $56m IPO

Vapotherm yesterday priced an initial public offering, aiming to raise $56 million for its respiratory device. Exeter, N.H.-based Vapotherm developed the Precision Flow line of devices to provide high-velocity heated, humidified and oxygenated air to treat patients with conditions such as pneumonia, chronic obstructive pulmonary disease, asthma and heart failure. Some 1,200 of the devices have been sold in the U.S., mostly into hospital ICUs, the company said. Vapotherm said it plans to issue 4 million shares at $14 apiece, hitting the low end of its prior range. The offering also includes a 30-day underwriters option that could add $8.4 million if fully exercised. Proceeds from the flotation are earmarked for expanding its sales and marketing teams and increase its marketing footprint in the U.S. and overseas, the company has said. Some of the cash will also go toward R&D, working capital and general expenses, according to a regulatory filing. The company plans to list on the New York Stock Exchange under the “VAPO” symbol, with trading slated to start today. Vapotherm posted losses of -$31.0 million, or -$3.20 per share, on sales of $35.6 million last year, widening its losses by 34.4% on sales growth of 18.2% compared with 2016. For the nine months ended Sept. 30, Vapotherm reported losses of -$29.6 million, or -$2.54 per share, on sales of $30.7 million, increasing its losses by 34.7% on sales growth of 21.8% compared with the first three quarters of 2017, acc...
Source: Mass Device - Category: Medical Devices Authors: Tags: Featured Funding Roundup Initial Public Offering (IPO) Respiratory Wall Street Beat Vapotherm Source Type: news