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 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 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 margin7
-56.9%Operating margin7
-84.7%Net margin7
2.8%Revenue growth, 20237
-$27.3MFree cash flow7

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.7 The company lost money this year.

Financial statements

Revenue89107$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 profit89107$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 income89107-$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 income89107-$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$42.4M8$48.1M9$125.7M9$113.3M10$66.8M7$68.7M7
Cost of revenue$25.6M8$26.8M9$62.7M9$60.1M10$49.6M7$40.4M7
Gross profit$16.8M8$21.3M9$63.0M9$53.2M10$17.2M7$28.3M7
Research and development$8.8M8$13.4M9$17.0M9$18.4M10$20.8M7$14.2M7
Operating expenses$110.4M10$117.6M7$67.4M7
Operating income-$37.2M8-$48.2M9-$43.0M9-$57.2M10-$100.4M7-$39.1M7
Interest$3.1M8$5.1M9$4.7M9$2.6M10$11.6M7$18.7M7
Income before tax-$59.9M10-$113.2M7-$58.1M7
Income tax$08-$146.0K9$09-$76.0K10$11.0K7$126.0K7
Net income-$42.5M8-$51.1M9-$51.5M9-$59.8M10-$113.3M7-$58.2M7
Earnings per share-$2.3110-$33.897-$9.647
Earnings per share (diluted)-$2.3110-$33.897-$9.647
Shares (weighted, basic)25.9M shares103.3M shares76.0M shares7
Shares (weighted, diluted)25.9M shares103.3M shares76.0M shares7

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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)

Timeline

  1. Nov 13, 2018New chief executive Joseph Army becomes CEO14
  2. 1999Founded Founded1

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.

Sources

The numbers on this page point here. Each one links to the record it came from.

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