| IN HONOR OF MILITARY APPRECIATION MONTH, HAVERTYS FURNITURE AND TEMPUR-PEDIC PARTNER TO SUPPORT THE JOEL FUND |
With the Support of Tempur-Pedic, Havertys Furniture is Donating More than 70 Mattresses to NC-Based Non-Profit and Hosting a Military Appreciation Event on May 3 Across All Its 130 Showrooms ATLANTA , May 1, 2025 /PRNewswire/ -- Havertys Furniture is proud to announce its Military Appreciation Event, taking place on Saturday, May 3, across all 130 Havertys showrooms. This event kicks off Military Appreciation Month, and recognizes and celebrates local military families, both active and veterans, for their bravery, sacrifice and resilience. |
prnewswire.com |
2025-05-01 14:47:00 |
Czytaj oryginał (ang.) |
| Havertys Announces First Quarter 2025 Cash Dividend |
ATLANTA, GA / ACCESS Newswire / February 19, 2025 / HAVERTYS (NYSE:HVT and HVT.A) announced today that its board of directors declared a cash dividend to be paid on the outstanding shares of the two classes of $1 par value common stock of the company at a rate of $0.32 per share on the common stock and $0.30 per share on the Class A common stock. The dividend is payable on March 21, 2025, to stockholders of record at the close of business on March 6, 2025. |
accessnewswire.com |
2025-02-19 21:30:00 |
Czytaj oryginał (ang.) |
| Havertys Reports Operating Results for Second Quarter 2024 |
ATLANTA, GA / ACCESSWIRE / July 31, 2024 / HAVERTYS (NYSE:HVT and HVTA), today reported operating results for the second quarter ended June 30, 2024. Second quarter 2024 versus second quarter 2023: Diluted earnings per common share ("EPS") of $0.27 versus $0.70. |
accesswire.com |
2024-07-31 20:11:00 |
Czytaj oryginał (ang.) |
| Haverty Furniture Companies: A Perfect Fit For Conservative Dividend Investors |
Revenues are falling significantly after a boost in 2021 and 2022 as the housing industry is being impacted by high interest and mortgage rates. Despite laudable efforts on the part of the management, inflationary pressures and lower volumes are putting significant pressure on profit margins. The balance sheet is very robust and the company is free of debt, which should allow it to overcome the clouds without significant difficulties. |
seekingalpha.com |
2024-05-23 10:39:43 |
Czytaj oryginał (ang.) |
| HAVERTYS PARTNERS WITH ATLANTA ANIMAL SHELTER TO GIVE PUPS FUREVER HOMES |
ATLANTA , Dec. 19, 2023 /PRNewswire/ -- Furniture retailer Havertys today announced their new "FURnishing Happiness" initiative to help local Atlanta shelter dogs find new homes via a partnership with Furkids, Georgia's largest no-kill animal shelter and rescue organization. Founded and headquartered in Atlanta, the furniture retailer — which is known for their mission to "Furnish Happiness" — is dedicated to helping people everywhere create joy-filled homes through stress-free furniture shopping experiences. |
prnewswire.com |
2023-12-19 15:02:00 |
Czytaj oryginał (ang.) |
| Haverty Furniture Companies' Cash Flow Increases The Safety Of Its Dividend Yield |
Haverty Furniture Companies, Inc. (HVT) is the featured stock in September's Safest Dividend Yields Model Portfolio. |
forbes.com |
2023-10-04 13:48:37 |
Czytaj oryginał (ang.) |
| Haverty Furniture: Still Not The Best Time To Go Long |
The company's revenue decreased by 18.5% YoY, while operating margin reached 7.2%. A decrease in traffic due to pressure on consumers from macro factors has a negative impact on comparable sales. I expect pressure on financial performance to continue in the coming quarters, so my recommendation is hold. |
seekingalpha.com |
2023-09-27 06:31:37 |
Czytaj oryginał (ang.) |
| Havertys to Host Second Quarter 2023 Earnings Conference Call on August 2, 2023 |
ATLANTA, GA / ACCESSWIRE / July 25, 2023 / HAVERTYS (NYSE:HVT and HVT.A) will release its second quarter 2023 financial results on Tuesday, August 1, after the market closes. The company will host a conference call with investors and analysts on Wednesday, August 2, at 10:00 a.m. |
accesswire.com |
2023-07-25 20:11:00 |
Czytaj oryginał (ang.) |
| Haverty Furniture And Its Real Value |
Haverty Furniture benefitted from the stay-at-home trend during the pandemic that boosted revenue for home improvement products like home furnishings. Haverty Furniture has produced impressive EPS growth over the past five years and recently increased its quarterly dividend. Despite increases in share prices, Haverty Furniture shares may still be undervalued. |
seekingalpha.com |
2023-06-26 10:04:26 |
Czytaj oryginał (ang.) |
| Haverty Furniture's Recent Dividend Hike Makes It a Perfect Dividend Capture Stock |
On the landscape of dividend capture strategies, where investors seek to seize fleeting profits from dividend payments, one intriguing candidate has emerged from the depths of the stock market. |
247wallst.com |
2023-05-24 02:36:16 |
Czytaj oryginał (ang.) |
| Havertys Announces Increase in Quarterly Dividend |
ATLANTA, GA / ACCESSWIRE / May 19, 2023 / HAVERTYS (NYSE:HVT and HVT.A) announced today that its board of directors declared a 7.1% increase in the quarterly dividend, from $0.28 per share to $0.30 per share on the company's common stock. The quarterly dividend for the company's Class A common stock is also being increased from $0.26 to $0.28 per share. |
accesswire.com |
2023-05-19 22:40:00 |
Czytaj oryginał (ang.) |
| HAVERTYS SAYS 'THANK YOU' FOR 25 YEARS IN THE GREATER D.C. AREA WITH NEW ART COLLECTION FOR LOCALS |
WASHINGTON , May 4, 2023 /PRNewswire/ -- HAVERTYS FURNITURE (NYSE:HVT and HVT.A) today announced their celebration of serving the greater Washington, D.C. area for 25 years. |
prnewswire.com |
2023-05-04 14:00:00 |
Czytaj oryginał (ang.) |
| Vapotherm Reports First Quarter 2023 Financial Results |
EXETER, N.H.--(BUSINESS WIRE)--Vapotherm, Inc. (NYSE: VAPO), (“Vapotherm” or the “Company”), today announced first quarter 2023 financial results. First Quarter 2023 Summary and Highlights Total revenue for the first quarter of 2023 was $17.7 million Capital revenue increased by 28% as compared to the fourth quarter of 2022 due to strong HVT 2.0 sales Disposables revenue decreased by 12% as compared to the fourth quarter of 2022 due to the timing of the US flu season Capital revenue increased by 28% as compared to the fourth quarter of 2022 due to strong HVT 2.0 sales Disposables revenue decreased by 12% as compared to the fourth quarter of 2022 due to the timing of the US flu season Gross margin in the first quarter of 2023 was 35.0% Gross margin increased by 750 basis points over the fourth quarter of 2022 due to initial benefits from the transition of operations to Mexico Gross margin increased by 750 basis points over the fourth quarter of 2022 due to initial benefits from the transition of operations to Mexico For the first quarter of 2023, GAAP operating expenses for the first quarter of 2023 were $19.8 million and Non-GAAP cash operating expenses were $16.4 million. Both decreased as a result of the Company’s Path to Profitability initiatives: GAAP operating expenses decreased by $3.0 million over the fourth quarter of 2022 Non-GAAP cash operating expenses decreased by $1.6 million over the fourth quarter of 2022 GAAP operating expenses decreased by $3.0 million over the fourth quarter of 2022 Non-GAAP cash operating expenses decreased by $1.6 million over the fourth quarter of 2022 The Company’s unrestricted cash balance was $25.7 million at the end of the first quarter of 2023 The Company closed a $23 million private placement in February 2023 Net cash burn of $11.0 million in the first quarter was $2.0 million less than net cash burn in the fourth quarter of 2022 The Company closed a $23 million private placement in February 2023 Net cash burn of $11.0 million in the first quarter was $2.0 million less than net cash burn in the fourth quarter of 2022 “We had solid execution in the first quarter and are pleased with the positive trends we’re seeing in key elements of our business,” said Joseph Army, President and CEO. “Market receptivity to HVT 2.0 continues to be strong and, as expected, HVT 2.0 capital sales increased over the fourth quarter of 2022 despite a challenging capital equipment environment. We also continued to make progress on our Path to Profitability initiatives which resulted in sequential quarter improvements in gross margin, operating expenses and cash burn.” Results for the Three Months March 31, 2023 The following table reflects the Company’s net revenue for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Change (in thousands, except percentages) Amount % of Revenue Amount % of Revenue $ % Revenue Capital (product & lease revenue) $ 3,901 22.0 % $ 4,050 18.7 % $ (149 ) (3.7 )% Disposables 12,417 70.0 % 14,879 68.8 % (2,462 ) (16.5 )% Service and other 1,413 8.0 % 2,693 12.5 % (1,280 ) (47.5 )% Total net revenue $ 17,731 100.0 % $ 21,622 100.0 % $ (3,891 ) (18.0 )% Net revenue for the first quarter of 2023 was $17.7 million. Disposables and capital revenue were lower in the first quarter of 2023 as compared to the first quarter of 2022 since the prior period included significant Omicron related customer demand, especially for disposables. There was little to no COVID related customer demand in the first quarter of 2023. Revenue information by geography is summarized as follows: Three Months Ended March 31, 2023 2022 Change (in thousands, except percentages) Amount % of Revenue Amount % of Revenue $ % United States $ 13,014 73.4 % $ 16,499 76.3 % $ (3,485 ) (21.1 )% International 4,717 26.6 % 5,123 23.7 % (406 ) (7.9 )% Total net revenue $ 17,731 100.0 % $ 21,622 100.0 % $ (3,891 ) (18.0 )% Gross profit and gross margin for the first quarter of 2023 was $6.2 million and 35.0%, respectively. In the first quarter of 2023, gross margin increased by 750 basis points over gross margin of 27.5% in the fourth quarter of 2022. Total operating expenses were $19.8 million in the first quarter of 2023, a decrease of $8.0 million as compared to the same period last year. Non-GAAP cash operating expenses, excluding impairment charges, loss on disposal of property and equipment, depreciation and amortization, stock-based compensation expense, termination benefits, gain (loss) from deconsolidation, and change in fair value of contingent consideration were $16.4 million in the first quarter of 2023 compared to $24.3 million in the first quarter of 2022 and $18.0 million in the fourth quarter of 2022. The decreases in operating expenses and Non-GAAP cash operating expenses were primarily due to the Company’s path-to-profitability initiatives. Operating expenses in the first quarter of 2023 include a non-cash impairment charge of $0.4 million related to the write-down of operating lease right-of-use assets to their estimated fair value. Net loss for the first quarter of 2023 was $18.1 million, or $0.45 per share, compared to $22.9 million, or $0.87 per share, in the first quarter of 2022. Net loss per share was based on 40,608,605 and 26,321,087 weighted average shares outstanding for the first quarter of 2023 and 2022, respectively. Adjusted EBITDA was negative $9.2 million for the first quarter of 2023 as compared to negative $15.3 million for the first quarter of 2022. The improvement in Adjusted EBITDA was primarily due to the Company’s path-to-profitability initiatives. Cash Position Cash and cash equivalents were $25.7 million as of March 31, 2023 compared to $15.7 million as of December 31, 2022. The increase in cash in the first quarter of 2023 was due to net proceeds received under the Company’s February 2023 private placement financing, partially offset by its net loss. The Company expects that cash burn the first quarter of the year will represent more than half of the total cash burn in 2023. Fiscal 2023 Outlook The Company continues to expect full year revenue to be between $77 million and $79 million, full year gross margins of 48% to 50% and full year operating expenses of $76 million to $78 million. Fiscal 2023, non-GAAP cash operating expenses excluding additional items as detailed below are still expected to be in the range of $60 million to $62 million. While the Company expects disposable revenue to account for 75% of our total revenue over the long-term, the Company anticipates that the contribution of disposable revenue as a percentage of total revenue may be slightly lower than this in 2023 given the market receptivity to HVT 2.0. Conference Call Information Management will host a conference call at 4:30 p.m. Eastern Time on May 3, 2023 to discuss the results of the quarter with a question and answer session. To listen to the conference call on your telephone, please dial +1 (888) 330-2391 for U.S. callers, or +1 (240) 789-2702 for international callers, approximately ten minutes prior to the start time and reference conference code 6585549. To listen to a live webcast, please visit the Investors section of the Vapotherm website at: http://investors.vapotherm.com/events-and-presentations/events. The webcast replay will be available on the Vapotherm website for 12 months following completion of the call. A replay of this conference call will be available by telephone through May 10, 2023 by dialing +1 (800) 770-2030 in the U.S. or +1 (647) 362-9199 outside of the U.S. The replay access code is 6585549. Website Information Vapotherm routinely posts important information for investors on the Investor Relations section of its website, http://investors.vapotherm.com/. Vapotherm intends to use this website as a means of disclosing material, non-public information and for complying with Vapotherm’s disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of Vapotherm’s website, in addition to following Vapotherm’s press releases, Securities and Exchange Commission (“SEC”) filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, Vapotherm’s website is not incorporated by reference into, and is not a part of, this document. Non-GAAP Financial Measures This press release includes non-GAAP financial measures, including EBITDA, Adjusted EBITDA, non-GAAP operating expenses excluding impairment of long-lived and intangible assets and loss on disposal of property and equipment, and non-GAAP cash operating expenses excluding additional items, including stock-based compensation expense, depreciation and amortization, termination benefits, gain (loss) from deconsolidation, and change in fair value of contingent consideration, which differ from operating expenses calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). EBITDA represents net loss less interest expense, net, income tax provision or benefit, and depreciation and amortization, and Adjusted EBITDA represents EBITDA as further adjusted for the impact of foreign currency loss or gain, change in fair value of contingent consideration, stock-based compensation expense, impairment of long lived and intangible assets, gain (loss) from deconsolidation, and loss on debt extinguishment. Since these adjustments to the GAAP measures are highly variable, difficult to predict and of a size that could have substantial impact on Vapotherm’s reported results of operations for a period, Vapotherm cannot provide without unreasonable effort a quantitative reconciliation to the most directly comparable GAAP measures for its 2023 financial guidance regarding non-GAAP cash operating expenses. The Company has reconciled all historical non-GAAP financial measures with the most directly comparable GAAP financial measures in tables accompanying this release. These non-GAAP financial measures are presented because the Company believes they are useful indicators of its operating performance. Management uses these non-GAAP financial measures, as measures of the Company’s operating performance and for planning purposes, including the preparation of the Company’s annual operating budget and financial projections. The Company believes these measures are useful to investors as supplemental information because they are frequently used by analysts, investors and other interested parties to evaluate companies in its industry. The Company believes Adjusted EBITDA is useful to its management and investors as a measure of comparative operating performance from period to period. These non-GAAP financial measures should not be considered alternatives to, or superior to, net income or loss as a measure of financial performance or cash flows from operations as a measure of liquidity, or any other performance measure derived in accordance with GAAP. They should not be construed to imply that the Company’s future results will be unaffected by unusual or non-recurring items. In addition, Adjusted EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not reflect certain cash requirements such as tax payments, debt service requirements, capital expenditures and certain other cash costs that may recur in the future. Adjusted EBITDA contains certain other limitations, including the failure to reflect our capital expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in the Adjusted EBITDA presentation. The Company’s presentation of Adjusted EBITDA should not be construed to imply that its future results will be unaffected by any such adjustments. Management compensates for these limitations by primarily relying on the Company’s GAAP results in addition to using Adjusted EBITDA and other non-GAAP financial measures on a supplemental basis. The Company’s definitions of Adjusted EBITDA and non-GAAP operating expenses excluding impairment of long-lived and intangible assets and loss on disposal of property and equipment and non-GAAP cash operating expenses excluding the additional items detailed below, are not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation. About Vapotherm Vapotherm, Inc. (NYSE: VAPO) is a publicly traded developer and manufacturer of advanced respiratory technology based in Exeter, New Hampshire, USA. The Company develops innovative, comfortable, non-invasive technologies for respiratory support of patients with chronic or acute breathing disorders. Over 3.9 million patients have been treated with the use of Vapotherm high velocity therapy® systems. For more information, visit www.vapotherm.com. Vapotherm high velocity therapy is mask-free non-invasive respiratory support and is a front-line tool for relieving respiratory distress—including hypercapnia, hypoxemia, and dyspnea. It allows for the fast, safe treatment of undifferentiated respiratory distress with one tool. The HVT 2.0 and Precision Flow systems’ mask-free interface delivers optimally conditioned breathing gases, making it comfortable for patients and reducing the risks and care complexities associated with mask therapies. While being treated, patients can talk, eat, drink and take oral medication. Legal Notice Regarding Forward-Looking Statements This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, including statements about the Company’s expected net revenue, including revenue breakdown, gross margin, operating expenses and non-GAAP cash operating expenses for fiscal year 2023. In some cases, you can identify forward-looking statements by terms such as “expect,” “continue,” “plan,” “intend,” “will,” “outlook,” “guidance,” or “typically,” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words, and the use of future dates. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statement. Applicable risks and uncertainties include, but are not limited to the following: Vapotherm has incurred losses in the past and may be unable to achieve or sustain profitability in the future or achieve its 2023 financial guidance including reduced cash burn; risks associated with the move of its manufacturing operations to Mexico; Vapotherm’s ability to raise additional capital to fund its existing commercial operations, develop and commercialize new products, and expand its operations; Vapotherm’s ability to comply with its financial covenants, execute on its path-to-profitability initiative, convert excess inventory into cash and fund its business through 2023; Vapotherm’s dependence on sales generated from its High Velocity Therapy systems, competition from multi-national corporations who have significantly greater resources than Vapotherm and are more established in the respiratory market; the ability for Precision Flow systems to gain increased market acceptance; Vapotherm’s inexperience directly marketing and selling its products; the potential loss of one or more suppliers and dependence on its new third party manufacturer; Vapotherm’s susceptibility to seasonal fluctuations; Vapotherm’s failure to comply with applicable United States and foreign regulatory requirements; the failure to obtain U.S. Food and Drug Administration or other regulatory authorization to market and sell future products or its inability to secure, maintain or enforce patent or other intellectual property protection for its products; the impact of COVID on its business, including its supply chain, and the other risks and uncertainties included under the heading “Risk Factors” in Vapotherm’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as filed with the SEC on February 23, 2023, and in any subsequent filings with the SEC. The forward-looking statements contained in this press release reflect Vapotherm’s views as of the date hereof, and Vapotherm does not assume and specifically disclaims any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. Financial Statements: VAPOTHERM, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts) March 31, 2023 December 31, 2022 (unaudited) Assets Current assets Cash and cash equivalents $ 25,713 $ 15,738 Accounts receivable, net of expected credit losses of $251 and $227, respectively 8,403 9,102 Inventories, net 28,499 32,980 Prepaid expenses and other current assets 3,444 2,081 Total current assets 66,059 59,901 Property and equipment, net 25,673 26,636 Operating lease right-of-use assets 5,030 5,805 Restricted cash 1,109 1,109 Goodwill 549 536 Deferred income tax assets 125 96 Other long-term assets 2,102 2,112 Total assets $ 100,647 $ 96,195 Liabilities and Stockholders’ Deficit Current liabilities Accounts payable $ 2,974 $ 2,739 Contract liabilities 1,197 1,216 Accrued expenses and other current liabilities 11,810 15,609 Total current liabilities 15,981 19,564 Long-term loans payable, net 99,270 96,994 Other long-term liabilities 7,750 7,827 Total liabilities 123,001 124,385 Commitments and contingencies Stockholders’ deficit Preferred stock ($0.001 par value) 25,000,000 shares authorized; no shares issued and outstanding as of March 31, 2023 and December 31, 2022 - - Common stock ($0.001 par value) 175,000,000 shares authorized as of March 31, 2023 and December 31, 2022, 46,215,938 and 28,516,047 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively 46 29 Additional paid-in capital 485,714 461,940 Accumulated other comprehensive loss (22 ) (157 ) Accumulated deficit (508,092 ) (490,002 ) Total stockholders’ deficit (22,354 ) (28,190 ) Total liabilities and stockholders’ deficit $ 100,647 $ 96,195 VAPOTHERM, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share amounts) Three Months Ended March 31, 2023 2022 (unaudited) Net revenue $ 17,731 $ 21,622 Cost of revenue 11,519 13,730 Gross profit 6,212 7,892 Operating expenses Research and development 3,987 5,549 Sales and marketing 9,592 13,322 General and administrative 5,770 8,954 Impairment of right-of-use assets 432 - Loss on disposal of property and equipment 55 - Total operating expenses 19,836 27,825 Loss from operations (13,624 ) (19,933 ) Other (expense) income Interest expense (4,331 ) (1,747 ) Interest income 28 17 Foreign currency loss (154 ) (69 ) Loss on extinguishment of debt - (1,114 ) Net loss before income taxes $ (18,081 ) $ (22,846 ) Provision for income taxes 9 92 Net loss $ (18,090 ) $ (22,938 ) Other comprehensive loss: Foreign currency translation adjustments 135 (55 ) Total other comprehensive loss 135 (55 ) Total comprehensive loss $ (17,955 ) $ (22,993 ) Net loss per share basic and diluted $ (0.45 ) $ (0.87 ) Weighted-average number of shares used in calculating net loss per share, basic and diluted 40,608,605 26,321,087 VAPOTHERM, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Three Months Ended March 31, 2023 2022 Cash flows from operating activities Net loss $ (18,090 ) $ (22,938 ) Adjustments to reconcile net loss to net cash used in operating activities Stock-based compensation expense 2,820 3,446 Depreciation and amortization 1,248 1,391 Provision for credit losses 49 177 Provision for inventory valuation 165 150 Non-cash lease expense 387 519 Change in fair value of contingent consideration - (188 ) Impairment of right-of-use assets 432 - Loss on disposal of property and equipment 55 - Placed units reserve 344 151 Interest paid in-kind 2,194 - Amortization of discount on debt 184 139 Deferred income taxes 9 83 Loss on extinguishment of debt - 1,114 Changes in operating assets and liabilities: Accounts receivable 663 805 Inventories 4,384 (1,650 ) Prepaid expenses and other assets (1,234 ) (927 ) Accounts payable 114 84 Contract liabilities (25 ) (652 ) Accrued expenses and other current liabilities (3,148 ) (11,882 ) Operating lease liabilities, current and long-term (585 ) (293 ) Net cash used in operating activities (10,034 ) (30,471 ) Cash flows from investing activities Purchases of property and equipment (1,004 ) (3,008 ) Net cash used in investing activities (1,004 ) (3,008 ) Cash flows from financing activities Proceeds from issuance of common stock and pre-funded warrants and accompanying warrants in private placement, net of issuance costs 20,943 - Proceeds from loans, net of discount - 99,094 Repayment of loans - (40,000 ) Payments of debt extinguishment costs - (817 ) Payment of debt issuance costs - (1,365 ) Repayments on revolving loan facility - (6,608 ) Payment of contingent consideration - (135 ) Proceeds from exercise of stock options - 12 Net cash provided by financing activities 20,943 50,181 Effect of exchange rate changes on cash, cash equivalents and restricted cash 70 (10 ) Net increase in cash, cash equivalents and restricted cash 9,975 16,692 Cash, cash equivalents and restricted cash Beginning of period 16,847 57,324 End of period $ 26,822 $ 74,016 Supplemental disclosures of cash flow information Interest paid during the period $ 1,284 $ 983 Property and equipment purchases in accounts payable and accrued expenses $ 354 $ 1,581 Debt issuance costs in accounts payable and accrued expenses $ - $ 202 Issuance of common stock to satisfy contingent consideration $ - $ 5,630 Issuance of common stock warrants in conjunction with long term debt $ 28 $ 1,157 Issuance of common stock upon vesting of restricted stock units $ - $ 10 Non-GAAP Financial Measures The following tables contain a reconciliation of net loss to Adjusted EBITDA for the three months ended March 31, 2023 and 2022, respectively. (unaudited) Three Months Ended March 31, 2023 2022 (in thousands) Net loss $ (18,090 ) $ (22,938 ) Interest expense, net 4,303 1,730 Provision for income taxes 9 92 Depreciation and amortization 1,248 1,391 EBITDA $ (12,530 ) $ (19,725 ) Stock-based compensation 2,820 3,446 Impairment of right-of-use assets 432 - Foreign currency 154 69 Gain from deconsolidation (114 ) - Loss on disposal of property and equipment 55 - Loss on extinguishment of debt - 1,114 Change in fair value of contingent consideration - (188 ) Adjusted EBITDA $ (9,183 ) $ (15,284 ) The following tables contain a reconciliation of operating expenses to non-GAAP operating expenses and non-GAAP cash operating expenses for the three months ended March 31, 2023, December 31, 2022 and March 31, 2022, respectively. (unaudited) Three Months Ended March 31, 2023 December 31, 2022 March 31, 2022 (in thousands) GAAP operating expenses $ 19,836 $ 22,827 $ 27,825 Impairment of long-lived assets (432 ) (1,501 ) - Loss on disposal of property and equipment (55 ) (247 ) - Non-GAAP operating expenses 19,349 21,079 27,825 Stock-based compensation (2,773 ) (2,663 ) (3,218 ) Termination benefits - (30 ) - Depreciation and amortization (305 ) (342 ) (472 ) Gain (loss) from deconsolidation 114 (35 ) - Change in fair value of contingent consideration - - 188 Non-GAAP cash operating expenses $ 16,385 $ 18,009 $ 24,323 Supplemental Operating Metrics March 31, 2023 2022 Change Amount Amount Amount % HVT 2.0 and precision flow units installed base United States 24,488 23,693 795 3.4 % International 12,586 12,038 548 4.6 % Total 37,074 35,731 1,343 3.8 % Three Months Ended March 31, 2023 2022 Change Amount Amount Amount % HVT 2.0 and precision flow units sold and leased United States 260 322 (62 ) (19.3 )% International 127 185 (58 ) (31.4 )% Total 387 507 (120 ) (23.7 )% Disposable patient circuits sold United States 81,219 99,591 (18,372 ) (18.4 )% International 39,184 48,036 (8,852 ) (18.4 )% Total 120,403 147,627 (27,224 ) (18.4 )% |
businesswire.com |
2023-05-03 20:10:00 |
Czytaj oryginał (ang.) |
| Havertys Reports Operating Results for First Quarter 2023 |
ATLANTA, GA / ACCESSWIRE / May 2, 2023 / HAVERTYS (NYSE:HVT and HVT.A), today reported its operating results for the first quarter ended March 31, 2023. First quarter 2023 versus first quarter 2022: Diluted earnings per common share ("EPS") of $0.74 versus $1.11. |
accesswire.com |
2023-05-02 20:11:00 |
Czytaj oryginał (ang.) |
| Vapotherm To Report First Quarter 2023 Financial Results |
EXETER, N.H.--(BUSINESS WIRE)--Vapotherm, Inc. (NYSE: VAPO), (“Vapotherm” or the “Company”), today announced that it will release financial results for the first quarter of 2023 after the close of trading on Wednesday, May 3, 2023. Vapotherm’s management team will host a conference call beginning at 4:30 p.m. ET to discuss the financial results and recent business developments. To listen to the conference call on your telephone, please dial +1 (888) 330-2391 for U.S. callers, or +1 (240) 789-2702 for international callers, approximately ten minutes prior to the start time and reference conference code 6585549. To listen to a live webcast, please visit the Investors section of the Vapotherm website at: http://investors.vapotherm.com/events-and-presentations/events. The webcast replay will be available on the Vapotherm website for 12 months following completion of the call. A replay of this conference call will be available by telephone through May 10, 2023 by dialing +1 (800) 770-2030 in the U.S. or +1 (647) 362-9199 outside of the U.S. The replay access code is 6585549. Website Information Vapotherm routinely posts important information for investors on the Investor Relations section of its website, http://investors.vapotherm.com/. Vapotherm intends to use this website as a means of disclosing material, non-public information and for complying with Vapotherm’s disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of Vapotherm’s website, in addition to following Vapotherm’s press releases, Securities and Exchange Commission (“SEC”) filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, Vapotherm’s website is not incorporated by reference into, and is not a part of, this document. About Vapotherm Vapotherm, Inc. (NYSE: VAPO) is a publicly traded developer and manufacturer of advanced respiratory technology based in Exeter, New Hampshire, USA. The Company develops innovative, comfortable, non-invasive technologies for respiratory support of patients with chronic or acute breathing disorders. Over 3.8 million patients have been treated with the use of Vapotherm high velocity therapy® systems. For more information, visit www.vapotherm.com. Vapotherm high velocity therapy is mask-free non invasive ventilatory support and is a front-line tool for relieving respiratory distress—including hypercapnia, hypoxemia, and dyspnea. It allows for the fast, safe treatment of undifferentiated respiratory distress with one tool. The HVT 2.0 and Precision Flow systems’ mask-free interface delivers optimally conditioned breathing gases, making it comfortable for patients and reducing the risks and care complexities associated with mask therapies. While being treated, patients can talk, eat, drink and take oral medication. |
businesswire.com |
2023-04-27 20:30:00 |
Czytaj oryginał (ang.) |
| Havertys Announces Officer Changes |
ATLANTA, GA / ACCESSWIRE / March 27, 2023 / HAVERTYS (NYSE:HVT and HVT.A) today announced that Katie R. Mendolera has been named senior vice president, strategic development and real estate, effective March 24, 2023. |
accesswire.com |
2023-03-27 20:11:00 |
Czytaj oryginał (ang.) |
| Vapotherm Announces NYSE Continued Listing Standard Notice Related to Stock Price |
EXETER, N.H.--(BUSINESS WIRE)--Vapotherm, Inc. (NYSE: VAPO), (“Vapotherm” or the “Company”), a global medical technology company focused on the development and commercialization of its proprietary Vapotherm high velocity therapy® products, which are used to treat patients of all ages suffering from respiratory distress, today announced that it was notified (the “Notice”) on March 15, 2023 by the New York Stock Exchange, Inc. (the “NYSE”) that the Company is not in compliance with the NYSE’s continued listing standard set forth in Section 802.01C of the NYSE’s Listed Company Manual because the average closing price of the Company’s common stock was less than $1.00 per share over a consecutive 30 trading-day period. As set forth in the Notice, as of March 14, 2023, the 30-trading day average closing share price of the Company’s common stock was $0.94 per share. Pursuant to Section 802.01C, the Company has a period of six months following receipt of the Notice to regain compliance with the minimum share price requirement. In order to regain compliance, on the last trading day of any calendar month during the cure period or on the last business day of the six month cure period, the Company’s shares of common stock must demonstrate (i) a closing price of at least $1.00 per share and (ii) an average closing share price of at least $1.00 over the 30 trading-day period ending on such date. The Notice has no immediate impact on the listing of the Company’s common stock, which will continue to trade on the NYSE during the applicable cure period, subject to all other listing requirements of the NYSE. As previously disclosed in the Company’s Current Reports on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on October 3, 2022 and December 6, 2022, the Company’s common stock will continue to trade under the symbol “VAPO” with the added designation of “.BC” to indicate that the Company is not currently in compliance with NYSE continued listing standards. The “.BC” indicator will be removed at such time as the Company regains compliance with all continued listing standards. The NYSE notification does not affect the Company’s business operations or its SEC reporting requirements, nor does it conflict with or cause an event of default under any of the Company’s debt agreements. About Vapotherm Vapotherm, Inc. (NYSE: VAPO) is a publicly traded developer and manufacturer of advanced respiratory technology based in Exeter, New Hampshire, USA. The Company develops innovative, comfortable, non-invasive technologies for respiratory support of patients with chronic or acute breathing disorders. Over 3.8 million patients have been treated with the use of Vapotherm high velocity therapy® systems. For more information, visit https://vapotherm.com/. Vapotherm high velocity therapy is mask-free non-invasive ventilatory support and is a front-line tool for relieving respiratory distress—including hypercapnia, hypoxemia, and dyspnea. It allows for the fast, safe treatment of undifferentiated respiratory distress with one tool. The HVT 2.0 and Precision Flow systems’ mask-free interface delivers optimally conditioned breathing gases, making it comfortable for patients and reducing the risks and care complexities associated with mask therapies. While being treated, patients can talk, eat, drink and take oral medication. Website Information Vapotherm routinely posts important information for investors on the Investor Relations section of its website, http://investors.vapotherm.com/. Vapotherm intends to use this website as a means of disclosing material, non-public information and for complying with Vapotherm’s disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of Vapotherm’s website, in addition to following Vapotherm’s press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, Vapotherm’s website is not incorporated by reference into, and is not a part of, this document. Legal Notice Regarding Forward-Looking Statements This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that involve risk and uncertainties, including its intent to regain compliance with the NYSE continued listing standards. In some cases, you can identify forward-looking statements by terms such as “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “believe,” “estimate,” “predict,” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words, and the use of future dates. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statement. Applicable risks and uncertainties include, but are not limited to the following: Vapotherm has incurred losses in the past and may be unable to achieve or sustain profitability in the future or achieve its 2023 financial guidance; risks associated with the move of its manufacturing operations to Mexico; Vapotherm’s ability to raise additional capital to fund its existing commercial operations, develop and commercialize new products, and expand its operations; Vapotherm’s ability to comply with its $5 million minimum cash covenant, execute on its path-to-profitability initiative, convert $17 million of excess inventory into cash, fund its business through 2023 and get it to Adjusted EBITDA positive in the fourth quarter of 2023; Vapotherm’s dependence on sales generated from its High Velocity Therapy systems, competition from multi-national corporations who have significantly greater resources than Vapotherm and are more established in the respiratory market; the ability for Precision Flow systems to gain increased market acceptance; Vapotherm’s inexperience directly marketing and selling its products; the potential loss of one or more suppliers and dependence on its new third party manufacturer; Vapotherm’s susceptibility to seasonal fluctuations; Vapotherm’s failure to comply with applicable United States and foreign regulatory requirements; the failure to obtain U.S. Food and Drug Administration or other regulatory authorization to market and sell future products or its inability to secure, maintain or enforce patent or other intellectual property protection for its products; the impact of COVID on its business, including its supply chain, its inability to regain compliance with the NYSE continued listing standards; and the other risks and uncertainties included under the heading “Risk Factors” in Vapotherm’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as filed with the SEC on February 23, 2023, and in any subsequent filings with the SEC. The forward-looking statements contained in this press release reflect Vapotherm’s views as of the date hereof, and Vapotherm does not assume and specifically disclaims any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. |
businesswire.com |
2023-03-17 18:30:00 |
Czytaj oryginał (ang.) |
| Vapotherm Reports Fourth Quarter and Fiscal Year 2022 Financial Results |
EXETER, New Hampshire--(BUSINESS WIRE)--Vapotherm, Inc. (NYSE: VAPO), (“Vapotherm” or the “Company”), today announced fourth quarter and fiscal year 2022 financial results. Fourth Quarter 2022 Summary Total revenue for the fourth quarter of 2022 was $18.7 million Gross margin was 27.5% in the fourth quarter of 2022 Substantially completed move of manufacturing operations from New Hampshire to Mexico Fiscal Year 2022 Summary Total revenue for 2022 was $66.8 million Launched next generation High Velocity Therapy platform, HVT 2.0 Cost structure has been streamlined which resulted in a decrease in non-GAAP cash operating expenses from $100.8 million in 2021 to $83.6 million in 2022 Worldwide installed base of High Velocity Therapy systems grew by approximately 1,600 units in 2022, now at over 36,700 units “2022 was a year of transition as we repositioned the business given the significant decrease in COVID-related hospitalizations as compared to 2020 and 2021,” said Joseph Army, President and CEO. “We executed on our path to profitability initiatives while still making investments in future growth drivers including the launch of our next generation platform, HVT 2.0. Recently, we completed a $23 million equity raise which has strengthened our balance sheet. We believe these initiatives will allow us to achieve our goals in 2023 and beyond. I’d like to thank our Team for all their hard work in executing on our Path to Profitability initiatives which we launched in early 2022 in response to a rapidly changing environment.” Results for the Three Months December 31, 2022 The following table reflects the Company’s net revenue for the three months ended December 31, 2022 and 2021: Three Months Ended December 31, 2022 2021 Change (in thousands, except percentages) Amount % of Revenue Amount % of Revenue $ % Revenue Capital (product & lease revenue) $ 3,039 16.3 % $ 5,357 24.1 % $ (2,318 ) (43.3 )% Disposables 14,113 75.6 % 15,007 67.5 % (894 ) (6.0 )% Service and other 1,511 8.1 % 1,880 8.4 % (369 ) (19.6 )% Total net revenue $ 18,663 100.0 % $ 22,244 100.0 % $ (3,581 ) (16.1 )% Net revenue for the fourth quarter of 2022 was $18.7 million, representing a 16.1% decrease from fourth quarter of 2021. Capital and disposables revenue were lower in the fourth quarter of 2022 due to lower demand for our products that was driven by a decrease in patient acuity from COVID infections as COVID variants transitioned from a lower respiratory disease to an upper respiratory disease. Revenue information by geography is summarized as follows: Three Months Ended December 31, 2022 2021 Change (in thousands, except percentages) Amount % of Revenue Amount % of Revenue $ % United States $ 15,531 83.2 % $ 17,798 80.0 % $ (2,267 ) (12.7 )% International 3,132 16.8 % 4,446 20.0 % (1,314 ) (29.6 )% Total net revenue $ 18,663 100.0 % $ 22,244 100.0 % $ (3,581 ) (16.1 )% Gross profit and gross margin for the fourth quarter of 2022 was $5.1 million and 27.5%, respectively. In the fourth quarter of 2022, gross margin was negatively impacted by increases in our inventory and equipment reserves, under-absorption of labor and overhead costs due to lower production levels and non-recurring charges related to the transfer of our manufacturing operations from New Hampshire to Mexico. Total operating expenses were $22.8 million in the fourth quarter of 2022, a decrease of $2.9 million as compared to the same period last year. Non-GAAP cash operating expenses, excluding impairment charges, loss on disposal of property and equipment, depreciation and amortization, stock-based compensation expense, severance accruals and loss from deconsolidation were $18.0 million in the fourth quarter of 2022 compared to $23.8 million in the fourth quarter of 2021. The decreases in operating expenses and non-GAAP cash operating expenses were primarily due to cost saving measures in connection with the Company’s path-to-profitability initiatives. Operating expenses in the fourth quarter of 2022 include a non-cash impairment charge of $1.5 million related to the operating lease right-of-use assets and leasehold improvements recorded in connection with our plan to sublease unused spaced in New Hampshire as a result of the relocation of manufacturing operations to Mexico. Net loss for the fourth quarter of 2022 was $21.4 million, or $0.78 per share, compared to $18.6 million, or $0.71 per share, in the fourth quarter of 2021. Net loss per share was based on 27,328,746 and 26,073,243 weighted average shares outstanding for the fourth quarter of 2022 and 2021, respectively. Net loss for the fourth quarter of 2022 includes a non-cash impairment charge of $1.5 million related to the long-lived assets record in connection with our operating lease and leasehold improvements in New Hampshire. Adjusted EBITDA was negative $12.0 million for the fourth quarter of 2022 as compared to negative $14.9 million for the fourth quarter of 2021. The decrease in Adjusted EBITDA loss was primarily due to cost saving measures in connection with the Company’s path-to-profitability initiatives, partially offset by lower revenue and gross margin on a year over year basis. Results for the Year Ended December 31, 2022 The following table reflects the Company’s net revenue for the years ended December 31, 2022 and 2021: Year Ended December 31, 2022 2021 Change (in thousands, except percentages) Amount % of Revenue Amount % of Revenue $ % Revenue Capital Equipment (product & lease revenue) $ 11,650 17.4 % $ 40,096 35.4 % $ (28,446 ) (70.9 )% Disposable 46,368 69.4 % 66,631 58.8 % (20,263 ) (30.4 )% Service and Other 8,783 13.2 % 6,565 5.8 % 2,218 33.8 % Net revenue $ 66,801 100.0 % $ 113,292 100.0 % $ (46,491 ) (41.0 )% Net revenue for 2022 was $66.8 million, representing a 41.0% decrease from 2021. Total capital equipment revenue, including product and lease revenue, decreased 70.9% and total disposables revenue decreased 30.4%, each on a year over year basis. The decrease in demand for our products was driven by a decrease in patient acuity from COVID infections as COVID variants transitioned from a lower respiratory disease to an upper respiratory disease. Revenue information by geography is summarized as follows: Year Ended December 31, 2022 2021 Change (in thousands, except percentages) Amount % of Revenue Amount % of Revenue $ % United States $ 52,591 78.7 % $ 84,147 74.3 % $ (31,556 ) (37.5 )% International 14,210 21.3 % 29,145 25.7 % (14,935 ) (51.2 )% Net Revenue $ 66,801 100.0 % $ 113,292 100.0 % $ (46,491 ) (41.0 )% Gross profit for the year ended December 31, 2022 was $17.2 million, a decrease of $35.9 million from 2021. Gross margin was 25.8% in 2022 in comparison to 46.9% in 2021. Gross margin was negatively impacted by lower revenue and production levels, non-recurring charges related to the transfer of certain activities to our contract manufacturer and our manufacturing facility in Mexico, increased reserves for excess and obsolete inventory, and increased termination costs. Operating expenses were $117.6 million for the year ended December 31, 2022, an increase of $7.2 million as compared to $110.4 million in 2021. Operating expenses for 2022 include non-cash charges of $14.7 million and $7.7 million related to the impairment of goodwill and long-lived and intangibles, and to a lesser extent, loss on disposal of property and equipment of $0.6 million. These non-cash charges were record in connection with our decision to cease future commercial investments in Vapotherm Access and RespirCare in the third quarter of 2022, and to a lesser extent relocate our manufacturing operations from New Hampshire to Mexico. Non-GAAP cash operating expenses, excluding impairment charges, loss on disposal of property and equipment, depreciation and amortization, stock-based compensation expense, severance accruals, loss from deconsolidation and change in the value of contingent consideration, were $83.6 million for the year ended December 31, 2022 compared to $100.8 million in 2021. The decrease in non-GAAP cash operating expenses was primarily due to cost saving measures in connection with the Company’s path-to-profitability initiatives. Net loss for the year ended December 31, 2022 was $113.3 million, or $4.24 per share, compared to $59.8 million, or $2.31 per share, in 2021. Net loss per share was based on 26,732,940 and 25,936,970 weighted average shares outstanding for 2022 and 2021, respectively. Net loss for the year ended December 31, 2022 includes non-cash impairment charges of $22.4 million primarily related to the goodwill and long-lived assets recorded in connection with the acquisitions of HGE and RespirCare. Adjusted EBITDA was negative $65.2 million for the year ended December 31, 2022 as compared to negative $43.1 million for 2021. The increase in Adjusted EBITDA loss was primarily due to lower revenue and gross margin on a year over year basis, and to a lesser extent increased termination costs. Cash Position Cash and cash equivalents were $15.7 million as of December 31, 2022 compared to $57.1 million as of December 31, 2021. The decrease in cash in 2022 was due to the net loss, partial offset from proceeds from our debt facility. Fiscal 2023 Outlook For fiscal 2023, the Company expects net revenue to be in the range of $77 million to $79 million. The Company anticipates that 75% of revenue will come from U.S. revenue and 25% from International revenue. The Company anticipates that 75% of the revenue will come from disposables revenue and that the remainder will come from capital equipment and service. For fiscal 2023, gross margin is expected to be in the range of 48% and 50%. For fiscal 2023, operating expenses are expected to be in the range of $76 million to $78 million. For fiscal 2023, non-GAAP cash operating expenses excluding additional items as detailed below are expected to be in the range of $60 million to $62 million. Conference Call Information Management will host a conference call at 4:30 p.m. Eastern Time on February 23, 2023 to discuss the results of the quarter with a question and answer session. To listen to the conference call on your telephone, please dial +1 (888) 330-2391 for U.S. callers, or +1 (240) 789-2702 for international callers, approximately ten minutes prior to the start time and reference conference code 6585549. To listen to a live webcast, please visit the Investors section of the Vapotherm website at: http://investors.vapotherm.com/events-and-presentations/events. The webcast replay will be available on the Vapotherm website for 12 months following completion of the call. A replay of this conference call will be available by telephone through March 2, 2023 by dialing +1 (800) 770-2030 in the U.S. or +1 (647) 362-9199 outside of the U.S. The replay access code is 6585549. Website Information Vapotherm routinely posts important information for investors on the Investor Relations section of its website, http://investors.vapotherm.com/. Vapotherm intends to use this website as a means of disclosing material, non-public information and for complying with Vapotherm’s disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of Vapotherm’s website, in addition to following Vapotherm’s press releases, Securities and Exchange Commission (“SEC”) filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, Vapotherm’s website is not incorporated by reference into, and is not a part of, this document. Non-GAAP Financial Measures This press release includes non-GAAP financial measures, including EBITDA, Adjusted EBITDA, non-GAAP operating expenses excluding impairment of long-lived assets, impairment of goodwill and loss on disposal of property and equipment, and non-GAAP cash operating expenses excluding additional items, including stock-based compensation expense, depreciation and amortization, severance accruals recorded, loss from deconsolidation, and change in fair value of contingent consideration, which differ from operating expenses calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). EBITDA represents net loss less interest expense, net, income tax provision or benefit, and depreciation and amortization, and Adjusted EBITDA represents EBITDA as adjusted for the impact of foreign currency loss or gain, change in fair value of contingent consideration, stock-based compensation expense, and impairment of long lived and intangible assets. Since these adjustments to the GAAP measures are highly variable, difficult to predict and of a size that could have substantial impact on Vapotherm’s reported results of operations for a period, Vapotherm cannot provide without unreasonable effort a quantitative reconciliation to the most directly comparable GAAP measures for its 2023 financial guidance regarding non-GAAP cash operating expenses excluding impairment of goodwill, impairment of long-lived assets, loss on disposal of property and equipment and other additional items as detailed below, or non-GAAP cash operating expenses. The Company has reconciled all historical non-GAAP financial measures with the most directly comparable GAAP financial measures in tables accompanying this release. These non-GAAP financial measures are presented because the Company believes they are useful indicators of its operating performance. Management uses these non-GAAP financial measures, as measures of the Company’s operating performance and for planning purposes, including the preparation of the Company’s annual operating budget and financial projections. The Company believes these measures are useful to investors as supplemental information because they are frequently used by analysts, investors and other interested parties to evaluate companies in its industry. The Company believes Adjusted EBITDA is useful to its management and investors as a measure of comparative operating performance from period to period. These non-GAAP financial measures should not be considered alternatives to, or superior to, net income or loss as a measure of financial performance or cash flows from operations as a measure of liquidity, or any other performance measure derived in accordance with GAAP. They should not be construed to imply that the Company’s future results will be unaffected by unusual or non-recurring items. In addition, Adjusted EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not reflect certain cash requirements such as tax payments, debt service requirements, capital expenditures and certain other cash costs that may recur in the future. Adjusted EBITDA contains certain other limitations, including the failure to reflect our capital expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. The Company’s presentation of Adjusted EBITDA should not be construed to imply that its future results will be unaffected by any such adjustments. Management compensates for these limitations by primarily relying on the Company’s GAAP results in addition to using Adjusted EBITDA and other non-GAAP financial measures on a supplemental basis. The Company’s definitions of Adjusted EBITDA and non-GAAP operating expenses excluding impairment of long-lived assets, impairment of goodwill and loss on disposal of property and equipment and non-GAAP cash operating expenses excluding the additional items detailed below, are not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation. About Vapotherm Vapotherm, Inc. (NYSE: VAPO) is a publicly traded developer and manufacturer of advanced respiratory technology based in Exeter, New Hampshire, USA. The Company develops innovative, comfortable, non-invasive technologies for respiratory support of patients with chronic or acute breathing disorders. Over 3.8 million patients have been treated with the use of Vapotherm high velocity therapy® systems. For more information, visit www.vapotherm.com. Vapotherm high velocity therapy is mask-free non-invasive ventilatory support and is a front-line tool for relieving respiratory distress—including hypercapnia, hypoxemia, and dyspnea. It allows for the fast, safe treatment of undifferentiated respiratory distress with one tool. The HVT 2.0 and Precision Flow systems’ mask-free interface delivers optimally conditioned breathing gases, making it comfortable for patients and reducing the risks and care complexities associated with mask therapies. While being treated, patients can talk, eat, drink and take oral medication. Legal Notice Regarding Forward-Looking Statements This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, including statements about the Company’s expected net revenue, gross margin, operating expenses and non-GAAP cash operating expenses for fiscal year 2023 and its expectations to execute on its path-to-profitability initiative, which the Company believes will allow it to achieve its goals in 2023 and beyond. In some cases, you can identify forward-looking statements by terms such as “expect,” “continue,” “plan,” “intend,” “will,” “outlook,” “guidance,” or “typically,” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words, and the use of future dates. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statement. Applicable risks and uncertainties include, but are not limited to the following: Vapotherm has incurred losses in the past and may be unable to achieve or sustain profitability in the future or achieve its 2023 financial guidance; risks associated with the move of its manufacturing operations to Mexico; Vapotherm’s ability to raise additional capital to fund its existing commercial operations, develop and commercialize new products, and expand its operations; Vapotherm’s ability to comply with its $5 million minimum cash covenant, execute on its path-to-profitability initiative, convert $17 million of excess inventory into cash, fund its business through 2023 and get it to Adjusted EBITDA positive in the fourth quarter of 2023; Vapotherm’s dependence on sales generated from its High Velocity Therapy systems, competition from multi-national corporations who have significantly greater resources than Vapotherm and are more established in the respiratory market; the ability for Precision Flow systems to gain increased market acceptance; Vapotherm’s inexperience directly marketing and selling its products; the potential loss of one or more suppliers and dependence on its new third party manufacturer; Vapotherm’s susceptibility to seasonal fluctuations; Vapotherm’s failure to comply with applicable United States and foreign regulatory requirements; the failure to obtain U.S. Food and Drug Administration or other regulatory authorization to market and sell future products or its inability to secure, maintain or enforce patent or other intellectual property protection for its products; the impact of COVID on its business, including its supply chain, and the other risks and uncertainties included under the heading “Risk Factors” in Vapotherm’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as filed with the SEC on February 23, 2023, and in any subsequent filings with the SEC. The forward-looking statements contained in this press release reflect Vapotherm’s views as of the date hereof, and Vapotherm does not assume and specifically disclaims any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. Financial Statements: VAPOTHERM, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts) December 31, 2022 2021 Assets Current assets Cash and cash equivalents $ 15,738 $ 57,071 Accounts receivable, net 9,102 10,909 Inventories 32,980 36,562 Prepaid expenses and other current assets 2,081 5,205 Total current assets 59,901 109,747 Property and equipment, net 26,636 22,157 Operating lease right-of-use assets 5,805 7,045 Restricted cash 1,109 253 Goodwill 536 15,300 Intangible assets, net - 4,398 Deferred income tax assets 96 78 Other long-term assets 2,112 1,107 Total assets $ 96,195 $ 160,085 Liabilities and Stockholders’ (Deficit) Equity Current liabilities Accounts payable $ 2,739 $ 5,923 Contract liabilities 1,216 2,081 Accrued expenses and other current liabilities 15,609 28,559 Revolving loan facility - 6,608 Total current liabilities 19,564 43,171 Long-term loans payable, net 96,994 39,726 Other long-term liabilities 7,827 10,521 Total liabilities 124,385 93,418 Commitments and contingencies Stockholders’ (deficit) equity Preferred stock ($0.001 par value) 25,000,000 shares authorized; no shares issued and outstanding as of December 31, 2022 and 2021 - - Common stock ($0.001 par value) 175,000,000 shares authorized as of December 31, 2022 and 2021, 28,516,047 and 26,126,253 shares issued and outstanding as of December 31, 2022 and 2021, respectively 29 26 Additional paid-in capital 461,940 443,358 Accumulated other comprehensive (loss) income (157 ) 26 Accumulated deficit (490,002 ) (376,743 ) Total stockholders’ (deficit) equity (28,190 ) 66,667 Total liabilities and stockholders’ (deficit) equity $ 96,195 $ 160,085 VAPOTHERM, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share amounts) Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 (unaudited) Net revenue $ 18,663 $ 22,244 $ 66,801 $ 113,292 Cost of revenue 13,540 14,455 49,558 60,104 Gross profit 5,123 7,789 17,243 53,188 Operating expenses Research and development 4,561 4,944 20,802 18,410 Sales and marketing 9,476 12,971 46,091 60,140 General and administrative 7,042 7,427 27,796 31,375 Impairment of goodwill - - 14,701 - Impairment of long-lived and intangible assets 1,501 323 7,676 323 Loss on disposal of property and equipment 247 105 568 105 Total operating expenses 22,827 25,770 117,634 110,353 Loss from operations (17,704 ) (17,981 ) (100,391 ) (57,165 ) Other (expense) income Interest expense (3,771 ) (635 ) (11,643 ) (2,595 ) Interest income 26 17 139 91 Foreign currency loss (51 ) (37 ) (239 ) (225 ) Loss on extinguishment of debt - - (1,114 ) - Other - - - 18 Net loss before income taxes $ (21,500 ) $ (18,636 ) $ (113,248 ) $ (59,876 ) (Benefit) provision for income taxes (63 ) (76 ) 11 (76 ) Net loss $ (21,437 ) $ (18,560 ) $ (113,259 ) $ (59,800 ) Other comprehensive loss: Foreign currency translation adjustments 229 7 (183 ) (15 ) Total other comprehensive loss 229 7 (183 ) (15 ) Total comprehensive loss $ (21,208 ) $ (18,553 ) $ (113,442 ) $ (59,815 ) Net loss per share basic and diluted $ (0.78 ) $ (0.71 ) $ (4.24 ) $ (2.31 ) Weighted-average number of shares used in calculating net loss per share, basic and diluted 27,328,746 26,073,243 26,732,940 25,936,970 VAPOTHERM, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31, 2022 2021 Cash flows from operating activities Net loss $ (113,259 ) $ (59,800 ) Adjustments to reconcile net loss to net cash used in operating activities Stock-based compensation expense 10,385 9,766 Depreciation and amortization 5,180 5,648 Provision for bad debts 224 (161 ) Provision for inventory valuation 3,083 70 Non-cash lease expense 2,127 1,764 Change in fair value of contingent consideration (3,351 ) (1,813 ) Impairment of goodwill 14,701 - Impairment of long-lived and intangible assets 7,676 323 Loss on disposal of property and equipment 568 105 Placed unit reserve 646 155 Amortization of discount on debt 686 128 Loss from deconsolidation 35 - Deferred income taxes 11 (76 ) Loss on extinguishment of debt 1,114 - Changes in operating assets and liabilities: Accounts receivable 1,162 12,400 Inventories 449 (16,759 ) Prepaid expenses and other assets (1,771 ) 1,458 Accounts payable (3,347 ) 798 Contract liabilities (844 ) (892 ) Accrued expenses and other liabilities (3,285 ) (6,724 ) Operating lease liabilities, current and long-term (2,347 ) (1,761 ) Net cash used in operating activities (80,157 ) (55,371 ) Cash flows from investing activities Purchases of property and equipment (11,610 ) (5,895 ) Acquisition of business, net of cash acquired - (1,304 ) Net cash used in investing activities (11,610 ) (7,199 ) Cash flows from financing activities Proceeds from loans, net of discount 99,094 - Proceeds from revolving loan facility - 4,882 Repayment of loans (40,000 ) - Payments of debt extinguishment costs (817 ) - Payment of debt issuance costs (1,567 ) - Repayments on revolving loan facility (6,608 ) (3,162 ) Payment of contingent consideration (135 ) - Proceeds from issuance of common stock in connection with at-the-market offerings, net 1,064 - Proceeds from issuance of common stock under Employee Stock Purchase Plan 228 1,139 Proceeds from exercise of stock options 65 1,511 Net cash provided by financing activities 51,324 4,370 Effect of exchange rate changes on cash, cash equivalents and restricted cash (34 ) (12 ) Net decrease in cash, cash equivalents and restricted cash (40,477 ) (58,212 ) Cash, cash equivalents and restricted cash Beginning of period 57,324 115,536 End of period $ 16,847 $ 57,324 Supplemental disclosures of cash flow information Interest paid during the period $ 8,834 $ 2,466 Property and equipment purchases in accounts payable and accrued expenses $ 702 $ 422 Issuance of common stock to satisfy contingent consideration $ 5,630 $ - Issuance of common stock warrants in conjunction with long term debt $ 1,201 $ - Issuance of common stock for services $ 360 $ 413 Issuance of common stock upon vesting of restricted stock units $ 12 $ 161 Non-GAAP Financial Measures The following tables contain a reconciliation of net loss to Adjusted EBITDA for the three months and years ended December 31, 2022 and 2021, respectively. (unaudited) Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 (in thousands) Net loss $ (21,437 ) $ (18,560 ) $ (113,259 ) $ (59,800 ) Interest expense, net 3,745 618 11,504 2,504 (Benefit) provision for income taxes (63 ) (76 ) 11 (76 ) Depreciation and amortization 1,174 1,467 5,180 5,648 EBITDA $ (16,581 ) $ (16,551 ) $ (96,564 ) $ (51,724 ) Foreign currency 51 37 239 225 Loss on extinguishment of debt - - 1,114 - Change in fair value of contingent consideration - (1,356 ) (3,351 ) (1,813 ) Stock-based compensation 2,760 2,569 10,385 9,766 Impairment of goodwill - - 14,701 - Impairment of long-lived and intangible assets 1,501 323 7,676 323 Loss on disposal of property and equipment 247 105 568 105 Adjusted EBITDA $ (12,022 ) $ (14,873 ) $ (65,232 ) $ (43,118 ) The following tables contain a reconciliation of operating expenses to non-GAAP operating expenses and non-GAAP cash operating expenses for the three months and years ended December 31, 2022 and 2021, respectively. (unaudited) Three Months Ended December 31, Years Ended December 31, 2022 2021 2022 2021 (in thousands) GAAP operating expenses $ 22,827 $ 25,770 $ 117,634 $ 110,353 Impairment of goodwill - - (14,701 ) - Impairment of long-lived and intangible assets (1,501 ) (323 ) (7,676 ) (323 ) Loss on disposal of property and equipment (247 ) (105 ) (568 ) (105 ) Non-GAAP operating expenses 21,079 25,342 94,689 109,925 Stock-based compensation (2,663 ) (2,377 ) (9,668 ) (9,037 ) Depreciation and amortization (342 ) (484 ) (1,709 ) (1,915 ) Termination benefits (30 ) - (3,060 ) - Loss from deconsolidation (35 ) - (35 ) - Change in fair value of contingent consideration - 1,356 3,351 1,813 Non-GAAP cash operating expenses $ 18,009 $ 23,837 $ 83,568 $ 100,786 Supplemental Operating Metrics December 31, 2022 2021 Change Amount Amount Amount % HVT 2.0 and precision flow units installed base United States 24,327 23,368 959 4.1 % International 12,439 11,848 591 5.0 % Total 36,766 35,216 1,550 4.4 % Three Months Ended December 31, 2022 2021 Change Amount Amount Amount % HVT 2.0 and precision flow units sold and leased United States 239 419 (180 ) (43.0 )% International 75 194 (119 ) (61.3 )% Total 314 613 (299 ) (48.8 )% Disposable patient circuits sold United States 104,302 108,200 (3,898 ) (3.6 )% International 24,551 34,395 (9,844 ) (28.6 )% Total 128,853 142,595 (13,742 ) (9.6 )% Year Ended December 31, 2022 2021 Change Amount Amount Amount % HVT 2.0 and precision flow units sold and leased United States 813 3,600 (2,787 ) (77.4 )% International 531 2,972 (2,441 ) (82.1 )% Total 1,344 6,572 (5,228 ) (79.5 )% Disposable patient circuits sold United States 331,044 452,605 (121,561 ) (26.9 )% International 118,226 200,901 (82,675 ) (41.2 )% Total 449,270 653,506 (204,236 ) (31.3 )% |
businesswire.com |
2023-02-23 18:15:00 |
Czytaj oryginał (ang.) |
| Havertys Reports Record Operating Results for Fourth Quarter and Year End 2022 |
ATLANTA, GA / ACCESSWIRE / February 21, 2023 / HAVERTYS (NYSE:HVT and HVT.A), today reported its operating results for the fourth quarter and year ended December 31, 2022. Fourth quarter 2022 versus fourth quarter 2021: Diluted earnings per common share ("EPS") of $1.42 versus $1.35. |
accesswire.com |
2023-02-21 18:11:00 |
Czytaj oryginał (ang.) |
| Vapotherm Announces Closing of $23 Million Private Placement |
EXETER, N.H.--(BUSINESS WIRE)--Vapotherm, Inc. (NYSE: VAPO), (“Vapotherm” or the “Company”), a global medical technology company focused on the development and commercialization of its proprietary Vapotherm high velocity therapy® products, which are used to treat patients of all ages suffering from respiratory distress, today announced that it closed its previously announced private placement on February 10, 2023, for the issuance and sale of 17,502,244 shares of its common stock and pre-funded warrants to purchase up to 4,402,508 shares of its common stock. The pre-funded warrants have a term of 30 years and an exercise price of $0.001 per share. In addition, the Company issued accompanying warrants to purchase one share of common stock for each share of common stock or pre-funded warrant purchased by the investors. The warrants were exercisable immediately upon issuance, in whole or in part, at an exercise price of $1.17 per share and have a 5-year life. Gross proceeds were approximately $23.0 million before deducting the placement agent fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the offering primarily for sales and marketing, working capital, and other general corporate purposes. William Blair & Company, L.L.C. acted as the sole placement agent for this offering. The securities issued have not been registered under the Securities Act of 1933, as amended, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements. Pursuant to the terms of private placement, Vapotherm has agreed to file a registration statement with the Securities and Exchange Commission registering the securities sold in the private placement. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. About Vapotherm Vapotherm, Inc. (NYSE: VAPO) is a publicly traded developer and manufacturer of advanced respiratory technology based in Exeter, New Hampshire, USA. The Company develops innovative, comfortable, non-invasive technologies for respiratory support of patients with chronic or acute breathing disorders. Over 3.6 million patients have been treated with the use of Vapotherm high velocity therapy® systems. Vapotherm high velocity therapy is mask-free non-invasive respiratory support and is a front-line tool for relieving respiratory distress—including hypercapnia, hypoxemia, and dyspnea. It allows for the fast, safe treatment of undifferentiated respiratory distress with one tool. The HVT 2.0 and Precision Flow systems’ mask-free interfaces deliver optimally conditioned breathing gases, making it comfortable for patients and reducing the risks and care complexities associated with mask therapies. While being treated, patients can talk, eat, drink and take oral medication. Legal Notice Regarding Forward-Looking Statements This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, including the expected use of proceeds from the private placement. In some cases, you can identify forward-looking statements by terms such as ‘‘expect,’’ “continue,” “plan,” “intend,” “will,” “outlook,” “guidance,” or “typically,” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words, and the use of future dates. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statement. Applicable risks and uncertainties include, but are not limited to the following: Vapotherm has incurred losses in the past and may be unable to achieve or sustain profitability in the future or achieve its 2023 financial guidance; risks associated with the move of its manufacturing operations to Mexico; Vapotherm’s ability to raise additional capital to fund its existing commercial operations, develop and commercialize new products, and expand its operations; Vapotherm’s ability to comply with its $5 million minimum cash covenant, execute on its path-to-profitability initiative, convert $17 million of excess inventory into cash, fund its business through 2023 and get it to Adjusted EBITDA positive in the fourth quarter of 2023; Vapotherm’s dependence on sales generated from its Precision Flow systems, competition from multi-national corporations who have significantly greater resources than Vapotherm and are more established in the respiratory market; the ability for Precision Flow systems to gain increased market acceptance; Vapotherm’s inexperience directly marketing and selling its products; the potential loss of one or more suppliers and dependence on its new third party manufacturer; Vapotherm’s susceptibility to seasonal fluctuations; Vapotherm’s failure to comply with applicable United States and foreign regulatory requirements; the failure to obtain U.S. Food and Drug Administration or other regulatory authorization to market and sell future products or its inability to secure, maintain or enforce patent or other intellectual property protection for its products; the impact of the COVID-19 pandemic on its business, including its supply chain, and the other risks and uncertainties included under the heading “Risk Factors” in Vapotherm’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the Securities and Exchange Commission on February 24, 2022 and Vapotherm’s most recent Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 as filed with the Securities and Exchange Commission on November 2, 2022, and in any subsequent filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release reflect Vapotherm’s views as of the date hereof, and Vapotherm does not assume and specifically disclaims any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. |
businesswire.com |
2023-02-14 18:15:00 |
Czytaj oryginał (ang.) |
| Zoetis Reports Fourth Quarter and Full Year 2022 Results |
PARSIPPANY, N.J.--(BUSINESS WIRE)--Zoetis Inc. (NYSE:ZTS) today reported its financial results for the fourth quarter and full year 2022 and provided full year guidance for 2023. The company reported revenue of $2.0 billion for the fourth quarter of 2022, which was an increase of 4% compared with the fourth quarter of 2021. On an operational1 basis, revenue for the fourth quarter of 2022 increased 9% compared with the fourth quarter of 2021, excluding the impact of foreign currency. Net income for the fourth quarter of 2022 was $461 million, or $0.99 per diluted share, an increase of 11% and 14%, respectively, on a reported basis. Adjusted net income for the fourth quarter of 2022 was $539 million, or $1.15 per diluted share, an increase of 14% and 15%, respectively, on a reported basis. Adjusted net income for the fourth quarter of 2022 excludes the net impact of $78 million for purchase accounting adjustments, acquisition-related costs and certain significant items. Adjusted net income2 for the fourth quarter of 2022 increased 27% operationally, excluding the impact from foreign currency. For full year 2022, the company reported revenue of $8.1 billion, an increase of 4% compared with full year 2021. On an operational basis, revenue for full year 2022 increased 8%, excluding the impact of foreign currency. Net income for full year 2022 was $2.1 billion, or $4.49 per diluted share, an increase of 4% and 5%, respectively, on a reported basis. Adjusted net income for full year 2022 was $2.3 billion, or $4.88 per diluted share, an increase of 3% and 4%, respectively, on a reported basis. Adjusted net income for full year 2022 excludes the net impact of $183 million for purchase accounting adjustments, acquisition-related costs and certain significant items. Adjusted net income for full year 2022 increased 11% operationally, excluding the impact of foreign currency. EXECUTIVE COMMENTARY “In 2022, Zoetis delivered another strong year of performance thanks to our diverse portfolio, global scale and talented colleagues,” said Kristin Peck, Chief Executive Officer of Zoetis. “We grew revenue 8% operationally, driven by our innovative companion animal franchises across parasiticides, dermatology and pain. We also grew our adjusted net income faster than sales for the year, at 11% operationally, while continuing to support investments in R&D, manufacturing capacity, and sales and marketing efforts that will drive future growth." "Looking ahead, we are well-positioned with the strategy and capabilities to expand in large and growing product areas like parasiticides, dermatology products, monoclonal antibodies, vaccines and diagnostics, while still investing in comprehensive solutions across the continuum of animal care. We are committed to continuing our track record of value creation and above-market performance even in the face of today’s economic uncertainty, and we are guiding to full-year operational growth of 6% to 8% in revenue in 2023," said Peck. QUARTERLY HIGHLIGHTS Zoetis organizes and manages its commercial operations across two regional segments: the United States (U.S.) and International. Within these segments, the company delivers a diverse portfolio of products for companion animals and livestock tailored to local trends and customer needs. In the fourth quarter of 2022: Revenue in the U.S. segment was $1.112 billion, an increase of 7% compared with the fourth quarter of 2021. Sales of companion animal products increased 12%, driven by growth in the company’s parasiticide portfolio, primarily Simparica Trio® for dogs. The company’s key dermatology portfolio also contributed to growth across both the Apoquel® and Cytopoint® brands. Sales of livestock products declined 6% in the quarter. Sales of cattle products declined as a result of supply re-stocking in the third quarter of 2022 and generic competition for Draxxin®. The company’s poultry portfolio declined due to the expanded use of lower cost alternatives and generic competition for Zoamix®, the company’s alternative to antibiotics in medicated feed additives. Sales of swine products also decreased modestly in the quarter. Revenue in the International segment was $901 million, essentially flat on a reported basis and an increase of 12% operationally compared with the fourth quarter of 2021. Sales of companion animal products grew 7% on a reported basis and 21% operationally. Contributing to growth in the quarter was the company’s parasiticide portfolio, primarily Revolution® and Simparica®, as well as key dermatology products including the recently launched chewable version of Apoquel. Also contributing to growth in the quarter were the company’s monoclonal antibody products for osteoarthritis pain, Librela® for dogs and Solensia® for cats. Sales of livestock products declined 7% on a reported basis and increased 4% operationally. Growth in the company’s fish portfolio was the result of increased sales of vaccines across key salmon markets, including Norway and Chile. Sales of the company’s poultry portfolio grew due to market expansion and demand generation efforts in several key geographies, while sales of sheep products grew due to the acquisition of Jurox in Australia. Growth in fish, poultry and sheep was partially offset by reduced sales in the company’s swine and cattle portfolios due primarily to supply constraints. INVESTMENTS IN GROWTH Zoetis continues to grow key product franchises through new product approvals and incremental claim extensions. On the companion animal side of the business, Simparica Trio (sarolaner/moxidectin/pyrantel) received approval in the European Union (EU) and the U.K. for additional claims related to faster kill time of ticks. In livestock, Fostera® Gold PCV MH, a one-shot vaccine for pigs that offers the longest lasting combined protection against porcine circovirus type 2 (PCV2) and Mycoplasma hyopneumoniae infections, was approved for use in pregnant gilts and sows in the U.S., EU and Canada, expanding its original claims. In Canada, the company’s fifth largest market by revenue in 2022, Zoetis gained approvals for two key livestock products: Protivity®, the first modified live vaccine to offer protection against Mycoplasma bovis, providing cattle producers and veterinarians with broader overall protection against bovine respiratory disease (BRD), as well as Poulvac® Procerta® HVT-IBD-ND, a part of the company’s recombinant vector vaccine portfolio for poultry, which provides early, robust protection against Marek’s, infectious bursal and Newcastle disease viruses with one dose. In Diagnostics, Zoetis expanded its multi-purpose Vetscan Imagyst™ platform in the U.S. to include new applications for artificial intelligence (AI) dermatology and AI equine Fecal Egg Count (FEC) analysis. These additions broaden the platform’s testing capabilities for veterinarians, redefining what is possible for veterinary diagnosis and animal care across species. FINANCIAL GUIDANCE Zoetis is providing full year 2023 guidance, which includes: Revenue between $8.575 billion to $8.725 billion (operational growth of 6% to 8%) Reported net income between $2.345 billion to $2.400 billion Adjusted net income between $2.490 billion to $2.540 billion (operational growth of 7% to 9%) Reported diluted EPS between $5.03 to $5.14 Adjusted diluted EPS between $5.34 to $5.44 This guidance reflects foreign exchange rates as of late January. Additional details on guidance are included in the financial tables and will be discussed on the company's conference call this morning. WEBCAST & CONFERENCE CALL DETAILS Zoetis will host a webcast and conference call at 8:30 a.m. (ET) today, during which company executives will review fourth quarter and full year 2022 results, discuss financial guidance and respond to questions from financial analysts. Investors and the public may access the live webcast by visiting the Zoetis website at http://investor.zoetis.com/events-presentations. A replay of the webcast will be archived and made available on February 14, 2023. About Zoetis As the world’s leading animal health company, Zoetis is driven by a singular purpose: to nurture our world and humankind by advancing care for animals. After innovating ways to predict, prevent, detect, and treat animal illness for more than 70 years, Zoetis continues to stand by those raising and caring for animals worldwide – from veterinarians and pet owners to livestock farmers and ranchers. The company’s leading portfolio and pipeline of medicines, vaccines, diagnostics and technologies make a difference in over 100 countries. A Fortune 500 company, Zoetis generated revenue of $8.1 billion in 2022 with approximately 13,800 employees. For more information, visit www.zoetis.com. 1 Operational growth (a non-GAAP financial measure) is defined as growth excluding the impact of foreign exchange. 2 Adjusted net income and its components and adjusted diluted earnings per share (non-GAAP financial measures) are defined as reported net income and reported diluted earnings per share, excluding purchase accounting adjustments, acquisition-related costs and certain significant items. DISCLOSURE NOTICES Forward-Looking Statements: This press release contains forward-looking statements, which reflect the current views of Zoetis with respect to: business plans or prospects, future operating or financial performance, future guidance, future operating models; disruptions in our global supply chain; the impact of the coronavirus (COVID-19) global pandemic and any recovery therefrom on our business, supply chain, customers and employees; R&D costs; timing and likelihood of success; expectations regarding products, product approvals or products under development and expected timing of product launches; expectations regarding the performance of acquired companies and our ability to integrate new businesses; expectations regarding the financial impact of acquisitions; future use of cash, dividend payments and share repurchases; tax rate and tax regimes and any changes thereto; and other future events. These statements are not guarantees of future performance or actions. Forward-looking statements are subject to risks and uncertainties. If one or more of these risks or uncertainties materialize, or if management's underlying assumptions prove to be incorrect, actual results may differ materially from those contemplated by a forward-looking statement. Forward-looking statements speak only as of the date on which they are made. Zoetis expressly disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. A further list and description of risks, uncertainties and other matters can be found in our most recent Annual Report on Form 10-K, including in the sections thereof captioned “Forward-Looking Statements and Factors That May Affect Future Results” and “Item 1A. Risk Factors,” in our Quarterly Reports on Form 10-Q and in our Current Reports on Form 8-K. These filings and subsequent filings are available online at www.sec.gov, www.zoetis.com, or on request from Zoetis. Use of Non-GAAP Financial Measures: We use non-GAAP financial measures, such as adjusted net income, adjusted diluted earnings per share and operational results (which exclude the impact of foreign exchange), to assess and analyze our results and trends and to make financial and operational decisions. We believe these non-GAAP financial measures are also useful to investors because they provide greater transparency regarding our operating performance. The non-GAAP financial measures included in this press release should not be considered alternatives to measurements required by GAAP, such as net income, operating income, and earnings per share, and should not be considered measures of liquidity. These non-GAAP financial measures are unlikely to be comparable with non-GAAP information provided by other companies. Reconciliations of non-GAAP financial measures and the most directly comparable GAAP financial measures are included in the tables accompanying this press release and are posted on our website at www.zoetis.com. Internet Posting of Information: We routinely post information that may be important to investors in the 'Investors' section of our website at www.zoetis.com, on our Facebook page at http://www.facebook.com/zoetis and on Twitter@zoetis. We encourage investors and potential investors to consult our website regularly and to follow us on Facebook and Twitter for important information about us. ZTS-COR ZTS-IR ZTS-FIN ZOETIS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME(a) (UNAUDITED) (millions of dollars, except per share data) Three Months Ended December 31, % Change Twelve Months Ended December 31, % Change 2022 2021 2022 2021 Revenue $ 2,040 $ 1,967 4 $ 8,080 $ 7,776 4 Costs and expenses: Cost of sales 653 600 9 2,454 2,303 7 Selling, general and administrative expenses 514 593 (13) 2,009 2,001 — Research and development expenses 148 138 7 539 508 6 Amortization of intangible assets 35 40 (13) 150 161 (7) Restructuring charges and certain acquisition-related costs 2 4 (50) 11 43 (74) Interest expense 62 54 15 221 224 (1) Other (income)/deductions–net 34 32 6 40 48 (17) Income before provision for taxes on income 592 506 17 2,656 2,488 7 Provision for taxes on income 132 93 42 545 454 20 Net income before allocation to noncontrolling interests 460 413 11 2,111 2,034 4 Less: Net loss attributable to noncontrolling interests (1) (1) — (3) (3) — Net income attributable to Zoetis $ 461 $ 414 11 $ 2,114 $ 2,037 4 Earnings per share—basic $ 0.99 $ 0.88 13 $ 4.51 $ 4.29 5 Earnings per share—diluted $ 0.99 $ 0.87 14 $ 4.49 $ 4.27 5 Weighted-average shares used to calculate earnings per share Basic 465.6 473.1 468.9 474.3 Diluted 466.8 475.6 470.4 476.7 (a) The Condensed Consolidated Statements of Income present the three and twelve months ended December 31, 2022 and 2021. Subsidiaries operating outside the U.S. are included for the three and twelve months ended November 30, 2022 and 2021. ZOETIS INC. RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION CERTAIN LINE ITEMS (UNAUDITED) (millions of dollars, except per share data) Three Months Ended December 31, 2022 GAAP Reported(a) Purchase Accounting Adjustments Acquisition- Related Costs(1) Certain Significant Items(2) Non-GAAP Adjusted(b) Cost of sales $ 653 $ (3 ) $ — $ — $ 650 Gross profit 1,387 3 — — 1,390 Selling, general and administrative expenses 514 (7 ) — — 507 Research and development expenses 148 (1 ) — — 147 Amortization of intangible assets 35 (29 ) — — 6 Restructuring charges and certain acquisition-related costs 2 — (1 ) (1 ) — Other (income)/deductions–net 34 — — (45 ) (11 ) Income before provision for taxes on income 592 40 1 46 679 Provision for taxes on income 132 12 — (3 ) 141 Net income attributable to Zoetis 461 28 1 49 539 Earnings per common share attributable to Zoetis–diluted 0.99 0.06 — 0.10 1.15 Three Months Ended December 31, 2021 GAAP Reported(a) Purchase Accounting Adjustments Acquisition- Related Costs(1) Certain Significant Items(2) Non-GAAP Adjusted(b) Cost of sales $ 600 $ (1 ) $ — $ (1 ) $ 598 Gross profit 1,367 1 — 1 1,369 Selling, general and administrative expenses 593 (7 ) — — 586 Amortization of intangible assets 40 (34 ) — — 6 Restructuring charges and certain acquisition-related costs 4 — (4 ) — — Other (income)/deductions–net 32 — — (28 ) 4 Income before provision for taxes on income 506 42 4 29 581 Provision for taxes on income 93 9 1 5 108 Net income attributable to Zoetis 414 33 3 24 474 Earnings per common share attributable to Zoetis–diluted 0.87 0.07 0.01 0.05 1.00 (a) The Condensed Consolidated Statements of Income present the three months ended December 31, 2022 and 2021. Subsidiaries operating outside the U.S. are included for the three months ended November 30, 2022 and 2021. (b) Non-GAAP adjusted net income and its components and non-GAAP adjusted diluted EPS are not, and should not be viewed as, substitutes for U.S. GAAP net income and its components and diluted EPS. Despite the importance of these measures to management in goal setting and performance measurement, non-GAAP adjusted net income and its components and non-GAAP adjusted diluted EPS are non-GAAP financial measures that have no standardized meaning prescribed by U.S. GAAP and, therefore, have limits in their usefulness to investors. Because of the non-standardized definitions, non-GAAP adjusted net income and its components and non-GAAP adjusted diluted EPS (unlike U.S. GAAP net income and its components and diluted EPS) may not be comparable to the calculation of similar measures of other companies. Non-GAAP adjusted net income and its components, and non-GAAP adjusted diluted EPS are presented solely to permit investors to more fully understand how management assesses performance. ZOETIS INC. RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION CERTAIN LINE ITEMS (UNAUDITED) (millions of dollars, except per share data) Twelve Months Ended December 31, 2022 GAAP Reported(a) Purchase Accounting Adjustments Acquisition- Related Costs(1) Certain Significant Items(2) Non-GAAP Adjusted(b) Cost of sales $ 2,454 $ (6 ) $ — $ (8 ) $ 2,440 Gross profit 5,626 6 — 8 5,640 Selling, general and administrative expenses 2,009 (29 ) — — 1,980 Research and development expenses 539 (1 ) — — 538 Amortization of intangible assets 150 (124 ) — — 26 Restructuring charges and certain acquisition-related costs 11 — (5 ) (6 ) — Other (income)/deductions–net 40 — — (42 ) (2 ) Income before provision for taxes on income 2,656 160 5 56 2,877 Provision for taxes on income 545 40 1 (3 ) 583 Net income attributable to Zoetis 2,114 120 4 59 2,297 Earnings per common share attributable to Zoetis–diluted 4.49 0.26 0.01 0.12 4.88 Twelve Months Ended December 31, 2021 GAAP Reported(a) Purchase Accounting Adjustments Acquisition- Related Costs(1) Certain Significant Items(2) Non-GAAP Adjusted(b) Cost of sales $ 2,303 $ (6 ) $ — $ (8 ) $ 2,289 Gross profit 5,473 6 — 8 5,487 Selling, general and administrative expenses 2,001 (30 ) — — 1,971 Research and development expenses 508 (1 ) — — 507 Amortization of intangible assets 161 (138 ) — — 23 Restructuring charges and certain acquisition-related costs 43 — (12 ) (31 ) — Other (income)/deductions–net 48 — — (34 ) 14 Income before provision for taxes on income 2,488 175 12 73 2,748 Provision for taxes on income 454 39 2 16 511 Net income attributable to Zoetis 2,037 136 10 57 2,240 Earnings per common share attributable to Zoetis–diluted 4.27 0.29 0.02 0.12 4.70 (a) The Condensed Consolidated Statements of Income present the twelve months ended December 31, 2022 and 2021. Subsidiaries operating outside the U.S. are included for the twelve months ended November 30, 2022 and 2021. (b) Non-GAAP adjusted net income and its components and non-GAAP adjusted diluted EPS are not, and should not be viewed as, substitutes for U.S. GAAP net income and its components and diluted EPS. Despite the importance of these measures to management in goal setting and performance measurement, non-GAAP adjusted net income and its components and non-GAAP adjusted diluted EPS are non-GAAP financial measures that have no standardized meaning prescribed by U.S. GAAP and, therefore, have limits in their usefulness to investors. Because of the non-standardized definitions, non-GAAP adjusted net income and its components and non-GAAP adjusted diluted EPS (unlike U.S. GAAP net income and its components and diluted EPS) may not be comparable to the calculation of similar measures of other companies. Non-GAAP adjusted net income and its components, and non-GAAP adjusted diluted EPS are presented solely to permit investors to more fully understand how management assesses performance. See Notes to Reconciliation of GAAP Reported to Non-GAAP Adjusted Information for notes (1) and (2). ZOETIS INC. NOTES TO RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION CERTAIN LINE ITEMS (UNAUDITED) (millions of dollars) Three Months Ended December 31, Twelve Months Ended December 31, 2022 2021 2022 2021 Transaction costs(a) $ 1 $ — $ 1 $ — Integration costs(b) — 4 4 10 Restructuring charges(c) — — — 2 Total acquisition-related costs—pre-tax 1 4 5 12 Income taxes(d) — 1 1 2 Total acquisition-related costs—net of tax $ 1 $ 3 $ 4 $ 10 (a) Represents external costs directly related to acquiring businesses and primarily includes expenditures for banking, legal, accounting and other similar services. Included in Restructuring charges and certain acquisition-related costs. (c) Represents exit and employee termination costs, included in Restructuring charges and certain acquisition-related costs. (d) Included in Provision for taxes on income. Income taxes include the tax effect of the associated pre-tax amounts, calculated by determining the jurisdictional location of the pre-tax amounts and applying that jurisdiction's applicable tax rate. (2) Certain significant items include the following: Three Months Ended December 31, Twelve Months Ended December 31, 2022 2021 2022 2021 Other restructuring charges and cost-reduction/productivity initiatives(a) $ 1 $ 2 $ 8 $ 24 Certain asset impairment charges(b) 41 27 47 46 Net loss on sale of assets(c) — — — 3 Other 4 — 1 — Total certain significant items—pre-tax 46 29 56 73 Income taxes(d) (3 ) 5 (3 ) 16 Total certain significant items—net of tax $ 49 $ 24 $ 59 $ 57 (a) For the twelve months ended December 31, 2022, primarily represents employee termination and exit costs associated with cost-reduction and productivity initiatives in certain international markets, included in Restructuring charges and certain acquisition-related costs, as well as product transfer costs, included in Cost of sales. For the twelve months ended December 31, 2021, primarily represents employee termination costs associated with the realignment of our international operations and other costs associated with cost-reduction and productivity initiatives, included in Restructuring charges and certain acquisition-related costs. (b) For the three and twelve months ended December 31, 2022, primarily represents asset impairment charges related to customer relationships, developed technology rights and property, plant and equipment in our diagnostics, poultry, cattle and swine businesses included in Other (income)/deductions-net. For the twelve months ended December 31, 2022, also includes inventory and certain asset impairment charges related to the consolidation of manufacturing sites in China, included in Cost of sales and Restructuring charges and certain acquisition related costs. For the three months ended December 31, 2021, represents asset impairment charges related to developed technology rights and trademarks in our dairy cattle, diagnostics and aquatic health businesses, included in Other (income)/deductions-net. For the twelve months ended December 31, 2021, primarily represents asset impairment charges related to: Developed technology rights and trademarks in our dairy cattle, diagnostics and aquatic health businesses, included in Other (income)/deductions-net; The consolidation of manufacturing sites in China, included in Restructuring charges and certain acquisition related costs; and Property, plant and equipment and inventory related to a dairy product termination included in Other (income)/deductions-net and Cost of sales. (c) Represents a net loss related to the sale of certain assets of our poultry automation business located in the U.S. and Canada, included in Other (income)/deductions-net. (d) Included in Provision for taxes on income. Income taxes include the tax effect of the associated pre-tax amounts, calculated by determining the jurisdictional location of the pre-tax amounts and applying that jurisdiction's applicable tax rate. For the twelve months ended December 31, 2022, also includes a tax charge related to changes in valuation allowances related to impairment of certain assets and changes in uncertain tax positions. ZOETIS INC. ADJUSTED SELECTED COSTS AND EXPENSES(a) (UNAUDITED) (millions of dollars) Three Months Ended December 31, % Change 2022 2021 Total Foreign Exchange Operational(b) Adjusted cost of sales $ 650 $ 598 9 % (2 ) % 11 % As a percent of revenue 31.9 % 30.4 % NA NA NA Adjusted SG&A expenses 507 586 (13 ) % (4 ) % (9 ) % Adjusted R&D expenses 147 138 7 % (3 ) % 10 % Adjusted net income attributable to Zoetis 539 474 14 % (13 ) % 27 % Twelve Months Ended December 31, % Change 2022 2021 Total Foreign Exchange Operational(b) Adjusted cost of sales $ 2,440 $ 2,289 7 % (1 ) % 8 % As a percent of revenue 30.2 % 29.4 % NA NA NA Adjusted SG&A expenses 1,980 1,971 — % (3 ) % 3 % Adjusted R&D expenses 538 507 6 % (2 ) % 8 % Adjusted net income attributable to Zoetis 2,297 2,240 3 % (8 ) % 11 % (a) Adjusted cost of sales, adjusted selling, general, and administrative (SG&A) expenses, adjusted research and development (R&D) expenses, and adjusted net income (non-GAAP financial measures) are defined as the corresponding reported U.S. GAAP income statement line items excluding purchase accounting adjustments, acquisition-related costs, and certain significant items. These adjusted income statement line item measures are not, and should not be viewed as, substitutes for the corresponding U.S. GAAP line items. The corresponding GAAP line items and reconciliations of reported to adjusted information are provided in Condensed Consolidated Statements of Income and Reconciliation of GAAP Reported to Non-GAAP Adjusted Information. (b) Operational growth (a non-GAAP financial measure) is defined as growth excluding the impact of foreign exchange. ZOETIS INC. 2023 GUIDANCE Selected Line Items (millions of dollars, except per share amounts) Full Year 2023 Revenue $8,575 to $8,725 Operational growth(a) 6% to 8% Adjusted cost of sales as a percentage of revenue(b) 29.5% to 30.0% Adjusted SG&A expenses(b) $2,060 to $2,100 Adjusted R&D expenses(b) $635 to $660 Adjusted interest expense and other (income)/deductions-net(b) Approximately $170 Effective tax rate on adjusted income(b) 20.0% to 21.0% Adjusted diluted EPS(b) $5.34 to $5.44 Adjusted net income(b) $2,490 to $2,540 Operational growth(a)(c) 7% to 9% Certain significant items and acquisition-related costs(d) $20 - $25 The guidance reflects foreign exchange rates as of late January. Reconciliations of 2023 reported guidance to 2023 adjusted guidance follows: (millions of dollars, except per share amounts) Reported Certain significant items and acquisition-related costs(d) Purchase accounting Adjusted(b) Cost of sales as a percentage of revenue 29.7% to 30.2% ~ (0.1%) ~ (0.1%) 29.5% to 30.0% SG&A expenses $2,090 to $2,130 ~ $(30) $2,060 to $2,100 R&D expenses $636 to $661 ~ $(1) $635 to $660 Interest expense and other (income)/deductions ~ $170 ~ $170 Effective tax rate 20.0% to 21.0% 20.0% to 21.0% Diluted EPS $5.03 to $5.14 $0.04 - $0.05 ~ $0.26 $5.34 to $5.44 Net income attributable to Zoetis $2,345 to $2,400 $20 - $25 ~ $120 $2,490 to $2,540 (a) Operational growth (a non-GAAP financial measure) excludes the impact of foreign exchange. (b) Adjusted net income and its components and adjusted diluted EPS are defined as reported U.S. GAAP net income and its components and reported diluted EPS excluding purchase accounting adjustments, acquisition-related costs and certain significant items. Adjusted cost of sales, adjusted SG&A expenses, adjusted R&D expenses, and adjusted interest expense and other (income)/deductions-net are income statement line items prepared on the same basis, and, therefore, components of the overall adjusted income measure. Despite the importance of these measures to management in goal setting and performance measurement, adjusted net income and its components and adjusted diluted EPS are non-GAAP financial measures that have no standardized meaning prescribed by U.S. GAAP and, therefore, have limits in their usefulness to investors. Because of the non-standardized definitions, adjusted net income and its components and adjusted diluted EPS (unlike U.S. GAAP net income and its components and diluted EPS) may not be comparable to the calculation of similar measures of other companies. Adjusted net income and its components and adjusted diluted EPS are presented solely to permit investors to more fully understand how management assesses performance. Adjusted net income and its components and adjusted diluted EPS are not, and should not be viewed as, substitutes for U.S. GAAP net income and its components and diluted EPS. (c) We do not provide a reconciliation of forward-looking non-GAAP adjusted net income operational growth to the most directly comparable U.S. GAAP reported financial measure because we are unable to calculate with reasonable certainty the foreign exchange impact of unusual gains and losses, acquisition-related expenses, potential future asset impairments and other certain significant items, without unreasonable effort. The foreign exchange impacts of these items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP reported results for the guidance period. (d) Primarily includes certain nonrecurring costs related to acquisitions and other charges. ZOETIS INC. CONSOLIDATED REVENUE BY SEGMENT(a) AND SPECIES (UNAUDITED) (millions of dollars) Three Months Ended December 31, % Change 2022 2021 Total Foreign Exchange Operational(b) Revenue: Companion Animal $ 1,303 $ 1,182 10 % (5 ) % 15 % Livestock 710 760 (7 ) % (7 ) % — % Contract Manufacturing & Human Health 27 25 8 % (4 ) % 12 % Total Revenue $ 2,040 $ 1,967 4 % (5 ) % 9 % U.S. Companion Animal $ 853 $ 763 12 % — % 12 % Livestock 259 277 (6 ) % — % (6 ) % Total U.S. Revenue $ 1,112 $ 1,040 7 % — % 7 % International Companion Animal $ 450 $ 419 7 % (14 ) % 21 % Livestock 451 483 (7 ) % (11 ) % 4 % Total International Revenue $ 901 $ 902 — % (12 ) % 12 % Companion Animal: Dogs and Cats $ 1,224 $ 1,107 11 % (4 ) % 15 % Horses 79 75 5 % (6 ) % 11 % Total Companion Animal Revenue $ 1,303 $ 1,182 10 % (5 ) % 15 % Livestock: Cattle $ 377 $ 413 (9 ) % (5 ) % (4 ) % Swine 138 155 (11 ) % (8 ) % (3 ) % Poultry 115 118 (3 ) % (6 ) % 3 % Fish 61 55 11 % (14 ) % 25 % Sheep and other 19 19 — % (14 ) % 14 % Total Livestock Revenue $ 710 $ 760 (7 ) % (7 ) % — % (a) For a description of each segment, see Zoetis' most recent Annual Report on Form 10-K. (b) Operational revenue growth (a non-GAAP financial measure) is defined as revenue growth excluding the impact of foreign exchange. ZOETIS INC. CONSOLIDATED REVENUE BY SEGMENT(a) AND SPECIES (UNAUDITED) (millions of dollars) Twelve Months Ended December 31, % Change 2022 2021 Total Foreign Exchange Operational(b) Revenue: Companion Animal $ 5,203 $ 4,689 11 % (3 ) % 14 % Livestock 2,791 3,005 (7 ) % (5 ) % (2 ) % Contract Manufacturing & Human Health 86 82 5 % (2 ) % 7 % Total Revenue $ 8,080 $ 7,776 4 % (4 ) % 8 % U.S. Companion Animal $ 3,341 $ 2,990 12 % — % 12 % Livestock 972 1,052 (8 ) % — % (8 ) % Total U.S. Revenue $ 4,313 $ 4,042 7 % — % 7 % International Companion Animal $ 1,862 $ 1,699 10 % (9 ) % 19 % Livestock 1,819 1,953 (7 ) % (7 ) % — % Total International Revenue $ 3,681 $ 3,652 1 % (8 ) % 9 % Companion Animal: Dogs and Cats $ 4,939 $ 4,426 12 % (3 ) % 15 % Horses 264 263 — % (4 ) % 4 % Total Companion Animal Revenue $ 5,203 $ 4,689 11 % (3 ) % 14 % Livestock: Cattle $ 1,440 $ 1,557 (8 ) % (5 ) % (3 ) % Swine 565 659 (14 ) % (4 ) % (10 ) % Poultry 476 507 (6 ) % (4 ) % (2 ) % Fish 212 187 13 % (9 ) % 22 % Sheep and other 98 95 3 % (9 ) % 12 % Total Livestock Revenue $ 2,791 $ 3,005 (7 ) % (5 ) % (2 ) % (a) For a description of each segment, see Zoetis' most recent Annual Report on Form 10-K. (b) Operational revenue growth (a non-GAAP financial measure) is defined as revenue growth excluding the impact of foreign exchange. ZOETIS INC. CONSOLIDATED REVENUE BY KEY INTERNATIONAL MARKETS (UNAUDITED) (millions of dollars) Three Months Ended December 31, % Change 2022 2021 Total Foreign Exchange Operational(a) Total International $ 901.3 $ 902.3 — % (12 ) % 12 % Australia 64.2 62.8 2 % (13 ) % 15 % Brazil 96.2 84.1 14 % 4 % 10 % Canada 65.2 63.0 3 % (8 ) % 11 % Chile 34.8 36.1 (4 ) % (5 ) % 1 % China 91.4 68.4 34 % (14 ) % 48 % France 35.1 34.7 1 % (16 ) % 17 % Germany 44.0 48.0 (8 ) % (14 ) % 6 % Italy 25.6 27.9 (8 ) % (14 ) % 6 % Japan 36.1 46.3 (22 ) % (21 ) % (1 ) % Mexico 35.6 34.8 2 % 3 % (1 ) % Spain 21.3 31.1 (32 ) % (12 ) % (20 ) % United Kingdom 60.3 61.2 (1 ) % (18 ) % 17 % Other Developed 114.6 117.1 (2 ) % (16 ) % 14 % Other Emerging 176.9 186.8 (5 ) % (14 ) % 9 % Twelve Months Ended December 31, % Change 2022 2021 Total Foreign Exchange Operational(a) Total International $ 3,680.8 $ 3,651.9 1 % (8 ) % 9 % Australia 288.7 258.8 12 % (9 ) % 21 % Brazil 329.5 311.5 6 % 3 % 3 % Canada 237.5 231.5 3 % (3 ) % 6 % Chile 141.1 136.3 4 % (4 ) % 8 % China 382.4 357.3 7 % (4 ) % 11 % France 126.1 132.4 (5 ) % (12 ) % 7 % Germany 176.3 183.0 (4 ) % (12 ) % 8 % Italy 111.2 115.2 (3 ) % (11 ) % 8 % Japan 173.1 186.2 (7 ) % (16 ) % 9 % Mexico 136.2 132.6 3 % — % 3 % Spain 117.8 127.7 (8 ) % (11 ) % 3 % United Kingdom 234.5 234.4 — % (11 ) % 11 % Other Developed 468.4 467.0 — % (11 ) % 11 % Other Emerging 758.0 778.0 (3 ) % (12 ) % 9 % (a) Operational revenue growth (a non-GAAP financial measure) is defined as revenue growth excluding the impact of foreign exchange. ZOETIS INC. SEGMENT(a) EARNINGS (UNAUDITED) (millions of dollars) Three Months Ended December 31, % Change 2022 2021 Total Foreign Exchange Operational(b) U.S.: Revenue $ 1,112 $ 1,040 7 % — % 7 % Cost of sales 216 213 1 % — % 1 % Gross profit 896 827 8 % — % 8 % Gross margin 80.6 % 79.5 % Operating expenses 187 197 (5 ) % — % (5 ) % Other (income)/deductions-net (12 ) 2 * * * U.S. Earnings $ 721 $ 628 15 % — % 15 % International: Revenue $ 901 $ 902 — % (12 ) % 12 % Cost of sales 274 273 — % (8 ) % 8 % Gross profit 627 629 — % (13 ) % 13 % Gross margin 69.6 % 69.7 % Operating expenses 155 173 (10 ) % (10 ) % — % Other (income)/deductions-net 2 — * * * International Earnings $ 470 $ 456 3 % (14 ) % 17 % Total Reportable Segments $ 1,191 $ 1,084 10 % (6 ) % 16 % Other business activities(c) (109 ) (105 ) 4 % Reconciling Items: Corporate(d) (302 ) (308 ) (2 ) % Purchase accounting adjustments(e) (40 ) (42 ) (5 ) % Acquisition-related costs(f) (1 ) (4 ) (75 ) % Certain significant items(g) (46 ) (29 ) 59 % Other unallocated(h) (101 ) (90 ) 12 % Total Earnings(i) $ 592 $ 506 17 % (a) For a description of each segment, see Zoetis' most recent Annual Report on Form 10-K. (b) Operational growth (a non-GAAP financial measure) is defined as growth excluding the impact of foreign exchange. (c) Other business activities reflect the research and development costs managed by our Research and Development organization as well as our contract manufacturing business and human health business. (d) Corporate includes, among other things, certain costs associated with information technology, administration expenses, interest expense, certain compensation costs, certain procurement costs, and other costs not charged to our operating segments. (e) Purchase accounting adjustments include certain charges related to the amortization of fair value adjustments to inventory, intangible assets and property, plant and equipment not charged to our operating segments. (f) Acquisition-related costs include costs associated with acquiring and integrating newly acquired businesses, such as transaction costs and integration costs. (g) Certain significant items includes substantive, unusual items that, either as a result of their nature or size, would not be expected to occur as part of our normal business on a regular basis. Such items primarily include restructuring charges and implementation costs associated with a shift in our organizational structure and cost-reduction/productivity initiatives that are not associated with an acquisition, certain asset impairment charges, costs associated with the operational efficiency initiative and supply network strategy, and the impact of divestiture-related gains and losses. (h) Includes overhead expenses associated with our manufacturing and supply operations not directly attributable to an operating segment, as well as certain procurement costs. (i) Defined as income before provision for taxes on income. * Calculation not meaningful. ZOETIS INC. SEGMENT(a) EARNINGS (UNAUDITED) (millions of dollars) Twelve Months Ended December 31, % Change 2022 2021 Total Foreign Exchange Operational(b) U.S.: Revenue $ 4,313 $ 4,042 7 % — % 7 % Cost of sales 803 788 2 % — % 2 % Gross profit 3,510 3,254 8 % — % 8 % Gross margin 81.4 % 80.5 % Operating expenses 765 681 12 % — % 12 % Other (income)/deductions-net (18 ) 4 * * * U.S. Earnings $ 2,763 $ 2,569 8 % — % 8 % International: Revenue $ 3,681 $ 3,652 1 % (8 ) % 9 % Cost of sales 1,083 1,106 (2 ) % (5 ) % 3 % Gross profit 2,598 2,546 2 % (10 ) % 12 % Gross margin 70.6 % 69.7 % Operating expenses 611 602 1 % (8 ) % 9 % Other (income)/deductions-net (3 ) (4 ) (25 ) % 28 % (53 ) % International Earnings $ 1,990 $ 1,948 2 % (10 ) % 12 % Total Reportable Segments $ 4,753 $ 4,517 5 % (5 ) % 10 % Other business activities(c) (424 ) (406 ) 4 % Reconciling Items: Corporate(d) (1,073 ) (1,052 ) 2 % Purchase accounting adjustments(e) (160 ) (175 ) (9 ) % Acquisition-related costs(f) (5 ) (12 ) (58 ) % Certain significant items(g) (56 ) (73 ) (23 ) % Other unallocated(h) (379 ) (311 ) 22 % Total Earnings(i) $ 2,656 $ 2,488 7 % (a) For a description of each segment, see Zoetis' most recent Annual Report on Form 10-K. (b) Operational growth (a non-GAAP financial measure) is defined as growth excluding the impact of foreign exchange. (c) Other business activities reflect the research and development costs managed by our Research and Development organization as well as our contract manufacturing business and human health business. (e) Purchase accounting adjustments include certain charges related to the amortization of fair value adjustments to inventory, intangible assets and property, plant and equipment not charged to our operating segments. (f) Acquisition-related costs include costs associated with acquiring and integrating newly acquired businesses, such as transaction costs and integration costs. (g) Certain significant items includes substantive, unusual items that, either as a result of their nature or size, would not be expected to occur as part of our normal business on a regular basis. Such items primarily include certain asset impairment charges, restructuring charges and implementation costs associated with a shift in our organizational structure and cost-reduction/productivity initiatives that are not associated with an acquisition, costs associated with the operational efficiency initiative and supply network strategy, and the impact of divestiture-related gains and losses. (h) Includes overhead expenses associated with our manufacturing and supply operations not directly attributable to an operating segment, as well as certain procurement costs. (i) Defined as income before provision for taxes on income. * Calculation not meaningful. |
businesswire.com |
2023-02-14 09:00:00 |
Czytaj oryginał (ang.) |
| Vapotherm Announces $23 Million Private Placement |
EXETER, N.H.--(BUSINESS WIRE)--Vapotherm, Inc. (NYSE: VAPO), (“Vapotherm” or the “Company”), a global medical technology company focused on the development and commercialization of its proprietary Vapotherm high velocity therapy® products, which are used to treat patients of all ages suffering from respiratory distress, today announced that it has entered into a securities purchase agreement (the “Purchase Agreement”) with a select group of institutional and accredited investors through a private placement financing (“PIPE”) for gross proceeds of approximately $23.0 million, before deducting fees to the placement agent and other offering expenses. Pursuant to the Purchase Agreement, the Company agreed to issue 17,502,244 shares of its common stock and pre-funded warrants to purchase up to 4,402,508 shares of its common stock. The pre-funded warrants will have a term of 30 years and an exercise price of $0.001 per share. In addition, the Company agreed to issue accompanying warrants to purchase one share of common stock for each share of common stock or pre-funded warrant to be purchased by the investors. The warrants will be exercisable immediately upon issuance, in whole or in part, at an exercise price of $1.17 per share and will have a 5-year life. The closing is expected to occur on February 10, 2023, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the offering primarily for sales and marketing, working capital, and other general corporate purposes. William Blair & Company, L.L.C. acted as the sole placement agent for this offering. The securities to be issued and sold in the PIPE have not been registered under the Securities Act of 1933, as amended, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements. Pursuant to the terms of Purchase Agreement, Vapotherm has agreed to file a registration statement with the Securities and Exchange Commission registering the resale of the securities sold in the PIPE. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. About Vapotherm Vapotherm, Inc. (NYSE: VAPO) is a publicly traded developer and manufacturer of advanced respiratory technology based in Exeter, New Hampshire, USA. The Company develops innovative, comfortable, non-invasive technologies for respiratory support of patients with chronic or acute breathing disorders. Over 3.6 million patients have been treated with the use of Vapotherm high velocity therapy® systems. Vapotherm high velocity therapy is mask-free non-invasive respiratory support and is a front-line tool for relieving respiratory distress—including hypercapnia, hypoxemia, and dyspnea. It allows for the fast, safe treatment of undifferentiated respiratory distress with one tool. The HVT 2.0 and Precision Flow systems’ mask-free interfaces deliver optimally conditioned breathing gases, making it comfortable for patients and reducing the risks and care complexities associated with mask therapies. While being treated, patients can talk, eat, drink and take oral medication. Legal Notice Regarding Forward-Looking Statements This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, including statements regarding the timing and expectation of the closing of the PIPE, the satisfaction of customary closing conditions related to the PIPE and the expected use of proceeds from the PIPE. In some cases, you can identify forward-looking statements by terms such as ‘‘expect,’’ “continue,” “plan,” “intend,” “will,” “outlook,” “guidance,” or “typically,” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words, and the use of future dates. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statement. Applicable risks and uncertainties include, but are not limited to the following: Vapotherm has incurred losses in the past and may be unable to achieve or sustain profitability in the future or achieve its 2022 or 2023 financial guidance; risks associated with the move of its manufacturing operations to Mexico; Vapotherm’s ability to raise additional capital to fund its existing commercial operations, develop and commercialize new products, and expand its operations; Vapotherm’s ability to comply with its $5 million minimum cash covenant, execute on its path-to-profitability initiative, convert $17 million of excess inventory into cash, fund its business through 2023 and get it to Adjusted EBITDA positive in the fourth quarter of 2023; Vapotherm’s dependence on sales generated from its Precision Flow systems, competition from multi-national corporations who have significantly greater resources than Vapotherm and are more established in the respiratory market; the ability for Precision Flow systems to gain increased market acceptance; Vapotherm’s inexperience directly marketing and selling its products; the potential loss of one or more suppliers and dependence on its new third party manufacturer; Vapotherm’s susceptibility to seasonal fluctuations; Vapotherm’s failure to comply with applicable United States and foreign regulatory requirements; the failure to obtain U.S. Food and Drug Administration or other regulatory authorization to market and sell future products or its inability to secure, maintain or enforce patent or other intellectual property protection for its products; the impact of the COVID-19 pandemic on its business, including its supply chain, and the other risks and uncertainties included under the heading “Risk Factors” in Vapotherm’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the Securities and Exchange Commission on February 24, 2022 and Vapotherm’s most recent Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 as filed with the Securities and Exchange Commission on November 2, 2022, and in any subsequent filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release reflect Vapotherm’s views as of the date hereof, and Vapotherm does not assume and specifically disclaims any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. |
businesswire.com |
2023-02-08 08:50:00 |
Czytaj oryginał (ang.) |