VapoTherm (NYSE:VAPO) yesterday released an update increasing its financial guidance for the fourth quarter of fiscal 2020.
In November, the Exeter, N.H.-based respiratory distress treatment developer projected fourth-quarter revenues ranging between $18 million and $20 million, bringing its full-year revenue guidance to between $102.8 million and $104.8 million. That marked an anticipated year-over-year increase of between 114% and 118% from fiscal 2019.
However, the company now expects revenues ranging between $30 million and $33 million in the fourth quarter of 2020, raising its full-year revenue guidance to a range of $114.8 million to $117.8 million.
“The global impact of COVID has materially accelerated since we provided our fourth quarter and fiscal year 2020 revenue guidance in early November,” Vapotherm president & CEO Joe Army said in a news release. “We have seen higher capital demand worldwide and higher disposable demand in the US related to increased hospitalization rates. We’d like to thank all healthcare professionals around the world for their efforts, and our teammates and partners for supporting them during this pandemic.”
Shares of VAPO were up 2.3% at $25.68 per share in early-morning trading today.
