Vapotherm stock shifts to private ownership after 2024 deal

Published on 09/24/2026 at 19:49 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Vapotherm stock is tied to a USD 50.0 million preferred-equity investment from the September 2024 take-private merger. Fiscal year 2023 revenue reached USD 68.669 million.

VAPO, US92206C1099, Illustration mit AI erstellt.

As of September 24, 2026, Vapotherm stock (ISIN US92206C1099) belongs to a private-company story shaped by a September 2024 merger, a USD 50.0 million preferred-equity investment and a respiratory device clearance in 2026. The former NYSE listing remains relevant as historical context, while the company now develops non-invasive respiratory support technology.

Private ownership reshaped the balance sheet

When Vapotherm's take-private merger closed in September 2024, an affiliate of Perceptive Advisors invested USD 50.0 million in new preferred equity. Affiliates managed by SLR Capital Partners converted USD 83.0 million of term debt into preferred equity, while SLR retained USD 40.0 million of term debt, according to PR Newswire.

The financing changed the investor lens from daily public-market trading to product adoption and recurring consumables. That distinction matters because Vapotherm's historical revenue mix was weighted toward disposables rather than one-time equipment sales.

Disposables drove historical revenue

In fiscal year 2023, Vapotherm generated USD 68.669 million in net revenue, with disposables contributing USD 50.100 million, or 73.0 percent. Capital equipment and lease revenue added USD 12.766 million, or 18.6 percent, while service and other revenue contributed USD 5.803 million, or 8.4 percent, according to PR Newswire. The 73.0 percent disposables share was nearly four times the 18.6 percent contribution from capital equipment and leases, highlighting the importance of repeat-use products.

FDA clearance expands HVT 2.0

In April 2026, Vapotherm received FDA 510(k) clearance for its All Patient Circuit. The single disposable circuit supports the HVT 2.0 high-velocity therapy system across 2 to 45 L/min and includes neonatal, infant and adult settings, according to MarketsandMarkets. The broader patient range gives the product a concrete commercial angle: hospitals can use one circuit design across multiple care settings.

Former VAPO listing remains historical

Vapotherm's former ticker was NYSE: VAPO, as stated in a September 2026 filing about former CFO John Landry, who served at the company from 2012 to 2024, according to Stock Titan. For investors reviewing old VAPO references, the key figures are therefore historical operating data and private financing terms rather than a current exchange quote.