Vapotherm : Overview

Option 5

Certain statements in this presentation contain or may contain "forward-looking statements" within the meaning of the Private Securities

Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this presentation are fo rward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could,"' "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue", the nega tive of these terms or other similar expressions, or the use of future dates, although not all forward-looking statements contain these words. Forward-looking statements may include, but are not limited to, statements regarding: our estimates of the annual total addressable global ma rket for our product and service offerings; our expectations about market trends, new product timing and success, including with respect to the an ticipated launch and success of the home product, and our anticipated future operating results. 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. Applica ble risks and uncertainties include, but are not limited to the following: Vapotherm has incurred losses in the past and may be unable to a chieve or sustain profitability in the future or achieve its 2023 financial guidance including revenue growth, gross margin, cash operating exp ense reduction, and

reduced cash burn; risks associated with its manufacturing operations in 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 com ply 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 of Vapotherm's present and anticipated products to gain broad 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 fluctuati ons; 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 o ther intellectual property protection for its products; the impact of COVID on its business, including its supply chain, a possible delisting o f Vapotherm's

common stock 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 its subsequent filings with the SEC, including its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023. 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 u pdate any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

The inventor of the heated humidified high flow category

Instrumental in making high flow a standard respiratory support in the acute care hospital setting

1999	2003
Vapotherm Incorporated	A Category is Born
Vapotherm's technology was	Vapotherm releases first
adopted from racehorses for	commercial heated high velocity
clinical use	therapy product to market

2016	2011
Non-inferior to NIPPV	High Flow MOA
Study published in JAMAPediatrics shows	High flow therapy
high velocity therapy to be non-inferior to	mechanisms of actions
NiPPV for primary respiratory support for	defined
neonates with RDS

2018	2020
Mask-Free NIV	New FDA Category	Firstline Defense for COVID
Study published in Annals of Emergency	FDA clears high velocity therapy	Study published in CHEST shows the
Medicine shows high velocity therapy to be	for expanded indications of use to	dispersion of aerosolized particles from high
non-inferior to NiPPV for adult patients in	treat respiratory distress and/or	velocity therapy can be mitigated with a
undifferentiated respiratory failure	hypoxemia.	simple surgical mask on the patient.

Vapotherm is present in over 30% of the acute

care hospitals in the United States…

Vapotherm

2,000 acute care hospitals in 50 States

Internal data on file

…and in over 50 countries around the world

Over 3.3 million patients have been treated with Vapotherm high velocity therapy over the last 10 years

	700000									COVID-19
	600000
	500000
Number of Patients
Treated with
Vapotherm High	400000
Velocity Therapy
	300000
	200000
	100000
	0
	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022

Internal data on file

During COVID, we met and kept our commitment to fulfill every customer order without raising pricing

• Ran 3 manufacturing shifts, 7 days a week
• Temporarily relocated 50+ assemblers to Exeter from out of state to support demand
• Paid premiums and expedite fees to suppliers
• Set-upunits on loading docks of hospital to immediately be placed on patients

Internal data on file

Post-COVID, we re-organized our operations to better serve our customers

North America

Vapotherm HQs

Manufacturing

Warehouse

R&D

Singapore

Euro Distribution Center

Netherlands

Vapotherm HQ

Exeter, NH