Vapotherm : Company Overview – May 2021

Company Overview

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Safe Harbor Statement

Certain statements in this presentation, including responses to questions, 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 forward-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 negative 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 concerning: estimates relating to COVID-19 pandemic driven demand for our Precision Flow systems and accessory devices/modules; estimates relating to component availability and our production capabilities during the COVID-19 pandemic; estimates regarding the effectiveness of the Vapotherm Academy at training clinicians during the COVID-19 pandemic; estimates regarding the effectiveness of Vapotherm's emergency department initiative in the context of the COVID-19 pandemic; potential changes to the healthcare and hospital industries following the COVID-19 pandemic; estimates regarding the annual total addressable global market for our Precision Flow systems and accessory devices/modules; and our expectations about market trends, future results of operations, financial position, research and development costs, capital requirements and our needs for additional financing.

The forward-looking statements in this presentation are only predictions and are based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this presentation and are subject to a number of known and unknown risks, uncertainties and assumptions. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur, and actual results could differ materially from those projected in the forward- looking statements. Some of the factors and uncertainties that may cause actual results to differ materially include: commercial success and market acceptance of our Precision Flow systems and accessory devices/modules; competitive companies and technologies in our industry; our ability to enhance our Precision Flow systems and accessory devices/modules, expand our indications and develop and commercialize additional products; our business model and strategic plans for our products, technologies and business, including our implementation thereof; our ability to accurately forecast customer demand for our Precision Flow systems and accessory devices/modules and manage our inventory; our ability to expand, manage and maintain our direct sales and marketing organization, and to distribute our Precision Flow systems and accessory devices/modules in markets outside of the United States; our ability to hire and retain our senior management and other highly qualified personnel; our ability to commercialize or obtain regulatory approvals for our products, or the effect of delays in commercializing or obtaining regulatory approvals; U.S. Food and Drug Administration or other U.S. or foreign regulatory actions affecting us or the healthcare industry generally, including healthcare reform measures in the United States and international markets; the timing or likelihood of regulatory filings and approvals; our ability to establish and maintain intellectual property protection for our products or avoid claims of infringement; the volatility of the trading price of our common stock; and the other risks described in the "Risk Factors" section of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, on February 24, 2021, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, as filed with the SEC on May 5, 2021, and in our subsequent SEC filings. Moreover, because we operate in an evolving environment, new risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of new information, future events, changed circumstances or otherwise.

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A global medical technology company focused on treating patients with respiratory distress

The onlymask-free, clinically validated alternative to current standard of care for the treatment of respiratory distress

Clinically		2.8M+		30K+		~$138.9M
			LTM Revenues
Validated		Patients Treated		Installed Base
			153% YoY Growth*

[ 2 ]	* LTM 4/1/2020 - 3/31/2021
Past performance is not indicative of future results.

Severe Difficulty Breathing -

Can't inhale enough O2

or clear enough CO2

THE CAUSES

COVID-19

COPD

Pneumonia

Heart failure

Asthma

… and many other diseases

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Respiratory

Distress -

1. Large and

Growing Market

Affects All Ages

• pre-terminfants, children, adults

THE DRIVERS

Aging population

Growing prevalence of

heart failure

Growing prevalence of COPD

$1.5 Billion Global Market -

in Current Products, in Current Care Areas

CURRENT CARE SETTINGS	CURRENT ADDRESSABLE MARKETS

HOSPITAL DIRECTORY
Emergency Department	Intensive Care (ICU)
Long Term Acute Care	Neonatal (ICU)
	Pediatric (ICU)
12M1
patients suffering
respiratory distress

US	Select Ex-US2
	Combined over
	$1.5BN

1. Suffering from respiratory distress in the US and select international markets who can benefit from Vapotherm technology
2. UK, Germany, Brazil, Mexico, Japan, and select markets

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