Sam Boughedda

Investing.com — Vapotherm Inc (NYSE:) stock tumbled 37% on Thursday after the New Hampshire-based company withdrew its guidance for the year.

This company sells medical equipment such as breathing apparatus. It said it has withdrawn its financial projections for 2018 due to lower revenue. It now recognizes that COVID-19 is “diminished virulence.”

It has resulted is less use of respirator, and this was also helped by decreased seasonal hospitalizations due to RSV or flu during the first quarter.

“Despite the near-term uncertainty, we remain very enthusiastic about the long-term prospects of this business,” said Joe Army, president and CEO of Vapotherm.

Vapotherm shares dropped 23% Wednesday after hours, with Thursday’s session adding to the decline.

According to the company, the revenue for its first quarter will be between $20.5 million and $21.5 million, as opposed to $32.3 million in 2021’s first quarter.