While most of the 13 NH-based publicly traded companies saw their fortunes rise during the pandemic recovery (see profiles), one-third endured losses. Skillsoft, Vapotherm, Minim and iCad have consistently posted losses since the pandemic.
Skillsoft Corp. in Nashua, which offers more than 150,000 skills-building courses for the workforce, has been growing during the past two years since being listed on the New York Stock Exchange in 2021, having acquired Global Knowledge, Pluma, and Codecademy. However, the company notes in its annual report that it is also facing increased competition.
Vapotherm, a medical technology company primarily focused on respiratory patients, stated its revenue declined as demand for its products significantly slowed as hospitalizations from COVID-19 sharply declined. It announced plans to move its manufacturing operations from NH to Mexico earlier this year. In 2022, it closed its Vapotherm Access standalone remote patient monitoring reporting unit and reduced its field teams.
In March, iCad, a cancer detection and therapy medtech company in Nashua, committed to a restructuring plan to reduce operating expenses as it shifts to a subscription service model. That included, according to its annual report, reducing its workforce by approximately 28%, predominantly in its detection business unit. Xoft, Inc., its wholly owned subsidiary, furloughed 12 employees.
“We expect our operating expenses to significantly increase as we continue to invest in research and development efforts. We also continue to incur additional costs associated with operating as a public company. As a result, we expect to continue to incur substantial and increasing operating losses for the foreseeable future,” iCad stated in its most recent annual report.
Minim, a Manchester-based creator of intelligent networking products under the Motorola brand led by former Dyn executive Jeremy Hitchcock, appears to be shuttering. Minim’s executives have been exiting the company this year. CEO Mehul Patel left around early April and was followed in August by CFO Dustin Tacker.
“During the nine months ended June 30, 2023, the Company incurred a net loss of $9.7 million and had positive cash flows from operating activities of $2.5 million. As of June 30, 2023, the Company had an accumulated deficit of $84.5 million and cash and cash equivalents of $0.3 million,” Minim stated in its most recent quarterly filing on June 30 with the Securities Exchange Commission. “Based on these factors, management determined that there is substantial doubt regarding our ability to continue as a going concern.”
In September, the Boston Business Journal reported Minim slashed its workforce by 78% and was mulling bankruptcy. On Oct. 19, Minim received notice from The Nasdaq Stock Market, LLC stating that, because George I. Kassas resigned from the company’s board and audit committee, effective Sept. 15, Minim was not in compliance with rules for continued listing on the Nasdaq. By beginning of November, the company’s website redirected visitors to a GoDaddy page, and customers reported online that support or customer service was no longer available.
And this year’s list saw a NH company exit the public markets. Sprague Energy in Portsmouth was acquired on Nov. 1, 2022 by Hartree Partners. It is now a private company solely owned by Hartree.
Current Issue - April 2024