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UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
)
In re:
)
Chapter 11
)
VYAIRE MEDICAL, INC., et al.,
1
)
Case No. 24-11217 (BLS)
)
Debtors.
)
(Jointly Administered)
)
PERIODIC REPORT PURSUANT TO BANKRUPTCY RULE 2015.3
Under Rule 2015.3 of the Federal Rules of Bankruptcy Procedure (the “Bankruptcy
Rules”), Vyaire Medical, Inc. and its affiliated debtors in the above captioned chapter 11 cases
(collectively, the “Debtors”) submit this report (together with the general notes and exhibits hereto,
this “Periodic Report”) on the value, operations, and profitability, as of May 31, 2024, except as
otherwise noted, of certain non-Debtor entities in which one or more Debtors hold a substantial or
controlling interest (each, a “Non-Debtor Entity” and, collectively, the “Non-Debtor Entities”).
This Periodic Report has been prepared solely for the purpose of complying with the Bankruptcy
Rules.2 This Periodic Report includes consolidated financial information for certain subsidiaries
of non-Debtor entities that are directly or indirectly owned by the Debtors. This Periodic Report
excludes financial information of non-Debtor subsidiaries of the Debtors that have no current
operations.
This Periodic Report contains the following exhibits:
Exhibit A
Debtors’ Interest in Non-Debtor Entities
Exhibit B
Valuation Estimate of Non-Debtor Entities
Exhibit C-1
Balance Sheet for Non-Debtor Entities
Exhibit C-2
Income Statement of Income (Loss) for Non-Debtor Entities
Exhibit D
Description of Operations for Non-Debtor Entities
The undersigned, having reviewed the attached exhibits and this Periodic Report, and being
familiar with the Debtors’ financial affairs, verifies under the penalty of perjury that this Periodic
Report is complete, accurate, and truthful to the best of his knowledge.
1 A complete list of each of the Debtors in these chapter 11 cases may be obtained on the website of the Debtors’
claims and noticing agent at https://omniagentsolutions.com/Vyaire. The location of Debtor Vyaire Medical, Inc.’s
principal place of business and the Debtors’ service address in these chapter 11 cases is 26125 North Riverwoods
Boulevard, Mettawa, Illinois 60045.
2 To that end, in certain instances, current market valuations are neither maintained by, nor readily available to, the
Debtors with respect to the entities listed on this Periodic Report. Accordingly, unless otherwise indicated, this
Periodic Report reflects net book values. Market values may vary, sometimes materially, from net book values.
The Debtors believe that it would be an inefficient use of estate assets for the Debtors to obtain the current market
valuations of each of the entities listed in this Periodic Report.
Case 24-11217-BLS Doc 244 Filed 07/10/24 Page 1 of 13
Dated: July 10, 2024
/s/ Charles N. Braley
Charles N. Braley
Chief Restructuring Officer
Vyaire Medical, Inc.
Case 24-11217-BLS Doc 244 Filed 07/10/24 Page 2 of 13
General Notes
Description of these Chapter 11 Cases
On June 9, 2024 (the “Petition Date”), each of the Debtors filed a voluntary petition for
relief under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United
States Bankruptcy Court for the District of Delaware (the “Court”). The Debtors are operating
their businesses and managing their properties as debtors in possession pursuant to sections
1107(a) and 1108 of the Bankruptcy Code. On the Petition Date, the Court entered an order
authorizing the joint administration and procedural consolidation of the chapter 11 cases pursuant
to Bankruptcy Rule 1015(b) [Docket No. 84]. On June 26, 2024, the United States Trustee for the
District of Delaware appointed an official committee of unsecured creditors pursuant to section
1102(a)(1) of the Bankruptcy Code [Docket No. 128]. Additional information about these
chapter 11 cases, court filings, and claims information is available at the Debtors’ restructuring
website: https://omniagentsolutions.com/Vyaire.
Basis of Presentation
In accordance with Bankruptcy Rule 2015.3, and except as otherwise provided herein, the
financial statements and supplemental information contained herein are set forth as of
May 31, 2024, except as otherwise noted, for the legal entities owned at the Petition Date. The
condensed financial statements contained herein are unaudited, have not been prepared in
accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) or any other
recognized financial reporting framework and are not intended to reconcile to any financial
statements otherwise prepared or distributed by the Debtors or Non-Debtor Entities.
The financial statements contained herein are presented per Debtor Vyaire
Medical, Inc.’s (“Vyaire”) books and records without, among other things, all adjustments or
reclassification that may be necessary or typical with respect to consolidating financial statements
or in accordance with U.S. GAAP. Because the Debtors’ accounting systems, policies, and
practices were developed to produce consolidated financial statements, rather than financial
statements by legal entity, it is possible that not all assets, liabilities, income or expenses have been
recorded on the correct legal entity. Accordingly, the Debtors and Non-Debtor Entities reserve all
rights to supplement or amend any financial statements contained in this Periodic Report.
The Periodic Report is limited in scope, covers a limited time period, and has been prepared
solely for the purposes of complying with certain reporting requirements under applicable
bankruptcy law. Given, among other things, the uncertainty surrounding the collection and
ownership of certain assets and the valuation and nature of certain liabilities, to the extent that a
Non-Debtor Entity shows more assets than liabilities, this is not an admission that such Non-
Debtor Entity was solvent at the Petition Date or at any time prior to the Petition Date, including
the date as of or for the period of any financial statements or other information included in this
Periodic Report. Likewise, to the extent that a Non-Debtor Entity shows more liabilities than
assets, this is not an admission that such Non-Debtor Entity was insolvent at the Petition Date or
any time prior to the Petition Date, including the date as of or for the period of any financial
statements or other information included in this Periodic Report.
Case 24-11217-BLS Doc 244 Filed 07/10/24 Page 3 of 13
2
The unaudited, condensed financial information presented in the Periodic Report has been
derived from the books and records of Vyaire. This information, however, has not been subjected
to procedures that would typically be applied to financial information presented in accordance with
U.S. GAAP or any other recognized financial reporting framework, and upon application of such
procedures, the Debtors and non-Debtor entities believe that the financial information could be
subject to changes, and these changes could be material.
The information set forth in this Periodic Report includes, among other things, normal
recurring adjustments, but does not include all adjustments, footnotes and other financial
presentations that would typically be made in accordance with U.S. GAAP or any other recognized
financial reporting framework, and the information set forth in this Periodic Report may not
comply with U.S. GAAP in all material respects. The preparation of the unaudited, condensed
financial information presented in the Periodic Report requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities as of the date of presentation, as well as the reported amount of revenues and
expenses during the reporting period. Actual amounts and results could differ materially from
those estimates and/or the information set forth in this Periodic Report.
The results of operations contained herein are not necessarily indicative of results that are
expected from any other period or for the full year and may not necessarily reflect the combined
results of operations, financial position and cash flows of the Non-Debtor Entities in the future.
Investments in subsidiaries reflected on the Non-Debtor Entities’ balance sheets only
include investments not reported in this Periodic Report. Intercompany transactions between the
Debtors and Non-Debtor Entities have not been eliminated in the financial statements contained
herein.
Although the Debtors have undertaken commercially reasonable efforts to prepare this
Periodic Report, there can be no assurance that the financial information presented herein is
complete. This Periodic Report was not prepared for the purpose of providing the basis for an
investment decision relating to any of the securities of the Debtors, including Vyaire.
There can be no assurance that, from the perspective of an investor or potential investor in
the Debtors’ securities that this Periodic Report is complete. Likewise, no assurance can be given
as to the value, if any, that may be ascribed to the interests identified or set forth in this Periodic
Report, and such financial information should not be viewed as indicative of future results.
For the reasons discussed above, the Debtors caution readers not to place undue reliance
upon information contained in the Periodic Report.
Reservation of Rights
Nothing contained in this Periodic Report shall constitute a waiver or admission by the
Debtors or the Non-Debtor Entities in any respect, nor shall this Periodic Report or any information
set forth herein waive or release any of the Debtors’ and Non-Debtor Entities’ rights or admission
with respect to their chapter 11 cases, or the estates, including with respect to, among other things,
matters involving objections to claims, substantive consolidation, equitable subordination,
defenses, characterization or re-characterization of contracts, assumption or rejection of contracts
Case 24-11217-BLS Doc 244 Filed 07/10/24 Page 4 of 13
3
under the provisions of chapter 3 of the Bankruptcy Code and/or causes of action under the
provisions of chapter 5 of the Bankruptcy Code or any other relevant applicable laws to recover
assets or avoid transfers.
The Debtors and Non-Debtor Entities are reviewing the assets and liabilities of their
affiliates on an ongoing basis, including without limitation with respect to intercompany claims
and obligations, and nothing contained in this Periodic Report shall constitute a waiver of any of
the Debtors’ or their affiliates (including the Non-Debtor Entities) rights with respect to such
assets, liabilities, claims and obligations that may exist.
Valuation Estimates
The Debtors do not maintain fair market value or other bases of valuation for the Non-
Debtor Entities, which may differ substantially from the net book value of the Non-Debtor Entities.
Statements of Cash Flows and Changes in Shareholder’s Equity
The Debtors prepare their Statements of Cash Flows solely on a consolidated basis.
Accordingly, Statements of Cash Flows for the Non-Debtor Entities have been omitted from this
Periodic Report.
*
*
*
*
*
Case 24-11217-BLS Doc 244 Filed 07/10/24 Page 5 of 13
Non‐Debtor Entity
Interest in
Entity
Entity Owning Direct
Interest
Valuation, Income
Statement, Balance
Sheets
Acutronic Medical Systems AG
100%
Vyaire Medical Holdings B.V.
Yes
Advanced Respiratory Care AG
100%
Vyaire Medical Holdings B.V.
Yes
CareFusion U.K. 232 Limited
100%
VIASYS Holdings Inc.
Yes
CareFusion U.K. 235 Limited
100%
Vyaire Medical 202, Inc.
Yes
imtmedical ag
100%
Vyaire Medical Holdings B.V.
Yes
imtmedical Pte. Ltd.
100%
imtmedical ag
Yes
Intermed Equipamento Medico Hospitalar
LTDA
100%
Vyaire Medical BR LLC
Yes
MIM Medizinische Instrumente und
Monitoring GmbH
100%
Vyaire Medical GmbH
Yes
Serviços De Assistencia Tecnica A
Equipamento Medico Hospitalar LTDA
100%
Intermed Equipamento Medico Hospitalar
LTDA
No
Vyaire B.V.
100%
Vyaire Medical Holdings B.V.
Yes
Vyaire DMCC
100%
Vyaire Medical Holdings B.V.
Yes
Vyaire GmbH
100%
Vyaire Medical Holdings B.V.
Yes
Vyaire Limited Liability Company
100%
Vyaire Medical Holdings B.V.
Yes
Vyaire Medical AB
100%
Vyaire Medical Holdings B.V.
Yes
Vyaire Medical B.V.
100%
Vyaire Medical GmbH
No
Vyaire Medical Cooperatief U.A.
100%
Vyaire Medical International LLC
Yes
Vyaire Medical Denmark, Filial af Vyaire
Medical AB (Denmark Branch)
100%
Vyaire Medical AB
Yes
Vyaire Medical GmbH
100%
Breathe US Holdings LP
Yes
Vyaire Medical Holdings B.V.
100%
Vyaire Medical International B.V.
Yes
Exhibit A
Debtors’ Interest in Non‐Debtor Entities
The Debtors directly or indirectly hold a substantial or controlling interest of the equity interests in the following entities:
Case 24-11217-BLS Doc 244 Filed 07/10/24 Page 6 of 13
Non‐Debtor Entity
Interest in
Entity
Entity Owning Direct
Interest
Valuation, Income
Statement, Balance
Sheets
Vyaire Medical International B.V.
100%
Vyaire Medical Cooperatief U.A.
Yes
Vyaire Medical Korea Ltd.
100%
Vyaire Medical Holdings B.V.
Yes
Vyaire Medical Private Limited
100%
Vyaire Medical Holdings B.V.
Yes
Vyaire Medical Products (Shanghai) Co.,
Ltd
100%
Vyaire Medical Holdings B.V.
Yes
Vyaire Medical Products (Shanghai) Co.,
Ltd. (Beijing Branch)
100%
Vyaire Medical Products (Shanghai) Co., Ltd
No
Vyaire Medical Products Limited
100%
Vyaire Medical Holdings B.V.
Yes
Vyaire Medical Products Limited (Spolka z
ograniczonaodpowiedzialniscia)
100%
Vyaire Medical Products Limited
No
Vyaire Medical Products ULC
100%
Vyaire Medical Holdings B.V.
Yes
Vyaire Medical Pte. Ltd.
100%
Vyaire Medical Holdings B.V.
Yes
Vyaire Medical Pty Ltd.
100%
Vyaire Medical Holdings B.V.
Yes
Vyaire Medical S.r.l.
100%
Vyaire Medical Holdings B.V.
Yes
Vyaire Medical Sarl
100%
Vyaire Medical Holdings B.V.
Yes
Vyaire Medical SDN BHD
100%
Vyaire Medical Holdings B.V.
Yes
Vyaire S.r.l
100%
Vyaire Medical Holdings B.V.
No
Vyaire Turkey Tibbi Cihazlar Ticaret
Anonim Şirketi
100%
Vyaire Medical Holdings B.V.
Yes
Vyaire UK 236 Limited
100%
Vyaire Medical GmbH
Yes
Case 24-11217-BLS Doc 244 Filed 07/10/24 Page 7 of 13
Name of Entity
Interest of the Estate
Net Book Value1
Acutronic Medical Systems AG
100%
‐$22,819,174
Advanced Respiratory Care AG
100%
$39,149,143
CareFusion U.K. 232 Limited
100%
$3,551,242
CareFusion U.K. 235 Limited
100%
‐$22,764
imtmedical ag
100%
$21,108,939
imtmedical Pte. Ltd.
100%
$1,286,741
Intermed Equipamento Medico Hospitalar LTDA
100%
$21,690,130
MIM Medizinische Instrumente und Monitoring GmbH
100%
$46,509,902
Serviços De Assistencia Tecnica A Equipamento Medico Hospitalar LTDA
100%
$0
Vyaire B.V.
100%
$9,701,973
Vyaire DMCC
100%
‐$259,720
Vyaire GmbH
100%
$3,611,898
Vyaire Limited Liability Company
100%
‐$7,020
Vyaire Medical AB
100%
$100,547
Vyaire Medical B.V.
100%
$9,459,201
Vyaire Medical Cooperatief U.A.
100%
$133,248,176
Vyaire Medical Denmark, Filial af Vyaire Medical AB (Denmark Branch)
100%
$45,516
Vyaire Medical GmbH
100%
$67,888,305
Vyaire Medical Holdings B.V.
100%
$108,046,514
Vyaire Medical International B.V.
100%
$38,182,969
Vyaire Medical Korea Ltd.
100%
$1,008,736
Vyaire Medical Private Limited
100%
$753,350
Vyaire Medical Products (Shanghai) Co., Ltd
100%
$2,624,815
Vyaire Medical Products (Shanghai) Co., Ltd. (Beijing Branch)
100%
$0
Vyaire Medical Products Limited
100%
$2,022,390
Vyaire Medical Products Limited (Spolka z ograniczonaodpowiedzialniscia)
100%
$0
Vyaire Medical Products ULC
100%
‐$176,359
Vyaire Medical Pte. Ltd.
100%
$398,311
Vyaire Medical Pty Ltd.
100%
$4,588,784
Vyaire Medical S.r.l.
100%
$2,672,389
Vyaire Medical Sarl
100%
$12,726,751
Vyaire Medical SDN BHD
100%
$62,626
Vyaire S.r.l
100%
$3,690,110
Vyaire Turkey Tibbi Cihazlar Ticaret Anonim Şirketi
100%
$187,293
Vyaire UK 236 Limited
100%
‐$4,147,502
Exhibit B
Valuation Estimate of Non‐Debtor Entities
1It would be prohibitively expensive, unduly burdensome, and an inefficient use of estate assets for the Debtors to obtain
current market valuations for each non‐Debtor Entity.
Case 24-11217-BLS Doc 244 Filed 07/10/24 Page 8 of 13
(USD)
Acutronic
Medical
Systems AG
Advanced
Respiratory
Care AG
CareFusion U.K.
232 Limited
CareFusion U.K.
235 Limited
imtmedical ag
imtmedical Pte.
Ltd.
Intermed
Equipamento
Medico
Hospitalar LTDA
MIM
Medizinische
Instrumente
und Monitoring
GmbH
Serviços De
Assistencia
Tecnica A
Equipamento
Medico
Hospitalar LTDA
Vyaire B.V.
Vyaire DMCC
Vyaire GmbH
Vyaire Limited
Liability
Company
Vyaire Medical
AB
Vyaire Medical
B.V.
Vyaire Medical
Cooperatief
U.A.
Vyaire Medical
Denmark, Filial
af Vyaire
Medical AB
(Denmark
Branch)
Vyaire Medical
GmbH
Assets
CURRENT ASSETS
Cash
34,159
$
‐
$
2,617
$
(315)
$
421,456
$
28,954
$
1,165,609
$
12,492
$
‐
$
1,286,559
$
‐
$
85,122
$
‐
$
39
$
122,256
$
1,993
$
33,475
$
1,288,860
$
Trade Receivables
(1,940,017)
$
‐
$
354
$
(81)
$
1,456,529
$
355,717
$
2,228,081
$
(62,459)
$
‐
$
7,281,320
$
‐
$
21,651
$
‐
$
‐
$
174,938
$
‐
$
‐
$
4,346,700
$
Inventories, Net
‐
$
‐
$
‐
$
‐
$
22,984,864
$
50,456
$
3,974,605
$
826,463
$
‐
$
12,135,427
$
‐
$
403,601
$
‐
$
‐
$
92,076
$
‐
$
‐
$
15,473,935
$
Intercompany AR
52,570,618
$
38,478,858
$
4,003,236
$
113,082
$
50,007,967
$
1,525,153
$
72,041
$
34,454,350
$
‐
$
176,875,016
$
‐
$
8,353,216
$
‐
$
967,428
$
4,186,454
$
‐
$
379,965
$
37,106,780
$
Assets Held for Sale
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
206,620
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
Prepaid Taxes
64,482
$
(0)
$
‐
$
‐
$
(74,231)
$
‐
$
‐
$
785,798
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
Prepaid Expenses
6,239
$
‐
$
1,964
$
‐
$
616,273
$
2,233
$
469,274
$
3,774
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
61,741
$
‐
$
‐
$
174,923
$
Other Current Expenses
668,725
$
924,830
$
(4,442)
$
(38,435)
$
532,871
$
15,670
$
3,273,515
$
6,902,296
$
‐
$
1,049,622
$
‐
$
(508,342)
$
‐
$
‐
$
1,137
$
‐
$
‐
$
(704,684)
$
TOTAL CURRENT ASSETS
51,404,206
$
39,403,687
$
4,003,729
$
74,250
$
75,945,729
$
1,978,184
$
11,183,126
$
43,129,333
$
‐
$
198,627,943
$
‐
$
8,355,248
$
‐
$
967,467
$
4,638,603
$
1,993
$
413,440
$
57,686,513
$
LONG‐TERM ASSETS
Intercompany Assets ‐ LT
2,293,861
$
‐
$
‐
$
‐
$
‐
$
‐
$
12,758,534
$
2,465,346
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
1,629,489
$
133,290,315
$
‐
$
89,365,438
$
Fixed Assets, Net
50,145
$
‐
$
(0)
$
‐
$
243,290
$
38,888
$
1,880,661
$
4,669
$
‐
$
42,513
$
‐
$
70,039
$
‐
$
‐
$
51,476
$
‐
$
‐
$
1,443,110
$
Intangible Assets ‐ Net
15,387,936
$
‐
$
‐
$
‐
$
53,571,630
$
‐
$
‐
$
24,272,875
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
66,919
$
Goodwill
(3,764,224)
$
18,492,956
$
(223)
$
(0)
$
26,624,946
$
(348,486)
$
(431,520)
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
(2,138)
$
(292)
$
‐
$
‐
$
112,583
$
Right of Use Asset
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
7,567
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
370,996
$
‐
$
‐
$
2,491,770
$
Other LT Assets
25,178
$
39,409
$
‐
$
‐
$
‐
$
‐
$
3,565,068
$
(541)
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
323,274
$
LT Deferred Taxes
‐
$
‐
$
(1,224)
$
(6,435)
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
91,874
$
0
$
‐
$
997,945
$
TOTAL OTHER ASSETS
13,992,896
$
18,532,365
$
(1,447)
$
(6,435)
$
80,439,866
$
(309,599)
$
17,780,310
$
26,742,349
$
‐
$
42,513
$
‐
$
70,039
$
‐
$
(2,138)
$
2,143,543
$
133,290,316
$
‐
$
94,801,039
$
TOTAL ASSETS
65,397,102
$
57,936,052
$
4,002,282
$
67,815
$
156,385,595
$
1,668,585
$
28,963,436
$
69,871,682
$
‐
$
198,670,456
$
‐
$
8,425,287
$
‐
$
965,329
$
6,782,146
$
133,292,309
$
413,440
$
152,487,553
$
Liabilities and Shareholders' Equity
CURRENT LIABILITIES
Warranty and Product Recall Reserves
4,853
$
‐
$
‐
$
‐
$
‐
$
‐
$
69,806
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
306,724
$
Accrued Expenses
85,623,774
$
16,763,447
$
595,744
$
75,329
$
126,399,807
$
165,529
$
5,583,835
$
4,808,538
$
‐
$
183,442,391
$
259,720
$
5,724,180
$
‐
$
783,131
$
(4,920,159)
$
51,060
$
341,108
$
39,054,867
$
Accounts Payable
252,758
$
33,248
$
(3,983)
$
28,156
$
3,671,586
$
102,127
$
729,085
$
(2,021)
$
‐
$
76,489
$
‐
$
8,194
$
‐
$
3,098
$
309,435
$
‐
$
7,270
$
5,447,336
$
Accrued Compensation & Benefits
148,158
$
225,119
$
‐
$
‐
$
5,948
$
11,223
$
296,188
$
(13,454)
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
656,262
$
‐
$
‐
$
2,222,589
$
Short‐term lease liabilities
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
7,843
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
243,880
$
‐
$
‐
$
1,212,123
$
Other Current Liabilities
457,809
$
1,633,731
$
(22,748)
$
(12,907)
$
3,890
$
102,965
$
573,962
$
9,026,180
$
‐
$
5,616,261
$
‐
$
(930,421)
$
‐
$
78,553
$
87,313
$
(6,927)
$
19,546
$
(997,959)
$
Deferred Revenue ‐ ST
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
12,586
$
‐
$
‐
$
23,166
$
‐
$
‐
$
‐
$
‐
$
804,224
$
‐
$
‐
$
(84,560)
$
TOTAL CURRENT LIABILITIES
86,487,352
$
18,655,545
$
569,013
$
90,579
$
130,081,232
$
381,844
$
7,273,305
$
13,819,244
$
‐
$
189,158,307
$
259,720
$
4,801,954
$
‐
$
864,782
$
(2,819,045)
$
44,133
$
367,924
$
47,161,120
$
LONG‐TERM LIABILITIES
Long Term Debt
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
Accrued pension and postretirement benefits
302,390
$
‐
$
‐
$
‐
$
62,685
$
‐
$
‐
$
1,844,116
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
337,959
$
‐
$
‐
$
2,771,713
$
Deferred Revenue, less current portion
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
Deferred Tax Liabilities ‐ LT
‐
$
‐
$
(117,974)
$
‐
$
2,381,866
$
‐
$
‐
$
7,698,421
$
‐
$
‐
$
‐
$
‐
$
7,020
$
‐
$
(293,500)
$
‐
$
‐
$
(293,202)
$
lntercompany Liab ‐ LT
‐
$
‐
$
‐
$
‐
$
2,496,903
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
33,653,899
$
Long‐term lease liabilities
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
146,643
$
‐
$
‐
$
1,303,205
$
Other Long Term Liabilities
1,426,535
$
131,364
$
0
$
‐
$
253,970
$
(0)
$
‐
$
(0)
$
‐
$
(189,824)
$
(0)
$
11,435
$
(0)
$
‐
$
(49,112)
$
‐
$
‐
$
2,512
$
TOTAL LONG‐TERM LIABILITIES
1,728,925
$
131,364
$
(117,974)
$
‐
$
5,195,424
$
(0)
$
‐
$
9,542,536
$
‐
$
(189,824)
$
(0)
$
11,435
$
7,020
$
‐
$
141,990
$
‐
$
‐
$
37,438,128
$
TOTAL LIABILITIES
88,216,277
$
18,786,909
$
451,039
$
90,579
$
135,276,656
$
381,844
$
7,273,305
$
23,361,780
$
‐
$
188,968,483
$
259,720
$
4,813,389
$
7,020
$
864,782
$
(2,677,055)
$
44,133
$
367,924
$
84,599,248
$
SHAREHOLDER'S EQUITY
(22,819,174)
$
39,149,143
$
3,551,242
$
(22,764)
$
21,108,939
$
1,286,741
$
21,690,130
$
46,509,902
$
‐
$
9,701,973
$
(259,720)
$
3,611,898
$
(7,020)
$
100,547
$
9,459,201
$
133,248,176
$
45,516
$
67,888,305
$
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY
65,397,102
$
57,936,052
$
4,002,282
$
67,815
$
156,385,595
$
1,668,585
$
28,963,436
$
69,871,682
$
‐
$
198,670,456
$
‐
$
8,425,287
$
‐
$
965,329
$
6,782,146
$
133,292,309
$
413,440
$
152,487,553
$
Balance Sheet for Non‐Debtor Affiliates
As of May 31, 2024 (UNAUDITED)
Exhibit C‐1
Vyaire Medical, Inc., et al.,
Case 24-11217-BLS Doc 244 Filed 07/10/24 Page 9 of 13
(USD)
Vyaire Medical
Holdings B.V.
Vyaire Medical
International
B.V.
Vyaire Medical
Korea Ltd.
Vyaire Medical
Private Limited
Vyaire Medical
Products
(Shanghai) Co.,
Ltd
Vyaire Medical
Products
(Shanghai) Co.,
Ltd. (Beijing
Branch)
Vyaire Medical
Products
Limited
Vyaire Medical
Products
Limited (Spolka
z
ograniczonaodp
owiedzialniscia)
Vyaire Medical
Products ULC
Vyaire Medical
Pte. Ltd.
Vyaire Medical
Pty Ltd.
Vyaire Medical
S.r.l.
Vyaire Medical
Sarl
Vyaire Medical
SDN BHD
Vyaire S.r.l
Vyaire Turkey
Tibbi Cihazlar
Ticaret Anonim
Şirketi
Vyaire UK 236
Limited
Assets
CURRENT ASSETS
Cash
953
$
252
$
19,740
$
320,576
$
532,866
$
‐
$
91,529
$
‐
$
24,892
$
156,775
$
163,605
$
67,462
$
59,666
$
37,721
$
878,718
$
1,038
$
157,360
$
Trade Receivables
(63,361)
$
‐
$
‐
$
‐
$
233,543
$
‐
$
(26,992)
$
‐
$
49
$
‐
$
526,443
$
1,171,570
$
4,282
$
‐
$
595,195
$
34,015
$
1,925,399
$
Inventories, Net
‐
$
‐
$
‐
$
‐
$
1,313,100
$
‐
$
205,274
$
‐
$
‐
$
‐
$
910,492
$
215,271
$
‐
$
‐
$
577,247
$
(6)
$
754,502
$
Intercompany AR
7,184,268
$
‐
$
247,597
$
657,434
$
12,923,334
$
‐
$
75,111,408
$
‐
$
(198,054)
$
365,303
$
4,248,391
$
2,784,957
$
52,504,325
$
37,296
$
6,522,268
$
2,284,848
$
1,090,570
$
Assets Held for Sale
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
Prepaid Taxes
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
Prepaid Expenses
‐
$
‐
$
143
$
32,133
$
19,966
$
‐
$
428,731
$
‐
$
‐
$
12,980
$
139,566
$
‐
$
‐
$
2,976
$
9,800
$
‐
$
‐
$
Other Current Expenses
‐
$
‐
$
827
$
(46,336)
$
83,652
$
‐
$
1,651,973
$
‐
$
81,472
$
1,402
$
(434,077)
$
(65,220)
$
‐
$
(3,835)
$
(1,136,682)
$
221,565
$
194,223
$
TOTAL CURRENT ASSETS
7,121,861
$
252
$
268,307
$
963,806
$
15,106,460
$
‐
$
77,461,922
$
‐
$
(91,642)
$
536,460
$
5,554,419
$
4,174,040
$
52,568,274
$
74,158
$
7,446,545
$
2,541,460
$
4,122,054
$
LONG‐TERM ASSETS
Intercompany Assets ‐ LT
207,216,897
$
38,212,488
$
681,395
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
Fixed Assets, Net
‐
$
‐
$
‐
$
15,256
$
141,079
$
‐
$
825,526
$
‐
$
‐
$
2,324
$
4,425
$
9,702
$
0
$
‐
$
95,723
$
‐
$
‐
$
Intangible Assets ‐ Net
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
7,302,995
$
‐
$
‐
$
‐
$
‐
$
Goodwill
(12,057,656)
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
6,409
$
4,202,379
$
‐
$
‐
$
0
$
(0)
$
Right of Use Asset
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
3,489,079
$
‐
$
‐
$
70,123
$
‐
$
59,306
$
‐
$
‐
$
71,299
$
‐
$
‐
$
Other LT Assets
‐
$
‐
$
924
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
LT Deferred Taxes
‐
$
592
$
74,646
$
(260)
$
9,199
$
‐
$
‐
$
‐
$
‐
$
‐
$
373,939
$
735,099
$
‐
$
‐
$
142,280
$
157,923
$
3,680
$
TOTAL OTHER ASSETS
195,159,242
$
38,213,080
$
756,965
$
14,996
$
150,278
$
‐
$
4,314,605
$
‐
$
‐
$
72,447
$
378,364
$
810,516
$
11,505,375
$
‐
$
309,302
$
157,923
$
3,680
$
TOTAL ASSETS
202,281,103
$
38,213,332
$
1,025,272
$
978,802
$
15,256,738
$
‐
$
81,776,527
$
‐
$
(91,642)
$
608,907
$
5,932,783
$
4,984,556
$
64,073,648
$
74,158
$
7,755,847
$
2,699,383
$
4,125,734
$
Liabilities and Shareholders' Equity
CURRENT LIABILITIES
Warranty and Product Recall Reserves
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
Accrued Expenses
46,403,477
$
34,548
$
‐
$
39,756
$
12,006,899
$
‐
$
73,466,842
$
‐
$
42,652
$
12,948
$
670,698
$
1,934,576
$
49,580,626
$
‐
$
3,940,620
$
2,437,005
$
7,488,918
$
Accounts Payable
2,641
$
‐
$
‐
$
(9,572)
$
83,297
$
‐
$
357,577
$
‐
$
9,803
$
37,199
$
48,190
$
27,683
$
154,800
$
‐
$
35,928
$
76,811
$
(81,911)
$
Accrued Compensation & Benefits
‐
$
‐
$
6,161
$
136,668
$
425,312
$
‐
$
1,512,750
$
‐
$
34,286
$
80,683
$
158,182
$
(46,897)
$
64,518
$
12,813
$
653,720
$
(8,286)
$
‐
$
Short‐term lease liabilities
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
1,148,598
$
‐
$
‐
$
‐
$
‐
$
26,320
$
‐
$
‐
$
53,206
$
‐
$
‐
$
Other Current Liabilities
(2,664,169)
$
(4,922)
$
10,375
$
45,179
$
28,832
$
‐
$
1,082,178
$
‐
$
(2,024)
$
10,395
$
326,942
$
8,869
$
449,031
$
(1,281)
$
(617,135)
$
6,559
$
113,298
$
Deferred Revenue ‐ ST
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
(62,807)
$
‐
$
‐
$
‐
$
69,195
$
‐
$
‐
$
‐
$
(20,708)
$
‐
$
752,930
$
TOTAL CURRENT LIABILITIES
43,741,950
$
29,626
$
16,536
$
212,031
$
12,544,339
$
‐
$
77,505,137
$
‐
$
84,717
$
141,226
$
1,273,208
$
1,950,551
$
50,248,975
$
11,532
$
4,045,632
$
2,512,090
$
8,273,234
$
LONG‐TERM LIABILITIES
Long Term Debt
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
Accrued pension and postretirement benefits
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
330,432
$
‐
$
‐
$
‐
$
‐
$
‐
$
Deferred Revenue, less current portion
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
Deferred Tax Liabilities ‐ LT
‐
$
‐
$
‐
$
13,421
$
87,584
$
‐
$
225,831
$
‐
$
‐
$
‐
$
54,683
$
‐
$
1,097,921
$
‐
$
‐
$
‐
$
‐
$
lntercompany Liab ‐ LT
50,492,639
$
737
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
1
$
Long‐term lease liabilities
‐
$
‐
$
‐
$
‐
$
‐
$
‐
$
3,386,789
$
‐
$
‐
$
‐
$
‐
$
31,184
$
‐
$
‐
$
18,093
$
‐
$
‐
$
Other Long Term Liabilities
(0)
$
‐
$
(0)
$
0
$
0
$
‐
$
(1,363,620)
$
‐
$
0
$
69,370
$
16,108
$
(0)
$
0
$
(0)
$
2,013
$
0
$
0
$
TOTAL LONG‐TERM LIABILITIES
50,492,639
$
737
$
(0)
$
13,421
$
87,584
$
‐
$
2,249,001
$
‐
$
0
$
69,370
$
70,791
$
361,616
$
1,097,922
$
(0)
$
20,105
$
0
$
2
$
TOTAL LIABILITIES
94,234,589
$
30,363
$
16,536
$
225,452
$
12,631,923
$
‐
$
79,754,138
$
‐
$
84,717
$
210,596
$
1,343,999
$
2,312,167
$
51,346,897
$
11,532
$
4,065,737
$
2,512,090
$
8,273,236
$
SHAREHOLDER'S EQUITY
108,046,514
$
38,182,969
$
1,008,736
$
753,350
$
2,624,815
$
‐
$
2,022,390
$
‐
$
(176,359)
$
398,311
$
4,588,784
$
2,672,389
$
12,726,751
$
62,626
$
3,690,110
$
187,293
$
(4,147,502)
$
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY
202,281,103
$
38,213,332
$
1,025,272
$
978,802
$
15,256,738
$
‐
$
81,776,527
$
‐
$
(91,642)
$
608,907
$
5,932,783
$
4,984,556
$
64,073,648
$
74,158
$
7,755,847
$
2,699,383
$
4,125,734
$
Case 24-11217-BLS Doc 244 Filed 07/10/24 Page 10 of 13
Acutronic
Medical
Systems AG
Advanced
Respiratory
Care AG
CareFusion U.K.
232 Limited
CareFusion U.K.
235 Limited
imtmedical ag
imtmedical Pte.
Ltd.
Intermed
Equipamento
Medico
Hospitalar LTDA
MIM
Medizinische
Instrumente
und Monitoring
GmbH
Serviços De
Assistencia
Tecnica A
Equipamento
Medico
Hospitalar LTDA
Vyaire B.V.
Vyaire DMCC
Vyaire GmbH
Vyaire Limited
Liability
Company
Vyaire Medical
AB
Vyaire Medical
B.V.
Vyaire Medical
Cooperatief
U.A.
Vyaire Medical
Denmark, Filial
af Vyaire
Medical AB
(Denmark
Branch)
Vyaire Medical
GmbH
Revenue
(41,599)
$
‐
$
‐
$
‐
$
4,188,209
$
725,750
$
3,672,080
$
3,282,630
$
‐
$
19,375,423
$
‐
$
925,193
$
‐
$
‐
$
2,802,679
$
‐
$
‐
$
45,472,323
$
Less: Cost of Sales
112,679
15,787
‐
‐
4,751,472
509,031
2,502,254
2,203,562
‐
10,710,606
‐
283,331
‐
‐
597,082
‐
‐
20,805,709
Gross Profit
(154,278)
(15,787)
‐
‐
(563,263)
216,719
1,169,826
1,079,069
‐
8,664,817
‐
641,863
‐
‐
2,205,598
‐
‐
24,666,614
Less: Operating Expenses
2,221,222
42,738
2,567
‐
3,349,240
261,161
2,639,777
343,273
‐
1,779,598
‐
164,446
‐
7,633
2,683,586
‐
2,400
23,849,535
Less: Non‐Operating Expenses
1,150,434
2,342,615
17,898
‐
10,244,220
(148,678)
466,534
1,967,977
‐
2,948,695
‐
449,248
‐
(11,205)
(654,653)
(256)
1,044
6,358,351
Net Income
(3,525,934)
$
(2,401,140)
$
(20,465)
$
‐
$
(14,156,722)
$
104,236
$
(1,936,485)
$
(1,232,181)
$
‐
$
3,936,524
$
‐
$
28,170
$
‐
$
3,572
$
176,665
$
256
$
(3,444)
$
(5,541,272)
$
Vyaire Medical
Holdings B.V.
Vyaire Medical
International
B.V.
Vyaire Medical
Korea Ltd.
Vyaire Medical
Private Limited
Vyaire Medical
Products
(Shanghai) Co.,
Ltd
Vyaire Medical
Products
(Shanghai) Co.,
Ltd. (Beijing
Branch)
Vyaire Medical
Products
Limited
Vyaire Medical
Products
Limited (Spolka
z
ograniczonaodp
owiedzialniscia)
Vyaire Medical
Products ULC
Vyaire Medical
Pte. Ltd.
Vyaire Medical
Pty Ltd.
Vyaire Medical
S.r.l.
Vyaire Medical
Sarl
Vyaire Medical
SDN BHD
Vyaire S.r.l
Vyaire Turkey
Tibbi Cihazlar
Ticaret Anonim
Şirketi
Vyaire UK 236
Limited
Revenue
‐
$
‐
$
‐
$
‐
$
1,831,494
$
‐
$
(46,682)
$
‐
$
‐
$
‐
$
932,947
$
2,952,809
$
‐
$
‐
$
2,952,113
$
‐
$
5,823,386
$
Less: Cost of Sales
‐
‐
‐
‐
1,071,985
‐
48,241
‐
‐
‐
306,918
1,314,707
‐
‐
985,511
‐
1,283,060
Gross Profit
‐
‐
‐
‐
759,509
‐
(94,923)
‐
‐
‐
626,029
1,638,102
‐
‐
1,966,602
‐
4,540,326
Less: Operating Expenses
4,554
‐
246,669
825,544
2,388,010
‐
11,268,303
‐
181,060
560,708
1,485,242
866,886
625,789
62,670
1,463,318
212,478
367,227
Less: Non‐Operating Expenses
6,505,654
(126)
(368,592)
(862,029)
(1,521,453)
‐
(7,575,647)
‐
693
(572,434)
(737,938)
710,295
142,590
(65,589)
35,496
(87,206)
2,985,710
Net Income
(6,510,208)
$
126
$
121,923
$
36,484
$
(107,048)
$
‐
$
(3,787,580)
$
‐
$
(181,753)
$
11,727
$
(121,275)
$
60,921
$
(768,379)
$
2,919
$
467,788
$
(125,272)
$
1,187,389
$
Exhibit C‐2
Statement of Income (Loss) for Non‐Debtor Entities
For the four months ended May 31, 2024 ‐ UNAUDITED
Case 24-11217-BLS Doc 244 Filed 07/10/24 Page 11 of 13
Non‐Debtor Entity
Description of Business
Acutronic Medical Systems AG
Legal Manufacturer and Principal for Fabian device
Advanced Respiratory Care AG
Part of Fabian group
CareFusion U.K. 232 Limited
Inactive sales organization entity
CareFusion U.K. 235 Limited
Inactive sales organization entity
imtmedical ag
Bellavista product selling and distribution entity
imtmedical Pte. Ltd.
Legal Manufacturer for flow sensors
Intermed Equipamento Medico Hospitalar LTDA
Manufacturer of record for ventilator projects; employing entity for
Vents and RDx divisions; contracting entity for RDx division
MIM Medizinische Instrumente und Monitoring GmbH
Developer of flow sensors; sublicensor of intellectual property
Serviços De Assistencia Tecnica A Equipamento Medico Hospitalar LTDA
Dormant entity
Vyaire B.V.
EU importer for all Vents and EU Distributor for RDX products.
Vyaire DMCC
Sales support and employment entity
Vyaire GmbH
Dormant entity
Vyaire Limited Liability Company
Dormant entity
Vyaire Medical AB
Dormant entity awaiting liquidation
Vyaire Medical B.V.
RDx selling entity
Vyaire Medical Cooperatief U.A.
Dutch Holding entity
Vyaire Medical Denmark, Filial af Vyaire Medical AB (Denmark Branch)
Dormant entity awaiting liquidation
Vyaire Medical GmbH
Legal manufacturer of majority of RDX products. Servicing/repair
entity of Vents products.
Vyaire Medical Holdings B.V.
Dutch Holding entity
Vyaire Medical International B.V.
Dutch Holding entity
Vyaire Medical Korea Ltd.
Dormant entity
Exhibit D
Description of Operations for Non‐Debtor Entities
Case 24-11217-BLS Doc 244 Filed 07/10/24 Page 12 of 13
Non‐Debtor Entity
Description of Business
Vyaire Medical Private Limited
Ventilation sales support entity
Vyaire Medical Products (Shanghai) Co., Ltd
Legal agent for Vents and RDX registrations
Vyaire Medical Products (Shanghai) Co., Ltd. (Beijing Branch)
Vents selling entity
Vyaire Medical Products Limited
Employing entity for International staff
Vyaire Medical Products Limited (Spolka z ograniczonaodpowiedzialniscia)
Vents sales support entity
Vyaire Medical Products ULC
Employing entity
Vyaire Medical Pte. Ltd.
Ventilation sales support entity and employing entity
Vyaire Medical Pty Ltd.
RDx selling entity
Vyaire Medical S.r.l.
RDx contracting and selling entity
Vyaire Medical Sarl
Swiss registered office
Vyaire Medical SDN BHD
Ventilation sales support entity
Vyaire S.r.l
Vents selling entity
Vyaire Turkey Tibbi Cihazlar Ticaret Anonim Şirketi
Vents selling entity
Vyaire UK 236 Limited
RDx sales, service and installation entity
Case 24-11217-BLS Doc 244 Filed 07/10/24 Page 13 of 13