Inogen Announces Fourth Quarter and Full Year 2022 Financial Results
Inogen, a medical technology company, reported a 15.3% year-over-year revenue growth for Q4 2022, totaling $88.1 million, driven by increased rental revenue and business-to-business sales. However, the company faced a GAAP net loss of $56.6 million due to a one-time loss related to an intangible asset. For the full year 2022, total revenue rose 5.4% to $377.2 million, but GAAP net losses expanded to $83.8 million. Operating expenses surged 42.8% year-over-year, reflecting strategic investments. Despite challenges, Inogen aims to focus on its innovation pipeline for future growth.
- Q4 revenue increased 15.3% year-over-year to $88.1 million.
- Full year revenue grew 5.4% to $377.2 million.
- Rental revenue surged 22.5% due to more patients and higher reimbursement rates.
- Cash and cash equivalents stood at $187.0 million as of December 31, 2022.
- GAAP net loss for Q4 was $56.6 million, significantly up from $22.9 million in Q4 2021.
- Full year GAAP net loss reached $83.8 million, worsening from $6.3 million in 2021.
- Total operating expenses for Q4 rose 94.3% to $88.0 million.
- Adjusted EBITDA declined to a negative $10.6 million for Q4 2022.
Fourth Quarter Year-over-Year Revenue Growth of
Full Year 2022 Year-over-Year Revenue Growth of
Fourth Quarter 2022 Highlights
All comparisons are to the prior year period unless otherwise noted.
-
Reported total revenue increased
15.3% to , on a constant currency basis total revenue for the quarter increased$88.1 million 17.7% . -
GAAP net loss of
, adjusted net loss of$56.6 million , and adjusted EBITDA was a loss of$13.0 million . GAAP net loss included a one-time loss on disposal of intangible asset of$10.6 million and an offsetting reduction to the fair value of contingent liability of$52.2 million .$13.7 million -
Cash and cash equivalents were
as of$187.0 million December 31, 2022 .
Full Year 2022 Highlights
All comparisons are to the prior year period unless otherwise noted.
-
Reported total revenue increased
5.4% to , on a constant currency basis total revenue for the year increased$377.2 million 6.9% . -
Continued progress on our rental strategy led to a
22.5% increase in rental revenue, primarily due to higher rental patients on service, higher percentage of billable patients and higher reimbursement rates. -
GAAP net loss of
, adjusted net loss of$83.8 million and adjusted EBITDA was a loss of$26.2 million . GAAP net loss included a one-time loss on disposal of intangible asset of$13.5 million and an offsetting reduction to fair value of contingent liability of$52.2 million .$15.4 million - Achieved regulatory milestones and announced new products to be launched in 2023.
“Despite the headwinds we faced in 2022, I am pleased with how our team successfully managed these challenges, while growing revenue and executing on our transformation,” said
Fourth Quarter 2022 Financial Results
Fourth quarter total revenue increased
Total gross margin was
Total operating expense for the quarter was
GAAP net loss for the fourth quarter of 2022 was
Adjusted EBITDA was a negative
Cash and cash equivalents were
Full Year 2022 Financial Results
Total revenue of
Total gross margin was
Total operating expense for the full year was
GAAP net loss for full year 2022 was
Adjusted EBITDA was a negative
A reconciliation of adjusted EBITDA and adjusted net income (loss) for the three and twelve months ended
Quarterly Conference Call Information
Inogen will issue fourth quarter and full year 2022 financial results after the market closes on
Individuals interested in listening to the conference call may do so by dialing:
US domestic callers (877) 841-3961
Non-US callers (201) 689-8589
Please reference Inogen to join the call. To listen to a live webcast, please visit the Investor Relations section of Inogen's website at: http://investor.inogen.com/. This webcast will also be archived on the website for 6 months.
A replay of the call will be available approximately three hours after the live webcast ends and will be accessible through
Inogen has used, and intends to continue to use, its Investor Relations website, http://investor.inogen.com/, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. For more information, visit http://investor.inogen.com/.
About Inogen
For more information, please visit www.inogen.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, Inogen’s expectations for future growth and profitability; expectations related to our sales force and productivity; and our expectations related to management of operating expenses. Any statements contained in this communication that are not statements of historical fact may be deemed to be forward-looking statements. Words such as “believes,” “anticipates,” “plans,” “expects,” “will,” “intends,” “potential,” “possible,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including but not limited to, risks arising from the possibility that Inogen will not realize anticipated revenue; risks related to the Company’s supply chain, or cost inflation for such components; the risks our innovation pipeline will not produce meaningful results; the impact of changes in reimbursement rates and reimbursement and regulatory policies; and the possible loss of key employees, customers, or suppliers; the risk that expenses and costs will exceed Inogen’s expectations. Information on these and additional risks, uncertainties, and other information affecting Inogen’s business operating results are contained in its Annual Report on Form 10-K for the year ended
Non-GAAP Financial Measures
Inogen has presented certain financial information in accordance with
Consolidated Statements of Comprehensive Loss |
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(unaudited) |
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(amounts in thousands, except share and per share amounts) |
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Three months ended |
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Twelve months ended |
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2022 |
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2021 |
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2022 |
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2021 |
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Revenue |
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|
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|
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|
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||||
Sales revenue |
|
$ |
73,184 |
|
|
$ |
63,371 |
|
|
$ |
320,549 |
|
|
$ |
311,730 |
|
Rental revenue |
|
|
14,907 |
|
|
|
13,032 |
|
|
|
56,692 |
|
|
|
46,273 |
|
Total revenue |
|
|
88,091 |
|
|
|
76,403 |
|
|
|
377,241 |
|
|
|
358,003 |
|
Cost of revenue |
|
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||||
Cost of sales revenue |
|
|
51,753 |
|
|
|
32,187 |
|
|
|
197,805 |
|
|
|
161,824 |
|
Cost of rental revenue, including depreciation of |
|
|
6,867 |
|
|
|
5,628 |
|
|
|
25,903 |
|
|
|
19,696 |
|
Total cost of revenue |
|
|
58,620 |
|
|
|
37,815 |
|
|
|
223,708 |
|
|
|
181,520 |
|
Gross profit |
|
|
29,471 |
|
|
|
38,588 |
|
|
|
153,533 |
|
|
|
176,483 |
|
Operating expense |
|
|
|
|
|
|
|
|
|
|
|
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||||
Research and development |
|
|
5,934 |
|
|
|
4,684 |
|
|
|
21,943 |
|
|
|
16,576 |
|
Sales and marketing |
|
|
28,606 |
|
|
|
29,706 |
|
|
|
120,767 |
|
|
|
112,815 |
|
General and administrative |
|
|
1,259 |
|
|
|
10,871 |
|
|
|
43,905 |
|
|
|
37,852 |
|
Loss on disposal of intangible asset |
|
|
52,161 |
|
|
|
— |
|
|
|
52,161 |
|
|
|
— |
|
Total operating expense |
|
|
87,960 |
|
|
|
45,261 |
|
|
|
238,776 |
|
|
|
167,243 |
|
Income (loss) from operations |
|
|
(58,489 |
) |
|
|
(6,673 |
) |
|
|
(85,243 |
) |
|
|
9,240 |
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
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||||
Interest income |
|
|
1,715 |
|
|
|
22 |
|
|
|
2,837 |
|
|
|
129 |
|
Other income (expense) |
|
|
305 |
|
|
|
(238 |
) |
|
|
(862 |
) |
|
|
(710 |
) |
Total other income (expense), net |
|
|
2,020 |
|
|
|
(216 |
) |
|
|
1,975 |
|
|
|
(581 |
) |
Income (loss) before provision for income taxes |
|
|
(56,469 |
) |
|
|
(6,889 |
) |
|
|
(83,268 |
) |
|
|
8,659 |
|
Provision for income taxes |
|
|
141 |
|
|
|
15,988 |
|
|
|
504 |
|
|
|
14,992 |
|
Net loss |
|
$ |
(56,610 |
) |
|
$ |
(22,877 |
) |
|
$ |
(83,772 |
) |
|
$ |
(6,333 |
) |
Other comprehensive income (loss), net of tax |
|
|
|
|
|
|
|
|
|
|
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|
||||
Change in foreign currency translation adjustment |
|
|
856 |
|
|
|
(215 |
) |
|
|
(597 |
) |
|
|
(800 |
) |
Change in net unrealized gains (losses) on foreign currency hedging |
|
|
(1,461 |
) |
|
|
(282 |
) |
|
|
(3,130 |
) |
|
|
1,746 |
|
Less: reclassification adjustment for net (gains) losses included in net income |
|
|
784 |
|
|
|
314 |
|
|
|
1,990 |
|
|
|
47 |
|
Total net change in unrealized gains (losses) on foreign currency hedging |
|
|
(677 |
) |
|
|
32 |
|
|
|
(1,140 |
) |
|
|
1,793 |
|
Change in net unrealized gains (losses) on marketable securities |
|
|
9 |
|
|
|
1 |
|
|
|
25 |
|
|
|
1 |
|
Total other comprehensive income (loss), net of tax |
|
|
188 |
|
|
|
(182 |
) |
|
|
(1,712 |
) |
|
|
994 |
|
Comprehensive loss |
|
$ |
(56,422 |
) |
|
$ |
(23,059 |
) |
|
$ |
(85,484 |
) |
|
$ |
(5,339 |
) |
|
|
|
|
|
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|
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Basic net loss per share attributable to common stockholders (1) |
|
$ |
(2.47 |
) |
|
$ |
(1.01 |
) |
|
$ |
(3.67 |
) |
|
$ |
(0.28 |
) |
Diluted net loss per share attributable to common stockholders (1) (2) |
|
$ |
(2.47 |
) |
|
$ |
(1.01 |
) |
|
$ |
(3.67 |
) |
|
$ |
(0.28 |
) |
Weighted-average number of shares used in calculating net loss per share attributable to common stockholders: |
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Basic common shares |
|
|
22,926,276 |
|
|
|
22,707,987 |
|
|
|
22,852,571 |
|
|
|
22,490,027 |
|
Diluted common shares |
|
|
22,926,276 |
|
|
|
22,707,987 |
|
|
|
22,852,571 |
|
|
|
22,490,027 |
|
(1) | Reconciliations of net loss attributable to common stockholders basic and diluted can be found in Inogen’s Annual Report on Form 10-K to be filed with the |
(2) |
Due to a net loss for the three and twelve months ended |
Consolidated Balance Sheets |
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(unaudited) |
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(amounts in thousands) |
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2022 |
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2021 |
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Assets |
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Current assets |
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Cash and cash equivalents |
$ |
187,014 |
|
$ |
235,524 |
||
Marketable securities |
|
— |
|
|
9,989 |
||
Accounts receivable, net |
|
62,725 |
|
|
24,452 |
||
Inventories, net |
|
34,093 |
|
|
31,873 |
||
Income tax receivable |
|
1,626 |
|
|
1,343 |
||
Prepaid expenses and other current assets |
|
19,187 |
|
|
26,005 |
||
Total current assets |
|
304,645 |
|
|
329,186 |
||
Property and equipment, net |
|
43,269 |
|
|
38,926 |
||
|
|
32,852 |
|
|
32,979 |
||
Intangible assets, net |
|
177 |
|
|
60,147 |
||
Operating lease right-of-use asset |
|
21,653 |
|
|
24,912 |
||
Other assets |
|
2,445 |
|
|
3,363 |
||
Total assets |
$ |
405,041 |
|
$ |
489,513 |
||
Liabilities and stockholders' equity |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable and accrued expenses |
$ |
33,974 |
|
$ |
25,689 |
||
Accrued payroll |
|
11,190 |
|
|
17,307 |
||
Warranty reserve - current |
|
7,790 |
|
|
6,480 |
||
Operating lease liability - current |
|
3,515 |
|
|
3,393 |
||
Deferred revenue - current |
|
8,880 |
|
|
8,568 |
||
Income tax payable |
|
— |
|
|
75 |
||
Total current liabilities |
|
65,349 |
|
|
61,512 |
||
Warranty reserve - noncurrent |
|
12,123 |
|
|
7,246 |
||
Operating lease liability - noncurrent |
|
19,764 |
|
|
23,281 |
||
Earnout liability - noncurrent |
|
— |
|
|
15,386 |
||
Deferred revenue - noncurrent |
|
10,399 |
|
|
11,861 |
||
Total liabilities |
|
107,635 |
|
|
119,286 |
||
Stockholders' equity |
|
|
|
||||
Common stock |
|
23 |
|
|
23 |
||
Additional paid-in capital |
|
312,126 |
|
|
299,463 |
||
Retained earnings (deficit) |
|
(14,500 |
) |
|
69,272 |
||
Accumulated other comprehensive income (loss) |
|
(243 |
) |
|
1,469 |
||
Total stockholders' equity |
|
297,406 |
|
|
370,227 |
||
Total liabilities and stockholders' equity |
$ |
405,041 |
|
$ |
489,513 |
Condensed Consolidated Cash Flow |
|
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(unaudited) |
|
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(amounts in thousands) |
|
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|
|
Twelve months ended |
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|||||
|
|
2022 |
|
|
2021 |
|
||
Cash flows from operating activities |
|
|
|
|
|
|
||
Net loss |
|
$ |
(83,772 |
) |
|
$ |
(6,333 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
23,514 |
|
|
|
21,628 |
|
Loss on rental units and other fixed assets |
|
|
3,095 |
|
|
|
1,521 |
|
Gain on sale of former rental assets |
|
|
(154 |
) |
|
|
(65 |
) |
Provision for sales revenue returns and doubtful accounts |
|
|
13,024 |
|
|
|
11,094 |
|
Provision for inventory losses |
|
|
2,423 |
|
|
|
2,062 |
|
Stock-based compensation expense |
|
|
12,283 |
|
|
|
10,943 |
|
Deferred income taxes |
|
|
— |
|
|
|
14,444 |
|
Change in fair value of earnout liability |
|
|
(15,386 |
) |
|
|
(11,596 |
) |
Loss on disposal of intangible asset |
|
|
52,161 |
|
|
|
— |
|
Changes in operating assets and liabilities |
|
|
(44,720 |
) |
|
|
(20,065 |
) |
Net cash provided by (used in) operating activities |
|
|
(37,532 |
) |
|
|
23,633 |
|
Cash flows from investing activities |
|
|
|
|
|
|
||
Purchases of marketable securities |
|
|
— |
|
|
|
(9,987 |
) |
Maturities of marketable securities |
|
|
10,014 |
|
|
|
19,256 |
|
Investment in intangible assets |
|
|
— |
|
|
|
(132 |
) |
Investment in property and equipment |
|
|
(3,337 |
) |
|
|
(5,482 |
) |
Production and purchase of rental equipment |
|
|
(17,885 |
) |
|
|
(18,453 |
) |
Proceeds from sale of former assets |
|
|
331 |
|
|
|
153 |
|
Net cash used in investing activities |
|
|
(10,877 |
) |
|
|
(14,645 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
||
Proceeds from stock options exercised |
|
|
44 |
|
|
|
13,699 |
|
Proceeds from employee stock purchases |
|
|
1,691 |
|
|
|
1,948 |
|
Payment of employment taxes related to release of restricted stock |
|
|
(1,355 |
) |
|
|
(647 |
) |
Net cash provided by financing activities |
|
|
380 |
|
|
|
15,000 |
|
Effect of exchange rates on cash |
|
|
(481 |
) |
|
|
(426 |
) |
Net increase (decrease) in cash and cash equivalents |
|
$ |
(48,510 |
) |
|
$ |
23,562 |
|
Supplemental Financial Information |
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(unaudited) |
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(in thousands, except units and patients) |
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Three months ended |
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Twelve months ended |
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|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Revenue by region and category |
|
|
|
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|
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|
|
|
|
|
|
||||
Business-to-business domestic sales |
|
$ |
27,190 |
|
|
$ |
10,277 |
|
|
$ |
86,049 |
|
|
$ |
91,371 |
|
Business-to-business international sales |
|
|
20,703 |
|
|
|
20,083 |
|
|
|
101,163 |
|
|
|
79,460 |
|
Direct-to-consumer domestic sales |
|
|
25,291 |
|
|
|
33,011 |
|
|
|
133,337 |
|
|
|
140,899 |
|
Direct-to-consumer domestic rentals |
|
|
14,907 |
|
|
|
13,032 |
|
|
|
56,692 |
|
|
|
46,273 |
|
Total revenue |
|
$ |
88,091 |
|
|
$ |
76,403 |
|
|
$ |
377,241 |
|
|
$ |
358,003 |
|
Additional financial measures |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Units sold |
|
|
43,500 |
|
|
|
29,400 |
|
|
|
170,500 |
|
|
|
175,800 |
|
Net rental patients as of period-end |
|
|
45,600 |
|
|
|
42,900 |
|
|
|
45,600 |
|
|
|
42,900 |
|
Reconciliation of |
|
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(unaudited) |
|
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(in thousands) |
|
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|
|
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|
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|
|
|
|
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|
||||
|
|
Three months ended |
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Twelve months ended |
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|
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Non-GAAP EBITDA and Adjusted EBITDA |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Net loss (GAAP) |
|
$ |
(56,610 |
) |
|
$ |
(22,877 |
) |
|
$ |
(83,772 |
) |
|
$ |
(6,333 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income |
|
|
(1,715 |
) |
|
|
(22 |
) |
|
|
(2,837 |
) |
|
|
(129 |
) |
Provision for income taxes |
|
|
141 |
|
|
|
15,988 |
|
|
|
504 |
|
|
|
14,992 |
|
Depreciation and amortization |
|
|
5,978 |
|
|
|
5,767 |
|
|
|
23,514 |
|
|
|
21,628 |
|
EBITDA (non-GAAP) |
|
|
(52,206 |
) |
|
|
(1,144 |
) |
|
|
(62,591 |
) |
|
|
30,158 |
|
Stock-based compensation |
|
|
3,098 |
|
|
|
2,396 |
|
|
|
12,283 |
|
|
|
10,943 |
|
Change in fair value of earnout liability |
|
|
(13,687 |
) |
|
|
(1,727 |
) |
|
|
(15,386 |
) |
|
|
(11,596 |
) |
Loss on disposal of intangible asset |
|
|
52,161 |
|
|
|
— |
|
|
|
52,161 |
|
|
|
— |
|
Adjusted EBITDA (non-GAAP) |
|
$ |
(10,634 |
) |
|
$ |
(475 |
) |
|
$ |
(13,533 |
) |
|
$ |
29,505 |
|
|
|
Three months ended |
|
|||||||||||||
|
|
Net Loss |
|
|
Diluted EPS |
|
||||||||||
Non-GAAP Adjusted Net Loss and Diluted EPS |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Financial Results (GAAP) |
|
$ |
(56,610 |
) |
|
$ |
(22,877 |
) |
|
$ |
(2.47 |
) |
|
$ |
(1.01 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Amortization of intangibles |
|
|
2,022 |
|
|
|
2,153 |
|
|
|
|
|
|
|
||
Stock-based compensation |
|
|
3,098 |
|
|
|
2,396 |
|
|
|
|
|
|
|
||
Change in fair value of earnout liability |
|
|
(13,687 |
) |
|
|
(1,727 |
) |
|
|
|
|
|
|
||
Loss on disposal of intangible asset |
|
|
52,161 |
|
|
|
— |
|
|
|
|
|
|
|
||
Income tax impact of adjustments (1) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||
Adjusted |
|
$ |
(13,016 |
) |
|
$ |
(20,055 |
) |
|
$ |
(0.57 |
) |
|
$ |
(0.88 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Twelve months ended |
|
|||||||||||||
|
|
Net Income (Loss) |
|
|
Diluted EPS |
|
||||||||||
Non-GAAP Adjusted Net Income (Loss) and Diluted EPS |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Financial Results (GAAP) |
|
$ |
(83,772 |
) |
|
$ |
(6,333 |
) |
|
$ |
(3.67 |
) |
|
$ |
(0.28 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Amortization of intangibles |
|
|
8,469 |
|
|
|
8,775 |
|
|
|
|
|
|
|
||
Stock-based compensation |
|
|
12,283 |
|
|
|
10,943 |
|
|
|
|
|
|
|
||
Change in fair value of earnout liability |
|
|
(15,386 |
) |
|
|
(11,596 |
) |
|
|
|
|
|
|
||
Loss on disposal of intangible asset |
|
|
52,161 |
|
|
|
— |
|
|
|
|
|
|
|
||
Income tax impact of adjustments (1) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||
Adjusted |
|
$ |
(26,245 |
) |
|
$ |
1,789 |
|
|
$ |
(1.15 |
) |
|
$ |
0.08 |
|
(1) Income tax impact of adjustments represents the tax impact related to the non-GAAP adjustments listed above and reflects an effective tax rate of
|
|
Three months ended
|
|
|
Twelve months ended
|
|
||||||||||
Non-GAAP constant currency revenue |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Business-to-business domestic sales |
|
$ |
27,190 |
|
|
$ |
10,277 |
|
|
$ |
86,049 |
|
|
$ |
91,371 |
|
Business-to-business international sales |
|
|
20,703 |
|
|
|
20,083 |
|
|
|
101,163 |
|
|
|
79,460 |
|
Direct-to-consumer domestic sales |
|
|
25,291 |
|
|
|
33,011 |
|
|
|
133,337 |
|
|
|
140,899 |
|
Direct-to-consumer domestic rentals |
|
|
14,907 |
|
|
|
13,032 |
|
|
|
56,692 |
|
|
|
46,273 |
|
Total revenue (GAAP) |
|
|
88,091 |
|
|
|
76,403 |
|
|
|
377,241 |
|
|
|
358,003 |
|
Hedging gains |
|
|
784 |
|
|
|
414 |
|
|
|
1,990 |
|
|
|
62 |
|
Total revenue, excluding hedging effect (non-GAAP) |
|
|
87,307 |
|
|
|
75,989 |
|
|
|
375,251 |
|
|
|
357,941 |
|
Exchange rate impact |
|
|
2,111 |
|
|
|
331 |
|
|
|
7,279 |
|
|
|
(2,524 |
) |
Constant currency revenues (non-GAAP) |
|
$ |
89,418 |
|
|
$ |
76,320 |
|
|
$ |
382,530 |
|
|
$ |
355,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenue growth (GAAP) |
|
|
15.3 |
% |
|
|
|
|
|
5.4 |
% |
|
|
|
||
Constant currency revenue growth (non-GAAP) |
|
|
17.7 |
% |
|
|
|
|
|
6.9 |
% |
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230223005528/en/
ir@inogen.net
Source:
FAQ
What were Inogen's Q4 2022 financial results?
How did Inogen perform in 2022 compared to 2021?
What contributed to Inogen's rental revenue growth?