Inogen Announces Fourth Quarter and Full-Year 2023 Financial Results
- Strong focus on revenue growth, profitability, and innovation in 2024.
- Decrease in total revenue due to lower business-to-business and direct-to-consumer sales, offset by higher rental revenue.
- GAAP net loss of $26.6 million for Q4 2023 and $102.4 million for full-year 2023.
- Adjusted net loss of $19.4 million for Q4 2023 and $48.3 million for full-year 2023.
- First-quarter 2024 revenue expected to be $73 to $74 million, showing 1% to 3% growth compared to Q1 2023.
- None.
Insights
Analyzing Inogen, Inc.'s financial results reveals a notable year-over-year decline in fourth-quarter revenue, from $88.1 million to $75.9 million. This drop is attributed to decreased sales in both domestic business-to-business and direct-to-consumer channels, which could signal challenges in market penetration or competitive pressures. However, the increase in rental revenue may indicate a strategic pivot or diversification of revenue streams, which could cushion the company against future sales volatility.
The improvement in gross margin, from 33.5% to 37.1%, suggests effective cost management, particularly in reducing premiums paid for components and managing labor and overhead costs. This could reflect well on the company's operational efficiency and ability to maintain profitability despite revenue challenges. The substantial reduction in operating expenses, due largely to the absence of a prior-year intangible asset disposal, has also contributed to a less negative bottom line. However, the increase in adjusted net loss and negative Adjusted EBITDA year-over-year raises concerns about the company's ongoing profitability and financial health.
With no debt and $128.5 million in cash and marketable securities, Inogen appears to maintain a solid liquidity position, which is crucial for sustaining operations and investing in growth initiatives such as the introduction of Physio-Assist to the U.S. market. Nevertheless, investors should monitor the effectiveness of these growth strategies in reversing the current downward revenue trend.
From a market perspective, Inogen's performance reflects broader trends in the medical technology sector, where innovation and market adaptation are key drivers of success. The company's focus on advancing its innovation pipeline and bringing new products like Physio-Assist to market is a positive sign for future competitiveness. However, the reported declines in direct-to-consumer and business-to-business sales raise questions about current market positioning and product demand.
Investors should consider the competitive landscape, reimbursement rates and regulatory environment when evaluating Inogen's market potential. The company's ability to navigate these factors while effectively commercializing new technologies will be critical to its long-term market share and revenue growth. The appointment of new executives in commercial and financial roles suggests an organizational response to these challenges, potentially bringing fresh strategies to improve market performance.
Within the medical technology industry, Inogen's focus on respiratory products for homecare is particularly relevant given the aging population and increasing prevalence of respiratory conditions. The company's emphasis on innovation could be a response to the growing demand for home-based medical solutions, a trend accelerated by the COVID-19 pandemic.
The higher rental revenue indicates a possible shift in consumer preference towards rental models over outright purchases, which could be due to economic factors or a desire for flexibility. This shift could represent a long-term change in consumer behavior within the medical device market, affecting how companies like Inogen structure their business models and revenue expectations.
Moreover, the mention of higher reimbursement rates as a factor offsetting some cost increases is significant, as it highlights the importance of insurance and government reimbursement policies on the profitability of medical technology companies. Inogen's ability to navigate these policies and secure favorable reimbursement rates will be vital for its financial sustainability.
Fourth quarter 2023 revenue of
“I am excited for the future of Inogen. As we progress into 2024, we are focused on positioning the business for revenue growth and long-term profitability while advancing our innovation pipeline and working to bring Physio-Assist to the
Fourth Quarter 2023 Financial Results
Fourth quarter total revenue was
Total gross margin was
Total operating expense for the quarter was
GAAP net loss for the fourth quarter of 2023 was
Adjusted EBITDA was a negative
Cash, cash equivalents and marketable securities were
Full-Year 2023 Financial Results
Total revenue was
Total gross margin was
Total operating expense for the full-year 2023 was
GAAP net loss for full-year 2023 was
Adjusted EBITDA was a negative
Reconciliations of adjusted EBITDA and adjusted net loss for the three and twelve months ended December 31, 2023 and 2022 are provided in the financial schedules that are a part of this press release. An explanation of these non-GAAP financial measures is also included below under the heading “Non-GAAP Financial Measures.”
First Quarter 2024 Financial Outlook
For the first quarter 2024, Inogen expects revenue of
Quarterly Conference Call Information
Inogen will issue fourth quarter and full-year 2023 financial results after the market closes on Tuesday, February 27, 2024. On the same day, the company will host a conference call beginning at 2:00 pm PT / 5:00 pm ET.
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 March 5, 2024. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Conference ID: 13743411.
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
Inogen, Inc. (Nasdaq: INGN) is a leading global medical technology company offering innovative respiratory products for use in the homecare setting. Inogen supports patient respiratory care by developing, manufacturing, and marketing innovative best-in-class portable oxygen concentrators used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions. Inogen partners with patients, prescribers, home medical equipment providers, and distributors to make its oxygen therapy products widely available allowing patients the chance to remain ambulatory while managing the impact of their disease.
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, statements with respect to the business positioned for revenue growth and long-term profitability, advancing the innovation pipeline, working to bring Physio-Assist to the U.S. market, and Inogen’s first quarter revenue expectations. 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 related to its announced management and organizational changes, and risks arising from the possibility that Inogen will not realize anticipated future financial performance or strategic goals. In addition, Inogen's business is subject to numerous additional risks and uncertainties, including, among others, risks relating to market acceptance of its products; competition; its sales, marketing and distribution capabilities; its planned sales, marketing, and research and development activities; interruptions or delays in the supply of components or materials for, or manufacturing of, its products; seasonal variations; unanticipated increases in costs or expenses; risks associated with international operations; and the possibility that Inogen will not realize anticipated revenue from recent or future technology acquisitions or that expenses and costs related thereto 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 period ended December 31, 2023, its Quarterly Report on Form 10-Q for the calendar quarter ended September 30, 2023 and in its other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Inogen disclaims any obligation to update these forward-looking statements except as may be required by law.
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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|
|
|
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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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December 31, |
|
December 31, |
||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Revenue |
|
|
|
|
|
|
|
|
||||||||
Sales revenue |
|
$ |
59,404 |
|
|
$ |
73,184 |
|
|
$ |
251,607 |
|
|
$ |
320,549 |
|
Rental revenue |
|
|
16,492 |
|
|
|
14,907 |
|
|
|
64,053 |
|
|
|
56,692 |
|
Total revenue |
|
|
75,896 |
|
|
|
88,091 |
|
|
|
315,660 |
|
|
|
377,241 |
|
Cost of revenue |
|
|
|
|
|
|
|
|
||||||||
Cost of sales revenue |
|
|
39,936 |
|
|
|
51,753 |
|
|
|
158,636 |
|
|
|
197,805 |
|
Cost of rental revenue, including depreciation of |
|
|
7,802 |
|
|
|
6,867 |
|
|
|
30,325 |
|
|
|
25,903 |
|
Total cost of revenue |
|
|
47,738 |
|
|
|
58,620 |
|
|
|
188,961 |
|
|
|
223,708 |
|
Gross profit |
|
|
28,158 |
|
|
|
29,471 |
|
|
|
126,699 |
|
|
|
153,533 |
|
Operating expense |
|
|
|
|
|
|
|
|
||||||||
Research and development |
|
|
6,714 |
|
|
|
5,934 |
|
|
|
20,840 |
|
|
|
21,943 |
|
Sales and marketing |
|
|
25,653 |
|
|
|
28,606 |
|
|
|
107,091 |
|
|
|
120,767 |
|
General and administrative |
|
|
24,773 |
|
|
|
1,259 |
|
|
|
75,260 |
|
|
|
43,905 |
|
Loss on disposal of intangible asset |
|
|
— |
|
|
|
52,161 |
|
|
|
— |
|
|
|
52,161 |
|
Impairment charges |
|
|
— |
|
|
|
— |
|
|
|
32,894 |
|
|
|
— |
|
Total operating expense |
|
|
57,140 |
|
|
|
87,960 |
|
|
|
236,085 |
|
|
|
238,776 |
|
Loss from operations |
|
|
(28,982 |
) |
|
|
(58,489 |
) |
|
|
(109,386 |
) |
|
|
(85,243 |
) |
Other income (expense) |
|
|
|
|
|
|
|
|
||||||||
Interest income |
|
|
1,602 |
|
|
|
1,715 |
|
|
|
6,574 |
|
|
|
2,837 |
|
Other income (expense) |
|
|
292 |
|
|
|
305 |
|
|
|
468 |
|
|
|
(862 |
) |
Total other income, net |
|
|
1,894 |
|
|
|
2,020 |
|
|
|
7,042 |
|
|
|
1,975 |
|
Loss before provision (benefit) for income taxes |
|
|
(27,088 |
) |
|
|
(56,469 |
) |
|
|
(102,344 |
) |
|
|
(83,268 |
) |
Provision (benefit) for income taxes |
|
|
(533 |
) |
|
|
141 |
|
|
|
105 |
|
|
|
504 |
|
Net loss |
|
|
(26,555 |
) |
|
|
(56,610 |
) |
|
|
(102,449 |
) |
|
|
(83,772 |
) |
Other comprehensive income (loss), net of tax |
|
|
|
|
|
|
|
|
||||||||
Change in foreign currency translation adjustment |
|
|
1,933 |
|
|
|
856 |
|
|
|
1,358 |
|
|
|
(597 |
) |
Change in net unrealized gains (losses) on foreign currency hedging |
|
|
(78 |
) |
|
|
(1,461 |
) |
|
|
— |
|
|
|
(3,130 |
) |
Less: reclassification adjustment for net (gains) losses included in net income |
|
|
25 |
|
|
|
784 |
|
|
|
— |
|
|
|
1,990 |
|
Total net change in unrealized gains (losses) on foreign currency hedging |
|
|
(53 |
) |
|
|
(677 |
) |
|
|
— |
|
|
|
(1,140 |
) |
Change in net unrealized gains (losses) on marketable securities |
|
|
(72 |
) |
|
|
9 |
|
|
|
110 |
|
|
|
25 |
|
Total other comprehensive income (loss), net of tax |
|
|
1,808 |
|
|
|
188 |
|
|
|
1,468 |
|
|
|
(1,712 |
) |
Comprehensive loss |
|
$ |
(24,747 |
) |
|
$ |
(56,422 |
) |
|
$ |
(100,981 |
) |
|
$ |
(85,484 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Basic net loss per share attributable to common stockholders (1) |
|
$ |
(1.14 |
) |
|
$ |
(2.47 |
) |
|
$ |
(4.42 |
) |
|
$ |
(3.67 |
) |
Diluted net loss per share attributable to common stockholders (1) (2) |
|
$ |
(1.14 |
) |
|
$ |
(2.47 |
) |
|
$ |
(4.42 |
) |
|
$ |
(3.67 |
) |
Weighted-average number of shares used in calculating net loss per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
||||||||
Basic common shares |
|
|
23,313,495 |
|
|
|
22,926,276 |
|
|
|
23,176,098 |
|
|
|
22,852,571 |
|
Diluted common shares |
|
|
23,313,495 |
|
|
|
22,926,276 |
|
|
|
23,176,098 |
|
|
|
22,852,571 |
|
(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 Securities and Exchange Commission. |
|
(2) |
Due to a net loss for the three and twelve months ended December 31, 2023 and December 31, 2022, diluted loss per share is the same as basic. |
Consolidated Balance Sheets |
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(unaudited) |
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(amounts in thousands) |
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|
|
|
|
|
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|
December 31, |
|
December 31, |
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|
|
2023 |
|
2022 |
||||
Assets |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
125,492 |
|
|
$ |
187,014 |
|
Marketable securities |
|
|
2,979 |
|
|
|
— |
|
Accounts receivable, net |
|
|
42,241 |
|
|
|
62,725 |
|
Inventories, net |
|
|
21,840 |
|
|
|
34,093 |
|
Income tax receivable |
|
|
669 |
|
|
|
1,626 |
|
Prepaid expenses and other current assets |
|
|
13,846 |
|
|
|
19,187 |
|
Total current assets |
|
|
207,067 |
|
|
|
304,645 |
|
Property and equipment, net |
|
|
50,316 |
|
|
|
43,269 |
|
Goodwill |
|
|
10,057 |
|
|
|
32,852 |
|
Intangibles and other non-current assets |
|
|
34,591 |
|
|
|
177 |
|
Operating lease right-of-use asset |
|
|
20,338 |
|
|
|
21,653 |
|
Other assets |
|
|
3,825 |
|
|
|
2,445 |
|
Total assets |
|
$ |
326,194 |
|
|
$ |
405,041 |
|
Liabilities and stockholders' equity |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Accounts payable and accrued expenses |
|
$ |
30,142 |
|
|
$ |
33,974 |
|
Accrued payroll |
|
|
11,066 |
|
|
|
11,190 |
|
Warranty reserve - current |
|
|
9,628 |
|
|
|
7,790 |
|
Operating lease liability - current |
|
|
3,653 |
|
|
|
3,515 |
|
Earnout liability |
|
|
10,000 |
|
|
|
— |
|
Deferred revenue - current |
|
|
7,980 |
|
|
|
8,880 |
|
Income tax payable |
|
|
27 |
|
|
|
— |
|
Total current liabilities |
|
|
72,496 |
|
|
|
65,349 |
|
Warranty reserve - noncurrent |
|
|
13,850 |
|
|
|
12,123 |
|
Operating lease liability - noncurrent |
|
|
18,270 |
|
|
|
19,764 |
|
Deferred revenue - noncurrent |
|
|
8,227 |
|
|
|
10,399 |
|
Deferred tax liability - noncurrent |
|
|
8,539 |
|
|
|
— |
|
Total liabilities |
|
|
121,382 |
|
|
|
107,635 |
|
Stockholders' equity |
|
|
|
|
||||
Common stock |
|
|
23 |
|
|
|
23 |
|
Additional paid-in capital |
|
|
320,513 |
|
|
|
312,126 |
|
Accumulated deficit |
|
|
(116,949 |
) |
|
|
(14,500 |
) |
Accumulated other comprehensive income (loss) |
|
|
1,225 |
|
|
|
(243 |
) |
Total stockholders' equity |
|
|
204,812 |
|
|
|
297,406 |
|
Total liabilities and stockholders' equity |
|
$ |
326,194 |
|
|
$ |
405,041 |
|
Condensed Consolidated Cash Flow |
||||||||
(unaudited) |
||||||||
(amounts in thousands) |
||||||||
|
|
|
|
|
||||
|
|
Years Ended December 31, |
||||||
|
|
2023 |
|
2022 |
||||
Cash flows from operating activities |
|
|
|
|
||||
Net loss |
|
$ |
(102,449 |
) |
|
$ |
(83,772 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
18,152 |
|
|
|
23,514 |
|
Loss on rental units and other assets |
|
|
4,508 |
|
|
|
3,095 |
|
Gain on sale of former rental assets |
|
|
(84 |
) |
|
|
(154 |
) |
Provision for sales revenue returns and doubtful accounts |
|
|
10,730 |
|
|
|
13,024 |
|
Provision for inventory losses |
|
|
2,691 |
|
|
|
2,423 |
|
Loss on purchase commitments |
|
|
2,057 |
|
|
|
— |
|
Stock-based compensation expense |
|
|
7,427 |
|
|
|
12,283 |
|
Deferred income taxes |
|
|
(251 |
) |
|
|
— |
|
Change in fair value of earnout liability |
|
|
6,822 |
|
|
|
(15,386 |
) |
Loss on disposal of intangible asset |
|
|
— |
|
|
|
52,161 |
|
Impairment charges |
|
|
32,894 |
|
|
|
— |
|
Changes in operating assets and liabilities |
|
|
14,269 |
|
|
|
(44,720 |
) |
Net cash used in operating activities |
|
|
(3,234 |
) |
|
|
(37,532 |
) |
Cash flows from investing activities |
|
|
|
|
||||
Purchases of available-for-sale securities |
|
|
(26,869 |
) |
|
|
— |
|
Maturities of available-for-sale securities |
|
|
24,000 |
|
|
|
10,014 |
|
Investment in intangible assets |
|
|
(494 |
) |
|
|
— |
|
Investment in property and equipment |
|
|
(5,218 |
) |
|
|
(3,337 |
) |
Production and purchase of rental equipment |
|
|
(21,299 |
) |
|
|
(17,885 |
) |
Proceeds from sale of former assets |
|
|
198 |
|
|
|
331 |
|
Acquisition of business, net of cash acquired |
|
|
(29,633 |
) |
|
|
— |
|
Net cash used in investing activities |
|
|
(59,315 |
) |
|
|
(10,877 |
) |
Cash flows from financing activities |
|
|
|
|
||||
Proceeds from stock options exercised |
|
|
384 |
|
|
|
44 |
|
Proceeds from employee stock purchases |
|
|
1,094 |
|
|
|
1,691 |
|
Payment of employment taxes related to release of restricted stock |
|
|
(518 |
) |
|
|
(1,355 |
) |
Net cash provided by financing activities |
|
|
960 |
|
|
|
380 |
|
Effect of exchange rates on cash |
|
|
67 |
|
|
|
(481 |
) |
Net decrease in cash and cash equivalents |
|
$ |
(61,522 |
) |
|
$ |
(48,510 |
) |
Supplemental Financial Information |
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(unaudited) |
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(in thousands, except units and patients) |
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|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three months ended December 31, |
|
Change as reported |
|
Constant Currency Change |
||||||||||||
|
|
2023 |
|
2022 |
|
$ |
|
% |
|
% |
||||||||
Revenue by region and category |
|
|
|
|
|
|
|
|
|
|
||||||||
Business-to-business domestic sales |
|
$ |
18,051 |
|
$ |
27,190 |
|
$ |
(9,139 |
) |
|
-33.6 |
% |
|
-33.6 |
% |
||
Business-to-business international sales |
|
|
21,524 |
|
|
|
20,703 |
|
|
|
821 |
|
|
4.0 |
% |
|
2.6 |
% |
Direct-to-consumer domestic sales |
|
|
19,829 |
|
|
|
25,291 |
|
|
|
(5,462 |
) |
|
-21.6 |
% |
|
-21.6 |
% |
Direct-to-consumer domestic rentals |
|
|
16,492 |
|
|
|
14,907 |
|
|
|
1,585 |
|
|
10.6 |
% |
|
10.6 |
% |
Total revenue |
|
$ |
75,896 |
|
|
$ |
88,091 |
|
|
$ |
(12,195 |
) |
|
-13.8 |
% |
|
-14.3 |
% |
Additional financial measures |
|
|
|
|
|
|
|
|
|
|
||||||||
Units sold |
|
|
34,100 |
|
|
|
43,500 |
|
|
|
|
|
|
|
||||
Net rental patients as of period-end |
|
|
51,900 |
|
|
|
45,600 |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Twelve months ended December 31, |
|
Change as reported |
|
Constant Currency Change |
||||||||||||
|
|
2023 |
|
2022 |
|
$ |
|
% |
|
% |
||||||||
Revenue by region and category |
|
|
|
|
|
|
|
|
|
|
||||||||
Business-to-business domestic sales |
|
$ |
66,196 |
|
|
$ |
86,049 |
|
|
$ |
(19,853 |
) |
|
-23.1 |
% |
|
-23.1 |
% |
Business-to-business international sales |
|
|
89,401 |
|
|
|
101,163 |
|
|
|
(11,762 |
) |
|
-11.6 |
% |
|
-11.2 |
% |
Direct-to-consumer domestic sales |
|
|
96,010 |
|
|
|
133,337 |
|
|
|
(37,327 |
) |
|
-28.0 |
% |
|
-28.0 |
% |
Direct-to-consumer domestic rentals |
|
|
64,053 |
|
|
|
56,692 |
|
|
|
7,361 |
|
|
13.0 |
% |
|
13.0 |
% |
Total revenue |
|
$ |
315,660 |
|
|
$ |
377,241 |
|
|
$ |
(61,581 |
) |
|
-16.3 |
% |
|
-16.2 |
% |
Additional financial measures |
|
|
|
|
|
|
|
|
|
|
||||||||
Units sold |
|
|
130,500 |
|
|
|
170,500 |
|
|
|
|
|
|
|
||||
Net rental patients as of period-end |
|
|
51,900 |
|
|
|
45,600 |
|
|
|
|
|
|
|
||||
Reconciliation of |
||||||||||||||||
(unaudited) |
||||||||||||||||
(in thousands) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three months ended |
|
Twelve months ended |
||||||||||||
|
|
December 31, |
|
December 31, |
||||||||||||
Non-GAAP EBITDA and Adjusted EBITDA |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Net loss (GAAP) |
|
$ |
(26,555 |
) |
|
$ |
(56,610 |
) |
|
$ |
(102,449 |
) |
|
$ |
(83,772 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
||||||||
Interest income, net |
|
|
(1,602 |
) |
|
|
(1,715 |
) |
|
|
(6,574 |
) |
|
|
(2,837 |
) |
Provision for income taxes |
|
|
(533 |
) |
|
|
141 |
|
|
|
105 |
|
|
|
504 |
|
Depreciation and amortization |
|
|
5,144 |
|
|
|
5,978 |
|
|
|
18,152 |
|
|
|
23,514 |
|
EBITDA (non-GAAP) |
|
|
(23,546 |
) |
|
|
(52,206 |
) |
|
|
(90,766 |
) |
|
|
(62,591 |
) |
Stock-based compensation |
|
|
(1,057 |
) |
|
|
3,098 |
|
|
|
7,427 |
|
|
|
12,283 |
|
Acquisition-related expenses |
|
|
432 |
|
|
|
— |
|
|
|
2,413 |
|
|
|
— |
|
Restructuring-related and other charges (1) |
|
|
— |
|
|
|
— |
|
|
|
3,426 |
|
|
|
— |
|
Impairment charges |
|
|
— |
|
|
|
— |
|
|
|
32,894 |
|
|
|
— |
|
Change in fair value of earnout liability |
|
|
6,822 |
|
|
|
(13,687 |
) |
|
|
6,822 |
|
|
|
(15,386 |
) |
Loss on disposal of intangible asset |
|
|
— |
|
|
|
52,161 |
|
|
|
— |
|
|
|
52,161 |
|
Adjusted EBITDA (non-GAAP) |
|
$ |
(17,349 |
) |
|
$ |
(10,634 |
) |
|
$ |
(37,784 |
) |
|
$ |
(13,533 |
) |
|
|
Three months ended December 31, |
||||||||||||||
|
|
Net Loss |
|
Diluted EPS |
||||||||||||
Non-GAAP Adjusted Net Loss and Diluted EPS |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Financial Results (GAAP) |
|
$ |
(26,555 |
) |
|
$ |
(56,610 |
) |
|
$ |
(1.14 |
) |
|
$ |
(2.47 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
||||||||
Amortization of intangibles |
|
|
918 |
|
|
|
2,022 |
|
|
|
|
|
||||
Stock-based compensation |
|
|
(1,057 |
) |
|
|
3,098 |
|
|
|
|
|
||||
Acquisition-related expenses |
|
|
432 |
|
|
|
— |
|
|
|
|
|
||||
Change in fair value of earnout liability |
|
|
6,822 |
|
|
|
(13,687 |
) |
|
|
|
|
||||
Loss on disposal of intangible asset |
|
|
— |
|
|
|
52,161 |
|
|
|
|
|
||||
Income tax impact of adjustments (2) |
|
|
— |
|
|
|
— |
|
|
|
|
|
||||
Adjusted |
|
$ |
(19,440 |
) |
|
$ |
(13,016 |
) |
|
$ |
(0.83 |
) |
|
$ |
(0.57 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
|
Twelve months ended December 31, |
||||||||||||||
|
|
Net Loss |
|
Diluted EPS |
||||||||||||
Non-GAAP Adjusted Net Loss and Diluted EPS |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Financial Results (GAAP) |
|
$ |
(102,449 |
) |
|
$ |
(83,772 |
) |
|
$ |
(4.42 |
) |
|
$ |
(3.67 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
||||||||
Amortization of intangibles |
|
|
1,202 |
|
|
|
8,469 |
|
|
|
|
|
||||
Stock-based compensation |
|
|
7,427 |
|
|
|
12,283 |
|
|
|
|
|
||||
Acquisition-related expenses |
|
|
2,413 |
|
|
|
— |
|
|
|
|
|
||||
Restructuring-related and other charges (1) |
|
|
3,426 |
|
|
|
— |
|
|
|
|
|
||||
Impairment charges |
|
|
32,894 |
|
|
|
— |
|
|
|
|
|
||||
Change in fair value of earnout liability |
|
|
6,822 |
|
|
|
(15,386 |
) |
|
|
|
|
||||
Loss on disposal of intangible asset |
|
|
— |
|
|
|
52,161 |
|
|
|
|
|
||||
Income tax impact of adjustments (2) |
|
|
— |
|
|
|
— |
|
|
|
|
|
||||
Adjusted |
|
$ |
(48,265 |
) |
|
$ |
(26,245 |
) |
|
$ |
(2.08 |
) |
|
$ |
(1.15 |
) |
(1) |
Charges represent the costs associated with workforce reductions and associated costs and other restructuring-related activities. |
|
(2) |
Income tax impact of adjustments represents the tax impact related to the non-GAAP adjustments listed above and reflects an effective tax rate of |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240227727365/en/
Source: Inogen, Inc.
FAQ
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