Inogen Secures Additional Facility to Support Direct-to-Consumer Sales Growth
June 02 2017 - 8:00AM
Business Wire
Announces Expansion to Cleveland, Ohio Facility
– Expected to be Operational in 2nd Half of 2017
Inogen, Inc. (NASDAQ: INGN), a medical technology company
offering innovative respiratory products for use in the homecare
setting, today announced that it has secured an additional facility
in the Cleveland, OH area. The expansion is in support of the
growth in the direct-to-consumer line of business.
Inogen expects the Cleveland location will allow access to an
ideal area of recruitment across northeastern OH, and will
facilitate the continued expansion of its direct-to-consumer sales
force. As of December 31st, 2016, the direct-to-consumer sales
force consisted of 177 sales representatives located in Inogen’s
Goleta, CA and Richardson, TX facilities. In addition to sales
representatives, the Cleveland location will also include customer
service and support functions. “We are planning on adding
additional headcount of approximately 240 people in the Cleveland
area location over the next three years,” said Inogen President and
Chief Executive Officer, Scott Wilkinson. “We look forward to
having a sales and service support location based in the eastern
time zone which we think will allow us to better serve our
customers.”
Adding to the benefits of a prime labor market and a physical
presence in the eastern time zone, Inogen has secured tax benefits
from state and local governments of up to $1.9 million over the
next three years based on forecasted headcount additions and tenant
improvement costs. According to Inogen co-founder and Chief
Financial Officer, Ali Bauerlein, “The tax benefits and the strong
market for skilled labor in the area were the primary lures of
Cleveland, OH for the site of this expansion when compared to a
dozen or so other U.S. cities under consideration.”
Inogen plans to continue operation in its existing facilities
without material change.
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/.
Use of Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding Inogen’s expectations for
recruitment access in northeastern Ohio, the expected impact of
Inogen’s new Cleveland facility on its direct-to-consumer sales
channel, hiring expectations in the Cleveland facility, expected
benefits of having a sales and service support location in the
eastern time zone, expected tax benefits associated with the new
Cleveland facility, and Inogen’s plans for its continued use of
existing facilities. 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 benefits associated with the Cleveland
facility; the impact of reduced reimbursement rates; the possible
loss of key employees, customers, or suppliers; and intellectual
property risks if Inogen is unable to secure and maintain patent or
other intellectual property protection for the intellectual
property used in its products. In addition, Inogen’s business is
subject to numerous additional risks and uncertainties, including,
among others, risks relating to market acceptance of its products;
its ability to successfully launch new products and applications;
its ability to continue its Inogen One G4 product rollout;
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; and risks
associated with international operations. Information on these and
additional risks, uncertainties, and other information affecting
Inogen's business and operating results are contained in Inogen's
Annual Report on Form 10-K for the year ended December 31,
2016 and in Inogen’s subsequent reports on Form 10-Q and Form 8-K
filed with the Securities and Exchange Commission, including
Inogen’s Quarterly Report on Form 10-Q for the period ended March
31, 2017. 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.
About Inogen
Inogen is innovation in oxygen therapy. We are a medical
technology company that develops, manufactures and markets
innovative oxygen concentrators used to deliver supplemental
long-term oxygen therapy to patients suffering from chronic
respiratory conditions.
For more information, please visit www.inogen.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170602005180/en/
Inogen, Inc.Investor Relations
Contact:ir@inogen.net805-562-0500, ext. 7orMedia
Contact:Byron Myers, 805-562-0503
Inogen (NASDAQ:INGN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Inogen (NASDAQ:INGN)
Historical Stock Chart
From Sep 2023 to Sep 2024