Inogen Provides Impact from 21st Century Cures Act
January 09 2017 - 5:59AM
Business Wire
- Impact of 21st Century Cures
Act expected to be positive for 2016 results -
Inogen, Inc. (NASDAQ: INGN), a medical technology company
offering innovative respiratory products for use in the homecare
setting, today announced the estimated impact of the 21st Century
Cures Act to its 2016 financial results.
The implementation of the 21st Century Cures Act is expected to
lead to increased reimbursement for competitive bid items in
non-competitive bidding areas retroactive to July 1, 2016 through
December 31, 2016. Inogen estimates that this will lead to
increased rental revenue of up to $2.0 million in the fourth
quarter of 2016 based on preliminary, unaudited financial data.
This legislation has no provisions for changes to reimbursement
rates in 2017 and does not include any changes to rates in
competitive bidding areas.
“We are pleased that the Cures Act reverses some reimbursement
cuts in 2016 and are encouraged that it calls for a study of the
impact of the competitive bidding pricing on rural areas,” said
Chief Executive Officer Raymond Huggenberger.
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 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.
Cautionary Note Concerning 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 regarding management’s
estimates of increased reimbursement associated with the 21st
Century Cures Act. The estimated increase in rental revenue
presented today is preliminary and subject to Inogen completing its
financial statements for the year ended December 31, 2016 and
the audit of those financial statements by Inogen’s independent
registered public accounting firm. 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 adjustments
arising in connection with the preparation and audit of Inogen’s
financial statements as of and for the year ended December 31,
2016; the possibility that Inogen will not realize anticipated
revenue; the impact of reduced reimbursement rates, including
private payor reductions and reductions in connection with
competitive bidding and the Center for Medicare and Medicaid
Services (CMS) rules; 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
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 Quarterly
Report on Form 10-Q for the quarter ended September 30, 2016,
and in its other filings with the Securities and Exchange
Commission. Additional information will also be set forth in
Inogen’s Annual Report on Form 10-K for the year ended
December 31, 2016 to be filed 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.
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Inogen, Inc.Investor
Relations:ir@inogen.net805-562-0500 ext. 7orMedia:Byron
Myers805-562-0503
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