Fourth quarter 2023 revenue of $75.9 million; full-year 2023 revenue of $315.7 million

Inogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced financial results for the fourth quarter and the full-year ended December 31, 2023.

“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 U.S. market,” said Kevin Smith, President and Chief Executive Officer. “We have a strong management team with the recent additions of Grégoire Ramade as Chief Commercial Officer and Michael Bourque as Chief Financial Officer, and we are confident in our ability to deliver value for shareholders.”

Fourth Quarter 2023 Financial Results

Fourth quarter total revenue was $75.9 million, relative to $88.1 million in the fourth quarter of 2022, primarily due to a decrease in domestic business-to-business sales and direct-to-consumer sales, partially offset by higher rental revenue.

Total gross margin was 37.1% in the fourth quarter of 2023 versus 33.5% in the comparative period in 2022. The increase was driven primarily by lower premiums paid for components and labor and overhead costs.

Total operating expense for the quarter was $57.1 million compared to $88.0 million in the fourth quarter of 2022. The decrease was primarily due to the loss on disposal of an intangible asset of $52.2 million in the prior-year period, partially offset by the change in fair value of the earnout liabilities and certain one-time costs related to the CEO transition and bad debt expense.

GAAP net loss for the fourth quarter of 2023 was $26.6 million compared to GAAP net loss of $56.6 million in the fourth quarter of 2022. Adjusted net loss for the fourth quarter of 2023 was $19.4 million compared to adjusted net loss of $13.0 million in the fourth quarter of 2022.

Adjusted EBITDA was a negative $17.3 million in the fourth quarter of 2023 compared to a negative $10.6 million in the fourth quarter of 2022.

Cash, cash equivalents and marketable securities were $128.5 million as of December 31, 2023, with no debt outstanding.

Full-Year 2023 Financial Results

Total revenue was $315.7 million, compared to $377.2 million in 2022, primarily due to declines in direct-to-consumer sales as well as domestic and international business-to-business sales, partially offset by higher rental revenue.

Total gross margin was 40.1% for the full-year 2023 versus 40.7% in 2022. The decline was primarily due to sales channel mix and higher servicing costs, partially offset by lower premiums paid for components and labor and overhead costs as well as higher reimbursement rates. Additional impacts included higher cost of other materials and warranty cost per unit sold.

Total operating expense for the full-year 2023 was $236.1 million compared to $238.8 million for the full-year 2022.

GAAP net loss for full-year 2023 was $102.4 million compared to GAAP net loss of $83.8 million for full-year 2022. Adjusted net loss for full-year 2023 was $48.3 million compared to adjusted net loss of $26.2 million for full-year 2022.

Adjusted EBITDA was a negative $37.8 million for the full-year 2023 compared to a negative $13.5 million for the full-year 2022.

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 $73 to $74 million, reflecting 1% to 3% reported growth relative to the first quarter 2023.

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 U.S. GAAP and also on a non-GAAP basis for the three and twelve months ended December 31, 2023, and December 31, 2022. Management believes that non-GAAP financial measures, taken in conjunction with U.S. GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of Inogen’s core operating results. Management uses non-GAAP measures to compare Inogen’s performance relative to forecasts and strategic plans, to benchmark Inogen’s performance externally against competitors, and for certain compensation decisions. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Inogen's operating results as reported under U.S. GAAP. Inogen encourages investors to carefully consider its results under U.S. GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between U.S. GAAP and non-GAAP results are presented in the accompanying tables of this release. For future periods, Inogen is unable to provide a reconciliation of non-GAAP measures without unreasonable effort as a result of the uncertainty regarding, and the potential variability of, the amounts of interest income, interest expense, depreciation and amortization, stock-based compensation, provision for income taxes, and certain other infrequently occurring items, such as acquisition-related costs, that may be incurred in the future.

Consolidated Statements of Comprehensive Loss

(unaudited)

(amounts in thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Twelve months ended

 

 

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 $3,213 and $2,950 for the three months ended and $12,893 and $11,103 for the twelve months ended, respectively

 

 

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

(unaudited)

(amounts in thousands)

 

 

 

 

 

 

 

December 31,

 

December 31,

 

 

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

(unaudited)

(in thousands, except units and patients)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 U.S. GAAP to Other Non-GAAP Financial Measures

(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 0% for 2023 and 2022.

 

ir@inogen.net

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