Business Wire | Aug 4, 2021 04:06PM EDT

Inogen Announces Second Quarter 2021 Financial Results

Aug. 04, 2021

GOLETA, Calif.--(BUSINESS WIRE)--Aug. 04, 2021--Inogen, Inc. (NASDAQ: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today reported financial results for the three months ended June 30, 2021.

Second Quarter 2021 Highlights

* Total revenue of $101.6 million, up 41.7% from the same period in 2020, primarily due to strong consumer demand, improved average selling prices in all channels, and reduced COVID-19 pandemic-related impacts * Domestic direct-to-consumer revenue of $40.9 million, up 35.6% from the same period in 2020 * Rental revenue of $11.3 million, up 85.2% from the same period in 2020 * Cash, cash equivalents, and marketable securities were $250.0 million with no debt outstanding as of June 30, 2021

"We saw strong revenue growth of 41.7% as compared to the second quarter of 2020, when the COVID-19 pandemic drove a significant negative impact on our business," said Inogen's President and Chief Executive Officer, Nabil Shabshab. "We are pleased with the recovery in our core business. Demand and average selling prices for portable oxygen concentrators increased primarily due to higher consumer confidence and higher COVID-19 vaccination rates leading to increased patient ambulation in the second quarter of 2021. While we are confident in the underlying strength of our business, we are navigating rising costs and supply chain constraints like many companies across the globe. The semiconductor chip shortage is impacting our ability to supply our customers with batteries and portable oxygen concentrators. As a result, we expect revenue growth constraints and a higher cost of goods sold per unit starting in the third quarter of 2021 versus the first half of 2021 until chip availability increases."

Second Quarter 2021 Financial Results

Total revenue for the three months ended June 30, 2021 increased 41.7% to $101.6 million from $71.7 million in the same period in 2020. Overall demand and average selling prices for the Company's products was strong in the second quarter of 2021. However, due to supply chain constraints and in an effort to optimize financial results, the Company focused supply capacity on its direct-to-consumer and international business-to-business sales channels.

Domestic business-to-business sales in the second quarter of 2021 increased 27.8% to $27.6 million compared to $21.6 million in the second quarter of 2020. The Company believes this increase in the second quarter of 2021 was primarily due to greater demand for portable oxygen concentrators (POCs) for both traditional long-term oxygen therapy patients and secondarily due to COVID-19 patients upon hospital discharge as well as higher reseller demand.

International business-to-business sales in the second quarter of 2021 increased by 57.3% (47.8% increase on a constant currency basis - see accompanying table for reconciliation of GAAP and non-GAAP measures) to $21.8 million compared to $13.9 million in the second quarter of 2020. The Company believes the increase was primarily driven by improving COVID-19 vaccination rates and increased ambulation of patients in Europe, increased operational capacity of certain European respiratory assessment centers, and increased sales in India associated with the spike in COVID-19 cases in that market. International business-to-business sales in the second quarter of 2021 included $2.0 million in sales to the Company's distributor in India versus no sales in the second quarter of 2020.

Direct-to-consumer domestic sales increased 35.6% to $40.9 million in the second quarter of 2021 from $30.2 million in the second quarter of 2020. The Company believes the increase was primarily driven by increased demand for POCs due to higher COVID-19 vaccination rates within the Company's patient population and the relaxation of closure orders related to the COVID-19 public health emergency (PHE) leading to increased ambulation, as well as improved consumer confidence. This increased demand was partially offset by lower average inside sales representative headcount, which was down approximately 18% from the comparative period as attrition outpaced hiring, primarily due to increased competition for sales professionals in 2021, along with reduced hiring of new sales representatives in 2020 due to the COVID-19 pandemic.

Rental revenue in the second quarter of 2021 increased 85.2% to $11.3 million from $6.1 million in the same period in 2020, primarily due to increased patients on service, higher billable patients as a percent of total patients on service, and higher Medicare reimbursement rates. As of June 30, 2021, the Company had approximately 37,100 patients on service, which was up 6.9% sequentially compared to March 31, 2021, and up 40.5% compared to June 30, 2020. The increase in patients on service was primarily driven by greater utilization of leads for rental opportunities and physician facing initiatives to increase prescriber awareness by the Company's sales force as well as the relaxed Medicare criteria for oxygen therapy reimbursement due to the COVID-19 PHE.

Total gross margin was 49.6% in the second quarter of 2021 versus 45.7% in the comparative period in 2020. Sales revenue gross margin increased to 48.4% in the second quarter of 2021 versus 45.0% in the second quarter of 2020, primarily due to increased mix of domestic direct-to-consumer sales, which have a higher gross margin versus the Company's business-to-business sales, and improved average selling prices in all channels. The increase was partially offset by higher cost of goods sold per unit in the quarter, primarily due to increased labor and overhead costs and material costs. Rental revenue gross margin increased to 58.6% in the second quarter of 2021 versus 53.0% in the second quarter of 2020, primarily due to higher billable patients as a percent of total patients on service and higher Medicare reimbursement rates, partially offset by higher service and depreciation expense per patient on service.

Total operating expense increased to $38.7 million in the second quarter of 2021 versus $35.1 million in the second quarter of 2020, primarily due to increased personnel-related expense and increased media and advertising costs. These increases were partially offset by a $9.0 million decrease in the change in fair value of the New Aera earnout liability (non-cash) versus the comparative period.

Research and development expense increased to $4.1 million in the second quarter of 2021, compared to $3.3 million in the second quarter of 2020, primarily associated with increased personnel-related expense. Sales and marketing expense increased to $29.3 million in the second quarter of 2021 versus $22.1 million in the comparative period of 2020, primarily due to increased personnel-related expense, advertising costs, and other direct-to-consumer sales and marketing costs. Media and advertising costs were $8.7 million in the second quarter of 2021 compared to $7.2 million in the second quarter of 2020. General and administrative expense decreased to $5.2 million in the second quarter of 2021 versus $9.7 million in the second quarter of 2020, primarily due to a $9.0 million decrease in the change in the fair value of the New Aera earnout liability and lower consulting costs, partially offset by increased personnel-related expense including $0.8 million in officer transition costs. The change in the fair value of the New Aera earnout liability was a benefit of $8.1 million in the second quarter of 2021 compared to an expense of $0.9 million in the second quarter of 2020. The reduction in the fair value of the earnout liability in the second quarter of 2021 was associated with the reduced expected revenue from the TAV technology due to the negative Medicare reimbursement coding outlook based on the recent court decision to dismiss the Company's legal case against CMS with regards to non-invasive ventilation coding.

In the second quarter of 2021, the Company reported operating income of $11.7 million, Adjusted EBITDA of $12.4 million, net income of $5.1 million, and earnings per diluted common share of $0.22 (see accompanying table for reconciliation of GAAP and non-GAAP measures).

As of June 30, 2021, the Company had cash, cash equivalents, and marketable securities of $250.0 million with no debt outstanding.

Financial Outlook for 2021

The Company continues to see ongoing uncertainty in the business caused by the continued and varying impact of the COVID-19 pandemic, including related to supply chain disruption, the increased cost of critical components, the impact of the Delta variant and the potential emergence of new variants, the durability of higher consumer confidence and increased consumer ambulation, and worldwide vaccination rates. As a result, the Company is still unable to provide guidance for the full year 2021, including its revenue, revenue mix, net loss, and Adjusted EBITDA estimates for such periods.

The Company believes the semiconductor chip shortage experienced across many industries, has and will likely continue to have a negative impact on its ability to manufacture products as these chips are used across all of its portable oxygen concentrators in both its batteries and printed circuit boards. The Company will continue to work with its manufacturing partners and explore other open-market avenues to procure necessary semiconductor chips, but expects increasing challenges in terms of supply and pricing inflation until supply meets demand and prices stabilize.

The acquisition costs for these chips from third parties is expected to be significantly higher in the third quarter of 2021 than the standard purchase price and is expected to continue to increase if and to the extent that supply is available during the shortage. As a result, the Company expects these inflated costs will increase the Company's cost of goods sold starting in the third quarter of 2021 and continuing until supply meets demand and prices stabilize. The Company believes based on its assessment and industry feedback that these supply shortages may continue through the second quarter of 2022. As a result, in the interim the Company expects to be supply constrained and unable to meet full customer demand for its products.

While the Company is still unable to provide financial guidance for full year 2021, the Company expects total revenue in the second half of 2021 to be lower than the first half of 2021, with the largest negative impact on its domestic business-to-business channel.

The Company also expects increased cost of goods sold per unit in the second half of 2021 due to cost inflation of materials and labor throughout the supply chain including semiconductor chips and higher freight costs. To partially offset these rising costs, the Company plans to implement price increases across its products, which are planned to be effective as of September 1, 2021.

The Company will continue to make investments in clinical research, research and development, and building the necessary infrastructure to support future revenue growth and predictability as well as margin expansion. As a result, operating expenses for the year in 2021 are expected to exceed those in 2020. In addition, while the Company incurred minimal expenses related to bonus and performance-based stock compensation expense in 2020, it expects such costs to increase in 2021 along with certain expenses related to the previously announced officer transitions and additions.

In total, the Company expects net losses in both the third and fourth quarters of 2021 and a net loss for full-year 2021, reflecting the anticipated supply-constrained revenue decline, increased cost of goods sold per unit, and higher operating expense in the second half of 2021 as compared to the first half of 2021.

Conference Call

Individuals interested in listening to the conference call today at 1:30pm PT/4:30pm ET may do so by dialing (877) 841-3961 for domestic callers or (201) 689-8589 for international callers. To listen to a live webcast, please visit the Investor Relations section of Inogen's website at: http://investor.inogen.com/.

A replay of the call will be available beginning August 4, 2021 at 3:30pm PT/6:30pm ET through August 18, 2021. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Access Code: 13721387. The webcast will also be available on Inogen's website for one year following the completion of the call.

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

We are a medical technology company offering innovative respiratory products for use in the homecare setting. We primarily develop, manufacture and market innovative portable 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 the Company's expectations related to its financial results for 2021 by channel, cost of goods sold, net loss, and Adjusted EBITDA; the anticipated impact of the COVID-19 pandemic on the Company's business; expectations with respect to the Company's supply chain, including the availability semiconductor chips used in its batteries and POCs; demand for the Company's products in its various business channels; the Company's operating and sales strategy in respect to the COVID-19 pandemic; expectations regarding changes to reimbursement rates; expectations related to the Company's physician sales force; expectations regarding the Company's compensation expense; and expectations related to the Company's rental strategy and growth prospects. 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 and limited availability of semiconductor chips used in its batteries and POCs or cost inflation for such components; the risks related to the COVID-19 pandemic; the impact of changes in reimbursement rates and reimbursement and regulatory policies; the possible loss of key employees, customers, or suppliers; risks relating to Inogen's acquisition of New Aera, Inc. and the possibility that Inogen will not realize anticipated revenue from the technology acquired from New Aera or that expenses and costs will exceed Inogen's expectations; 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; 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 operating results are contained in its Quarterly Report on Form 10-Q for the period ended March 31, 2021, and in its other filings with the Securities and Exchange Commission. Additional information will also be set forth in Inogen's Quarterly Report on Form 10-Q for the period ended June 30, 2021, 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.

Use of 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 six months ended June 30, 2021 and June 30, 2020. 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.

- Financial Tables Follow -

Consolidated Balance Sheets

(unaudited)

(amounts in thousands)



June 30, December 31,

2021 2020

Assets

Current assets

Cash and cash equivalents $ 238,850 $ 211,962

Marketable securities 11,106 19,257

Accounts receivable, net 36,946 29,717

Inventories, net 27,225 24,815

Income tax receivable 1,982 2,048

Prepaid expenses and other current assets 11,457 17,898

Total current assets 327,566 305,697

Property and equipment, net 34,030 28,230

Goodwill 33,085 33,165

Intangible assets, net 64,424 68,797

Operating lease right-of-use asset 26,637 8,827

Deferred tax asset - noncurrent 9,171 14,467

Other assets 3,261 2,669

Total assets $ 498,174 $ 461,852

Liabilities and stockholders' equity

Current liabilities

Accounts payable and accrued expenses $ 31,543 $ 33,712

Accrued payroll 12,108 7,091

Warranty reserve - current 6,210 5,740

Operating lease liability - current 3,562 1,931

Deferred revenue - current 8,013 6,994

Income tax payable 404 1,242

Total current liabilities 61,840 56,710

Warranty reserve - noncurrent 9,128 8,654

Operating lease liability - noncurrent 24,911 8,078

Earnout liability - noncurrent 19,165 26,940

Deferred revenue - noncurrent 12,189 11,822

Deferred tax liability - noncurrent 25 25

Total liabilities 127,258 112,229

Stockholders' equity

Common stock 23 22

Additional paid-in capital 289,615 273,521

Retained earnings 79,975 75,605

Accumulated other comprehensive income 1,303 475

Total stockholders' equity 370,916 349,623

Total liabilities and stockholders' equity $ 498,174 $ 461,852

Consolidated Statements of Comprehensive Income

(unaudited)

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

Three months ended

Six months ended

June 30,

June 30,

2021

2020

2021

2020

Revenue

Sales revenue

$

90,304

$

65,612

$

167,385

$

148,752

Rental revenue

11,259

6,079

21,110

11,428

Total revenue

101,563

71,691

188,495

160,180

Cost of revenue

Cost of sales revenue

46,565

36,082

89,200

83,200

Cost of rental revenue, including depreciation of $2,054 and $1,221, for the three months ended and $3,942 and $2,520 for the six months ended, respectively

4,663

2,860

9,087

5,865

Total cost of revenue

51,228

38,942

98,287

89,065

Gross profit

50,335

32,749

90,208

71,115

Operating expense

Research and development

4,123

3,290

8,138

6,895

Sales and marketing

29,317

22,086

54,808

49,249

General and administrative

5,224

9,724

17,723

19,501

Total operating expense

38,664

35,100

80,669

75,645

Income (loss) from operations

11,671

(2,351

)

9,539

(4,530

)

Other income (expense)

Interest income

29

176

86

728

Other income (expense)

304

5,700

(6

)

5,640

Total other income, net

333

5,876

80

6,368

Income before provision for income taxes

12,004

3,525

9,619

1,838

Provision for income taxes

6,902

945

5,249

847

Net income

$

5,102

$

2,580

$

4,370

$

991

Other comprehensive income (loss), net of tax

Change in foreign currency translation adjustment

123

178

(334

)

20

Change in net unrealized gains (losses) on foreign currency hedging

390

(417

)

1,534

244

Less: reclassification adjustment for net (gains) losses included in net income

(132

)

134

(373

)

146

Total net change in unrealized gains (losses) on foreign currency hedging

258

(283

)

1,161

390

Change in net unrealized gains (losses) on marketable securities

(3

)

1

1

(5

)

Total other comprehensive income (loss), net of tax

378

(104

)

828

405

Comprehensive income

$

5,480

$

2,476

$

5,198

$

1,396

Basic net income per share attributable to common stockholders (1)

$

0.23

$

0.12

$

0.20

$

0.05

Diluted net income per share attributable to common stockholders (1)

$

0.22

$

0.12

$

0.19

$

0.04

Weighted-average number of shares used in calculating net income per share attributable to common stockholders:

Basic common shares

22,444,246

21,963,472

22,313,546

21,939,919

Diluted common shares

22,874,321

22,221,356

22,734,079

22,229,744

Consolidated Statements of Comprehensive Income

(unaudited)

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



Three months ended Six months ended

June 30, June 30,

2021 2020 2021 2020

Revenue

Sales revenue $ 90,304 $ 65,612 $ 167,385 $ 148,752

Rental revenue 11,259 6,079 21,110 11,428

Total revenue 101,563 71,691 188,495 160,180

Cost of revenue

Cost of sales 46,565 36,082 89,200 83,200 revenue

Cost of rentalrevenue,includingdepreciation of$2,054 and$1,221, for the 4,663 2,860 9,087 5,865 three monthsended and $3,942and $2,520 forthe six monthsended,respectively

Total cost of 51,228 38,942 98,287 89,065 revenue

Gross profit 50,335 32,749 90,208 71,115

Operating expense

Research and 4,123 3,290 8,138 6,895 development

Sales and 29,317 22,086 54,808 49,249 marketing

General and 5,224 9,724 17,723 19,501 administrative

Total operating 38,664 35,100 80,669 75,645 expense

Income (loss) 11,671 (2,351 ) 9,539 (4,530 )from operations

Other income (expense)

Interest income 29 176 86 728

Other income 304 5,700 (6 ) 5,640 (expense)

Total other 333 5,876 80 6,368 income, net

Income beforeprovision for 12,004 3,525 9,619 1,838 income taxes

Provision for 6,902 945 5,249 847 income taxes

Net income $ 5,102 $ 2,580 $ 4,370 $ 991

Othercomprehensive income (loss),net of tax

Change inforeign currency 123 178 (334 ) 20 translationadjustment

Change in netunrealized gains(losses) on 390 (417 ) 1,534 244 foreign currencyhedging

Less:reclassificationadjustment for (132 ) 134 (373 ) 146 net (gains)losses includedin net income

Total net changein unrealizedgains (losses) 258 (283 ) 1,161 390 on foreigncurrency hedging

Change in netunrealized gains(losses) on (3 ) 1 1 (5 )marketablesecurities

Total othercomprehensive 378 (104 ) 828 405 income (loss),net of tax

Comprehensive $ 5,480 $ 2,476 $ 5,198 $ 1,396 income



Basic net incomeper shareattributable to $ 0.23 $ 0.12 $ 0.20 $ 0.05 commonstockholders^(1)

Diluted netincome per shareattributable to $ 0.22 $ 0.12 $ 0.19 $ 0.04 commonstockholders^(1)

Weighted-averagenumber of sharesused incalculating net income per shareattributable tocommonstockholders:

Basic common 22,444,246 21,963,472 22,313,546 21,939,919 shares

Diluted common 22,874,321 22,221,356 22,734,079 22,229,744 shares

(1)

Reconciliations of net income attributable to common stockholders basic and diluted can be found in Inogen's Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission.

Reconciliations of net income attributable to common stockholders basic(1) and diluted can be found in Inogen's Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission.

Supplemental Financial Information

(unaudited)

(in thousands, except units and patients)

Three months ended

Six months ended

June 30,

June 30,

2021

2020

2021

2020

Revenue by region and category

Business-to-business domestic sales

$

27,558

$

21,564

$

58,301

$

49,118

Business-to-business international sales

21,823

13,874

37,543

33,957

Direct-to-consumer domestic sales

40,923

30,174

71,541

65,677

Direct-to-consumer domestic rentals

11,259

6,079

21,110

11,428

Total revenue

$

101,563

$

71,691

$

188,495

$

160,180

Additional financial measures

Units sold

52,400

42,500

101,800

95,900

Net rental patients as of period-end

37,100

26,400

37,100

26,400

Supplemental Financial Information

(unaudited)

(in thousands, except units and patients)



Three months ended Six months ended

June 30, June 30,

2021 2020 2021 2020

Revenue by region and category

Business-to-business domestic $ 27,558 $ 21,564 $ 58,301 $ 49,118 sales

Business-to-business 21,823 13,874 37,543 33,957 international sales

Direct-to-consumer domestic 40,923 30,174 71,541 65,677 sales

Direct-to-consumer domestic 11,259 6,079 21,110 11,428 rentals

Total revenue $ 101,563 $ 71,691 $ 188,495 $ 160,180

Additional financial measures

Units sold 52,400 42,500 101,800 95,900

Net rental patients as of 37,100 26,400 37,100 26,400 period-end

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

(unaudited)

(in thousands)

Three months ended

Six months ended

June 30,

June 30,

Non-GAAP EBITDA and Adjusted EBITDA

2021

2020

2021

2020

Net income

$

5,102

$

2,580

$

4,370

$

991

Non-GAAP adjustments:

Interest income

(29

)

(176

)

(86

)

(728

)

Provision for income taxes

6,902

945

5,249

847

Depreciation and amortization

5,241

4,480

10,339

8,942

EBITDA (non-GAAP)

17,216

7,829

19,872

10,052

Stock-based compensation

3,239

1,277

5,755

4,061

Change in fair value of earnout liability

(8,082

)

932

(7,817

)

(20

)

Adjusted EBITDA (non-GAAP)

$

12,373

$

10,038

$

17,810

$

14,093

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

(unaudited)

(in thousands)



Three months ended Six months ended

June 30, June 30,

Non-GAAP EBITDA and Adjusted 2021 2020 2021 2020EBITDA

Net income $ 5,102 $ 2,580 $ 4,370 $ 991

Non-GAAP adjustments:

Interest income (29 ) (176 ) (86 ) (728 )

Provision for income taxes 6,902 945 5,249 847

Depreciation and amortization 5,241 4,480 10,339 8,942

EBITDA (non-GAAP) 17,216 7,829 19,872 10,052

Stock-based compensation 3,239 1,277 5,755 4,061

Change in fair value of earnout (8,082 ) 932 (7,817 ) (20 )liability

Adjusted EBITDA (non-GAAP) $ 12,373 $ 10,038 $ 17,810 $ 14,093

Three months ended

Six months ended

June 30, 2021

June 30, 2021

Non-GAAP international constant currency revenue

(using 2020 FX rates)

June 30, 2020

(using 2020 FX rates)

June 30, 2020

International revenues (GAAP)

$

21,823

$

13,874

$

37,543

$

33,957

Foreign exchange impact

(1,314

)

-

(2,445

)

-

International constant currency revenues (non-GAAP)

$

20,509

$

13,874

$

35,098

$

33,957

International revenue growth (GAAP)

57.3

%

10.6

%

International constant currency revenue growth (non-GAAP)

47.8

%

3.4

%

View source version on businesswire.com: https://www.businesswire.com/news/home/20210804005957/en/

CONTACT: Investor Relations & Media Contact: Ali Bauerlein ir@inogen.net