Inogen Announces Fourth Quarter and Full Year 2022 Financial Results

Fourth Quarter Year-over-Year Revenue Growth of 15.3%

Full Year 2022 Year-over-Year Revenue Growth of 5.4%

GOLETA, Calif.--(BUSINESS WIRE)-- 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, 2022.

Fourth Quarter 2022 Highlights

All comparisons are to the prior year period unless otherwise noted.

  • Reported total revenue increased 15.3% to $88.1 million, on a constant currency basis total revenue for the quarter increased 17.7%.
  • GAAP net loss of $56.6 million, adjusted net loss of $13.0 million, and adjusted EBITDA was a loss of $10.6 million. GAAP net loss included a one-time loss on disposal of intangible asset of $52.2 million and an offsetting reduction to the fair value of contingent liability of $13.7 million.
  • Cash and cash equivalents were $187.0 million as of December 31, 2022.

Full Year 2022 Highlights

All comparisons are to the prior year period unless otherwise noted.

  • Reported total revenue increased 5.4% to $377.2 million, on a constant currency basis total revenue for the year increased 6.9%.
  • Continued progress on our rental strategy led to a 22.5% increase in rental revenue, primarily due to higher rental patients on service, higher percentage of billable patients and higher reimbursement rates.
  • GAAP net loss of $83.8 million, adjusted net loss of $26.2 million and adjusted EBITDA was a loss of $13.5 million. GAAP net loss included a one-time loss on disposal of intangible asset of $52.2 million and an offsetting reduction to fair value of contingent liability of $15.4 million.
  • Achieved regulatory milestones and announced new products to be launched in 2023.

“Despite the headwinds we faced in 2022, I am pleased with how our team successfully managed these challenges, while growing revenue and executing on our transformation,” said Nabil Shabshab, President and Chief Executive Officer. “We remain focused on our innovation pipeline to provide a foundation for growth along with judicious management of operating expenses to drive medium to long-term growth.”

Fourth Quarter 2022 Financial Results

Fourth quarter total revenue increased 15.3% to $88.1 million from $76.4 million in the fourth quarter of 2021, primarily due to growth in domestic business-to-business sales and rental revenue, partially offset by lower direct-to-consumer sales.

Total gross margin was 33.5% in the fourth quarter of 2022 versus 50.5% in the comparative period in 2021. The decline was driven primarily by sales channel mix, increased material costs including premiums paid for components and higher warranty costs, partially offset by higher manufacturing productivity from increased production volumes.

Total operating expense for the quarter was $88.0 million compared to $45.3 million in the fourth quarter of 2021, representing an increase of 94.3%. The current period expenses include a one-time loss on disposal of intangible asset of $52.2 million. Excluding this loss, operating expense decreased 20.9%, primarily due to the change in fair value of the New Aera earnout liability.

GAAP net loss for the fourth quarter of 2022 was $56.6 million compared to GAAP net loss of $22.9 million in the fourth quarter of 2021. Adjusted net loss was $13.0 million compared to adjusted net loss of $20.1 million in the fourth quarter of 2021.

Adjusted EBITDA was a negative $10.6 million in the fourth quarter of 2022 compared to a negative $0.5 million in the fourth quarter of 2021.

Cash and cash equivalents were $187.0 million as of December 31, 2022, and no debt outstanding.

Full Year 2022 Financial Results

Total revenue of $377.2 million, up 5.4% versus 2021, primarily due to higher international business-to-business sales and rental revenue, partially offset by lower domestic business-to-business and direct-to-consumer sales.

Total gross margin was 40.7% for the full year 2022 versus 49.3% in 2021. The decline was primarily driven by increased material costs related to premiums paid for semiconductor chips and sales channel mix. Additional impacts included higher cost of other materials and warranty costs as well as lower manufacturing productivity. This was partially offset by the impact of higher selling prices across all channels.

Total operating expense for the full year was $238.8 million compared to $167.2 million for the full year 2021, representing an increase of 42.8%. Excluding the loss on disposal of intangible asset, operating expense increased 11.6%. The increased spend was primarily due to ongoing strategic investments required to position the Company for long-term sustainable growth. These expenses included increases in personnel-related expenses, our prescriber initiative, product development, and consulting expenses.

GAAP net loss for full year 2022 was $83.8 million compared to GAAP net loss of $6.3 million for full year 2021. Adjusted net loss was $26.2 million compared to adjusted net income of $1.8 million for full year 2021.

Adjusted EBITDA was a negative $13.5 million for the full year 2022 compared to a positive $29.5 million for the full year 2021.

A reconciliation of adjusted EBITDA and adjusted net income (loss) for the three and twelve months ended December 31, 2022 and 2021 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.”

Quarterly Conference Call Information

Inogen will issue fourth quarter and full year 2022 financial results after the market closes on Thursday, February 23, 2023. 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 2, 2023. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Conference ID: 13735129.

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, Inogen’s expectations for future growth and profitability; expectations related to our sales force and productivity; and our expectations related to management of operating expenses. 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, or cost inflation for such components; the risks our innovation pipeline will not produce meaningful results; the impact of changes in reimbursement rates and reimbursement and regulatory policies; and the possible loss of key employees, customers, or suppliers; the risk that expenses and costs 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 year ended December 31, 2021, Quarterly Report on Form 10-Q for the period ended September 30, 2022, 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, 2022, 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.

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, 2022, and December 31, 2021. 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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Sales revenue

 

$

73,184

 

 

$

63,371

 

 

$

320,549

 

 

$

311,730

 

Rental revenue

 

 

14,907

 

 

 

13,032

 

 

 

56,692

 

 

 

46,273

 

Total revenue

 

 

88,091

 

 

 

76,403

 

 

 

377,241

 

 

 

358,003

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales revenue

 

 

51,753

 

 

 

32,187

 

 

 

197,805

 

 

 

161,824

 

Cost of rental revenue, including depreciation of $2,950 and $2,603, for the three months ended and $11,103 and $8,860 for the twelve months ended, respectively

 

 

6,867

 

 

 

5,628

 

 

 

25,903

 

 

 

19,696

 

Total cost of revenue

 

 

58,620

 

 

 

37,815

 

 

 

223,708

 

 

 

181,520

 

Gross profit

 

 

29,471

 

 

 

38,588

 

 

 

153,533

 

 

 

176,483

 

Operating expense

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

5,934

 

 

 

4,684

 

 

 

21,943

 

 

 

16,576

 

Sales and marketing

 

 

28,606

 

 

 

29,706

 

 

 

120,767

 

 

 

112,815

 

General and administrative

 

 

1,259

 

 

 

10,871

 

 

 

43,905

 

 

 

37,852

 

Loss on disposal of intangible asset

 

 

52,161

 

 

 

 

 

 

52,161

 

 

 

 

Total operating expense

 

 

87,960

 

 

 

45,261

 

 

 

238,776

 

 

 

167,243

 

Income (loss) from operations

 

 

(58,489

)

 

 

(6,673

)

 

 

(85,243

)

 

 

9,240

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

1,715

 

 

 

22

 

 

 

2,837

 

 

 

129

 

Other income (expense)

 

 

305

 

 

 

(238

)

 

 

(862

)

 

 

(710

)

Total other income (expense), net

 

 

2,020

 

 

 

(216

)

 

 

1,975

 

 

 

(581

)

Income (loss) before provision for income taxes

 

 

(56,469

)

 

 

(6,889

)

 

 

(83,268

)

 

 

8,659

 

Provision for income taxes

 

 

141

 

 

 

15,988

 

 

 

504

 

 

 

14,992

 

Net loss

 

$

(56,610

)

 

$

(22,877

)

 

$

(83,772

)

 

$

(6,333

)

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

Change in foreign currency translation adjustment

 

 

856

 

 

 

(215

)

 

 

(597

)

 

 

(800

)

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

 

 

(1,461

)

 

 

(282

)

 

 

(3,130

)

 

 

1,746

 

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

 

 

784

 

 

 

314

 

 

 

1,990

 

 

 

47

 

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

 

 

(677

)

 

 

32

 

 

 

(1,140

)

 

 

1,793

 

Change in net unrealized gains (losses) on marketable securities

 

 

9

 

 

 

1

 

 

 

25

 

 

 

1

 

Total other comprehensive income (loss), net of tax

 

 

188

 

 

 

(182

)

 

 

(1,712

)

 

 

994

 

Comprehensive loss

 

$

(56,422

)

 

$

(23,059

)

 

$

(85,484

)

 

$

(5,339

)

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(2.47

)

 

$

(1.01

)

 

$

(3.67

)

 

$

(0.28

)

Diluted net loss per share attributable to common stockholders (1) (2)

 

$

(2.47

)

 

$

(1.01

)

 

$

(3.67

)

 

$

(0.28

)

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

 

 

 

 

 

 

 

 

 

 

 

 

Basic common shares

 

 

22,926,276

 

 

 

22,707,987

 

 

 

22,852,571

 

 

 

22,490,027

 

Diluted common shares

 

 

22,926,276

 

 

 

22,707,987

 

 

 

22,852,571

 

 

 

22,490,027

 

(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, 2022, and December 31, 2021 diluted loss per share is the same as basic.

Consolidated Balance Sheets

(unaudited)

(amounts in thousands)

 

 

 

 

 

December 31,

 

December 31,

 

2022

 

2021

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

187,014

 

$

235,524

Marketable securities

 

 

 

9,989

Accounts receivable, net

 

62,725

 

 

24,452

Inventories, net

 

34,093

 

 

31,873

Income tax receivable

 

1,626

 

 

1,343

Prepaid expenses and other current assets

 

19,187

 

 

26,005

Total current assets

 

304,645

 

 

329,186

Property and equipment, net

 

43,269

 

 

38,926

Goodwill

 

32,852

 

 

32,979

Intangible assets, net

 

177

 

 

60,147

Operating lease right-of-use asset

 

21,653

 

 

24,912

Other assets

 

2,445

 

 

3,363

Total assets

$

405,041

 

$

489,513

Liabilities and stockholders' equity

 

 

 

Current liabilities

 

 

 

Accounts payable and accrued expenses

$

33,974

 

$

25,689

Accrued payroll

 

11,190

 

 

17,307

Warranty reserve - current

 

7,790

 

 

6,480

Operating lease liability - current

 

3,515

 

 

3,393

Deferred revenue - current

 

8,880

 

 

8,568

Income tax payable

 

 

 

75

Total current liabilities

 

65,349

 

 

61,512

Warranty reserve - noncurrent

 

12,123

 

 

7,246

Operating lease liability - noncurrent

 

19,764

 

 

23,281

Earnout liability - noncurrent

 

 

 

15,386

Deferred revenue - noncurrent

 

10,399

 

 

11,861

Total liabilities

 

107,635

 

 

119,286

Stockholders' equity

 

 

 

Common stock

 

23

 

 

23

Additional paid-in capital

 

312,126

 

 

299,463

Retained earnings (deficit)

 

(14,500

)

 

69,272

Accumulated other comprehensive income (loss)

 

(243

)

 

1,469

Total stockholders' equity

 

297,406

 

 

370,227

Total liabilities and stockholders' equity

$

405,041

 

$

489,513

Condensed Consolidated Cash Flow

 

(unaudited)

 

(amounts in thousands)

 

 

 

 

 

 

 

 

 

 

Twelve months ended December 31,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities

 

 

 

 

 

 

Net loss

 

$

(83,772

)

 

$

(6,333

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

23,514

 

 

 

21,628

 

Loss on rental units and other fixed assets

 

 

3,095

 

 

 

1,521

 

Gain on sale of former rental assets

 

 

(154

)

 

 

(65

)

Provision for sales revenue returns and doubtful accounts

 

 

13,024

 

 

 

11,094

 

Provision for inventory losses

 

 

2,423

 

 

 

2,062

 

Stock-based compensation expense

 

 

12,283

 

 

 

10,943

 

Deferred income taxes

 

 

 

 

 

14,444

 

Change in fair value of earnout liability

 

 

(15,386

)

 

 

(11,596

)

Loss on disposal of intangible asset

 

 

52,161

 

 

 

 

Changes in operating assets and liabilities

 

 

(44,720

)

 

 

(20,065

)

Net cash provided by (used in) operating activities

 

 

(37,532

)

 

 

23,633

 

Cash flows from investing activities

 

 

 

 

 

 

Purchases of marketable securities

 

 

 

 

 

(9,987

)

Maturities of marketable securities

 

 

10,014

 

 

 

19,256

 

Investment in intangible assets

 

 

 

 

 

(132

)

Investment in property and equipment

 

 

(3,337

)

 

 

(5,482

)

Production and purchase of rental equipment

 

 

(17,885

)

 

 

(18,453

)

Proceeds from sale of former assets

 

 

331

 

 

 

153

 

Net cash used in investing activities

 

 

(10,877

)

 

 

(14,645

)

Cash flows from financing activities

 

 

 

 

 

 

Proceeds from stock options exercised

 

 

44

 

 

 

13,699

 

Proceeds from employee stock purchases

 

 

1,691

 

 

 

1,948

 

Payment of employment taxes related to release of restricted stock

 

 

(1,355

)

 

 

(647

)

Net cash provided by financing activities

 

 

380

 

 

 

15,000

 

Effect of exchange rates on cash

 

 

(481

)

 

 

(426

)

Net increase (decrease) in cash and cash equivalents

 

$

(48,510

)

 

$

23,562

 

Supplemental Financial Information

 

(unaudited)

 

(in thousands, except units and patients)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

Twelve months ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue by region and category

 

 

 

 

 

 

 

 

 

 

 

 

Business-to-business domestic sales

 

$

27,190

 

 

$

10,277

 

 

$

86,049

 

 

$

91,371

 

Business-to-business international sales

 

 

20,703

 

 

 

20,083

 

 

 

101,163

 

 

 

79,460

 

Direct-to-consumer domestic sales

 

 

25,291

 

 

 

33,011

 

 

 

133,337

 

 

 

140,899

 

Direct-to-consumer domestic rentals

 

 

14,907

 

 

 

13,032

 

 

 

56,692

 

 

 

46,273

 

Total revenue

 

$

88,091

 

 

$

76,403

 

 

$

377,241

 

 

$

358,003

 

Additional financial measures

 

 

 

 

 

 

 

 

 

 

 

 

Units sold

 

 

43,500

 

 

 

29,400

 

 

 

170,500

 

 

 

175,800

 

Net rental patients as of period-end

 

 

45,600

 

 

 

42,900

 

 

 

45,600

 

 

 

42,900

 

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

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net loss (GAAP)

 

$

(56,610

)

 

$

(22,877

)

 

$

(83,772

)

 

$

(6,333

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

(1,715

)

 

 

(22

)

 

 

(2,837

)

 

 

(129

)

Provision for income taxes

 

 

141

 

 

 

15,988

 

 

 

504

 

 

 

14,992

 

Depreciation and amortization

 

 

5,978

 

 

 

5,767

 

 

 

23,514

 

 

 

21,628

 

EBITDA (non-GAAP)

 

 

(52,206

)

 

 

(1,144

)

 

 

(62,591

)

 

 

30,158

 

Stock-based compensation

 

 

3,098

 

 

 

2,396

 

 

 

12,283

 

 

 

10,943

 

Change in fair value of earnout liability

 

 

(13,687

)

 

 

(1,727

)

 

 

(15,386

)

 

 

(11,596

)

Loss on disposal of intangible asset

 

 

52,161

 

 

 

 

 

 

52,161

 

 

 

 

Adjusted EBITDA (non-GAAP)

 

$

(10,634

)

 

$

(475

)

 

$

(13,533

)

 

$

29,505

 

 

 

Three months ended December 31,

 

 

 

Net Loss

 

 

Diluted EPS

 

Non-GAAP Adjusted Net Loss and Diluted EPS

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Financial Results (GAAP)

 

$

(56,610

)

 

$

(22,877

)

 

$

(2.47

)

 

$

(1.01

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangibles

 

 

2,022

 

 

 

2,153

 

 

 

 

 

 

 

Stock-based compensation

 

 

3,098

 

 

 

2,396

 

 

 

 

 

 

 

Change in fair value of earnout liability

 

 

(13,687

)

 

 

(1,727

)

 

 

 

 

 

 

Loss on disposal of intangible asset

 

 

52,161

 

 

 

 

 

 

 

 

 

 

Income tax impact of adjustments (1)

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted

 

$

(13,016

)

 

$

(20,055

)

 

$

(0.57

)

 

$

(0.88

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve months ended December 31,

 

 

 

Net Income (Loss)

 

 

Diluted EPS

 

Non-GAAP Adjusted Net Income (Loss) and Diluted EPS

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Financial Results (GAAP)

 

$

(83,772

)

 

$

(6,333

)

 

$

(3.67

)

 

$

(0.28

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangibles

 

 

8,469

 

 

 

8,775

 

 

 

 

 

 

 

Stock-based compensation

 

 

12,283

 

 

 

10,943

 

 

 

 

 

 

 

Change in fair value of earnout liability

 

 

(15,386

)

 

 

(11,596

)

 

 

 

 

 

 

Loss on disposal of intangible asset

 

 

52,161

 

 

 

 

 

 

 

 

 

 

Income tax impact of adjustments (1)

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted

 

$

(26,245

)

 

$

1,789

 

 

$

(1.15

)

 

$

0.08

 

(1) 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 2022 and 2021, which is due to the recording of a valuation allowance.

 

 

Three months ended
December 31,

 

 

Twelve months ended
December 31,

 

Non-GAAP constant currency revenue

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Business-to-business domestic sales

 

$

27,190

 

 

$

10,277

 

 

$

86,049

 

 

$

91,371

 

Business-to-business international sales

 

 

20,703

 

 

 

20,083

 

 

 

101,163

 

 

 

79,460

 

Direct-to-consumer domestic sales

 

 

25,291

 

 

 

33,011

 

 

 

133,337

 

 

 

140,899

 

Direct-to-consumer domestic rentals

 

 

14,907

 

 

 

13,032

 

 

 

56,692

 

 

 

46,273

 

Total revenue (GAAP)

 

 

88,091

 

 

 

76,403

 

 

 

377,241

 

 

 

358,003

 

Hedging gains

 

 

784

 

 

 

414

 

 

 

1,990

 

 

 

62

 

Total revenue, excluding hedging effect (non-GAAP)

 

 

87,307

 

 

 

75,989

 

 

 

375,251

 

 

 

357,941

 

Exchange rate impact

 

 

2,111

 

 

 

331

 

 

 

7,279

 

 

 

(2,524

)

Constant currency revenues (non-GAAP)

 

$

89,418

 

 

$

76,320

 

 

$

382,530

 

 

$

355,417

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue growth (GAAP)

 

 

15.3

%

 

 

 

 

 

5.4

%

 

 

 

Constant currency revenue growth (non-GAAP)

 

 

17.7

%

 

 

 

 

 

6.9

%

 

 

 

 

Agnes Lee
ir@inogen.net

Source: Inogen, Inc.