Inogen Announces Reimbursement for the Inogen One G3 in Germany
The Second Largest Market in Europe to Improve Access to Inogen Technology
GOLETA, Calif., Dec. 23, 2014 (GLOBE NEWSWIRE) -- Inogen, Inc. (Nasdaq:INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, announced today that the Inogen One G3 portable oxygen concentrator has received coverage for insurance reimbursement within Germany.
Germany is estimated to be the second largest market in Europe for medical oxygen systems, according to independently published market research data.
The GKV Spitzenverband in Germany has added the Inogen One G3 to its approved products list, called the Hilfsmittelverzeichnis or HMV. The HMV is a register which includes medical devices that are covered by the German public health insurance providers. The specific code assigned to the Inogen One G3 is 14.24.04.6007. In like manner, the Inogen One G2 portable oxygen concentrator previously received similar coverage in Germany.
"Inogen's mission to provide freedom and independence to oxygen therapy users is a global mission," said Raymond Huggenberger, Inogen CEO. "The listing issued in Germany should help to improve access to Inogen technology and thereby increase the freedom and independence for more oxygen therapy patients throughout Europe's second largest market."
Inogen has used, and intends to continue to use, its Investor Relations website, www.inogen.com/investor, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. For more information, visit www.inogen.com/investor.
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 relating to Inogen's expectations for reimbursement in Germany and Inogen's expectations regarding the size of the German oxygen therapy market. 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, Inogen's ability to maintain regulatory approvals for the Inogen One G3 in the EU, risks relating to market acceptance of its products in the EU, and risks associated with international operations. In addition, Inogen's business is subject to numerous additional risks and uncertainties, including, among others, risks arising from the possibility that Inogen will not realize anticipated revenue; the impact of reduced reimbursement rates in connection with the implementation of the competitive bidding process under Medicare; the possible loss of key employees, customers, or suppliers; its ability to successfully launch new products and applications; 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 in customer operations; unanticipated increases in costs or expenses; 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. 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, 2013 and in Inogen's subsequent reports on Form 10-Q and Form 8-K. 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.
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.
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Released December 23, 2014