Inogen Expands Manufacturing Capacity to Accommodate Growth
GOLETA, Calif., Dec. 5, 2014 (GLOBE NEWSWIRE) -- Inogen, Inc. (Nasdaq:INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced it has entered into a lease agreement for approximately 23,890 square feet to be used for manufacturing in Richardson, Texas. The lease agreement enables the company to reduce the average cost per square foot for manufacturing, while providing for capacity expansion. The company's current manufacturing leased space in Richardson, Texas will be converted into office space to allow for sales expansion and other administrative functions.
"This additional manufacturing space enables us to expand our manufacturing capacity, while lowering our average facility cost per square foot. Our goal is to balance our growth with a focus on cost control through scalable manufacturing, reliability improvements, optimizing asset utilization and reducing service costs," said President and Chief Executive Officer, Raymond Huggenberger.
The Company is expected to be in possession of the facility commencing on January 1, 2015 and the lease has a term of 85 months.
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 regarding Inogen's expansion and growth expectations. 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; the impact of reduced reimbursement rates in connection with the implementation of the competitive bidding process under Medicare; its ability to successfully launch new products and applications; competition; 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; risks associated with international operations; 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 5, 2014