Inogen Announces Full Operation of New Primary Manufacturing Facility
GOLETA, Calif., March 25, 2015 (GLOBE NEWSWIRE) -- Inogen, Inc. (Nasdaq:INGN), a medical technology company offering innovative respiratory products for use in the home care setting, announced today that its new manufacturing facility in Richardson, Texas is now operational supporting product manufacturing, packaging, and logistics. The 23,890 square foot facility was leased in December of 2014 for a term of approximately 7 years for the purpose of expanding manufacturing capacity and lowering the company's average per square foot manufacturing cost.
The Company will be converting its prior manufacturing space into office space to allow for the additions of sales, customer service, and billing personnel, as well as other administrative functions.
"We are pleased with the quick ramp we achieved in bringing this new manufacturing facility online. Our goal is a balance of infrastructure growth with cost control through scalable manufacturing, reliability improvements, optimizing asset utilization and reducing service costs. This additional manufacturing space has enabled us to begin to streamline our operations to increase production capacity, while at the same time, provide space for our expanding sales, support, and administrative functions as our business grows," said President and Chief Executive Officer, Raymond Huggenberger.
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.
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.
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, among others, statements regarding Inogen's expectation to convert its manufacturing space into office space; Inogen's goals with respect to cost control and reliability improvements; and Inogen's expectations with respect to headcount expansion and business growth. 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 growth; the impact of reduced reimbursement rates, including in connection with the implementation of the competitive bidding and the newly released Center for Medicare and Medicaid Services (CMS) rules; the possibility that Inogen's business growth will not be sufficient to support headcount expansion; and challenges related to improving asset utilization. In addition, Inogen's business is subject to numerous additional risks and uncertainties, including risks related to Inogen's recently announced internal investigation; the possible discovery of additional information relevant to the internal investigation; and risks related to the recently filed securities litigation pending against Inogen in United States District Court for the Central District of California. Information on certain of these 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, including Inogen's Annual Report on Form 10-K for the year ended December 31, 2014 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.
CONTACT: Investor Relations Contact: firstname.lastname@example.org 805-562-0500 ext. 7 Media Contact: Byron Myers 805-562-0503
Released March 25, 2015