Inogen, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Balance Sheet Components (Tables)

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Summary of Cash, Cash Equivalents and Short-term Investments

Cash, cash equivalents and marketable securities consist of the following:


	March 31,		December 31,
Cash and cash equivalents	2023		2022
Cash	$	23,864	$	27,970
Money market accounts		99,048		113,534
Corporate bonds		5,985		6,474
U.S. Treasury securities		14,920		18,939
Institutional Insured Liquidity Deposit Savings		20,320		20,097
Total cash and cash equivalents	$	164,137	$	187,014
Marketable securities
U.S. Treasury securities		10,428		—
Total marketable securities	$	10,428	$	—

Schedule of Net Accounts Receivable Balance Concentrations by Major Category

Net accounts receivable (gross accounts receivable, net of allowances) balance concentrations by major category as of March 31, 2023 and December 31, 2022 were as follows:


	March 31,		December 31,
Net accounts receivable	2023		2022
Rental (1)	$	7,392	$	5,246
Business-to-business and other receivables (2)		46,493		57,479
Total net accounts receivable	$	53,885	$	62,725

(1)

Rental includes Medicare, Medicaid/other government, private insurance and patient pay.

(2)

Business-to-business receivables included extended terms for two customers: 1) One customer had accounts receivable balances of $7,734 and $9,861 as of March 31, 2023 and December 31, 2022, respectively. The customer received extended payment terms through a direct financing plan offered. The Company also has a credit insurance policy in place, which allocated up to $12,000 in coverage as of March 31, 2023 and December 31, 2022, for this customer with a $400 deductible and 10% retention; and 2) One customer had an accounts receivable balance of $18,757 and $22,641 as of March 31, 2023 and December 31, 2022.

Schedule of Allowances for Accounts Receivable

The following table sets forth the accounts receivable allowances as of March 31, 2023 and December 31, 2022:


	March 31,		December 31,
Allowances - accounts receivable	2023		2022
Doubtful accounts	$	156	$	77
Sales returns		699		483
Total allowances - accounts receivable	$	855	$	560

Breakdown of Company's Revenue from U.S. and Non-U.S. Sources

A portion of revenue is earned from sales outside the United States. Approximately 77.0% and 73.2% of the non-U.S. revenue for the three months ended March 31, 2023 and 2022, respectively, were invoiced in Euros. A breakdown of the Company’s revenue from U.S. and non-U.S. sources for the three months ended March 31, 2023 and 2022, respectively, is as follows:


	Three months ended March 31,
	2023		2022
U.S. revenue	$	53,190	$	52,444
Non-U.S. revenue		18,972		27,941
Total revenue	$	72,162	$	80,385

Schedule of Inventories

Inventories that are considered current consist of the following:


	March 31,			December 31,
	2023			2022
Raw materials and work-in-progress	$	25,689		$	26,496
Finished goods		14,291			9,324
Less: reserves		(1,158	)		(1,727	)
Inventories, net	$	38,822		$	34,093

Summary of Depreciation and Amortization Expense of Rental Equipment and Other Property and Equipment

Depreciation and amortization expense related to rental equipment and other property and equipment are summarized below for the three months ended March 31, 2023 and 2022, respectively.


	Three months ended March 31,
	2023		2022
Rental equipment	$	3,078	$	2,638
Other property and equipment		982		975
Total depreciation and amortization	$	4,060	$	3,613

Summary of Property Plant and Equipment and Rental Equipment with Associated Accumulated Depreciation

Property and equipment and rental equipment with associated accumulated depreciation is summarized below as of March 31, 2023 and December 31, 2022, respectively.


	March 31,		December 31,
Property and equipment	2023		2022
Rental equipment, net of allowances of $2,765 and $2,255, respectively	$	63,250	$	61,679
Other property and equipment		34,507		33,434
Property and equipment		97,757		95,113

Accumulated depreciation
Rental equipment		30,363		31,320
Other property and equipment		21,452		20,524
Accumulated depreciation		51,815		51,844

Property and equipment, net
Rental equipment, net of allowances of $2,765 and $2,255, respectively		32,887		30,359
Other property and equipment		13,055		12,910
Property and equipment, net	$	45,942	$	43,269

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the three months ended March 31, 2023 were as follows:


Balance as of December 31, 2022	$	32,852
Translation adjustment		35
Balance as of March 31, 2023	$	32,887

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses as of March 31, 2023 and December 31, 2022 consisted of the following:


	March 31,		December 31,
	2023		2022
Accounts payable	$	18,043	$	18,237
Accrued inventory (in-transit and unvouchered receipts) and trade payables		8,688		10,837
Accrued purchasing card liability		3,459		2,606
Accrued franchise, sales and use taxes		480		492
Other accrued expenses		1,513		1,802
Accounts payable and accrued expenses	$	32,183	$	33,974

Schedule of Accrued Payroll

Accrued payroll as of March 31, 2023 and December 31, 2022 consisted of the following:


	March 31,		December 31,
	2023		2022
Accrued bonuses	$	2,076	$	2,620
Accrued wages and other payroll related items		5,043		4,967
Accrued vacation		3,449		3,133
Accrued employee stock purchase plan deductions		189		470
Accrued payroll	$	10,757	$	11,190