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, 2024

Balance Sheet Related Disclosures [Abstract]

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, 2024 and December 31, 2023 were as follows:


	March 31,		December 31,
Net accounts receivable	2024		2023
Rental (1)	$	6,975	$	6,401
Business-to-business and other receivables (2)		33,248		35,840
Total net accounts receivable	$	40,223	$	42,241

(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 a net accounts receivable balance of $6,665 and $8,639 as of March 31, 2024 and December 31, 2023, respectively; and 2) one customer had a net accounts receivable balance of $2,758 and $4,994 as of March 31, 2024 and December 31, 2023, respectively. Each customer received extended payment terms through a direct financing plan offered.

Schedule of Allowances for Accounts Receivable

The following table sets forth the accounts receivable allowances as of March 31, 2024 and December 31, 2023:


	March 31,		December 31,
Allowances - accounts receivable	2024		2023
Doubtful accounts	$	2,401	$	2,341
Sales returns		605		479
Total allowances - accounts receivable	$	3,006	$	2,820

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 79.9% and 77.0% of the non-U.S. revenue for the three months ended March 31, 2024 and 2023, 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, 2024 and 2023, respectively, is as follows:


	Three months ended March 31,
	2024		2023
U.S. revenue	$	51,990	$	53,190
Non-U.S. revenue		26,035		18,972
Total revenue	$	78,025	$	72,162

Schedule of Inventories

Inventories that are considered current consist of the following:


	March 31,			December 31,
	2024			2023
Raw materials and work-in-progress	$	19,011		$	18,036
Finished goods		8,702			6,871
Less: reserves		(3,112	)		(3,067	)
Inventories, net	$	24,601		$	21,840

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, 2024 and 2023, respectively.


	Three months ended March 31,
	2024		2023
Rental equipment	$	3,179	$	3,078
Other property and equipment		1,154		982
Total depreciation and amortization	$	4,333	$	4,060

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, 2024 and December 31, 2023, respectively.


	March 31,		December 31,
Property and equipment	2024		2023
Rental equipment, net of allowances of $2,916 and $2,606, respectively	$	66,352	$	67,804
Other property and equipment		31,044		30,357
Property and equipment		97,396		98,161

Accumulated depreciation
Rental equipment		30,783		31,023
Other property and equipment		17,343		16,822
Accumulated depreciation		48,126		47,845

Property and equipment, net
Rental equipment, net of allowances of $2,916 and $2,606, respectively		35,569		36,781
Other property and equipment		13,701		13,535
Property and equipment, net	$	49,270	$	50,316

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the three months ended March 31, 2024 were as follows:


Balance as of December 31, 2023 (1)	$	10,057
Translation adjustment		(223	)
Balance as of March 31, 2024 (1)	$	9,834

(1) Includes $32,894 of accumulated impairment losses as of March 31, 2024 and December 31, 2023.

Summary of Changes in Net Carrying Values of Intangibles

The following tables represent the changes in net carrying values of intangible assets as of the respective dates:


	Average
	estimated	Gross
	useful lives	carrying		Accumulated
March 31, 2024	(in years)	amount		amortization		Net amount
Developed technology	10	$	32,564	$	1,764	$	30,800
Licenses	10		185		185		—
Patents and websites	5		4,518		4,446		72
Customer relationships	4		2,908		1,383		1,525
Trade name	4		201		27		174
Commercials	3		494		158		336
Total		$	40,870	$	7,963	$	32,907


	Average
	estimated	Gross
	useful lives	carrying		Accumulated
December 31, 2023	(in years)	amount		amortization		Net amount
Developed technology	10	$	33,303	$	971	$	32,332
Licenses	10		185		185		—
Patents and websites	5		4,518		4,429		89
Customer relationships	4		2,974		1,372		1,602
Trade name	4		206		15		191
Commercials	3		494		117		377
Total		$	41,680	$	7,089	$	34,591

Schedule of Annual Estimated Amortization Expense

Annual estimated amortization expense for each of the succeeding fiscal years is as follows:


	March 31,
	2024
Remaining 9 months of 2024	$	2,955
2025		3,893
2026		3,762
2027		3,709
2028		3,256
2029		3,256
Thereafter		12,076
	$	32,907

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses as of March 31, 2024 and December 31, 2023 consisted of the following:


	March 31,		December 31,
	2024		2023
Accounts payable	$	15,922	$	13,454
Accrued inventory (in-transit and unvouchered receipts) and trade payables		9,359		10,054
Accrued purchasing card liability		2,445		2,197
Accrued loss on purchase commitments		1,941		2,057
Accrued franchise, sales and use taxes		394		472
Other accrued expenses		1,645		1,908
Total accounts payable and accrued expenses	$	31,706	$	30,142

Schedule of Accrued Payroll

Accrued payroll as of March 31, 2024 and December 31, 2023 consisted of the following:


	March 31,		December 31,
	2024		2023
Accrued bonuses	$	1,731	$	1,110
Accrued wages and other payroll related items		2,989		4,170
Accrued vacation		3,957		3,194
Accrued severance		1,783		2,284
Accrued employee stock purchase plan deductions		142		308
Total accrued payroll	$	10,602	$	11,066