Inogen, Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

Goodwill and Other Identifiable Intangible Assets

Goodwill and Other Identifiable Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Identifiable Intangible Assets

4. Goodwill and other identifiable intangible assets

Goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023 were as follows:



Balance as of December 31, 2022	$	32,852
Translation adjustment		344
Impairment charge		(32,894	)
Acquisition		9,755
Balance as of December 31, 2023		10,057
Translation adjustment		(592	)
Balance as of December 31, 2024	$	9,465

As a result of a decrease in Company’s public stock price that caused the Company's market capitalization to fall below its carrying amount (stockholders' equity) during July 2023 and noted by management to be more than temporary as the quarter progressed, a quantitative analysis was required to be performed during the quarter ended September 30, 2023. The Company used a discounted cash flow analysis based on Level 3 inputs and determined that the goodwill carrying amount exceeded its fair value and, as such, an impairment charge of $32,894 was incurred in the quarter ended September 30, 2023. Accumulated impairment losses were $32,894 as of December 31, 2024 and 2023.

Intangible assets

There were no impairment losses related to the Company’s intangible assets as of December 31, 2024 and 2023. Amortization expense for intangible assets for the years ended December 31, 2024, 2023 and 2022 was as follows:


	Years ended December 31,
	2024		2023		2022
Research and development expense	$	3,319	$	986	$	7,813
Sales and marketing expense		798		155		116
General and administrative expense		213		61		540
Total	$	4,330	$	1,202	$	8,469

Intangible assets as of December 31, 2024 and 2023 consisted of the following:


	Average
	estimated	Gross
	useful lives	carrying		Accumulated
December 31, 2024	(in years)	amount		amortization		Net amount
Developed technology	10	$	31,342	$	4,048	$	27,294
Licenses	10		159		159		—
Patents and websites	5		3,776		3,752		24
Customer relationships	4-10		2,799		1,447		1,352
Trade name	4		194		63		131
Commercials	3		494		282		212
Internally developed software	3		2,090		610		1,480
Total		$	40,854	$	10,361	$	30,493


	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

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


	December 31,
	2024
2025	$	4,218
2026		4,087
2027		3,411
2028		3,289
2029		3,289
Thereafter		12,199
Total	$	30,493