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)

6 Months Ended

Jun. 30, 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:


	June 30,		December 31,
Cash and cash equivalents	2023		2022
Cash	$	27,692	$	27,970
Money market accounts		99,504		113,534
Corporate bonds		—		6,474
U.S. Treasury securities		19,919		18,939
Institutional Insured Liquidity Deposit Savings		20,572		20,097
Total cash and cash equivalents	$	167,687	$	187,014
Marketable securities
U.S. Treasury securities		2,459		—
Total marketable securities	$	2,459	$	—

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 June 30, 2023 and December 31, 2022 were as follows:


	June 30,		December 31,
Net accounts receivable	2023		2022
Rental (1)	$	5,886	$	5,246
Business-to-business and other receivables (2)		45,249		57,479
Total net accounts receivable	$	51,135	$	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 $5,878 and $9,861 as of June 30, 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 June 30, 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 $14,421 and $22,641 as of June 30, 2023 and December 31, 2022.

Schedule of Allowances for Accounts Receivable

The following table sets forth the accounts receivable allowances as of June 30, 2023 and December 31, 2022:


	June 30,		December 31,
Allowances - accounts receivable	2023		2022
Doubtful accounts	$	236	$	77
Sales returns		684		483
Total allowances - accounts receivable	$	920	$	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 80.0% and 77.4% of the non-U.S. revenue for the three months ended June 30, 2023 and 2022, respectively, were invoiced in Euros. Approximately 78.7% and 75.6% of the non-U.S. revenue for the six months ended June 30, 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 and six months ended June 30, 2023 and 2022, respectively, is as follows:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
U.S. revenue	$	60,343	$	65,935	$	113,533	$	118,379
Non-U.S. revenue		23,292		37,441		42,264		65,382
Total revenue	$	83,635	$	103,376	$	155,797	$	183,761

Schedule of Inventories

Inventories that are considered current consist of the following:


	June 30,			December 31,
	2023			2022
Raw materials and work-in-progress	$	22,100		$	26,496
Finished goods		10,231			9,324
Less: reserves		(1,587	)		(1,727	)
Inventories, net	$	30,744		$	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 and six months ended June 30, 2023 and 2022, respectively.


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Rental equipment	$	3,238	$	2,720	$	6,316	$	5,358
Other property and equipment		1,017		978		1,999		1,953
Total depreciation and amortization	$	4,255	$	3,698	$	8,315	$	7,311

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 June 30, 2023 and December 31, 2022, respectively.


	June 30,		December 31,
Property and equipment	2023		2022
Rental equipment, net of allowances of $2,885 and $2,255, respectively	$	65,603	$	61,679
Other property and equipment		36,494		33,434
Property and equipment		102,097		95,113

Accumulated depreciation
Rental equipment		30,535		31,320
Other property and equipment		22,367		20,524
Accumulated depreciation		52,902		51,844

Property and equipment, net
Rental equipment, net of allowances of $2,885 and $2,255, respectively		35,068		30,359
Other property and equipment		14,127		12,910
Property and equipment, net	$	49,195	$	43,269

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the six months ended June 30, 2023 were as follows:


Balance as of December 31, 2022	$	32,852
Translation adjustment		37
Balance as of June 30, 2023	$	32,889

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses as of June 30, 2023 and December 31, 2022 consisted of the following:


	June 30,		December 31,
	2023		2022
Accounts payable	$	13,389	$	18,237
Accrued inventory (in-transit and unvouchered receipts) and trade payables		7,913		10,837
Accrued purchasing card liability		4,065		2,606
Accrued franchise, sales and use taxes		482		492
Other accrued expenses		1,763		1,802
Accounts payable and accrued expenses	$	27,612	$	33,974

Schedule of Accrued Payroll

Accrued payroll as of June 30, 2023 and December 31, 2022 consisted of the following:


	June 30,		December 31,
	2023		2022
Accrued bonuses	$	1,661	$	2,620
Accrued wages and other payroll related items		5,664		4,967
Accrued vacation		3,099		3,133
Accrued employee stock purchase plan deductions		411		470
Accrued payroll	$	10,835	$	11,190