☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 301 Coromar Drive Goleta, CA 93117 (Address of principal executive offices) (Zip Code) Delaware 33-0989359 (I.R.S. Employer Identification No.) ☐ TRANSITION REPORT ...

Inogen, Inc. (NASDAQ:INGN) Q2 2023 Earnings Conference Call August 7, 2023 4:30 PM ET Company Participants Agnes Lee - SVP, IR & Strategic Planning Nabil Shabshab - President and CEO Kristin Caltrider - CFO Conference Call Participants Colin Clark - Stifel Lilia-Celine B Lozada - JPMorgan Brett Fishbin - KeyBanc Capital Markets Operator Welcome to Inogen’s Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. Following management's prepared remarks, we will ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2023 was $72.2 million, a decrease of 10.2% year-over-year from Q1 2022, primarily due to lower international and direct-to-consumer sales, partially offset by increased U.S. business-to-business sales and rental revenue [35][36] - Gross margin for sales revenue was 39.2% in Q1 2023, declining 220 basis points from the same period in 2022, driven by a higher volume of units sold through the business-to-business channel [18] - The company reported a net loss of $20.3 million and an adjusted EBITDA of negative $11.8 million for Q1 2023 [43][44] Business Line Data and Key Metrics Changes - Rental revenue increased by 25.4% to $16.3 million in Q1 2023 from $13 million in Q1 2022, supported by higher Medicare reimbursement rates [36] - Domestic business-to-business revenue surged 146.7% to $12.6 million in Q1 2023 compared to $5.1 million in Q1 2022, recovering from previous supply constraints [17] - Direct-to-consumer sales decreased by 29.2% to $24.3 million in Q1 2023 from $34.4 million in Q1 2022, primarily due to lower volumes from fewer inside sales representatives [38] Market Data and Key Metrics Changes - International business-to-business sales decreased by 32.1% to $19 million in Q1 2023 from $27.9 million in Q1 2022, as last year's sales were prioritized due to the pending expiration of the EU MDD certificate [37] - Foreign exchange had a negative impact of 170 basis points on total revenue and 460 basis points on international revenues [35] Company Strategy and Development Direction - The company aims to deliver low to mid-single-digit revenue growth and return to positive adjusted EBITDA by Q4 2023, viewing this year as an inflection point for stronger growth [31][34] - The strategy includes a focus on a patient-centric channel approach to enhance adoption of Inogen's POC-based therapy, driving scale and profitability [32][33] - The company is excited about expanding beyond COPD to address additional respiratory needs, including dyspnea and congestive heart failure [15] Management's Comments on Operating Environment and Future Outlook - Management noted that the first half of 2023 would be focused on regaining productivity, particularly in the direct-to-consumer segment, with expectations for improved performance in the latter half of the year [48][54] - The company is confident in its ability to meet demand for 2023, stating that Q1 performance was not supply-constrained [65] - Management expressed optimism about the progress in the prescriber channel and the overall demand for their offerings [34][54] Other Important Information - The company continues to invest in research and development, with total spending of $5.3 million in Q1 2023, consistent with the previous year [19] - As of March 31, 2023, the company had cash, cash equivalents, and marketable securities totaling $174.6 million with no debt outstanding [21] Q&A Session Summary Question: What are the drivers behind the softer domestic B2B performance? - Management indicated that the softness was due to customers reassessing capital deployment and restructuring operating expenses, but they are encouraged by the progress being made [23][54] Question: How should analysts think about the cadence of revenue throughout the year? - Management suggested that the first half of 2023 may show different performance, with expectations for a ramp-up in the back half of the year [48][54] Question: Can you clarify if the Q1 revenue was constrained by supply? - Management confirmed that Q1 performance was not supply-constrained and emphasized the importance of executing their channel strategy [65] Question: How confident is the company in achieving mid-single-digit growth for the year? - Management expressed confidence in achieving growth, citing good progress in direct-to-consumer productivity and a solid value proposition in the B2B market [54][65] Question: What is the lead time from point of contact to closing a sale? - Management indicated that the typical lead time is around 10 to 14 days from initial contact to closing [69]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to Commission file number: 001-36309 INOGEN, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or orga ...

ındgen May 4, 2023 Q1 2023 Supplemental Financial Information Use of Non-GAAP Financial Measures Inogen has presented certain financial information in accordance with U.S. GAAP and also on a non-GAAP basis for the three months ended March 31, 2023 and March 31, 2022, and for fiscal years ended December 31, 2022, December 31, 2021, and December 31, 2020. Management believes that non-GAAP financial measures, taken in conjunction with U.S. GAAP financial measures, provide useful information for both management ...

| --- | --- | --- | --- | |-----------------------------------------------------------------------------------|-----------------------------------------------|-------|---------------------------------------------| | | | | | | Lowering manufacturing materials pricing with improved supply chain visibility | Optimizing commercial organization structure | | Slowing growth spend in operating expenses | Kristin Caltrider Executive Vice President, Chief Financial Officer & Corporate Treasurer Jason Somer Executive ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to Commission file number: 001-36309 INOGEN, INC. (Exact name of registrant as specified in its charter) | Delaware | 33-0989359 | | --- | --- | | State or other jurisdiction ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2022 was $88.1 million, representing a 15.3% year-over-year growth from Q4 2021, driven primarily by higher U.S. business sales and rental revenues, partially offset by lower direct-to-consumer sales [50][51] - For the full year 2022, total revenue was $377.2 million, an increase of 5.4% compared to 2021, primarily due to higher international business-to-business sales and rental revenue [52] - The company reported a net loss of $56.6 million for Q4 2022, with an adjusted loss of $13 million, and a full-year net loss of $83.8 million, with an adjusted loss of $26.2 million [85] Business Line Data and Key Metrics Changes - Domestic B2B revenue increased 164.6% to $27.2 million in Q4 2022 compared to $10.3 million in Q4 2021, while domestic direct-to-consumer sales decreased 23.4% to $25.3 million [27][79] - Rental revenue increased 14.4% to $14.9 million in Q4 2022 from $13 million in Q4 2021, benefiting from higher Medicare reimbursement rates and increased billable patients [51] - For the full year, rental revenue increased 22.5% to $56.7 million from $46.3 million in 2021 [80] Market Data and Key Metrics Changes - International B2B sales increased 3.1% to $20.7 million in Q4 2022 from $20.1 million in Q4 2021, with a full-year increase of 27.3% to $101.2 million from $79.5 million in 2021 [28][80] - Foreign exchange had a negative impact of 150 basis points on full-year revenue and 240 basis points on Q4 revenue [29][50] Company Strategy and Development Direction - The company is focusing on a patient-centric model that enhances access to appropriate oxygen therapy modalities across channels, aiming for growth and profitability [19][20] - The growth strategy includes two vectors: driving POC-based oxygen therapy and expanding product offerings to serve more advanced COPD patients [16][17] - The company plans to launch new products, Rove 4 and Rove 6, in 2023, which are expected to enhance its market position [22][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in underlying customer demand and a promising horizon of market opportunities, with expectations to reach positive adjusted EBITDA by Q4 2023 [49][88] - The company anticipates that supply chain visibility will improve throughout 2023, which should contribute to revenue growth in the second half of the year [60][87] - Management acknowledged challenges in the direct-to-consumer channel but is optimistic about scaling efforts and improving productivity [92] Other Important Information - The company incurred $23.8 million in higher material costs associated with semiconductor purchases in 2022, impacting gross margins [31][86] - Total operating expenses for Q4 2022 were $88 million, significantly higher than $45.3 million in Q4 2021, primarily due to a one-time expense related to an intangible asset [55] Q&A Session Summary Question: Can you discuss guidance and potential disruptions? - Management indicated that guidance includes considerations for supply chain disruptions and macro challenges, with expectations for a cautious ramp-up in the first half of 2023 [89][92] Question: How is underlying demand and volume? - Management projected increased volumes and steady demand, with expectations for growth in the back half of the year [66][67] Question: Are there ongoing headwinds in B2B customer access to capital? - Management confirmed that challenges remain regarding B2B customer access to capital, but efforts are being made to normalize ordering patterns [68] Question: What is the status of competitive pricing and customer preferences? - Management noted that some B2B customers had opted for lower-quality competitive products during supply shortages, but there is a return to Inogen due to dissatisfaction with competitors [70] Question: Can you elaborate on the DTC headwinds? - Management explained that the DTC model is evolving, and while there are headwinds, efforts are being made to scale and improve productivity [92]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to Commission file number: 001-36309 INOGEN, INC. (Exact name of registrant as specified in its charter) Delaware 33-0989359 (State or other jurisdiction ...

Financial Data and Key Metrics Changes - In Q3 2022, Inogen reported a year-over-year constant currency revenue growth of 14.5% [8][23] - The company experienced a net loss of $9.5 million, with a diluted loss per share of $0.42, while the adjusted net loss was $4.1 million, or $0.18 per diluted share [27] - Total operating expenses increased to $53.1 million from $41.3 million in Q3 2021, with increases across all categories [26] Business Line Data and Key Metrics Changes - Domestic direct-to-consumer sales decreased by 9.1% to $33.1 million, primarily due to lower volume and higher Medicare reimbursement rates [24] - Rental revenue gross margin was 54.5%, down from 58.9% in Q3 2021, driven by increased service costs and device write-offs [25] - The rental business revenue increased by more than 25% for the first nine months of 2022 compared to the same period in 2021 [15] Market Data and Key Metrics Changes - Foreign exchange had a negative impact of 130 basis points on total revenue and 550 basis points on international revenue [23] - The company is cautiously optimistic about European regulatory clearances, with ongoing reviews progressing as expected [19] Company Strategy and Development Direction - Inogen's strategic pillars include driving market penetration in oxygen therapy, accelerating new product introductions, and diversifying the portfolio [10] - The company plans to expand its portfolio and global presence through inorganic efforts at the right time [10] - In the medium to long term, Inogen anticipates introducing a pipeline of new and improved portable oxygen concentrators (POCs) [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing macroeconomic and inflationary pressures but emphasized a focus on internal levers to mitigate risks [8] - The company aims to return to positive free cash flow by late 2023 and beyond, with a strong balance sheet and cash position [21] - Management expressed confidence in the underlying demand for offerings, despite potential supply chain challenges [20] Other Important Information - The company is actively managing supply chain challenges, particularly regarding semiconductor inventory [14] - Inogen has made significant investments in R&D, with total spending of $4.6 million in Q3 2022 [26] Q&A Session Summary Question: What is the demand picture in the US DTC and B2B businesses? - Management noted that there has not been a major softening in demand, with healthy conversations about ending the year strong [34][36] Question: What percent of the OUS business can be sold into, and will there be a gap in approvals? - Management remains cautiously optimistic about EU and BR certificate approvals and believes they can cover potential revenue gaps [38] Question: How do inflation and labor shortages affect the economics of POCs? - Management indicated that while inflation may favor rental models slightly, the demand for POC-based therapy remains strong [41] Question: Can you size the backlog remaining with US customers? - Management refrained from quantifying the backlog but noted significant remediation of backlog orders [45] Question: What factors influence guidance for Q4 and 2023? - Management highlighted the importance of supply visibility and indicated that they do not expect significant changes in growth rates moving forward [54][60] Question: How will advertising and sales rep counts change as supply improves? - Management stated that advertising spend will be tailored based on supply situations, and they will continue to optimize performance across all teams [62]