Fourth Quarter 2023 Financial Results Fourth quarter total revenue was $75.9 million, relative to $88.1 million in the fourth quarter of 2022, primarily due to a decrease in domestic business-to-business sales and direct-to-consumer sales, partially offset by higher rental revenue. Total gross margin was 37.1% in the fourth quarter of 2023 versus 33.5% in the comparative period in 2022. The increase was driven primarily by lower premiums paid for components and labor and overhead costs. Total operating expe ...

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, 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 ...

☒ 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 ...

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 ...