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]

Company Overview and Strategy - Inogen is a global oxygen therapy medical device company focused on high-quality, innovative solutions for chronic respiratory care [3, 7] - The company is executing a strategic transformation to capitalize on its market position and drive growth and value [7] - Inogen aims to strengthen fundamentals, unlock growth potential in its core business, and accelerate portfolio diversification through strategic transactions [20] Market and Financial Performance - The company sells in 60 countries and had a 5-year Compound Annual Growth Rate (CAGR) of 12% [16] - As of September 30, 2022, Inogen had $209.6 million in revenue [16] - In 2021, Domestic B2B accounted for 25.5%, DTC rentals 12.9%, DTC sales 39.4%, and International B2B 22.2% of revenue [16] Product Innovation and Market Dynamics - Inogen focuses on device innovation to meet customer requirements, offering superior oxygen production, sound suppression, and run-time [8] - CMS data indicates a significant growth opportunity within portable non-POCs, with a CAGR of approximately 23% from 2016 to 2020 [18] - The company is evolving to address larger patient opportunities, transitioning from an HME with product development capabilities to a MedTech company in respiratory care with HME capabilities [19] Growth Initiatives - Inogen is focused on driving oxygen therapy market penetration and accelerating device penetration in current target patient populations [23] - The company plans to accelerate new product introductions and evolve the target patient population to sustain and expand its core business [23] - Inogen is improving productivity, shortening sales cycles, and accelerating conversion rates in the patient channel [25]

Inogen, Inc. (NASDAQ:INGN) Q2 2022 Earnings Conference Call August 4, 2022 5:00 PM ET Company Participants Agnes Lee - SVP of IR and Strategic Planning Nabil Shabshab - President and CEO Kristin Caltrider - CFO Conference Call Participants Brett Fishbin - KeyBanc Maggie Boeye - William Blair Rohin Patel - JPMorgan Mike Matson - Needham & Company Operator Welcome to the Inogen's Second Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As ...

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 June 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 of in ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2022 decreased by 7.5% to $80.4 million from $86.9 million in Q1 2021, primarily due to supply chain constraints [13][32] - Gross profit for Q1 2022 was $35 million, a decrease of $4.9 million compared to Q1 2021, driven by lower sales volume and higher material costs [33] - Total gross margin was 43.5% in Q1 2022, down from 45.9% in Q1 2021, reflecting higher material costs and lower labor absorption [34] Business Line Data and Key Metrics Changes - Domestic direct-to-consumer sales increased by 12.2% to $34.4 million in Q1 2022, driven by higher average selling prices [15] - Rental revenue increased by 31.8% to $13 million in Q1 2022, attributed to more patients on service and higher Medicare reimbursement rates [16] - Domestic business-to-business sales decreased by 83.4% to $5.1 million in Q1 2022 due to supply constraints [18] - International business-to-business sales increased by 77.7% to $27.9 million in Q1 2022, driven by prioritization of that market [19] Market Data and Key Metrics Changes - As of March 31, 2022, there were approximately 43,200 patients on service, a 24.5% increase compared to the previous year [16] - The company noted ongoing supply chain disruptions and increased costs due to semiconductor shortages, exacerbated by geopolitical events [20][21] Company Strategy and Development Direction - The company is focused on expanding its sales footprint in the prescriber channel and increasing productivity across commercial operations [11] - Investments are being made in R&D and clinical support to ensure long-term sustainable growth and profitability [12][31] - The company is pursuing additional motherboard redesigns and strategic sourcing to mitigate supply chain challenges [22] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about demand returning to pre-COVID-19 levels, despite ongoing supply chain challenges [19] - The company expects total revenue for Q2 2022 to improve sequentially and be similar to Q2 2021 [41] - Management anticipates continued cost pressures and supply chain uncertainty, particularly due to the war in Ukraine and COVID-19 lockdowns in China [40][42] Other Important Information - The company reported a net loss of $14.2 million in Q1 2022, with an adjusted EBITDA loss of $5 million [38] - Cash, cash equivalents, and marketable securities totaled $223.4 million as of March 31, 2022, with no debt outstanding [39] Q&A Session Summary Question: Can you provide insights on margins for the rest of the year? - Management indicated that they are not providing guidance for the back half of the year but expect Q2 margins to be in line with Q1 [49] Question: How are underlying volumes performing in the current environment? - Management stated that they cannot gauge underlying demand accurately due to supply constraints, but believe demand remains stable [50] Question: What is the strategy for the direct-to-consumer rental channel? - Management emphasized that both direct-to-consumer and prescriber channels are prioritized, with efforts to increase productivity and efficiency [54][56] Question: What is the outlook for the International B2B business until MDR is in place? - Management expects a temporary dip in sales due to the MDR certification process but anticipates a recovery once the certification is secured [66] Question: How is the company managing its cash balance amid supply chain issues? - Management expressed confidence in maintaining a strong cash position to support operations, investments, and potential growth opportunities [62]

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, 2022 Commission file number: 001-36309 INOGEN, INC. (Exact name of registrant as specified in its charter) Delaware 33-0989359 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Goleta, CA 93117 (Address of principal executive offices) (Zi ...

Inogen, Inc. Overview Investor Presentation February 24, 2022 Notice Regarding Forward-Looking Statements 1 These slides and the accompanying oral presentation (the "Presentation") include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on current expectations, estimates and projections based on information currently available to management. These forward- looking statements include, among others, statements relating to our business stra ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2021 was $76.4 million, representing a 3.3% increase from $74 million in Q4 2020, driven by improved average selling prices and sustained demand [27][42] - Gross margin increased to 50.5% in Q4 2021 from 46% in Q4 2020, primarily due to higher average selling prices and a decreased mix of lower-margin domestic business-to-business sales [43] - Operating loss for Q4 2021 was $6.7 million, with a net loss of $22.9 million and a loss per diluted share of $1.01 [50][51] Business Line Data and Key Metrics Changes - Domestic business-to-business sales decreased by 57.6% to $10.3 million in Q4 2021, primarily due to supply chain constraints [27] - International business-to-business sales increased by 47.6% to $20.1 million, driven by increased patient ambulation in Europe [28] - Domestic direct-to-consumer sales increased by 23.3% to $33 million, attributed to increased average selling prices and improved sales productivity [30][32] - Rental revenue increased by 39.4% to $13 million, driven by higher Medicare reimbursement rates and an increase in billable patients [33] Market Data and Key Metrics Changes - The company anticipates continued supply chain challenges impacting 2022 results, particularly related to semiconductor chip availability [52] - The company is preparing for regulatory changes in the European market, with expectations for MDR certification by Q3 2022 [24][26] Company Strategy and Development Direction - The company is focused on expanding its sales footprint and enhancing commercial operations while investing in R&D and clinical capabilities [9][41] - A partnership with Ashfield Healthcare is aimed at advancing the prescriber growth strategy, with an increase in the physician sales representative headcount [10][35] - The company plans to continue investing in infrastructure, clinical evidence, and new product development to strengthen its market leadership in portable oxygen therapy [41] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding direct-to-consumer sales and rental channels despite ongoing supply chain challenges [34] - The company expects mid-single-digit revenue growth for 2022, with stronger performance anticipated in the second half of the year as supply chain issues improve [54][71] - Management highlighted the importance of pricing actions to cover material cost inflation and indicated that negative operating and net losses are expected for the full year of 2022 [58][59] Other Important Information - The company ended Q4 2021 with cash, cash equivalents, and marketable securities of $245.5 million and no debt outstanding [51] - The company is actively working to mitigate supply chain disruptions and has forward-bought semiconductor requirements to meet expected demand [22][52] Q&A Session Summary Question: Can you walk us through the different moving pieces for 2022? - Management noted that underlying demand in Europe is sustainable, and they are confident in achieving mid-single-digit growth despite supply constraints [64] Question: How do you view the health of HMEs in the U.S.? - Management indicated that there is understanding regarding supply prioritization and that orders are still being received, suggesting confidence in future sales once supply improves [68] Question: How do you expect gross margins to trend in Q1 versus Q4? - Management expects gross margins to be lower in Q1 due to increased supply chain costs but anticipates improvement in the second half of the year [83] Question: What is the current demand outlook if supply chain constraints were not an issue? - Management stated that underlying demand remains steady and healthy across both cash and B2B channels [85] Question: What are the capital allocation priorities for 2022? - Management emphasized funding growth strategies while also considering potential M&A opportunities to accelerate growth [88] Question: How long does it take for new physician sales reps to ramp up? - Management expects a shorter ramp-up period for new reps due to enhanced sales tools and support, aiming for increased productivity [90] Question: Could you see high single-digit to double-digit growth by 2023? - Management expressed confidence in returning to double-digit growth and profitability within the next couple of years [94]

Part I [Business](index=5&type=section&id=Item%201.%20Business) Inogen is a medical technology company specializing in portable oxygen concentrators with a direct-to-consumer sales model - Inogen is a medical technology company specializing in portable oxygen concentrators (POCs) for patients with chronic respiratory conditions, utilizing a direct-to-consumer marketing and rental strategy[20](index=20&type=chunk)[21](index=21&type=chunk) - International sales constituted approximately **22.2% of total revenue** in 2021, with products sold in 59 countries outside the United States through distributors, resellers, and home medical equipment providers[50](index=50&type=chunk) - Medicare reimbursement is a significant revenue source, accounting for **81.9% of rental revenue** in 2021[56](index=56&type=chunk)[59](index=59&type=chunk) - The company has **66 issued patents and 27 pending patent applications** as of December 31, 2021, covering system designs, operating features, and the TAV (Tidal Assist Ventilator) technology[81](index=81&type=chunk)[118](index=118&type=chunk) - As of December 31, 2021, Inogen had **1,021 full and part-time employees** worldwide, with the largest group (517) in sales, marketing, clinical, and client services[126](index=126&type=chunk) Key Product Specifications | | Inogen One G5 | Inogen One G4 | | :--- | :--- | :--- | | **Capacity (ml/min)** | 1,260 | 630 | | **Weight (lbs)** | 4.7 (single battery) | 2.8 (single battery) | | **Battery run-time** | Up to 6.5 hours (single) | Up to 2.6 hours (single) | | | Up to 13 hours (double) | Up to 5 hours (double) | | **Sound** | 38 dBA | 40 dBA | 2021 U.S. Revenue Breakdown | Channel | Percentage of U.S. Revenue | | :--- | :--- | | Direct-to-consumer sales | 50.6% | | Business-to-business sales | 32.8% | | Direct-to-consumer rentals | 16.6% | [Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from competition, supply chain vulnerabilities, and reliance on Medicare reimbursement - The company faces intense competition from large, well-capitalized competitors like Respironics (Philips) and Invacare, who have greater resources for R&D, marketing, and sales[153](index=153&type=chunk)[155](index=155&type=chunk) - A significant portion of sales revenue comes from a limited number of customers; in 2021, the **top 10 customers accounted for approximately 27.4% of total revenue**[156](index=156&type=chunk) - The company relies on single-source suppliers for critical components; **shortages of semiconductor chips led to a temporary manufacturing suspension** from January to early February 2022[158](index=158&type=chunk)[159](index=159&type=chunk)[160](index=160&type=chunk) - The business is heavily dependent on Medicare reimbursement, which accounted for approximately **81.9% of rental revenue in 2021**[171](index=171&type=chunk)[180](index=180&type=chunk) - The company is subject to extensive regulation, and failure to obtain certification under the new European Medical Device Regulation (MDR) could prevent sales in the EU after May 2024[263](index=263&type=chunk)[282](index=282&type=chunk) - The company is exposed to cybersecurity risks and experienced a data security incident in 2018, **potentially exposing the personal information of approximately 30,000 rental customers**[235](index=235&type=chunk)[236](index=236&type=chunk) [Unresolved Staff Comments](index=73&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved comments from the Securities and Exchange Commission - None[343](index=343&type=chunk) [Properties](index=73&type=section&id=Item%202.%20Properties) The company's principal facilities, including its headquarters and manufacturing sites, are leased Key Leased Facilities | Location | Size (sq. ft.) | Use | Lease Expiration | | :--- | :--- | :--- | :--- | | Goleta, CA | ~51,000 | Corporate HQ, Mfg. & Office | March 2030 | | Plano, TX | ~154,000 | Mfg. & Office | April 2031 | | Cleveland, OH | ~94,000 | Office | September 2024 | [Legal Proceedings](index=74&type=section&id=Item%203.%20Legal%20Proceedings) A securities class action and related shareholder lawsuits filed in 2019 were dismissed in 2021 - A securities class action lawsuit (`In re Inogen, Inc. Sec. Litig.`) was filed in March 2019, alleging violations of the Securities Exchange Act; **the action was dismissed in its entirety in September 2021**[345](index=345&type=chunk) - Several shareholder derivative lawsuits filed in 2019 with similar allegations were **voluntarily dismissed by the plaintiffs**[346](index=346&type=chunk)[347](index=347&type=chunk) [Mine Safety Disclosures](index=75&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company's operations - None[349](index=349&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=76&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's stock trades on NASDAQ under "INGN" and it does not anticipate paying cash dividends - The company's common stock has been publicly traded on the NASDAQ Global Select Market under the symbol **"INGN" since February 14, 2014**[352](index=352&type=chunk) - The company has **never declared or paid cash dividends** and does not intend to in the foreseeable future, planning to retain earnings to fund business operations and growth[360](index=360&type=chunk) [[Reserved]](index=77&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved and contains no information [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=78&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Revenue grew 16.1% in 2021, driven by rental revenue, but the company reported a net loss due to higher expenses and taxes - The COVID-19 pandemic has adversely impacted results, causing lower direct-to-consumer sales but also surges in business-to-business demand and **significant supply chain disruptions**[369](index=369&type=chunk)[371](index=371&type=chunk)[374](index=374&type=chunk) - Total gross margin increased to **49.3% in 2021 from 44.8% in 2020**, driven by higher average selling prices and reimbursement rates[430](index=430&type=chunk)[432](index=432&type=chunk)[433](index=433&type=chunk) - Operating expenses increased in 2021, with **R&D up 17.7%** to $16.6 million and **Sales & Marketing up 15.7%** to $112.8 million[434](index=434&type=chunk)[436](index=436&type=chunk)[437](index=437&type=chunk) - The company ended 2021 with **$235.5 million in cash and cash equivalents** and $10.0 million in marketable securities[445](index=445&type=chunk)[449](index=449&type=chunk) Revenue by Category (2021 vs. 2020) | Revenue Category | 2021 (in thousands) | 2020 (in thousands) | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Sales Revenue** | $311,730 | $280,189 | $31,541 | 11.3% | | **Rental Revenue** | $46,273 | $28,298 | $17,975 | 63.5% | | **Total Revenue** | **$358,003** | **$308,487** | **$49,516** | **16.1%** | Revenue by Channel and Geography (2021 vs. 2020) | Channel/Geography | 2021 (in thousands) | 2020 (in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Business-to-business domestic | $91,371 | $96,423 | -5.2% | | Business-to-business international | $79,460 | $62,147 | 27.9% | | Direct-to-consumer domestic sales | $140,899 | $121,619 | 15.9% | | Direct-to-consumer domestic rentals | $46,273 | $28,298 | 63.5% | Key Financial Results (2021 vs. 2020) | Metric | 2021 (in thousands) | 2020 (in thousands) | | :--- | :--- | :--- | | **Total Revenue** | $358,003 | $308,487 | | **Gross Profit** | $176,483 | $138,180 | | **Net Loss** | $(6,333) | $(5,829) | | **Adjusted EBITDA** | $29,505 | $21,648 | [Quantitative and Qualitative Disclosures About Market Risk](index=102&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are foreign currency exchange from Euro-denominated sales and minimal interest rate risk - The principal market risk is **foreign currency exchange risk**, as the majority of European sales are denominated in Euros while most revenue is in U.S. dollars[499](index=499&type=chunk) - The company uses **foreign exchange forward contracts** to hedge forecasted Euro-denominated revenue to reduce the volatility of cash flows[500](index=500&type=chunk) - **Interest rate risk is considered low**, and a hypothetical 100 basis point change in interest rates would not have a material impact on its financial position[502](index=502&type=chunk) [Financial Statements and Supplementary Data](index=103&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section contains the company's audited consolidated financial statements for the fiscal year ended December 31, 2021 - This item includes the full set of audited consolidated financial statements and supplementary data as required, which are filed as part of the report[503](index=503&type=chunk)[538](index=538&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=103&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[504](index=504&type=chunk) [Controls and Procedures](index=103&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal controls over financial reporting were effective as of year-end 2021 - Management concluded that the company's disclosure controls and procedures were **effective at a reasonable assurance level** as of December 31, 2021[505](index=505&type=chunk) - There were **no changes in internal control over financial reporting** during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal controls[506](index=506&type=chunk) - The independent registered public accounting firm, Deloitte & Touche LLP, audited the internal control over financial reporting and concluded that the company maintained, in all material respects, **effective internal control** as of December 31, 2021[509](index=509&type=chunk)[512](index=512&type=chunk) [Other Information](index=106&type=section&id=Item%209B.%20Other%20Information) The company announced its 2022 annual meeting and a decision not to increase shares under its equity incentive plans - The 2022 annual meeting of stockholders is scheduled for **June 8, 2022**[519](index=519&type=chunk) - The board of directors opted not to exercise the "evergreen" provisions to increase the share reserves for the 2014 Equity Incentive Plan and the 2014 Employee Stock Purchase Plan in 2022[520](index=520&type=chunk) [Disclosure Regarding Foreign Jurisdictions That Prevent Inspections](index=106&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20That%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[521](index=521&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=107&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information is incorporated by reference from the company's definitive Proxy Statement for the 2022 Annual Meeting - The required information is incorporated by reference from the company's upcoming Proxy Statement[524](index=524&type=chunk) [Executive Compensation](index=107&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the company's Proxy Statement - The required information is incorporated by reference from the company's upcoming Proxy Statement[526](index=526&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=107&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership is incorporated by reference from the company's Proxy Statement - The required information is incorporated by reference from the company's upcoming Proxy Statement[527](index=527&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=107&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding related transactions and director independence is incorporated by reference from the Proxy Statement - The required information is incorporated by reference from the company's upcoming Proxy Statement[528](index=528&type=chunk) [Principal Accountant Fees and Services](index=107&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding accountant fees and services is incorporated by reference from the company's Proxy Statement - The required information is incorporated by reference from the company's upcoming Proxy Statement[529](index=529&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=108&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists the financial statements, schedules, and exhibits filed as part of the Form 10-K - This item lists all documents filed as part of the Annual Report, including financial statements and exhibits[532](index=532&type=chunk) [Form 10-K Summary](index=108&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable - Not applicable[535](index=535&type=chunk) Financial Statements [Consolidated Balance Sheets](index=112&type=section&id=Consolidated%20Balance%20Sheets) Total assets grew to $489.5 million in 2021, driven by an increase in cash and cash equivalents Consolidated Balance Sheet Highlights (as of Dec 31) | (in thousands) | 2021 | 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $235,524 | $211,962 | | Accounts receivable, net | $24,452 | $29,717 | | Inventories, net | $31,873 | $24,815 | | Total current assets | $329,186 | $305,697 | | Property and equipment, net | $38,926 | $28,230 | | Goodwill | $32,979 | $33,165 | | **Total Assets** | **$489,513** | **$461,852** | | **Liabilities & Equity** | | | | Total current liabilities | $61,512 | $56,710 | | Total liabilities | $119,286 | $112,229 | | Total stockholders' equity | $370,227 | $349,623 | | **Total Liabilities & Equity** | **$489,513** | **$461,852** | [Consolidated Statements of Comprehensive Income (Loss)](index=114&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) The company's net loss increased to $(6.3) million in 2021 despite a 16.1% rise in total revenue Consolidated Income Statement Summary (Year Ended Dec 31) | (in thousands) | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | **Total Revenue** | **$358,003** | **$308,487** | **$361,943** | | Total cost of revenue | $181,520 | $170,307 | $190,082 | | **Total Gross Profit** | **$176,483** | **$138,180** | **$171,861** | | Total operating expense | $167,243 | $150,205 | $152,072 | | **Income (loss) from operations** | **$9,240** | **$(12,025)** | **$19,789** | | Provision for income taxes | $14,992 | $549 | $3,322 | | **Net income (loss)** | **$(6,333)** | **$(5,829)** | **$20,950** | | **Diluted EPS** | **$(0.28)** | **$(0.27)** | **$0.94** | [Consolidated Statements of Cash Flows](index=116&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities was $23.6 million, and the company's cash balance increased to $235.5 million Summary of Consolidated Cash Flows (Year Ended Dec 31) | (in thousands) | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $23,633 | $37,013 | $40,593 | | Net cash used in investing activities | $(14,645) | $(25,640) | $(44,057) | | Net cash provided by financing activities | $15,000 | $2,066 | $4,929 | | **Net increase in cash and cash equivalents** | **$23,562** | **$13,925** | **$1,403** | | **Cash and cash equivalents, end of period** | **$235,524** | **$211,962** | **$198,037** |