Inogen Announces Third Quarter 2020 Financial Results

GOLETA, Calif.--(BUSINESS WIRE)-- Inogen, Inc. (NASDAQ: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today reported financial results for the three-month period ended September 30, 2020.

Third Quarter 2020 Highlights

  • Total revenue of $74.3 million, down 19.0% from the same period in 2019, primarily due to the impacts of the COVID-19 public health emergency (“PHE”)
  • Total revenue up sequentially from second quarter 2020 by 3.7%
  • Rental revenue of $7.5 million, up 40.1% from the same period in 2019
  • Net loss of $1.7 million and Adjusted EBITDA of $4.6 million (see accompanying table for reconciliation of GAAP and non-GAAP measures)
  • Cash, cash equivalents, and marketable securities were $220.5 million with no debt outstanding as of September 30, 2020

“The COVID-19 pandemic has had a significant impact worldwide and on our company in 2020, and it has continued to have a meaningful effect on our business throughout the third quarter due to a significant reduction in patient travel and activity outside of the home, reduced consumer confidence and physicians limiting patient interactions,” said Inogen’s President and Chief Executive Officer, Scott Wilkinson. “While these factors made for a challenging third quarter for our business, we saw total revenue grow sequentially from the second quarter of 2020. Furthermore, we saw strong growth in rental revenue in the third quarter, and we believe there is an opportunity to continue to drive oxygen rental setups given patient interest in our products.”

Third Quarter 2020 Financial Results

Total revenue for the three months ended September 30, 2020 declined 19.0% to $74.3 million from $91.8 million in the same period in 2019. Total revenue in the third quarter of 2020 was up 3.7% sequentially compared to the second quarter of 2020

Domestic business-to-business sales decreased 23.5% to $23.1 million in the third quarter of 2020 from $30.1 million in the comparative period in 2019. Domestic business-to-business sales in the third quarter of 2020 were up 6.9% sequentially compared to the second quarter of 2020. The decrease in domestic business-to-business sales in the third quarter of 2020 versus the comparative period in the prior year was primarily driven by reduced demand from resellers and home medical equipment (“HME”) providers for portable oxygen concentrators (“POCs”). The Company believes this decreased demand was primarily due to competitive bidding uncertainty and the continued impact of the COVID-19 PHE, including lower retail sales, reduced patient travel, physician offices continuing to limit patient interactions that traditionally have led to new oxygen patient referrals, HME providers minimizing the replacement of existing oxygen patient setups with POCs to limit patient interactions, and providers focusing on supplying stationary oxygen concentrators with higher flow characteristics to treat COVID-19 patients.

International business-to-business sales declined 21.1% to $14.6 million in the third quarter of 2020 (23.0% decrease on a constant currency basis) versus $18.5 million in the comparative period in 2019. Sequentially, international business-to-business sales in the third quarter of 2020 were up 5.1% compared to the second quarter of 2020. The decrease in international business-to-business sales in the third quarter of 2020 versus the comparative period in the prior year was primarily driven by the temporarily reduced operating capacity of certain European respiratory assessment centers due to the COVID-19 pandemic, continued tender delays in certain European markets, and decreased sales in other markets, primarily Canada and Australia. However, during the third quarter, multiple tenders for the United Kingdom were resolved and service contracts were delivered. These contracts are expected to take effect starting in the fourth quarter of 2020 and the first quarter of 2021.

Direct-to-consumer sales declined 22.7% to $29.2 million in the third quarter of 2020 versus $37.8 million in the same period in 2019. The Company believes the decrease was primarily driven by the impacts of the COVID-19 PHE on consumer travel and mobility in addition to lower consumer confidence. Direct-to-consumer sales in the third quarter of 2020 were down 3.3% sequentially compared to the second quarter of 2020, primarily due to lower average sales representative headcount in the quarter, partially offset by improved sales representative productivity.

Rental revenue increased 40.1% to $7.5 million in the third quarter of 2020 versus $5.4 million in the comparative period in 2019, primarily due to increased reimbursement rates, an increase in patients on service, higher billable patients as a percent of total patients on service, and lower revenue adjustments. As of September 30, 2020, the Company had approximately 29,500 patients on service, an increase of 11.7% as compared to June 30, 2020, due to the Company’s increased focus on new rental setups and reduced paperwork requirements associated with the COVID-19 PHE.

Total gross margin was 44.4% in the third quarter of 2020 versus 47.2% in the comparative period in 2019. Sales revenue gross margin was 43.5% in the third quarter of 2020 versus 48.2% in the third quarter of 2019. The decrease in sales revenue gross margin in the comparative period was primarily due to lower average selling prices, particularly in the Company’s direct-to-consumer channel where consumers bought product configurations with lower margin bundles, and increased material and overhead costs per unit, partially offset by lower warranty expense per unit in the third quarter of 2020. Rental revenue gross margin increased to 52.0% in the third quarter of 2020 versus 31.5% in the third quarter of 2019. The increase in rental revenue gross margin was primarily due to higher Medicare reimbursement rates, higher billable patients as a percent of total patients on service, lower revenue adjustments, and lower servicing and depreciation expense per patient on service.

Total operating expense decreased to $35.0 million in the third quarter of 2020 versus $35.2 million in the third quarter of 2019, primarily due to a reduction in advertising costs, partially offset by an increase in intangible amortization. Research and development expense increased to $3.5 million in the third quarter of 2020 versus $2.6 million in the comparative period in 2019, primarily associated with $1.0 million of increased intangible amortization expense. Sales and marketing expense decreased to $22.9 million in the third quarter of 2020 versus $24.0 million in the comparative period in 2019, primarily due to decreased advertising expenditures of $7.7 million in the third quarter of 2020 as compared to $9.0 million in the third quarter of 2019. General and administrative expense increased to $8.6 million in the third quarter of 2020 versus $8.5 million in the comparative period in 2019, primarily due to higher personnel-related expenses, partially offset by lower legal and consulting expense. In addition, the Company adjusted $0.3 million from the CARES Act Provider Relief Fund payment received in the second quarter of 2020 to offset COVID-19 PHE related costs incurred in the third quarter of 2020 as a benefit to general and administrative expense and a reduction to lost revenues classified in other income.

The Company reported an operating loss for the three months ended September 30, 2020 of $2.0 million and Adjusted EBITDA of $4.6 million.

In the third quarter of 2020, the Company reported a net loss of $1.7 million with loss per diluted common share of $0.08.

Cash, cash equivalents, and marketable securities were $220.5 million as of September 30, 2020. The Company had no debt outstanding as of September 30, 2020.

On October 27, 2020, CMS announced that competitive bidding contracts that were scheduled to go into effect on January 1, 2021 will not be awarded for most product categories, including oxygen, due to payment amounts not achieving the expected savings and the current COVID-19 PHE. The Company expects that Medicare rates will not change for the length of the COVID-19 PHE, except for the 2% Medicare sequestration that will go back into effect on January 1, 2021, and any net change for inflation and budget neutrality adjustments that typically occur annually each January, but have not yet been announced.

Because of the unprecedented market uncertainties, the Company is still unable to provide guidance for the full year 2020 or 2021. The uncertain scope and duration of the COVID-19 PHE makes the Company unable to estimate the impact on its financial results, including revenue, net income, and Adjusted EBITDA estimates, for such periods.

However, the Company does expect that the COVID-19 pandemic will continue to have an adverse impact on its business in the fourth quarter of 2020 and that revenue in the fourth quarter of 2020 will be down compared to the third quarter of 2020, primarily due to the seasonality in its business and the impacts of the COVID-19 PHE.

While the Company believes that the COVID-19 pandemic and any potential for further, prolonged lock-downs in future periods would have a negative impact on its sales in those periods, it plans to continue to make investments to broaden its product portfolio with the use of the recently acquired New Aera technology and also build the necessary infrastructure to support its focus on rentals. Given such investment initiatives, the Company expects increased operating expenses in the remainder of 2020 and 2021. Also, while the Company expects to incur minimal expenses related to bonus and performance-based stock compensation in 2020, it does expect such costs to increase in 2021.

Conference Call

Individuals interested in listening to the conference call today at 1:30pm PT/4:30pm ET may do so by dialing (877) 841-3961 for domestic callers or (201) 689-8589 for international callers. To listen to a live webcast, please visit the Investor Relations section of Inogen's website at: http://investor.inogen.com/.

A replay of the call will be available beginning November 4, 2020 at 3:30pm PT/6:30pm ET through November 18, 2020. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Access Code: 13672721. The webcast will also be available on Inogen's website for one year following the completion of the call.

Inogen has used, and intends to continue to use, its Investor Relations website, http://investor.inogen.com/, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. For more information, visit http://investor.inogen.com/.

About Inogen

We are a medical technology company offering innovative respiratory products for use in the homecare setting. We primarily develop, manufacture and market innovative portable oxygen concentrators used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions.

For more information, please visit www.inogen.com.

Cautionary Note Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements regarding the Company’s expectations related to revenue in the fourth quarter of 2020, operating expenses for the remainder of 2020 and 2021, the anticipated impact of the COVID-19 PHE on the Company’s business, including the impact on supply and demand for the Company’s products in its various business channels, the Company’s operating and sales strategy in respect to the COVID-19 PHE, expectations regarding international sales and tender activity, expectations regarding changes to reimbursement rates, and expectations related to the Company’s rental strategy and growth prospects. Any statements contained in this communication that are not statements of historical fact may be deemed to be forward-looking statements. Words such as “believes,” “anticipates,” “plans,” “expects,” “will,” “intends,” “potential,” “possible,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including but not limited to, risks arising from the possibility that Inogen will not realize anticipated revenue; the risks related to the COVID-19 PHE; the impact of changes in reimbursement rates and reimbursement and regulatory policies; the possible loss of key employees, customers, or suppliers; risks relating to Inogen’s acquisition of New Aera and the integration of New Aera’s business and operations within those of Inogen; risks relating to reimbursement coding of the Tidal Assist© Ventilator (TAV); the possibility that Inogen will not realize anticipated revenue from the technology acquired from New Aera or that expenses and costs will exceed Inogen’s expectations; intellectual property risks if Inogen is unable to secure and maintain patent or other intellectual property protection for the intellectual property used in its products; and intellectual property risks relating to the acquisition of New Aera, including the risk of intellectual property litigation. In addition, Inogen's business is subject to numerous additional risks and uncertainties, including, among others, risks relating to market acceptance of its products; competition; its sales, marketing and distribution capabilities; its planned sales, marketing, and research and development activities; interruptions or delays in the supply of components or materials for, or manufacturing of, its products; seasonal variations; unanticipated increases in costs or expenses; and risks associated with international operations. Information on these and additional risks, uncertainties, and other information affecting Inogen’s business operating results are contained in its Quarterly Report on Form 10-Q for the period ended June 30, 2020, and in its other filings with the Securities and Exchange Commission. Additional information will also be set forth in Inogen’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, to be filed with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Inogen disclaims any obligation to update these forward-looking statements except as may be required by law.

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 and nine months ended September 30, 2020 and September 30, 2019. Management believes that non-GAAP financial measures, taken in conjunction with U.S. GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of Inogen's core operating results. Management uses non-GAAP measures to compare Inogen's performance relative to forecasts and strategic plans, to benchmark Inogen's performance externally against competitors, and for certain compensation decisions. Beginning with this quarter, Inogen is no longer providing a Non-GAAP Adjusted Total Revenue Growth metric because the decrease in sales associated with the large national provider referenced within such metric was largely applicable to periods prior to the periods presented herein. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Inogen's operating results as reported under U.S. GAAP. Inogen encourages investors to carefully consider its results under U.S. GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between U.S. GAAP and non-GAAP results are presented in the accompanying tables of this release. For future periods, Inogen is unable to provide a reconciliation of non-GAAP measures without unreasonable effort as a result of the uncertainty regarding, and the potential variability of, the amounts of interest income, interest expense, depreciation and amortization, stock-based compensation, provision for income taxes, and certain other infrequently occurring items, such as acquisition-related costs, that may be incurred in the future.

Consolidated Balance Sheets

 

(amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Assets

 

(unaudited)

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

213,984

 

 

$

198,037

 

Marketable securities

 

 

6,525

 

 

 

11,057

 

Accounts receivable, net

 

 

31,691

 

 

 

34,325

 

Inventories, net

 

 

29,220

 

 

 

35,664

 

Income tax receivable

 

 

3,105

 

 

 

2,976

 

Prepaid expenses and other current assets

 

 

18,856

 

 

 

10,160

 

Total current assets

 

 

303,381

 

 

 

292,219

 

Property and equipment, net

 

 

25,320

 

 

 

19,438

 

Goodwill

 

 

33,054

 

 

 

32,954

 

Intangible assets, net

 

 

71,009

 

 

 

77,533

 

Operating lease right-of-use asset

 

 

9,318

 

 

 

5,855

 

Deferred tax asset - noncurrent

 

 

14,083

 

 

 

14,452

 

Other assets

 

 

4,166

 

 

 

4,888

 

Total assets

 

$

460,331

 

 

$

447,339

 

Liabilities and stockholders' equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

29,200

 

 

$

30,730

 

Accrued payroll

 

 

7,234

 

 

 

6,215

 

Warranty reserve - current

 

 

5,887

 

 

 

4,923

 

Operating lease liability - current

 

 

1,890

 

 

 

2,014

 

Deferred revenue - current

 

 

6,628

 

 

 

5,478

 

Income tax payable

 

 

1,132

 

 

 

821

 

Total current liabilities

 

 

51,971

 

 

 

50,181

 

Warranty reserve - noncurrent

 

 

8,040

 

 

 

7,648

 

Operating lease liability - noncurrent

 

 

8,570

 

 

 

4,702

 

Earnout liability - noncurrent

 

 

26,393

 

 

 

26,559

 

Deferred revenue - noncurrent

 

 

12,766

 

 

 

13,541

 

Deferred tax liability - noncurrent

 

 

91

 

 

 

87

 

Total liabilities

 

 

107,831

 

 

 

102,718

 

Stockholders' equity

 

 

 

 

 

 

 

 

Common stock

 

 

22

 

 

 

22

 

Additional paid-in capital

 

 

271,345

 

 

 

263,252

 

Retained earnings

 

 

80,726

 

 

 

81,434

 

Accumulated other comprehensive income (loss)

 

 

407

 

 

 

(87

)

Total stockholders' equity

 

 

352,500

 

 

 

344,621

 

Total liabilities and stockholders' equity

 

$

460,331

 

 

$

447,339

 

Consolidated Statements of Comprehensive Income (Loss)

 

(unaudited)

 

(amounts in thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

Nine months ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales revenue

 

$

66,809

 

 

$

86,392

 

 

$

215,561

 

 

$

267,073

 

Rental revenue

 

 

7,520

 

 

 

5,369

 

 

 

18,948

 

 

 

15,953

 

Total revenue

 

 

74,329

 

 

 

91,761

 

 

 

234,509

 

 

 

283,026

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales revenue

 

 

37,714

 

 

 

44,769

 

 

 

120,914

 

 

 

134,066

 

Cost of rental revenue, including depreciation of $1,475 and $1,482 for the three months ended and $3,995 and $4,781 for the nine months ended, respectively

 

 

3,609

 

 

 

3,677

 

 

 

9,474

 

 

 

11,021

 

Total cost of revenue

 

 

41,323

 

 

 

48,446

 

 

 

130,388

 

 

 

145,087

 

Gross profit

 

 

33,006

 

 

 

43,315

 

 

 

104,121

 

 

 

137,939

 

Operating expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

3,511

 

 

 

2,636

 

 

 

10,406

 

 

 

5,773

 

Sales and marketing

 

 

22,882

 

 

 

24,047

 

 

 

72,131

 

 

 

80,006

 

General and administrative

 

 

8,586

 

 

 

8,525

 

 

 

28,087

 

 

 

27,050

 

Total operating expense

 

 

34,979

 

 

 

35,208

 

 

 

110,624

 

 

 

112,829

 

Income (loss) from operations

 

 

(1,973

)

 

 

8,107

 

 

 

(6,503

)

 

 

25,110

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

114

 

 

 

1,149

 

 

 

842

 

 

 

3,877

 

Other income (expense)

 

 

(54

)

 

 

(503

)

 

 

5,586

 

 

 

(478

)

Total other income, net

 

 

60

 

 

 

646

 

 

 

6,428

 

 

 

3,399

 

Income (loss) before provision (benefit) for income taxes

 

 

(1,913

)

 

 

8,753

 

 

 

(75

)

 

 

28,509

 

Provision (benefit) for income taxes

 

 

(214

)

 

 

1,890

 

 

 

633

 

 

 

6,184

 

Net income (loss)

 

$

(1,699

)

 

$

6,863

 

 

$

(708

)

 

$

22,325

 

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in foreign currency translation adjustment

 

 

385

 

 

 

(309

)

 

 

405

 

 

 

(340

)

Change in net unrealized gains (losses) on foreign currency hedging

 

 

(82

)

 

 

(420

)

 

 

162

 

 

 

(954

)

Less: reclassification adjustment for net (gains) losses included in net income

 

 

(213

)

 

 

338

 

 

 

(67

)

 

 

796

 

Total net change in unrealized gains (losses) on foreign currency hedging

 

 

(295

)

 

 

(82

)

 

 

95

 

 

 

(158

)

Change in net unrealized gains (losses) on marketable securities

 

 

(1

)

 

 

(18

)

 

 

(6

)

 

 

18

 

Total other comprehensive income (loss), net of tax

 

 

89

 

 

 

(409

)

 

 

494

 

 

 

(480

)

Comprehensive income (loss)

 

$

(1,610

)

 

$

6,454

 

 

$

(214

)

 

$

21,845

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income (loss) per share attributable to common stockholders (1)

 

$

(0.08

)

 

$

0.31

 

 

$

(0.03

)

 

$

1.02

 

Diluted net income (loss) per share attributable to common stockholders (1)(2)

 

$

(0.08

)

 

$

0.31

 

 

$

(0.03

)

 

$

1.00

 

Weighted-average number of shares used in calculating net income (loss) per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic common shares

 

 

21,998,299

 

 

 

21,840,473

 

 

 

21,959,521

 

 

 

21,802,468

 

Diluted common shares

 

 

21,998,299

 

 

 

22,191,688

 

 

 

21,959,521

 

 

 

22,387,146

 

   

(1)

Reconciliations of net income attributable to common stockholders basic and diluted can be found in Inogen’s Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission.

   

(2)

Due to a net loss for the three and nine months ended September 30, 2020, dilutive loss per share is the same as basic.

Supplemental Financial Information

 

(unaudited)

 

(in thousands, except units and patients)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

Nine months ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue by region and category

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business-to-business domestic sales

 

$

23,056

 

 

$

30,143

 

 

$

72,174

 

 

$

85,857

 

Business-to-business international sales

 

 

14,581

 

 

 

18,492

 

 

 

48,538

 

 

 

60,859

 

Direct-to-consumer domestic sales

 

 

29,172

 

 

 

37,757

 

 

 

94,849

 

 

 

120,357

 

Direct-to-consumer domestic rentals

 

 

7,520

 

 

 

5,369

 

 

 

18,948

 

 

 

15,953

 

Total revenue

 

$

74,329

 

 

$

91,761

 

 

$

234,509

 

 

$

283,026

 

Additional financial measures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Units sold

 

 

42,200

 

 

 

51,600

 

 

 

138,100

 

 

 

158,500

 

Net rental patients as of period-end

 

 

29,500

 

 

 

25,600

 

 

 

29,500

 

 

 

25,600

 

Reconciliation of U.S. GAAP to Other Non-GAAP Financial Measures

 

(unaudited)

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

Nine months ended

 

 

 

September 30,

 

 

September 30,

 

Non-GAAP EBITDA and Adjusted EBITDA

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income (loss)

 

$

(1,699

)

 

$

6,863

 

 

$

(708

)

 

$

22,325

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

(114

)

 

 

(1,149

)

 

 

(842

)

 

 

(3,877

)

Provision (benefit) for income taxes

 

 

(214

)

 

 

1,890

 

 

 

633

 

 

 

6,184

 

Depreciation and amortization

 

 

4,712

 

 

 

3,662

 

 

 

13,654

 

 

 

9,216

 

EBITDA (non-GAAP)

 

 

2,685

 

 

 

11,266

 

 

 

12,737

 

 

 

33,848

 

Stock-based compensation

 

 

2,050

 

 

 

1,565

 

 

 

6,111

 

 

 

6,930

 

Change in fair value of earnout liability

 

 

(146

)

 

 

 

 

 

(166

)

 

 

 

Adjusted EBITDA (non-GAAP)

 

$

4,589

 

 

$

12,831

 

 

$

18,682

 

 

$

40,778

 

 

 

Three months ended

 

 

Nine months ended

 

Non-GAAP provision (benefit) for income taxes and

 

September 30,

 

 

September 30,

 

effective tax rate

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Income (loss) before provision (benefit) for income taxes

 

$

(1,913

)

 

$

8,753

 

 

$

(75

)

 

$

28,509

 

Provision (benefit) for income taxes

 

 

(214

)

 

 

1,890

 

 

 

633

 

 

 

6,184

 

Effective tax rate

 

 

11.2

%

 

 

21.6

%

 

N.M.

 

 

 

21.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision (benefit) for income taxes

 

$

(214

)

 

$

1,890

 

 

$

633

 

 

$

6,184

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excess tax benefits (deficiencies) from stock-based compensation

 

 

(183

)

 

 

(64

)

 

 

(678

)

 

 

383

 

Provision (benefit) for income taxes (non-GAAP)

 

$

(397

)

 

$

1,826

 

 

$

(45

)

 

$

6,567

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before provision (benefit) for income taxes

 

$

(1,913

)

 

$

8,753

 

 

$

(75

)

 

$

28,509

 

Provision (benefit) for income taxes (non-GAAP)

 

 

(397

)

 

 

1,826

 

 

 

(45

)

 

 

6,567

 

Effective tax rate (non-GAAP)

 

 

20.8

%

 

 

20.9

%

 

 

60.0

%

 

 

23.0

%

 

 

Three months ended

 

 

Nine months ended

 

 

 

September 30,

2020

 

 

September 30,

2019

 

 

September 30,

2020

 

 

September 30,

2019

 

Non-GAAP international constant currency revenue

 

(using 2019

FX rates)

 

 

(using 2018

FX rates)

 

 

(using 2019

FX rates)

 

 

(using 2018

FX rates)

 

International revenues (GAAP)

 

$

14,581

 

 

$

18,492

 

 

$

48,538

 

 

$

60,859

 

Foreign exchange impact

 

 

(337

)

 

 

488

 

 

 

358

 

 

 

2,667

 

International constant currency revenues (non-GAAP)

 

$

14,244

 

 

$

18,980

 

 

$

48,896

 

 

$

63,526

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International revenue growth (GAAP)

 

 

-21.1

%

 

 

-12.5

%

 

 

-20.2

%

 

 

3.5

%

International constant currency revenue growth (non-GAAP)

 

 

-23.0

%

 

 

-10.2

%

 

 

-19.7

%

 

 

8.0

%

 

Contacts

Investor Relations Contact:
Matthew Pigeon
mpigeon@inogen.net

Media Contact:
Byron Myers
805-562-0503

 
 

Source: Inogen, Inc.

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