Double Digit Year-over-Year Revenue Growth of 13.2%
Constant Currency Year-over-Year Revenue Growth of 14.5%
Inogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced financial results for the quarter ended September 30, 2022, and provided a business update.
Third Quarter 2022 Highlights
- Reported total revenue was $105.4 million for the period ended September 30, 2022, representing a 13.2% increase from $93.1 million for the period ended September 30, 2021.
- On a constant currency basis, total revenue for the period ended September 30, 2022, increased 14.5%.
- GAAP net loss of $9.5 million, adjusted net loss of $4.1 million, and adjusted EBITDA was a loss of $1.2 million.
- Strong balance sheet and cash position.
“I am pleased with the progress the team has made on our transformational journey. We fulfilled customer demand by overcoming supply chain challenges through extraordinary efforts, resulting in year-over-year double digit revenue growth,” said Nabil Shabshab, Inogen’s President and Chief Executive Officer. “Our balance sheet remains strong and capable of driving our transformation. We are executing on our strategic initiatives, improving commercial productivity while building innovation programs that will enhance our ability to deliver sustainable long-term growth and profitability.”
Third Quarter 2022 Financial Results
Third quarter total revenue increased 13.2% to $105.4 million from $93.1 million in the third quarter of 2021, primarily driven by higher domestic business-to-business sales, as well as continued strength in the rental channel, partially offset by lower international business-to-business and direct-to-consumer sales.
Total gross margin was 40.6% in the third quarter of 2022 versus 51.2% in the comparative period in 2021. The decline was driven primarily by increased material costs and unfavorable sales channel mix, partially offset by higher average selling prices.
Total operating expense for the quarter was $53.1 million compared to $41.3 million in the third quarter of 2021, representing an increase of 28.5%. The increased spend was primarily due to ongoing strategic investments required to position the Company for long-term sustainable growth. Additionally, there was a non-cash decrease in the benefit from the change in fair value of the New Aera earnout liability.
GAAP net loss for the third quarter of 2022 was $9.5 million compared to GAAP net income of $12.2 million in the third quarter of 2021. Adjusted net loss was $4.1 million compared to adjusted net income of $14.4 million in the third quarter of 2021.
Adjusted EBITDA was a negative $1.2 million in the third quarter of 2022 compared to a positive $12.2 million in the third quarter of 2021.
Cash and cash equivalents were $209.6 million as of September 30, 2022, and no debt outstanding.
A reconciliation of adjusted EBITDA and adjusted net income (loss) for the three and nine months ended September 30, 2022 and 2021 are provided in the financial schedules that are a part of this press release. An explanation of these non-GAAP financial measures is also included below under the heading “Non-GAAP Financial Measures.”
Fourth Quarter 2022 Financial Guidance
Inogen now projects revenue for the fourth quarter of 2022 to be in the range of approximately $87 million to $92 million, or approximately 14% to 20% growth year-over-year.
Conference Call
Individuals interested in listening to the conference call today at 5:30am PT / 8:30am ET may do so by dialing:
US domestic callers (877) 841-3961
International callers (201) 689-8589
Please reference Inogen to join the call. To listen to a live webcast, please visit the Investor Relations section of Inogen's website at: http://investor.inogen.com/. This webcast will also be archived on the website for 6 months.
A replay of the call will be available approximately three hours after the live webcast ends and will be accessible through November 16, 2022. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Conference ID: 13732881.
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
Inogen is a medical technology company offering innovative respiratory products for use in the homecare setting. The Company primarily develops, manufactures and markets 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.
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 its financial and operational results for the fourth quarter of 2022, expectations related to 2023 for growth as well as supply chain challenges; and expectations of future growth and profitability. 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; risks related to the Company’s supply chain and limited availability of parts used in our POCs, the risk of further slowdowns or temporarily halts of production, or cost inflation for such components; the impact of changes in reimbursement rates and reimbursement and regulatory policies; the possible loss of key employees, customers, or suppliers; 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. In addition, Inogen's business is subject to numerous additional risks and uncertainties and information on these and additional risks, uncertainties, and other information affecting Inogen’s business operating results are contained in its Annual Report on Form 10-K for the period ended December 31, 2021, 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 period ended September 30, 2022, 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.
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, 2022 and September 30, 2021. 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. 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 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, |
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sales revenue |
|
$ |
90,672 |
|
|
$ |
80,974 |
|
|
$ |
247,365 |
|
|
$ |
248,359 |
|
Rental revenue |
|
|
14,717 |
|
|
|
12,131 |
|
|
|
41,785 |
|
|
|
33,241 |
|
Total revenue |
|
|
105,389 |
|
|
|
93,105 |
|
|
|
289,150 |
|
|
|
281,600 |
|
Cost of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of sales revenue |
|
|
55,891 |
|
|
|
40,437 |
|
|
|
146,052 |
|
|
|
129,637 |
|
Cost of rental revenue, including depreciation of $2,795 and $2,315, for the three months ended and $8,153 and $6,257 for the nine months ended, respectively |
|
|
6,700 |
|
|
|
4,981 |
|
|
|
19,036 |
|
|
|
14,068 |
|
Total cost of revenue |
|
|
62,591 |
|
|
|
45,418 |
|
|
|
165,088 |
|
|
|
143,705 |
|
Gross profit |
|
|
42,798 |
|
|
|
47,687 |
|
|
|
124,062 |
|
|
|
137,895 |
|
Operating expense |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
|
4,581 |
|
|
|
3,754 |
|
|
|
16,009 |
|
|
|
11,892 |
|
Sales and marketing |
|
|
33,734 |
|
|
|
28,301 |
|
|
|
92,161 |
|
|
|
83,109 |
|
General and administrative |
|
|
14,775 |
|
|
|
9,258 |
|
|
|
42,646 |
|
|
|
26,981 |
|
Total operating expense |
|
|
53,090 |
|
|
|
41,313 |
|
|
|
150,816 |
|
|
|
121,982 |
|
Income (loss) from operations |
|
|
(10,292 |
) |
|
|
6,374 |
|
|
|
(26,754 |
) |
|
|
15,913 |
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income |
|
|
868 |
|
|
|
21 |
|
|
|
1,122 |
|
|
|
107 |
|
Other expense |
|
|
(12 |
) |
|
|
(466 |
) |
|
|
(1,167 |
) |
|
|
(472 |
) |
Total other income (expense), net |
|
|
856 |
|
|
|
(445 |
) |
|
|
(45 |
) |
|
|
(365 |
) |
Income (loss) before provision (benefit) for income taxes |
|
|
(9,436 |
) |
|
|
5,929 |
|
|
|
(26,799 |
) |
|
|
15,548 |
|
Provision (benefit) for income taxes |
|
|
70 |
|
|
|
(6,245 |
) |
|
|
363 |
|
|
|
(996 |
) |
Net income (loss) |
|
$ |
(9,506 |
) |
|
$ |
12,174 |
|
|
$ |
(27,162 |
) |
|
$ |
16,544 |
|
Other comprehensive income (loss), net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Change in foreign currency translation adjustment |
|
|
(616 |
) |
|
|
(251 |
) |
|
|
(1,453 |
) |
|
|
(585 |
) |
Change in net unrealized gains (losses) on foreign currency hedging |
|
|
209 |
|
|
|
494 |
|
|
|
(1,669 |
) |
|
|
2,028 |
|
Less: reclassification adjustment for net (gains) losses included in net income |
|
|
— |
|
|
|
106 |
|
|
|
1,206 |
|
|
|
(267 |
) |
Total net change in unrealized gains (losses) on foreign currency hedging |
|
|
209 |
|
|
|
600 |
|
|
|
(463 |
) |
|
|
1,761 |
|
Change in net unrealized gains (losses) on marketable securities |
|
|
17 |
|
|
|
(1 |
) |
|
|
16 |
|
|
|
- |
|
Total other comprehensive income (loss), net of tax |
|
|
(390 |
) |
|
|
348 |
|
|
|
(1,900 |
) |
|
|
1,176 |
|
Comprehensive income (loss) |
|
$ |
(9,896 |
) |
|
$ |
12,522 |
|
|
$ |
(29,062 |
) |
|
$ |
17,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic net income (loss) per share attributable to common stockholders (1) |
|
$ |
(0.42 |
) |
|
$ |
0.54 |
|
|
$ |
(1.19 |
) |
|
$ |
0.74 |
|
Diluted net income (loss) per share attributable to common stockholders (1) (2) |
|
$ |
(0.42 |
) |
|
$ |
0.53 |
|
|
$ |
(1.19 |
) |
|
$ |
0.73 |
|
Weighted-average number of shares used in calculating net income (loss) per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic common shares |
|
|
22,882,333 |
|
|
|
22,619,272 |
|
|
|
22,827,733 |
|
|
|
22,416,575 |
|
Diluted common shares |
|
|
22,882,333 |
|
|
|
22,854,229 |
|
|
|
22,827,733 |
|
|
|
22,803,355 |
|
(1) |
|
Reconciliations of net income (loss) 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 30,2022, diluted loss per share is the same as basic. |
Consolidated Balance Sheets |
|
|||||||
(unaudited) |
|
|||||||
(amounts in thousands) |
|
|||||||
|
|
|
|
|
|
|
||
|
|
September 30, |
|
|
December 31, |
|
||
|
|
2022 |
|
|
2021 |
|
||
Assets |
|
|
|
|
|
|
||
Current assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
209,633 |
|
|
$ |
235,524 |
|
Marketable securities |
|
|
- |
|
|
|
9,989 |
|
Accounts receivable, net |
|
|
50,533 |
|
|
|
24,452 |
|
Inventories, net |
|
|
35,725 |
|
|
|
31,873 |
|
Income tax receivable |
|
|
1,579 |
|
|
|
1,343 |
|
Prepaid expenses and other current assets |
|
|
20,306 |
|
|
|
26,005 |
|
Total current assets |
|
|
317,776 |
|
|
|
329,186 |
|
Property and equipment, net |
|
|
40,632 |
|
|
|
38,926 |
|
Goodwill |
|
|
32,674 |
|
|
|
32,979 |
|
Intangible assets, net |
|
|
53,700 |
|
|
|
60,147 |
|
Operating lease right-of-use asset |
|
|
22,479 |
|
|
|
24,912 |
|
Other assets |
|
|
2,323 |
|
|
|
3,363 |
|
Total assets |
|
$ |
469,584 |
|
|
$ |
489,513 |
|
Liabilities and stockholders' equity |
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
||
Accounts payable and accrued expenses |
|
$ |
33,512 |
|
|
$ |
25,689 |
|
Accrued payroll |
|
|
11,789 |
|
|
|
17,307 |
|
Warranty reserve - current |
|
|
7,830 |
|
|
|
6,480 |
|
Operating lease liability - current |
|
|
3,486 |
|
|
|
3,393 |
|
Deferred revenue - current |
|
|
9,119 |
|
|
|
8,568 |
|
Income tax payable |
|
|
- |
|
|
|
75 |
|
Total current liabilities |
|
|
65,736 |
|
|
|
61,512 |
|
Warranty reserve - noncurrent |
|
|
7,630 |
|
|
|
7,246 |
|
Operating lease liability - noncurrent |
|
|
20,662 |
|
|
|
23,281 |
|
Earnout liability - noncurrent |
|
|
13,687 |
|
|
|
15,386 |
|
Deferred revenue - noncurrent |
|
|
11,027 |
|
|
|
11,861 |
|
Total liabilities |
|
|
118,742 |
|
|
|
119,286 |
|
Stockholders' equity |
|
|
|
|
|
|
||
Common stock |
|
|
23 |
|
|
|
23 |
|
Additional paid-in capital |
|
|
309,140 |
|
|
|
299,463 |
|
Retained earnings |
|
|
42,110 |
|
|
|
69,272 |
|
Accumulated other comprehensive income (loss) |
|
|
(431 |
) |
|
|
1,469 |
|
Total stockholders' equity |
|
|
350,842 |
|
|
|
370,227 |
|
Total liabilities and stockholders' equity |
|
$ |
469,584 |
|
|
$ |
489,513 |
|
Condensed Consolidated Cash Flow |
|
|||||||
(unaudited) |
|
|||||||
(amounts in thousands) |
|
|||||||
|
|
|
|
|
|
|
||
|
|
Nine months ended September 30, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
Cash flows from operating activities |
|
|
|
|
|
|
||
Net income (loss) |
|
$ |
(27,162 |
) |
|
$ |
16,544 |
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
17,536 |
|
|
|
15,861 |
|
Loss on rental units and other fixed assets |
|
|
2,488 |
|
|
|
952 |
|
Gain on sale of former rental assets |
|
|
(93 |
) |
|
|
(59 |
) |
Provision for sales revenue returns and doubtful accounts |
|
|
10,816 |
|
|
|
8,248 |
|
Provision for rental revenue adjustments |
|
|
— |
|
|
|
3,543 |
|
Provision for inventory losses |
|
|
2,060 |
|
|
|
1,452 |
|
Stock-based compensation expense |
|
|
9,185 |
|
|
|
8,547 |
|
Deferred income taxes |
|
|
— |
|
|
|
(1,014 |
) |
Change in fair value of earnout liability |
|
|
(1,699 |
) |
|
|
(9,822 |
) |
Changes in operating assets and liabilities |
|
|
(35,181 |
) |
|
|
(27,117 |
) |
Net cash provided by (used in) operating activities |
|
|
(22,050 |
) |
|
|
17,135 |
|
Cash flows from investing activities |
|
|
|
|
|
|
||
Maturities of marketable securities |
|
|
10,005 |
|
|
|
15,705 |
|
Investment in intangible assets |
|
|
— |
|
|
|
(132 |
) |
Investment in property and equipment |
|
|
(2,770 |
) |
|
|
(4,807 |
) |
Production and purchase of rental equipment |
|
|
(11,320 |
) |
|
|
(13,156 |
) |
Proceeds from sale of former assets |
|
|
152 |
|
|
|
122 |
|
Net cash used in investing activities |
|
|
(3,933 |
) |
|
|
(2,268 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
||
Proceeds from stock options exercised |
|
|
35 |
|
|
|
13,699 |
|
Proceeds from employee stock purchases |
|
|
1,691 |
|
|
|
1,948 |
|
Payment of employment taxes related to release of restricted stock |
|
|
(1,234 |
) |
|
|
(617 |
) |
Net cash provided by financing activities |
|
|
492 |
|
|
|
15,030 |
|
Effect of exchange rates on cash |
|
|
(400 |
) |
|
|
(283 |
) |
Net increase (decrease) in cash and cash equivalents |
|
$ |
(25,891 |
) |
|
$ |
29,614 |
|
Supplemental Financial Information |
|
|||||||||||||||
(unaudited) |
|
|||||||||||||||
(in thousands, except units and patients) |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three months ended |
|
|
Nine months ended |
|
||||||||||
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Revenue by region and category |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Business-to-business domestic sales |
|
$ |
42,546 |
|
|
$ |
22,793 |
|
|
$ |
58,859 |
|
|
$ |
81,094 |
|
Business-to-business international sales |
|
|
15,078 |
|
|
|
21,834 |
|
|
|
80,460 |
|
|
|
59,377 |
|
Direct-to-consumer domestic sales |
|
|
33,048 |
|
|
|
36,347 |
|
|
|
108,046 |
|
|
|
107,888 |
|
Direct-to-consumer domestic rentals |
|
|
14,717 |
|
|
|
12,131 |
|
|
|
41,785 |
|
|
|
33,241 |
|
Total revenue |
|
$ |
105,389 |
|
|
$ |
93,105 |
|
|
$ |
289,150 |
|
|
$ |
281,600 |
|
Additional financial measures |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Units sold |
|
|
54,200 |
|
|
|
44,600 |
|
|
|
127,000 |
|
|
|
146,400 |
|
Net rental patients as of period-end |
|
|
44,600 |
|
|
|
40,400 |
|
|
|
44,600 |
|
|
|
40,400 |
|
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 |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Net income (loss) (GAAP) |
|
$ |
(9,506 |
) |
|
$ |
12,174 |
|
|
$ |
(27,162 |
) |
|
$ |
16,544 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income |
|
|
(868 |
) |
|
|
(21 |
) |
|
|
(1,122 |
) |
|
|
(107 |
) |
Provision (benefit) for income taxes |
|
|
70 |
|
|
|
(6,245 |
) |
|
|
363 |
|
|
|
(996 |
) |
Depreciation and amortization |
|
|
5,928 |
|
|
|
5,522 |
|
|
|
17,536 |
|
|
|
15,861 |
|
EBITDA (non-GAAP) |
|
|
(4,376 |
) |
|
|
11,430 |
|
|
|
(10,385 |
) |
|
|
31,302 |
|
Stock-based compensation |
|
|
3,500 |
|
|
|
2,792 |
|
|
|
9,185 |
|
|
|
8,547 |
|
Change in fair value of earnout liability |
|
|
(288 |
) |
|
|
(2,052 |
) |
|
|
(1,699 |
) |
|
|
(9,869 |
) |
Adjusted EBITDA (non-GAAP) |
|
$ |
(1,164 |
) |
|
$ |
12,170 |
|
|
$ |
(2,899 |
) |
|
$ |
29,980 |
|
|
|
Three months ended September 30, |
|
|||||||||||||
|
|
Net Income (Loss) |
|
|
Diluted EPS |
|
||||||||||
Non-GAAP Adjusted Net Income (Loss) and Diluted EPS |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Financial Results (GAAP) |
|
$ |
(9,506 |
) |
|
$ |
12,174 |
|
|
$ |
(0.42 |
) |
|
$ |
0.53 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Amortization of intangibles |
|
|
2,150 |
|
|
|
2,155 |
|
|
|
|
|
|
|
||
Stock-based compensation |
|
|
3,500 |
|
|
|
2,792 |
|
|
|
|
|
|
|
||
Change in fair value of earnout liability |
|
|
(288 |
) |
|
|
(2,052 |
) |
|
|
|
|
|
|
||
Income tax impact of adjustments (1) |
|
|
- |
|
|
|
(695 |
) |
|
|
|
|
|
|
||
Adjusted |
|
$ |
(4,144 |
) |
|
$ |
14,374 |
|
|
$ |
(0.18 |
) |
|
$ |
0.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Nine months ended September 30, |
|
|||||||||||||
|
|
Net Income (Loss) |
|
|
Diluted EPS |
|
||||||||||
Non-GAAP Adjusted Net Income (Loss) and Diluted EPS |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Financial Results (GAAP) |
|
$ |
(27,162 |
) |
|
$ |
16,544 |
|
|
$ |
(1.19 |
) |
|
$ |
0.73 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Amortization of intangibles |
|
|
6,447 |
|
|
|
6,622 |
|
|
|
|
|
|
|
||
Stock-based compensation |
|
|
9,185 |
|
|
|
8,547 |
|
|
|
|
|
|
|
||
Change in fair value of earnout liability |
|
|
(1,699 |
) |
|
|
(9,869 |
) |
|
|
|
|
|
|
||
Income tax impact of adjustments (1) |
|
|
- |
|
|
|
(1,272 |
) |
|
|
|
|
|
|
||
Adjusted |
|
$ |
(13,229 |
) |
|
$ |
20,572 |
|
|
$ |
(0.58 |
) |
|
$ |
0.90 |
|
(1) |
|
Income tax impact of adjustments represents the tax impact related to the non-GAAP adjustments listed above and reflects an effective tax rate of 0% for 2022, which is due to the recording of a valuation allowance, and 24% for 2021. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20221102005392/en/
Contacts
Agnes Lee
ir@inogen.net
