Inogen Inc

Previous wording

“Inogen,” “Inogen One,” “Inogen One G3,” “G4,” “G5,” “Oxygen.Anytime.Anywhere,” “Intelligent Delivery Technology,” “Inogen At Home,” “Inogen Rove,” and the Inogen design, are registered trademarks with the United States Patent and Trademark Office of Inogen, Inc. We own pending applications for the marks “Rove,” “Inogen Rove 4,” “Inogen Rove 6,” and “VOXI” with the United States Patent and Trademark Office. We own trademark registrations for the mark “Inogen” in Argentina, Australia, Bermuda, Canada, Chile, China, Columbia, Ecuador, Hong Kong, South Korea, Malaysia, Mexico, Europe (European Union Registration), the United Kingdom, Iceland, India, Indonesia, Israel, Japan, Kuwait, New Zealand, Norway, Dominican Republic, Paraguay, Peru, Philippines, Turkey, Singapore, South Africa, Switzerland, Uruguay, and Vietnam. We own pending applications for the mark “Inogen” in Thailand, and the UAE. We own a trademark registration for the mark “イノジェン” in Japan. We own trademark registrations for the marks “印诺真” and “艾诺根” in China. We own trademark registrations for the mark “Inogen One” in Australia, Canada, China, South Korea, Mexico, Europe (European Union Registration), and the United Kingdom. We own a trademark registration for the mark “Satellite Conserver” in Canada. We own trademark registrations for the mark “Inogen At Home” in Europe (European Union Registration) and the United Kingdom. We own trademark registrations for the mark “G4” in Europe (European Union Registration) and the United Kingdom. We own trademark registrations for the marks “Inogen Rove 4” and “Inogen Rove 6” in Europe (European Union Registration) and the United Kingdom. We own trademark registrations for the mark “G5” in Europe (European Union Registration) and the United Kingdom. We own pending applications for the marks “Inogen Rove 4” and “Inogen Rove 6” in Canada. We own trademark registrations for the mark “Rove” in Australia, China, Europe (European Union Registration), Indonesia, Mexico, and the United Kingdom. We own pending applications for the mark “Rove” in Argentina, Brazil, Canada, Colombia, India, South Korea, and Saudi Arabia. We own trademark registrations for the mark “Inogen Rove” in Australia, China, Europe (European Union Registration), Indonesia, Mexico, and the United Kingdom. We own pending applications for the mark “Inogen Rove” in Argentina, Brazil, Canada, Colombia, India, South Korea, and Saudi Arabia. We own trademark registrations for the Inogen design in Bolivia and China. We own a trademark registration for the mark “إنوجن” in Saudi Arabia. We own a pending application for the Inogen One G5 design in Brazil. We own a pending application for “Inogen Simeox” in China. We own a pending application for the mark “VOXI” in Europe (European Union Registration). Other service marks, trademarks, and trade names referred to in this Quarterly Report on Form 10-Q are the property of their respective owners. “PHYSIOASSIST,” the Physio-Assist logo, “SIMEOX,” an…

Excerpt shortened here; the source contains the full paragraph.

Current wording

“Inogen,” “Inogen One,” “Inogen One G3,” “G4,” “G5,” “Oxygen.Anytime.Anywhere,” “Intelligent Delivery Technology,” “Inogen At Home,” “Inogen Rove,” and the Inogen design, are registered trademarks with the United States Patent and Trademark Office of Inogen, Inc. We own pending applications for the marks “AURORA,” “Rove,” “Inogen Rove 4,” “Inogen Rove 6,” and “VOXI” with the United States Patent and Trademark Office. We own trademark registrations for the mark “Inogen” in Argentina, Australia, Bermuda, Canada, Chile, China, Columbia, Ecuador, Hong Kong, South Korea, Malaysia, Mexico, Europe (European Union Registration), the United Kingdom, Iceland, India, Indonesia, Israel, Japan, Kuwait, New Zealand, Norway, Dominican Republic, Paraguay, Peru, Philippines, Turkey, Singapore, South Africa, Switzerland, the UAE, Uruguay, and Vietnam. We own a pending application for the mark “Inogen” in Thailand. We own a trademark registration for the mark “イノジェン” in Japan. We own trademark registrations for the marks “印诺真” and “艾诺根” in China. We own trademark registrations for the mark “Inogen One” in Australia, Canada, China, South Korea, Mexico, Europe (European Union Registration), and the United Kingdom. We own a trademark registration for the mark “Satellite Conserver” in Canada. We own trademark registrations for the mark “Inogen At Home” in Europe (European Union Registration) and the United Kingdom. We own trademark registrations for the mark “G4” in Europe (European Union Registration) and the United Kingdom. We own trademark registrations for the marks “Inogen Rove 4” and “Inogen Rove 6” in Europe (European Union Registration) and the United Kingdom. We own trademark registrations for the mark “G5” in Europe (European Union Registration) and the United Kingdom. We own pending applications for the marks “Inogen Rove 4” and “Inogen Rove 6” in Canada. We own trademark registrations for the mark “Rove” in Australia, China, Colombia, Europe (European Union Registration), Indonesia, Mexico, and the United Kingdom. We own pending applications for the mark “Rove” in Argentina, Brazil, Canada, India, South Korea, and Saudi Arabia. We own trademark registrations for the mark “Inogen Rove” in Australia, China, Colombia, Europe (European Union Registration), Indonesia, Mexico, and the United Kingdom. We own pending applications for the mark “Inogen Rove” in Argentina, Brazil, Canada, India, South Korea, and Saudi Arabia. We own trademark registrations for the Inogen design in Bolivia and China. We own a trademark registration for the mark “إنوجن” in Saudi Arabia. We own a pending application for the Inogen One G5 design in Brazil. We own a pending application for “Inogen Simeox” in China. We own a trademark registration for the mark “VOXI” in Europe (European Union Registration). Other service marks, trademarks, and trade names referred to in this Quarterly Report on Form 10-Q are the property of their respective owners. “PHYSIOASSIST,” the Physio-Assist logo, “S…

Excerpt shortened here; the source contains the full paragraph.

Previous wording

There have been no material changes in our critical accounting policies and estimates in the preparation of our consolidated financial statements during the three months ended March 31, 2025 compared to those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 28, 2025.

Current wording

There have been no material changes in our critical accounting policies and estimates in the preparation of our consolidated financial statements during the three and six months ended June 30, 2025 compared to those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 28, 2025.

Previous wording

We continue to monitor the additional tariffs announced by the U.S. government, and potential tariff modifications or the imposition of tariffs or export controls by other countries. As the tariffs are currently detailed, we do not expect a material impact to our business.

Current wording

We continue to monitor the tariffs announced by the U.S. government, and potential tariff modifications or the imposition of tariffs or export controls by other countries. As the tariffs are currently detailed, we do not expect a material impact to our business.

Previous wording

Invest in our oxygen product offerings to develop innovative products and expand clinical evidence. We incurred $4.0 million and $6.6 million in the three months ended March 31, 2025 and 2024, respectively, in research and development expenses, and we intend to continue to make such investments in the foreseeable future.

Current wording

Invest in our oxygen product offerings to develop innovative products and expand clinical evidence. We incurred $5.2 million and $5.6 million in the three months ended June 30, 2025 and 2024, respectively, and $9.2 million and $12.2 million in the six months ended June 30, 2025 and 2024, respectively, in research and development expenses, and we intend to continue to make such investments in the foreseeable future.

Previous wording

Our Simeox product is a technology-enabled airway clearance and mucus management device predominantly aimed at serving patients with bronchiectasis which is a condition that presents as the lung’s bronchi are damaged and widened in patients with cystic fibrosis, COPD, or other respiratory conditions. Simeox is used in pulmonary rehabilitation centers as well as at home. Simeox has been cleared under CE mark in the European Union and is currently being sold in Europe and several other markets. In addition, we obtained 510(k) clearance for Simeox in December 2024 and plan to leverage our commercial infrastructure and capabilities to market the device in the United States, while continuing to market it in the other geographies. We intend to commercialize Simeox through the sale or rental of the product initially, followed by recurring sales of device disposables. We will begin efforts to obtain market feedback in the first half of 2025, as well as to initialize the work towards reimbursement coverage for the Simeox product in the U.S.

Current wording

Our Simeox product is a technology-enabled airway clearance and mucus management device predominantly aimed at serving patients with bronchiectasis which is a condition that presents as the lung’s bronchi are damaged and widened in patients with cystic fibrosis, COPD, or other respiratory conditions. Simeox is used in pulmonary rehabilitation centers as well as at home. Simeox has been cleared under CE mark in the European Union and is currently being sold in Europe and several other markets. In addition, we obtained 510(k) clearance for Simeox in December 2024 and plan to leverage our commercial infrastructure and capabilities to market the device in the United States, while continuing to market it in the other geographies. We intend to commercialize Simeox through the sale or rental of the product initially, followed by recurring sales of device disposables. We began efforts to obtain market feedback, as well as to initialize the work towards reimbursement coverage for the Simeox product in the U.S.

Previous wording

In January 2025, we entered into the Collaboration Agreement with Yuwell. The collaboration with Yuwell is expected to broaden our product portfolio through distribution of certain respiratory products, including Yuwell’s stationary oxygen concentrators, in the United States and select other territories, expand and enhance our innovation pipeline through research and development collaboration, and accelerate the entry of our brand into the Chinese market. In the United States, we expect a limited launch in 2025 with a more extensive launch in 2026 as we focus on market development. In China, we continue to work through the registration process.

Current wording

In January 2025, we entered into the Collaboration Agreement with Yuwell. The collaboration with Yuwell is expected to broaden our product portfolio through distribution of certain respiratory products, including Yuwell’s stationary oxygen concentrators, in the United States and select other territories, expand and enhance our innovation pipeline through research and development collaboration, and accelerate the entry of our brand into the Chinese market. In the United States, we initiated in June 2025 the launch of the Voxi™ 5, a new stationary oxygen concentrator designed to enhance access to high-quality oxygen therapy for long-term care patients. A more extensive launch is planned in 2026 as we focus on market development. In China, we continue to work through the registration process.

Previous wording

Sales revenue increased $5.4 million, or 8.5%, for the three months ended March 31, 2025 from the three months ended March 31, 2024. The increase was primarily attributable to higher demand in domestic and international business-to-business sales. We sold approximately 43,000 oxygen systems during the three months ended March 31, 2025 compared to approximately 33,900 oxygen systems sold during the three months ended March 31, 2024, an increase of 26.8%.

Current wording

Sales revenue increased $4.7 million, or 6.4%, for the three months ended June 30, 2025 from the three months ended June 30, 2024. The increase was primarily attributable to higher demand in domestic and international business-to-business sales. We sold approximately 49,000 oxygen systems during the three months ended June 30, 2025 compared to approximately 41,300 oxygen systems sold during the three months ended June 30, 2024, an increase of 18.6%.

Previous wording

Domestic business-to-business sales increased 29.9% for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily due to the result of increased demand from existing customers.

Current wording

Domestic business-to-business sales increased 19.3% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to the result of increased demand.

Previous wording

International business-to-business sales increased 22.9% for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily due to higher demand. In the three months ended March 31, 2025, sales in Europe as a percentage of total international sales revenue decreased to 85.6% from 88.2% during the comparable period in 2024.

Current wording

International business-to-business sales increased 17.7% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to higher demand. In the three months ended June 30, 2025, sales in Europe as a percentage of total international sales revenue slightly decreased to 85.3% from 86.7% during the comparable period in 2024.

Previous wording

Domestic direct-to-consumer sales decreased 26.8% for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily driven by lower volume due to lower sales representative headcount versus the comparable period in 2024.

Current wording

Domestic direct-to-consumer sales decreased 21.1% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily driven by lower volume and average selling price versus the comparable period in 2024.

Previous wording

Domestic direct-to-consumer rentals decreased 7.5% for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily related to a higher mix of lower private-payor reimbursement rates.

Current wording

Domestic direct-to-consumer rentals decreased 8.6% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily related to a higher mix of lower private-payor reimbursement rates.

Previous wording

Cost of sales revenue increased $2.8 million, or 8.1%, for the three months ended March 31, 2025 from the three months ended March 31, 2024 due primarily to an increase in the number of systems sold.

Current wording

Cost of sales revenue increased $5.1 million, or 13.4%, for the three months ended June 30, 2025 from the three months ended June 30, 2024 due primarily to an increase in the number of systems sold.

Previous wording

Cost of rental revenue decreased $0.6 million, or 7.0%, for the three months ended March 31, 2025 from the three months ended March 31, 2024. The decrease in cost of rental revenue was primarily attributable to a decrease in logistics costs. Cost of rental revenue included $3.0 million of rental asset depreciation for the three months ended March 31, 2025 compared to $3.2 million for the three months ended March 31, 2024.

Current wording

Cost of rental revenue decreased $0.2 million, or 3.1%, for the three months ended June 30, 2025 from the three months ended June 30, 2024. The decrease in cost of rental revenue was primarily attributable to a decrease in logistics costs. Cost of rental revenue included $3.0 million of rental asset depreciation for the three months ended June 30, 2025 compared to $3.1 million for the three months ended June 30, 2024.

Previous wording

Gross margin on rental revenue decreased to 43.3% for the three months ended March 31, 2025 from 43.7% for the three months ended March 31, 2024, primarily due to a higher mix shift of private-payor reimbursement and lower net revenue per rental patient as a result of a decrease in the percentage of patients billed compared to total patients on service.

Current wording

Gross margin on rental revenue decreased to 43.0% for the three months ended June 30, 2025 from 46.2% for the three months ended June 30, 2024, primarily due to a higher mix shift of private-payor reimbursement and lower net revenue per rental patient as a result of a decrease in the percentage of patients billed compared to total patients on service.

Previous wording

General and administrative expense decreased $0.9 million, or 5.2%, for the three months ended March 31, 2025 from the three months ended March 31, 2024, primarily due to $0.6 million in the change in fair value of the earnout liability.

Current wording

General and administrative expense decreased $1.7 million, or 9.1%, for the three months ended June 30, 2025 from the three months ended June 30, 2024, primarily due to decreases of $1.0 million in bad debt expense and $0.6 million in the change in fair value of the earnout liability, respectively.

Previous wording

Income tax benefit decreased less than $0.1 million, or 35.3%, for the three months ended March 31, 2025 from the three months ended March 31, 2024. We continued to record a valuation allowance on the use of deferred tax assets in the current and prior periods. The decrease was attributable to lower foreign and state taxes.

Current wording

Income tax benefit increased $0.1 million, or 2,085.7%, for the three months ended June 30, 2025 from the three months ended June 30, 2024. We continued to record a valuation allowance on the use of deferred tax assets in the current and prior periods. The decrease was attributable to lower foreign and state taxes.

Previous wording

Net loss decreased $8.4 million, or 57.6%, for the three months ended March 31, 2025 from the three months ended March 31, 2024. The decrease in net loss was primarily related to an increase in sales revenue and lower operating expense.

Current wording

Net loss decreased $1.4 million, or 25.7%, for the three months ended June 30, 2025 from the three months ended June 30, 2024. The decrease in net loss was primarily related to an increase in sales revenue and lower operating expense.

Previous wording

Gross margin on sales revenue increased to 44.4% for the three months ended March 31, 2025 from 44.1% for the three months ended March 31, 2024. The increase was driven primarily by lower warranty expense, partially offset by channel and customer mix as well as higher material cost premiums associated with open-market purchases of semiconductor chips used in our POCs. Total worldwide business-to-business sales revenue accounted for 78.0% of total sales revenue in the three months ended March 31, 2025 versus 67.4% in the three months ended March 31, 2024.

Current wording

Gross margin on sales revenue decreased to 44.8% for the six months ended June 30, 2025 from 46.5% for the six months ended June 30, 2024. The decrease was driven primarily by channel and customer mix and higher material cost premiums associated with open-market purchases of semiconductor chips used in our POCs, partially offset by lower warranty expense. Total worldwide business-to-business sales revenue accounted for 77.7% of total sales revenue in the six months ended June 30, 2025 versus 68.6% in the six months ended June 30, 2024.

Previous wording

Research and development expense decreased $2.5 million, or 38.7%, for the three months ended March 31, 2025 from the three months ended March 31, 2024. This decrease was due primarily to a $1.8 million decrease in consulting and a $0.5 million decrease in personnel-related expenses.

Current wording

Research and development expense decreased $3.0 million, or 24.2%, for the six months ended June 30, 2025 from the six months ended June 30, 2024. This decrease was due primarily to a $2.4 million decrease in consulting expense.

Previous wording

Sales and marketing expense decreased $3.2 million, or 11.8%, for the three months ended March 31, 2025 from the three months ended March 31, 2024. This decrease was primarily due to decreases of $1.8 million in consulting fees and $0.9 million in media and advertising costs. In the three months ended March 31, 2025, we spent $7.6 million in media and advertising costs versus $8.4 million in the comparable period in 2024.

Current wording

Sales and marketing expense decreased $3.4 million, or 6.5%, for the six months ended June 30, 2025 from the six months ended June 30, 2024. This decrease was primarily due to decreases of $1.9 million in media and advertising costs and $1.4 million in consulting fees. In the six months ended June 30, 2025, we spent $15.0 million in media and advertising costs versus $17.0 million in the comparable period in 2024.

Previous wording

As of March 31, 2025, we had cash and cash equivalents of $118.9 million, which consisted of highly liquid investments with a maturity of three months or less. For the three months ended March 31, 2025, we received $27.2 million from Yuwell and $0.5 million in proceeds related to our ESPP, partially offset by the payment of the earnout liability of $13.0 million. For the three months ended March 31, 2024, we received $0.4 million in proceeds related to our ESPP.

Current wording

As of June 30, 2025, we had cash and cash equivalents of $103.7 million, which consisted of highly liquid investments with a maturity of three months or less. For the six months ended June 30, 2025, we received $27.2 million from Yuwell and $0.5 million in proceeds related to our 2014 Employee Stock Purchase Plan, or ESPP, partially offset by the payment of the earnout liability of $13.0 million. For the six months ended June 30, 2024, we received $0.4 million in proceeds related to our ESPP.

Previous wording

Our principal use of our funds for liquidity and capital resources in the three months ended March 31, 2025 consisted of cash used in investing activities of $2.0 million for additional rental equipment, other property and plant and equipment, partially offset by cash used in operating activities of $16.8 million.

Current wording

Our principal use of our funds for liquidity and capital resources in the six months ended June 30, 2025 consisted of cash used in investing activities of $18.7 million for the purchase of marketable securities, $5.9 million in the production and purchase of rental assets and other property and equipment and cash used in operating activities of $12.4 million.

Previous wording

Net cash used in operating activities for the three months ended March 31, 2025 consisted primarily of our net loss of $6.2 million, partially offset by non-cash adjustment items of depreciation of equipment and leasehold improvements and amortization of intangibles of $5.2 million, stock-based compensation expense of $2.1 million, provision for sales returns and doubtful accounts of $1.7 million, and net loss on disposal of rental assets and other assets of $0.9 million. The net changes in operating assets and liabilities resulted in net cash used of $21.3 million, which included the payment of the earnout liability of $9.8 million.

Current wording

Net cash used in operating activities for the six months ended June 30, 2025 consisted primarily of our net loss of $10.3 million, partially offset by non-cash adjustment items of depreciation of equipment and leasehold improvements and amortization of intangibles of $10.4 million, stock-based compensation expense of $4.4 million, provision for sales returns and doubtful accounts of $3.2 million, and net loss on disposal of rental assets and other assets of $1.7 million. The net changes in operating assets and liabilities resulted in net cash used of $22.7 million, which included the payment of the earnout liability of $9.8 million.

Previous wording

Net cash used in operating activities for the three months ended March 31, 2024 consisted primarily of our net loss of $14.6 million, partially offset by non-cash adjustment items such as depreciation of equipment and leasehold improvements and amortization of intangibles of $5.3 million, stock-based compensation expense of $2.4 million, provision for sales returns and doubtful accounts of $2.2 million, net loss on disposal of rental assets and other assets of $1.2 million, and change in fair value of earnout liability of $0.6 million. The net changes in operating assets and liabilities resulted in a net decrease in cash of $1.5 million.

Current wording

Net cash provided by operating activities for the six months ended June 30, 2024 consisted primarily of our net loss of $20.2 million, partially offset by non-cash adjustment items such as depreciation of equipment and leasehold improvements and amortization of intangibles of $10.6 million, provision for sales returns and doubtful accounts of $4.6 million, stock-based compensation expense of $4.2 million, net loss on disposal of rental assets and other assets of $2.2 million, and change in fair value of earnout liability of $1.2 million. The net changes in operating assets and liabilities resulted in a net decrease in cash of $0.4 million.

Previous wording

For the three months ended March 31, 2024, we invested $12.4 million in the purchase of marketable securities, $4.1 million in the production and purchase of rental assets and other property and equipment, partially offset by $3.0 million we received from maturities of marketable securities.

Current wording

For the six months ended June 30, 2024, we invested $32.3 million in the purchase of marketable securities, $7.0 million in the production and purchase of rental assets and other property and equipment, and $2.1 million in intangible assets, partially offset by $15.5 million we received from maturities of marketable securities.

Previous wording

For the three months ended March 31, 2025, net cash provided by financing activities consisted of $27.2 million of proceeds from issuance of common stock pursuant to the Purchase Agreement, $0.5 million of proceeds received from purchases under our ESPP, partially offset by the payment of the earnout liability of $3.2 million and employment taxes related to the vesting of RSUs of $0.6 million.

Current wording

For the six months ended June 30, 2025, net cash provided by financing activities consisted of $27.2 million of proceeds from issuance of common stock pursuant to the Purchase Agreement, $0.5 million of proceeds received from purchases under our ESPP, partially offset by the payment of the earnout liability of $3.2 million and employment taxes related to the vesting of restricted stock units, or RSUs, of $0.6 million.

Previous wording

For the three months ended March 31, 2024, net cash provided by financing activities consisted of $0.4 million from the proceeds received from purchases under our ESPP, partially offset by the payment of employment taxes related to the vesting of RSUs of $0.1 million.

Current wording

For the six months ended June 30, 2024, net cash provided by financing activities consisted of $0.4 million from the proceeds received from purchases under our ESPP, partially offset by the payment of employment taxes related to the vesting of RSUs of $0.3 million.

Previous wording

During the three months ended March 31, 2025, our primary source of cash related to $27.2 million of proceeds from issuance of common stock pursuant to the Purchase Agreement. Our net cash used in operating activities in the three months ended March 31, 2025 was $16.8 million compared to $4.7 million in the three months ended March 31, 2024. As of March 31, 2025, we had cash and cash equivalents of $118.9 million.

Current wording

During the six months ended June 30, 2025, our primary source of cash related to $27.2 million of proceeds from issuance of common stock pursuant to the Purchase Agreement. Our net cash used in operating activities in the six months ended June 30, 2025 was $12.4 million compared to net cash provided of $1.9 million in the six months ended June 30, 2024. As of June 30, 2025, we had cash and cash equivalents of $103.7 million.