Inogen Inc 2024年度报告

Dear Inogen Investor, 2024 was a remarkable year for our business. We made great strides in delivering on our mission to improve the lives ofpatients suffering from respiratory conditions around the world, while significantly advancing the financial profile andcondition of the Company. I am truly proud of what our team has accomplished, and believe it is only the beginning ofInogen’s return to growth, profitability, and position as a leader in respiratory therapies. Our priorities as a Company remain steadfast: drive top-line growth, advance our path to profitability, and continue toexpand our innovation pipeline to serve patients and providers. Regarding growth, there were numerous commercial achievements between our channels in 2024. Primarily, as aCompany we returned to growth, delivering a 6% revenue improvement over our 2023 results. This success was drivenby strong commercial execution in our business-to-business channels, which grew by over 25% domestically andinternationally. The job is not finished, and we will continue to rebuild and expand our relationships with our partners. Building on our organic efforts to drive top-line growth, we entered a significant collaboration with Yuwell Medical.This collaboration is expected to allow Inogen to enter the large and rapidly growing Chinese respiratory market, whileexpanding Inogen’s product portfolio with a high-quality and dependable stationary oxygen concentrator. We areexcited about what this collaboration means for our business, and believe it reinforces our long-term growth profile andshortens our pathway to profitability. During the year we continued to experience pressure in our direct-to-consumer channel. This was largely the result ofour downsized salesforce; a decision we made to drive efficiency in that channel. Our rental channel was similarly pressured, as we continued to see a greater number of patients entering service withprivate insurance plans. Returning our direct-to-consumer and rental channels to growth remains a key focus of our planto drive growth and leverage in our business. On our second priority to advance towards profitability, we made significant improvements during the year. Wegenerated two quarters of Adjusted EBITDA profitability; and we believe these quarters serve as proof points for thecapability of our business to generate leverage. While there are steps to be taken to reach consistent profitability, we willcontinue to prioritize efficiency and diligently manage our expense profile. Turning to our innovation pipeline, we continued our cadence of new product development and commercialization,while improving our existing portfolio. In December, we received FDA 510(k) clearance for our Simeox airway clearance device. This was the culmination of along process by our clinical and regulatory teams following our acquisition of Physio-Assist in 2023. Simeox expandsInogen’s capabilities beyond POCs and furthers our offerings as a broader respiratory care provider. Our focus has nowshifted to commercializing Simeox, and our plans to pursue reimbursement in the United States. A number of new innovations to our existing product categories were also introduced during the year. We launched ourlatest POC, the Rove 4. Its light weight and 6 hours of battery life represent Inogen’s core principle of allowing patientsto retain mobility. We also launched several updates for our Inogen Connect app, expanding the ease-of-use andaccessibility of our devices. Inogen remains committed to delivering the highest quality, most accessible, and dependable respiratory devices on themarket. We look forward to continuing to provide updates on our progress and thank you for your support. Kevin SmithChief Executive Officer, President and Director UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 10-KANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the Fiscal Year Ended December 31, 2024ORTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934For the Transition Period FromtoCommission file number: 001-36309INOGEN, INC.(Exact name of registrant as specified in its charter)Delaware33-0989359State or other jurisdiction ofincorporation or organizationI.R.S. EmployerIdentification No.859 Ward DriveGoleta, California93111Address of principal executive officesZip CodeRegistrant’s telephone number, including area code (805) 562-0500 Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.YesNo Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the Registrant was required to file such reports), and (2)