Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | INGN | |
Entity Registrant Name | INOGEN, INC. | |
Entity Central Index Key | 0001294133 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 23,577,109 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-36309 | |
Entity Tax Identification Number | 33-0989359 | |
Entity Address, Address Line One | 859 Ward Drive | |
Entity Address, City or Town | Goleta | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 93111 | |
City Area Code | (805) | |
Local Phone Number | 562-0500 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 107,444 | $ 125,492 |
Marketable securities | 12,361 | 2,979 |
Accounts receivable, net | 40,223 | 42,241 |
Inventories, net | 24,601 | 21,840 |
Income tax receivable | 976 | 669 |
Prepaid expenses and other current assets | 13,589 | 13,846 |
Total current assets | 199,194 | 207,067 |
Property and equipment, net | 49,270 | 50,316 |
Goodwill | 9,834 | 10,057 |
Intangible assets, net | 32,907 | 34,591 |
Operating lease right-of-use asset | 20,575 | 20,338 |
Other assets | 3,819 | 3,825 |
Total assets | 315,599 | 326,194 |
Current liabilities | ||
Accounts payable and accrued expenses | 31,706 | 30,142 |
Accrued payroll | 10,602 | 11,066 |
Warranty reserve - current | 10,095 | 9,628 |
Operating lease liability - current | 3,515 | 3,653 |
Earnout liability | 10,570 | 10,000 |
Deferred revenue - current | 7,422 | 7,980 |
Income tax payable | 27 | |
Total current liabilities | 73,910 | 72,496 |
Long-term liabilities | ||
Warranty reserve - noncurrent | 15,435 | 13,850 |
Operating lease liability - noncurrent | 18,595 | 18,270 |
Deferred revenue - noncurrent | 7,613 | 8,227 |
Deferred tax liability | 8,148 | 8,539 |
Total liabilities | 123,701 | 121,382 |
Commitments and contingencies (Note 10) | ||
Stockholders' equity | ||
Common stock, $0.001 par value per share; 200,000,000 authorized; 23,546,478 and 23,324,750 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | 24 | 23 |
Additional paid-in capital | 323,213 | 320,513 |
Accumulated deficit | (131,527) | (116,949) |
Accumulated other comprehensive income | 188 | 1,225 |
Total stockholders' equity | 191,898 | 204,812 |
Total liabilities and stockholders' equity | $ 315,599 | $ 326,194 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 23,546,478 | 23,324,750 |
Common stock, shares outstanding | 23,546,478 | 23,324,750 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue | ||
Sales revenue | $ 63,095 | $ 55,887 |
Rental revenue | 14,930 | 16,275 |
Total revenue | 78,025 | 72,162 |
Cost of revenue | ||
Cost of sales revenue | 35,244 | 33,964 |
Cost of rental revenue, including depreciation of $3,179 and $3,078, respectively | 8,410 | 7,465 |
Total cost of revenue | 43,654 | 41,429 |
Gross profit | ||
Gross profit-sales revenue | 27,851 | 21,923 |
Gross profit-rental revenue | 6,520 | 8,810 |
Total gross profit | 34,371 | 30,733 |
Operating expense | ||
Research and development | 6,578 | 5,344 |
Sales and marketing | 26,936 | 28,441 |
General and administrative | 17,131 | 18,863 |
Total operating expense | 50,645 | 52,648 |
Loss from operations | (16,274) | (21,915) |
Other income (expense) | ||
Interest income, net | 1,403 | 1,525 |
Other income, net | 143 | 237 |
Total other income, net | 1,546 | 1,762 |
Loss before provision (benefit) for income taxes | (14,728) | (20,153) |
Provision (benefit) for income taxes | (150) | 196 |
Net loss | (14,578) | (20,349) |
Other comprehensive income (loss), net of tax | ||
Change in foreign currency translation adjustment | (1,035) | 170 |
Change in net unrealized gains (losses) on marketable securities | (2) | 69 |
Total other comprehensive income (loss), net of tax | (1,037) | 239 |
Comprehensive loss | $ (15,615) | $ (20,110) |
Basic net loss per share attributable to common stockholders (Note 7) | $ (0.62) | $ (0.88) |
Diluted net loss per share attributable to common stockholders (Note 7) | $ (0.62) | $ (0.88) |
Weighted average number of shares used in calculating net loss per share attributable to common stockholders: | ||
Basic common shares | 23,401,598 | 23,009,617 |
Diluted common shares | 23,401,598 | 23,009,617 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Loss (Parenthetical) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Depreciation | $ 3,179 | $ 3,078 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance at Dec. 31, 2022 | $ 297,406 | $ 23 | $ 312,126 | $ (14,500) | $ (243) |
Beginning Balance, shares at Dec. 31, 2022 | 22,941,643 | ||||
Stock-based compensation | 3,442 | 3,442 | |||
Employee stock purchases | 630 | 630 | |||
Employee stock purchases, shares | 47,676 | ||||
Vesting of restricted stock units | (454) | (454) | |||
Vesting of restricted stock units, shares | 77,530 | ||||
Shares withheld related to net restricted stock settlement | (1) | (1) | |||
Shares withheld related to net restricted stock settlement, shares | (495) | ||||
Stock options exercised | 384 | 384 | |||
Stock options exercised, shares | 54,432 | ||||
Net loss | (20,349) | (20,349) | |||
Other comprehensive income (loss) | 239 | 239 | |||
Ending Balance at Mar. 31, 2023 | 281,297 | $ 23 | 316,127 | (34,849) | (4) |
Ending Balance, shares at Mar. 31, 2023 | 23,120,786 | ||||
Beginning Balance at Dec. 31, 2023 | 204,812 | $ 23 | 320,513 | (116,949) | 1,225 |
Beginning Balance, shares at Dec. 31, 2023 | 23,324,750 | ||||
Stock-based compensation | 2,416 | 2,416 | |||
Stock issued | 370 | $ 1 | 369 | ||
Stock issued, shares | 233,927 | ||||
Tax withholding related to vesting of restricted stock units | (85) | (85) | |||
Tax withholding related to vesting of restricted stock units, shares | (12,199) | ||||
Net loss | (14,578) | (14,578) | |||
Other comprehensive income (loss) | (1,037) | (1,037) | |||
Ending Balance at Mar. 31, 2024 | $ 191,898 | $ 24 | $ 323,213 | $ (131,527) | $ 188 |
Ending Balance, shares at Mar. 31, 2024 | 23,546,478 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities | ||
Net loss | $ (14,578) | $ (20,349) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 5,265 | 4,086 |
Loss on rental units and other assets | 1,162 | 1,099 |
Gain on sale of former rental assets | (38) | (21) |
Provision for sales revenue returns and doubtful accounts | 2,164 | 2,258 |
Provision for inventory losses | (53) | 603 |
Stock-based compensation expense | 2,416 | 3,442 |
Deferred income taxes | (201) | |
Change in fair value of earnout liability | 570 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (267) | 6,726 |
Inventories | (2,973) | (6,362) |
Income tax receivable | (312) | (233) |
Prepaid expenses and other current assets | 248 | 5,173 |
Operating lease right-of-use asset | (249) | 550 |
Other noncurrent assets | 4 | 47 |
Accounts payable and accrued expenses | 1,488 | (1,845) |
Accrued payroll | (449) | (436) |
Warranty reserve | 2,052 | 180 |
Deferred revenue | (1,172) | (684) |
Income tax payable | (27) | |
Operating lease liability | 201 | (535) |
Net cash used in operating activities | (4,749) | (6,301) |
Cash flows from investing activities | ||
Purchases of available-for-sale securities | (12,384) | (10,359) |
Maturities of available-for-sale securities | 3,000 | |
Investment in property and equipment | (1,310) | (1,076) |
Production and purchase of rental equipment | (2,820) | (5,733) |
Proceeds from sale of former assets | 70 | 58 |
Net cash used in investing activities | (13,444) | (17,110) |
Cash flows from financing activities | ||
Proceeds from stock options exercised | 384 | |
Proceeds from employee stock purchases | 370 | 630 |
Payment of employment taxes related to release of restricted stock | (85) | (455) |
Net cash provided by financing activities | 285 | 559 |
Effect of exchange rates on cash | (140) | (25) |
Net decrease in cash and cash equivalents | (18,048) | (22,877) |
Cash and cash equivalents, beginning of period | 125,492 | 187,014 |
Cash and cash equivalents, end of period | 107,444 | 164,137 |
Supplemental disclosures of cash flow information | ||
Cash paid during the period for income taxes, net of refunds received | 422 | 418 |
Supplemental disclosure of non-cash transactions | ||
Property and equipment in accounts payable and accrued liabilities | $ 100 | $ 65 |
Business Overview
Business Overview | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Overview | 1. Business overview Inogen, Inc. (Company or Inogen) was incorporated in Delaware on November 27, 2001. The Company is a medical technology business that primarily develops, manufactures, and markets innovative portable oxygen concentrators (POCs) used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions. Traditionally, these patients have relied on stationary oxygen concentrator systems for use in the home and oxygen tanks or cylinders for mobile use, which the Company refers to as the delivery model. The tanks and cylinders must be delivered regularly and have a finite amount of oxygen, which requires patients to plan activities outside of their homes around delivery schedules and a finite oxygen supply. Additionally, patients must attach long cumbersome tubing to their stationary concentrators simply to enable mobility within their homes. The Company's proprietary Inogen One® and Inogen Rove systems concentrate the air around the patient to offer a source of supplemental oxygen anytime, anywhere with a battery and can be plugged into an outlet when at home, in a car, or in a public place with outlets available. The Company's Inogen One systems reduce the patient's reliance on stationary concentrators and scheduled deliveries of tanks with a finite supply of oxygen, thereby improving patient quality of life and fostering mobility. The Company incorporated Inogen Europe Holding B.V., a Dutch limited liability company, on April 13, 2017 . On May 4, 2017, Inogen Europe Holding B.V. acquired all issued and outstanding capital stock of MedSupport Systems B.V. (MedSupport) and began operating under the name Inogen Europe B.V. The Company merged Inogen Europe Holding B.V. and Inogen Europe B.V. on December 28, 2018. Inogen Europe B.V. is the remaining legal entity. Inogen completed the acquisition of New Aera, Inc. (New Aera) on August 9, 2019. On September 14, 2023 , the Company completed the acquisition of all of the issued and outstanding capital stock of Physio-Assist SAS (Physio-Assist) and its wholly-owned subsidiary PhysioAssist GmbH. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 2. Basis of presentation and summary of significant accounting policies Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The results of operations for the three months ended March 31, 2024 shown in this report are not necessarily indicative of results to be expected for the full year ending December 31, 2024. In the opinion of the Company’s management, the information contained herein reflects all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the Company’s results of operations, financial position, cash flows, and stockholders’ equity. Certain footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to Securities and Exchange Commission (SEC) rules and regulations relating to interim financial statements. The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K filed with the SEC on March 1, 2024. Except as further described below, there have been no significant changes in the Company’s accounting policies from those disclosed in its Annual Report on Form 10-K filed with the SEC on March 1, 2024. Basis of consolidation The consolidated financial statements include the accounts of Inogen, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. Accounting estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases these estimates and assumptions upon historical experience, existing and known circumstances, authoritative accounting pronouncements and other factors that management believes to be reasonable. Significant areas requiring the use of management estimates relate to revenue recognition, warranty reserves and expense, determining the stand-alone selling price (SSP) and service period of performance obligations, rental asset valuations and write-downs, accounts receivable allowances for bad debts, returns and adjustments, impairment of goodwill, impairment of long-lived assets, stock-based compensation expense, income taxes, fair value of acquired intangible assets and goodwill, and fair value of earnout liabilities. Actual results could differ from these estimates. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2024 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions On July 10, 2023, the Company entered into a share purchase agreement to acquire Physio-Assist, which is in the business of the design, production, and marketing of medical devices for bronchial decongestion (airway clearance technique) for patients suffering from obstructive respiratory diseases. On September 14, 2023, the Company completed the acquisition of all of the issued and outstanding capital stock of Physio-Assist and its wholly-owned subsidiary PhysioAssist GmbH for a purchase price consisting of $ 32,250 in cash consideration and the fair value of a potential earnout of $ 3,178 based on future regulatory clearances. A potential earnout payment of either $ 13,000 (without a clinical trial requirement) or $ 11,000 (with a required clinical trial less related development costs) is dependent upon the achievement of one of two milestones related to U.S. Food and Drug Administration (FDA) de novo authorization or 510(k) clearance for the Simeox Airway Clearance System within four years of the date of the closing of the transaction. The fair value of the earnout liability was measured using the probability weighted expected return methodology and was discounted using a rate and probability that appropriately captures the risk associated with the obligation. Assets and liabilities of the acquired company were recorded at their estimated fair values at the date of acquisition. The excess purchase price over the fair value of net tangible assets and identifiable intangible assets acquired has been allocated to goodwill. Goodwill represents the expected synergies with the existing business, the acquired assembled workforce, and future cash flows after the acquisition. The fair value assigned to the identifiable intangible assets was determined primarily by using the excess earnings method. The key assumptions included in the excess earnings method included revenue recognized, cost of revenue, and the discount rate. The Company's allocation of the purchase price of Physio-Assist is preliminary and any measurement period adjustments that result from the finalization of the purchase price allocation will be recorded retrospectively to the acquisition date. Changes are possible and could change the allocation of the purchase price. The following table summarizes the preliminary allocation of the purchase price over the estimated fair value of the assets acquired and liabilities assumed in the acquisition of Physio-Assist: Cash $ 2,617 Accounts receivable 184 Inventories 296 Other assets 325 Property and equipment 82 Operating lease right-of-use asset 306 Intangible assets 34,100 Goodwill 9,755 Total assets acquired $ 47,665 Accounts payable and accrued expenses $ 1,108 Bank loans 1,922 Other current liabilities 376 Operating lease liability 306 Deferred tax liability - noncurrent 8,525 Total liabilities assumed 12,237 Total identifiable net assets $ 35,428 Cash consideration $ 32,250 Fair value of contingent earnout consideration 3,178 Total purchase price $ 35,428 The consolidated financial and operating results reflect the Physio-Assist operations beginning September 14, 2023. The following unaudited pro forma information for the three months ended March 31, 2023 presents the revenues and net loss assuming the acquisition of Physio-Assist had occurred as of January 1, 2022. Three months ended March 31, 2023 Total revenue $ 73,008 Net loss $ ( 20,689 ) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair value measurements Cash, cash equivalents, and marketable securities The following table summarizes fair value measurements by level for the assets measured at fair value on a recurring basis for cash, cash equivalents, and marketable securities: As of March 31, 2024 Gross Cash Adjusted unrealized and cash Marketable cost gains Fair value equivalents securities Cash $ 22,587 $ — $ 22,587 $ 22,587 $ — Level 1: Money market accounts 53,607 — 53,607 53,607 — Level 2: U.S. Treasury securities 22,167 134 22,301 9,940 12,361 Institutional Insured Liquidity Deposit Savings 21,310 — 21,310 21,310 — Total $ 119,671 $ 134 $ 119,805 $ 107,444 $ 12,361 As of December 31, 2023 Gross Cash Adjusted unrealized and cash Marketable cost gains Fair value equivalents securities Cash $ 12,611 $ — $ 12,611 $ 12,611 $ — Level 1: Money market accounts 72,368 — 72,368 72,368 — Level 2: Corporate bonds 2,979 — 2,979 — 2,979 U.S. Treasury securities 19,252 136 19,388 19,388 — Institutional Insured Liquidity Deposit Savings 21,125 — 21,125 21,125 — Total $ 128,335 $ 136 $ 128,471 $ 125,492 $ 2,979 Derivative instruments and hedging activities The Company records the assets or liabilities associated with derivative instruments and hedging activities at fair value based on Level 2 inputs in other current assets or other current liabilities, respectively, in the consolidated balance sheet. The Company had a related receivable of $ 64 and payable of $ 155 as of March 31, 2024 and December 31, 2023, respectively. Accumulated other comprehensive income (loss) The components of accumulated other comprehensive income (loss) were as follows: Foreign Unrealized Accumulated currency gains (losses) other translation on marketable comprehensive adjustments securities income (loss) Balance as of December 31, 2023 $ 1,089 $ 136 $ 1,225 Other comprehensive loss ( 1,035 ) ( 2 ) ( 1,037 ) Balance as of March 31, 2024 $ 54 $ 134 $ 188 Comprehensive income (loss) is the total net earnings and all other non-owner changes in equity. Earnout liability The Company has obligations to pay up to $ 13,000 in an earnout payment for the Physio-Assist acquisition in cash if certain future regulatory results are met. The earnout liability was valued using Level 3 inputs. The reconciliation of the earnout liability measured and carried at fair value on a recurring basis is as follows: Balance as of December 31, 2023 $ 10,000 Change in fair value 570 Balance as of March 31, 2024 $ 10,570 |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2024 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 5. Balance sheet components Accounts receivable and allowance for bad debts, returns, and adjustments Net accounts receivable (gross accounts receivable, net of allowances) balance concentrations by major category as of March 31, 2024 and December 31, 2023 were as follows: March 31, December 31, Net accounts receivable 2024 2023 Rental (1) $ 6,975 $ 6,401 Business-to-business and other receivables (2) 33,248 35,840 Total net accounts receivable $ 40,223 $ 42,241 (1) Rental includes Medicare, Medicaid/other government, private insurance, and patient pay. (2) Business-to-business receivables included extended terms for two customers: 1) one customer had a net accounts receivable balance of $ 6,665 and $ 8,639 as of March 31, 2024 and December 31, 2023 , respectively; and 2) one customer had a net accounts receivable balance of $ 2,758 and $ 4,994 as of March 31, 2024 and December 31, 2023 , respectively. Each customer received extended payment terms through a direct financing plan offered. The following table sets forth the accounts receivable allowances as of March 31, 2024 and December 31, 2023: March 31, December 31, Allowances - accounts receivable 2024 2023 Doubtful accounts $ 2,401 $ 2,341 Sales returns 605 479 Total allowances - accounts receivable $ 3,006 $ 2,820 Concentration of customers and vendors The Company primarily sells its products to traditional home medical equipment providers, distributors, and resellers in the United States and in foreign countries on a credit basis. The Company also sells its products direct-to-consumers primarily on a prepayment basis. Medicare's service reimbursement programs represented more than 10% of the Company's total revenue for the three months ended March 31, 2024 and March 31, 2023. One customer represented more than 10% of the Company’s net accounts receivable balance with a net accounts receivable balance of $ 6,665 as of March 31, 2024 , and two customers each represented more than 10% of the Company's net accounts receivable balance with net accounts receivable balances of $ 8,639 and $ 4,994 , respectively, as of December 31, 2023. The Company also rents products directly to consumers for insurance reimbursement, which resulted in a customer concentration relating to Medicare’s service reimbursement programs. Medicare’s service reimbursement programs accounted for 58.4 % and 73.8 % of rental revenue in the three months ended March 31, 2024 and 2023 , respectively, and based on total revenue were 11.2 % and 16.6 % for the three months ended March 31, 2024 and 2023 , respectively. Accounts receivable balances relating to Medicare’s service reimbursement programs (including held and unbilled, net of allowances) amounted to $ 1,427 or 3.5 % of total net accounts receivable as of March 31, 2024 compared to $ 2,059 or 4.9 % of total net accounts receivable as of December 31, 2023. The Company currently purchases raw materials from a limited number of vendors, which resulted in a concentration of three major vendors. The three major vendors supply the Company with raw materials used to manufacture the Company’s products. For the three months ended March 31, 2024 , the Company’s three major vendors accounted for 24.6 %, 17.2 %, and 10.0 %, respectively, of total raw material purchases. For the three months ended March 31, 2023 , the Company’s three major vendors accounted for 34.1 %, 13.1 %, and 7.3 %, respectively, of total raw material purchases. A portion of revenue is earned from sales outside the United States. Approximately 79.9 % and 77.0 % of the non-U.S. revenue for the three months ended March 31, 2024 and 2023, respectively, were invoiced in Euros. A breakdown of the Company’s revenue from U.S. and non-U.S. sources for the three months ended March 31, 2024 and 2023, respectively, is as follows: Three months ended 2024 2023 U.S. revenue $ 51,990 $ 53,190 Non-U.S. revenue 26,035 18,972 Total revenue $ 78,025 $ 72,162 Inventories Inventories are stated at the lower of cost and net realizable value, using the first-in, first-out (FIFO) method. The Company records adjustments to inventory for potentially excess, obsolete, slow-moving, or impaired items, and losses on firm purchase commitments as a component of cost of sales in our consolidated statements of comprehensive loss. The Company recorded noncurrent inventory related to inventories that are expected to be realized or consumed after one year of $ 1,377 and $ 1,225 as of March 31, 2024 and December 31, 2023, respectively. Noncurrent inventories are primarily related to raw materials purchased in bulk to support long-term expected repairs to reduce costs and are classified in other assets. During the three months ended March 31, 2024 and 2023 , $ 331 and $ 1,013 , respectively, of inventory was transferred to rental equipment and was considered a noncash transaction in the production and purchase of rental equipment on the consolidated statements of cash flows. Inventories that are considered current consist of the following: March 31, December 31, 2024 2023 Raw materials and work-in-progress $ 19,011 $ 18,036 Finished goods 8,702 6,871 Less: reserves ( 3,112 ) ( 3,067 ) Inventories, net $ 24,601 $ 21,840 Property and equipment Repair and maintenance expense, which includes labor, parts, and freight, for rental equipment was $ 1,759 and $ 1,311 for the three months ended March 31, 2024 and 2023, respectively. Depreciation and amortization expense related to rental equipment and other property and equipment are summarized below for the three months ended March 31, 2024 and 2023, respectively. Three months ended 2024 2023 Rental equipment $ 3,179 $ 3,078 Other property and equipment 1,154 982 Total depreciation and amortization $ 4,333 $ 4,060 Property and equipment and rental equipment with associated accumulated depreciation is summarized below as of March 31, 2024 and December 31, 2023, respectively. March 31, December 31, Property and equipment 2024 2023 Rental equipment, net of allowances of $ 2,916 and $ 2,606 , respectively $ 66,352 $ 67,804 Other property and equipment 31,044 30,357 Property and equipment 97,396 98,161 Accumulated depreciation Rental equipment 30,783 31,023 Other property and equipment 17,343 16,822 Accumulated depreciation 48,126 47,845 Property and equipment, net Rental equipment, net of allowances of $ 2,916 and $ 2,606 , respectively 35,569 36,781 Other property and equipment 13,701 13,535 Property and equipment, net $ 49,270 $ 50,316 Long-lived assets The Company accounts for the impairment and disposition of long-lived assets in accordance with Accounting Standards Codification (ASC) 360 — Property, Plant, and Equipment . In accordance with ASC 360, long-lived assets to be held are reviewed for events or changes in circumstances that indicate that their carrying value may not be recoverable. No impairments were recorded for the three months ended March 31, 2024 and March 31, 2023. Goodwill and other identifiable intangible assets Goodwill The changes in the carrying amount of goodwill for the three months ended March 31, 2024 were as follows: Balance as of December 31, 2023 (1) $ 10,057 Translation adjustment ( 223 ) Balance as of March 31, 2024 (1) $ 9,834 (1) Includes $ 32,894 of accumulated impairment losses as of March 31, 2024 and December 31, 2023. Intangible assets The following tables represent the changes in net carrying values of intangible assets as of the respective dates: Average estimated Gross useful lives carrying Accumulated March 31, 2024 (in years) amount amortization Net amount Developed technology 10 $ 32,564 $ 1,764 $ 30,800 Licenses 10 185 185 — Patents and websites 5 4,518 4,446 72 Customer relationships 4 2,908 1,383 1,525 Trade name 4 201 27 174 Commercials 3 494 158 336 Total $ 40,870 $ 7,963 $ 32,907 Average estimated Gross useful lives carrying Accumulated December 31, 2023 (in years) amount amortization Net amount Developed technology 10 $ 33,303 $ 971 $ 32,332 Licenses 10 185 185 — Patents and websites 5 4,518 4,429 89 Customer relationships 4 2,974 1,372 1,602 Trade name 4 206 15 191 Commercials 3 494 117 377 Total $ 41,680 $ 7,089 $ 34,591 Annual estimated amortization expense for each of the succeeding fiscal years is as follows: March 31, 2024 Remaining 9 months of 2024 $ 2,955 2025 3,893 2026 3,762 2027 3,709 2028 3,256 2029 3,256 Thereafter 12,076 $ 32,907 Current liabilities Accounts payable and accrued expenses as of March 31, 2024 and December 31, 2023 consisted of the following: March 31, December 31, 2024 2023 Accounts payable $ 15,922 $ 13,454 Accrued inventory (in-transit and unvouchered receipts) and trade payables 9,359 10,054 Accrued purchasing card liability 2,445 2,197 Accrued loss on purchase commitments 1,941 2,057 Accrued franchise, sales and use taxes 394 472 Other accrued expenses 1,645 1,908 Total accounts payable and accrued expenses $ 31,706 $ 30,142 Accrued payroll as of March 31, 2024 and December 31, 2023 consisted of the following: March 31, December 31, 2024 2023 Accrued bonuses $ 1,731 $ 1,110 Accrued wages and other payroll related items 2,989 4,170 Accrued vacation 3,957 3,194 Accrued severance 1,783 2,284 Accrued employee stock purchase plan deductions 142 308 Total accrued payroll $ 10,602 $ 11,066 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | 6. Leases The Company has entered into operating leases primarily for commercial buildings. These leases have terms that range from 3 years to 11 years , some of which include options to extend the leases for up to 5 years . Rent expense, including short-term lease cost, was $ 1,073 and $ 972 for the three months ended March 31, 2024 and 2023, respectively. In July 2023, the Company entered into an Assignment and Assumption of Lease Agreement in which a third party (Assignee) assumed the rights, title, and interest in the lease, including assumption of lease payments. Notwithstanding the Assignee's assumption of lease payments, Inogen remains the primary obligor under the lease to the landlord. Lease payments assumed by the Assignee are: Payments due in the 12-month period ending March 31, 2025 $ 1,136 2026 1,136 2027 1,136 2028 1,136 2029 1,136 Thereafter 2,461 $ 8,141 Information related to the Company's right-of-use assets and related operating lease liabilities were as follows: Three months ended March 31, 2024 2023 Cash paid for operating lease liabilities $ 1,115 $ 994 Operating lease cost 1,056 957 Non-cash right-of-use assets obtained in exchange for new operating lease obligations 1,224 264 Weighted average remaining lease term 3.0 years 2.1 years Weighted average discount rate 4.8 % 3.0 % Maturities of lease liabilities due in the 12-month period ending March 31, 2025 $ 4,091 2026 3,481 2027 3,503 2028 3,470 2029 3,120 Thereafter 6,576 24,241 Less imputed interest ( 2,131 ) Total lease liabilities $ 22,110 Operating lease liability - current $ 3,515 Operating lease liability - noncurrent 18,595 Total lease liabilities $ 22,110 |
Loss per Share
Loss per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Loss per Share | 7. Loss per share Loss per share (EPS) is computed in accordance with ASC 260 —Earnings per Share and is calculated using the weighted average number of common shares outstanding during each period. Diluted EPS assumes the conversion, exercise, or issuance of all potential common stock equivalents (which can include dilution of outstanding stock options, restricted stock units, and restricted stock awards) unless the effect is to reduce a loss or increase the income per share. For purposes of this calculation, common stock subject to repurchase by the Company, options, and other dilutive awards are considered to be common stock equivalents and are only included in the calculation of diluted loss per share when their effect is dilutive. Basic loss per share is calculated using the Company's weighted-average outstanding common shares. Diluted loss per share is calculated using the Company's weighted-average outstanding common shares including the dilutive effect of stock awards as determined under the treasury stock method. The computation of EPS is as follows: Three months ended 2024 2023 Numerator—basic and diluted: Net loss $ ( 14,578 ) $ ( 20,349 ) Denominator: Weighted average common shares - basic common stock (1) 23,401,598 23,009,617 Weighted average common shares - diluted common stock 23,401,598 23,009,617 Net loss per share - basic common stock $ ( 0.62 ) $ ( 0.88 ) Net loss per share - diluted common stock (2) $ ( 0.62 ) $ ( 0.88 ) Denominator calculation from basic to diluted: Weighted average common shares - basic common stock (1) 23,401,598 23,009,617 Stock options and other dilutive awards 267,100 228,281 Weighted average common shares - diluted common stock 23,668,698 23,237,898 Shares excluded from diluted weighted average shares: Stock options 20,000 286,861 Restricted stock units and restricted stock awards 493,237 491,406 Shares excluded from diluted weighted average shares 513,237 778,267 (1) Unvested restricted stock units and restricted stock awards are not included as shares outstanding in the calculation of basic earnings per share. Vested restricted stock units and restricted stock awards are included in basic earnings per share if all vesting and performance criteria have been met. Performance-based restricted stock units and restricted stock awards are included in the number of shares used to calculate diluted earnings per share as long as all applicable performance criteria are met, and their effect is dilutive. Restricted stock awards are eligible to receive all dividends declared on the Company’s common shares during the vesting period; however, such dividends are not paid until the restrictions lapse. (2) Due to net losses for the three months ended March 31, 2024 and March 31, 2023 , diluted loss per share is the same as basic. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income taxes The Company accounts for income taxes in accordance with ASC 740 — Income Taxes . Under ASC 740, income taxes are recognized for the amount of taxes payable or refundable for the current period and deferred tax liabilities and assets are recognized for the future tax consequences of transactions that have been recognized in the Company’s consolidated financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided when it is more likely than not that some portion, or all, of the deferred tax asset will not be realized. As of December 31, 2023, the Company recorded a full valuation allowance of $ 59,968 . As of March 31, 2024, the Company continued to record a valuation allowance against its domestic deferred tax assets. The Company accounts for uncertainties in income tax in accordance with ASC 740-10 — Accounting for Uncertainty in Income Taxes . ASC 740-10 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This accounting standard also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company recognizes interest and penalties on taxes, if any, within its income tax provision on its consolidated statements of comprehensive loss. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Stockholders' Equity | 9. Stockholders’ equity The Company has a 2014 Equity Incentive Plan (2014 Plan) under which the Company granted restricted stock units, restricted stock awards, performance units, performance shares, and options to purchase shares of its common stock. As of March 31, 2024 , awards with respect to 771,689 shares of the Company’s common stock were outstanding. The Company has a 2023 Equity Incentive Plan (2023 Plan) that provides for the grant of incentive stock options, within the meaning of Section 422 of the Internal Revenue Code, to the Company’s employees and any parent and subsidiary corporation’s employees, and for the grant of nonstatutory stock options, restricted stock, restricted stock units, restricted stock awards, stock appreciation rights, performance units and performance shares to its employees, directors and consultants and its parent and subsidiary corporations’ employees and consultants. As of March 31, 2024 , awards with respect to 1,053,427 shares of the Company's common stock were outstanding, and 1,244,094 shares of common stock remained available for issuance under the 2023 Plan. The shares available for issuance under the 2023 Plan will be increased by any shares returned to the 2014 Plan as a result of 1) expiration or termination of awards and 2) tendered to or withheld by us for payment of an exercise or purchase price or for tax withholding obligations. Pursuant to the Nasdaq inducement grant exception, during the quarter ended March 31, 2024, the Company issued 225,000 shares of common stock to a certain new hire issuable upon (i) the vesting of a maximum of 75,000 time-based restricted stock units granted, and (ii) the vesting of a maximum of 150,000 shares of performance-based restricted stock units granted to induce the employee to accept employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). Stock options Options expire ten years from the date of grant and vest over one-year terms. The activity for stock options under the Company’s stock plans for the three months ended March 31, 2024 is as follows: Remaining weighted- Weighted- average Per share average contractual average Price per exercise terms intrinsic Options share price (in years) value Outstanding as of December 31, 2023 20,000 $ 83.30 $ 83.30 0.36 $ — Forfeited ( 10,000 ) 83.30 83.30 Outstanding as of March 31, 2024 10,000 83.30 83.30 0.11 — Vested and exercisable as of March 31, 2024 10,000 83.30 83.30 0.11 — Vested and expected to vest as of March 31, 2024 10,000 $ 83.30 $ 83.30 0.11 $ — The total intrinsic value of options exercised during the three months ended March 31, 2024 and 2023 was $ 0 and $ 735 , respectively. As of March 31, 2024, all stock-based compensation expense for options granted under the Plans was recognized. Stock incentive awards The Company grants restricted stock units (RSUs) under the 2014 and 2023 Plans (Stock Awards). The Stock Awards vest either based solely on the satisfaction of time-based service conditions or on the satisfaction of time-based service conditions combined with performance criteria. Stock Awards are subject to forfeiture if the holder’s services to the Company terminate before vesting. Stock Awards granted with only time-based service vesting conditions generally vest over three-year and four-year service periods, as defined in the terms of each award. Stock Awards that vest based on the satisfaction of time-based service conditions combined with performance criteria generally vest over a three-year service and performance period, based on performance criteria established at the time of the award. The portion of the Stock Award that is earned may equal or be more or less than the targeted number of shares subject to the Stock Award depending on whether the performance criteria are met. Stock Awards activity for the three months ended March 31, 2024 is summarized below: Weighted- average grant Performance date fair and value Restricted stock units Time-based time-based Total per share Unvested restricted stock units as of December 31, 2023 1,146,404 346,688 1,493,092 $ 14.67 Granted 608,174 235,000 843,174 6.95 Vested ( 163,446 ) — ( 163,446 ) 20.81 Forfeited/canceled ( 28,856 ) ( 103,850 ) ( 132,706 ) 19.58 Unvested restricted stock units as of March 31, 2024 (1) 1,562,276 477,838 2,040,114 $ 10.96 Unvested and expected to vest restricted stock units outstanding as of March 31, 2024 1,625,427 $ 11.03 (1) Outstanding restricted stock units are based on the maximum payout of the targeted number of shares. As of March 31, 2024 , the unrecognized compensation cost related to unvested employee restricted stock units was $ 13,639 , excluding estimated forfeitures. This amount is expected to be recognized over a weighted average period of 2.0 years. Employee stock purchase plan The Company’s 2014 Employee Stock Purchase Plan (ESPP) provides for the grant to all eligible employees an option to purchase stock under the ESPP, within the meaning Section 423 of the Internal Revenue Code. The ESPP permits participants to purchase common stock through payroll deductions of up to 15 % of their eligible compensation, which includes a participant’s base straight time gross earnings, incentive compensation, bonuses, overtime, and shift premium, but exclusive of payments for equity compensation and other similar compensation. A participant may purchase a maximum of 1,500 shares during a purchase period. Amounts deducted and accumulated by the participant are used to purchase shares of the Company’s common stock at the end of each six-month period. The purchase price of the shares will be 85 % of the lower of the fair market value of the Company’s common stock on the first trading day of each offering period or on the exercise date. The offering periods are currently approximately six months in length beginning on the first business day on or after March 1 and September 1 of each year and ending on the first business day on or after September 1 and March 1 approximately six months later. As of March 31, 2024 , a total of 658,823 shares of common stock were available for sale pursuant to the ESPP. The number of shares available for sale under the ESPP is increased annually on the first day of each fiscal year by an amount equal to the least of: • 179,069 shares; • 1.5 % of the outstanding shares of the Company’s common stock on the last day of the Company’s immediately preceding fiscal year; or • such other amount as may be determined by the administrator. For 2024 , an additional 179,069 shares were added to the ESPP share reserve pursuant to the provision described above. Stock-based compensation Stock-based compensation expense recognized for the three months ended March 31, 2024 and 2023, was as follows: Three months ended March 31, 2024 2023 Stock-based compensation expense by type of award: Restricted stock units and restricted stock awards $ 2,309 $ 3,305 Employee stock purchase plan 107 137 Total stock-based compensation expense $ 2,416 $ 3,442 Employee stock-based compensation expense was calculated based on awards of stock options, restricted stock units and restricted stock awards ultimately expected to vest based on the Company’s historical award cancellations. ASC 718 – Compensation-Stock Compensation requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. For the three months ended March 31, 2024 and 2023, respectively, stock-based compensation expense recognized under ASC 718, included in cost of revenue, research and development expense, sales and marketing expense, and general and administrative expense was as follows: Three months ended March 31, 2024 2023 Cost of revenue $ 180 $ 84 Research and development 460 458 Sales and marketing 430 774 General and administrative 1,346 2,126 Total stock-based compensation expense $ 2,416 $ 3,442 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and contingencies Purchase obligations The Company had approximately $ 75,500 of outstanding purchase orders due within one year with its outside vendors and suppliers as of March 31, 2024 . The Company has $ 1,941 and $ 2,057 accrued within accounts payable and other accrued expenses in the consolidated balance sheets as of March 31, 2024 and December 31, 2023, respectively, related to estimated losses for firm commitment contractual obligations under these agreements. Losses on these firm commitment contractual obligations are recognized based upon the terms of the respective agreement and similar factors considered for the write-down of inventory, including expected sales requirements as determined by internal sales forecasts. Warranty obligation The following table identifies the changes in the Company’s aggregate product warranty liabilities for the three-month and twelve-month periods ended March 31, 2024 and December 31, 2023, respectively: March 31, December 31, 2024 2023 Product warranty liability at beginning of period $ 23,478 $ 19,913 Accruals for warranties issued 2,877 9,843 Adjustments related to preexisting warranties (including changes in estimates) 1,876 5,014 Settlements made (in cash or in kind) ( 2,701 ) ( 11,292 ) Product warranty liability at end of period $ 25,530 $ 23,478 Contract liabilities Contract liabilities primarily consist of deferred revenue related to lifetime warranties on direct-to-consumer sales revenue when cash payments are received in advance of services performed under the contract. The contract with the customer states the final terms of the sale, including the description, quantity, and price of each product or service purchase. The decrease in deferred revenue related to lifetime warranties for the three months ended March 31, 2024 was primarily driven by $ 1,448 of revenue recognized that were included in the deferred revenue balances as of December 31, 2023 , partially offset by $ 535 of payments received in advance of satisfying performance obligations. Deferred revenue related to lifetime warranties was $ 12,402 and $ 13,315 as of March 31, 2024 and December 31, 2023, respectively, and is classified within deferred revenue - current and deferred revenue - noncurrent in the consolidated balance sheet. Legislation and HIPAA The healthcare industry is subject to numerous laws and regulations of federal, state, and local governments. These laws and regulations include, but are not necessarily limited to, matters such as licensure, accreditation, government healthcare program participation requirements, reimbursement for patient services, and Medicare and Medicaid fraud and abuse. Compliance with government laws and regulations can be subject to future government review and interpretation as well as regulatory actions unknown or unasserted at this time. The Health Insurance Portability and Accountability Act of 1996 (HIPAA) was enacted to ensure health insurance portability, reduce healthcare fraud and abuse, guarantee security and privacy of health information, and enforce standards for health information. The Health Information Technology for Economic and Clinical Health Act (HITECH Act), in part, imposes notification requirements of certain security breaches relating to protected health information. The Company is not aware of any pending claims against it under the HIPAA and HITECH regulations that are applicable to the Company’s business. Legal proceedings The Company is party to various legal proceedings and investigations arising in the normal course of business. The Company carries insurance, subject to specified deductibles under the policies, to protect against losses from certain types of legal claims. At this time, the Company does not anticipate that any of these other proceedings arising in the normal course of business will have a material adverse effect on the Company’s business. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources, and other factors. |
Foreign Currency Exchange Contr
Foreign Currency Exchange Contracts and Hedging | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Foreign Currency Exchange Contracts and Hedging | 11. Foreign currency exchange contracts and hedging As of March 31, 2024 and March 31, 2023 , the Company’s total non-designated and designated derivative contracts had notional amounts totaling approximately $ 37,425 and $ 0 , respectively, and $ 8,041 and $ 2,445 , respectively. These contracts were comprised of offsetting contracts with the same counterparty, each expires within one month . During the three months ended March 31, 2024 and 2023 , these contracts had, net of tax, an unrealized gain (loss) of $ 0 . The nonperformance risk of the Company and the counterparty did not have a material impact on the fair value of the derivatives. During the three months ended March 31, 2024 , there were no ineffective portions relating to these hedges and the hedges remained effective through their respective settlement dates. During the three months ended March 31, 2023 , there were no ineffective portions related to these hedges. As of March 31, 2024 , the Company had no designated hedges and four non-designated hedges. As of March 31, 2023 , the Company had no designated hedges and one non-designated hedge. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The results of operations for the three months ended March 31, 2024 shown in this report are not necessarily indicative of results to be expected for the full year ending December 31, 2024. In the opinion of the Company’s management, the information contained herein reflects all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the Company’s results of operations, financial position, cash flows, and stockholders’ equity. Certain footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to Securities and Exchange Commission (SEC) rules and regulations relating to interim financial statements. The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K filed with the SEC on March 1, 2024. Except as further described below, there have been no significant changes in the Company’s accounting policies from those disclosed in its Annual Report on Form 10-K filed with the SEC on March 1, 2024. |
Basis of Consolidation | Basis of consolidation The consolidated financial statements include the accounts of Inogen, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. |
Accounting Estimates | Accounting estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases these estimates and assumptions upon historical experience, existing and known circumstances, authoritative accounting pronouncements and other factors that management believes to be reasonable. Significant areas requiring the use of management estimates relate to revenue recognition, warranty reserves and expense, determining the stand-alone selling price (SSP) and service period of performance obligations, rental asset valuations and write-downs, accounts receivable allowances for bad debts, returns and adjustments, impairment of goodwill, impairment of long-lived assets, stock-based compensation expense, income taxes, fair value of acquired intangible assets and goodwill, and fair value of earnout liabilities. Actual results could differ from these estimates. |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Business Combinations [Abstract] | |
Summary of Preliminary Allocation of Purchase Price | The following table summarizes the preliminary allocation of the purchase price over the estimated fair value of the assets acquired and liabilities assumed in the acquisition of Physio-Assist: Cash $ 2,617 Accounts receivable 184 Inventories 296 Other assets 325 Property and equipment 82 Operating lease right-of-use asset 306 Intangible assets 34,100 Goodwill 9,755 Total assets acquired $ 47,665 Accounts payable and accrued expenses $ 1,108 Bank loans 1,922 Other current liabilities 376 Operating lease liability 306 Deferred tax liability - noncurrent 8,525 Total liabilities assumed 12,237 Total identifiable net assets $ 35,428 Cash consideration $ 32,250 Fair value of contingent earnout consideration 3,178 Total purchase price $ 35,428 |
Summary of Unaudited Pro Forma Information | The following unaudited pro forma information for the three months ended March 31, 2023 presents the revenues and net loss assuming the acquisition of Physio-Assist had occurred as of January 1, 2022. Three months ended March 31, 2023 Total revenue $ 73,008 Net loss $ ( 20,689 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Assets Measured on Recurring Basis for Cash, Cash Equivalents and Marketable Securities | The following table summarizes fair value measurements by level for the assets measured at fair value on a recurring basis for cash, cash equivalents, and marketable securities: As of March 31, 2024 Gross Cash Adjusted unrealized and cash Marketable cost gains Fair value equivalents securities Cash $ 22,587 $ — $ 22,587 $ 22,587 $ — Level 1: Money market accounts 53,607 — 53,607 53,607 — Level 2: U.S. Treasury securities 22,167 134 22,301 9,940 12,361 Institutional Insured Liquidity Deposit Savings 21,310 — 21,310 21,310 — Total $ 119,671 $ 134 $ 119,805 $ 107,444 $ 12,361 As of December 31, 2023 Gross Cash Adjusted unrealized and cash Marketable cost gains Fair value equivalents securities Cash $ 12,611 $ — $ 12,611 $ 12,611 $ — Level 1: Money market accounts 72,368 — 72,368 72,368 — Level 2: Corporate bonds 2,979 — 2,979 — 2,979 U.S. Treasury securities 19,252 136 19,388 19,388 — Institutional Insured Liquidity Deposit Savings 21,125 — 21,125 21,125 — Total $ 128,335 $ 136 $ 128,471 $ 125,492 $ 2,979 |
Summary of Components of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) were as follows: Foreign Unrealized Accumulated currency gains (losses) other translation on marketable comprehensive adjustments securities income (loss) Balance as of December 31, 2023 $ 1,089 $ 136 $ 1,225 Other comprehensive loss ( 1,035 ) ( 2 ) ( 1,037 ) Balance as of March 31, 2024 $ 54 $ 134 $ 188 |
Summary of Reconciliation of Earnout Liability Measured and Carried Fair Value on a Recurring Basis | The reconciliation of the earnout liability measured and carried at fair value on a recurring basis is as follows: Balance as of December 31, 2023 $ 10,000 Change in fair value 570 Balance as of March 31, 2024 $ 10,570 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Net Accounts Receivable Balance Concentrations by Major Category | Net accounts receivable (gross accounts receivable, net of allowances) balance concentrations by major category as of March 31, 2024 and December 31, 2023 were as follows: March 31, December 31, Net accounts receivable 2024 2023 Rental (1) $ 6,975 $ 6,401 Business-to-business and other receivables (2) 33,248 35,840 Total net accounts receivable $ 40,223 $ 42,241 (1) Rental includes Medicare, Medicaid/other government, private insurance, and patient pay. (2) Business-to-business receivables included extended terms for two customers: 1) one customer had a net accounts receivable balance of $ 6,665 and $ 8,639 as of March 31, 2024 and December 31, 2023 , respectively; and 2) one customer had a net accounts receivable balance of $ 2,758 and $ 4,994 as of March 31, 2024 and December 31, 2023 , respectively. Each customer received extended payment terms through a direct financing plan offered. |
Schedule of Allowances for Accounts Receivable | The following table sets forth the accounts receivable allowances as of March 31, 2024 and December 31, 2023: March 31, December 31, Allowances - accounts receivable 2024 2023 Doubtful accounts $ 2,401 $ 2,341 Sales returns 605 479 Total allowances - accounts receivable $ 3,006 $ 2,820 |
Breakdown of Company's Revenue from U.S. and Non-U.S. Sources | A portion of revenue is earned from sales outside the United States. Approximately 79.9 % and 77.0 % of the non-U.S. revenue for the three months ended March 31, 2024 and 2023, respectively, were invoiced in Euros. A breakdown of the Company’s revenue from U.S. and non-U.S. sources for the three months ended March 31, 2024 and 2023, respectively, is as follows: Three months ended 2024 2023 U.S. revenue $ 51,990 $ 53,190 Non-U.S. revenue 26,035 18,972 Total revenue $ 78,025 $ 72,162 |
Schedule of Inventories | Inventories that are considered current consist of the following: March 31, December 31, 2024 2023 Raw materials and work-in-progress $ 19,011 $ 18,036 Finished goods 8,702 6,871 Less: reserves ( 3,112 ) ( 3,067 ) Inventories, net $ 24,601 $ 21,840 |
Summary of Depreciation and Amortization Expense of Rental Equipment and Other Property and Equipment | Depreciation and amortization expense related to rental equipment and other property and equipment are summarized below for the three months ended March 31, 2024 and 2023, respectively. Three months ended 2024 2023 Rental equipment $ 3,179 $ 3,078 Other property and equipment 1,154 982 Total depreciation and amortization $ 4,333 $ 4,060 |
Summary of Property Plant and Equipment and Rental Equipment with Associated Accumulated Depreciation | Property and equipment and rental equipment with associated accumulated depreciation is summarized below as of March 31, 2024 and December 31, 2023, respectively. March 31, December 31, Property and equipment 2024 2023 Rental equipment, net of allowances of $ 2,916 and $ 2,606 , respectively $ 66,352 $ 67,804 Other property and equipment 31,044 30,357 Property and equipment 97,396 98,161 Accumulated depreciation Rental equipment 30,783 31,023 Other property and equipment 17,343 16,822 Accumulated depreciation 48,126 47,845 Property and equipment, net Rental equipment, net of allowances of $ 2,916 and $ 2,606 , respectively 35,569 36,781 Other property and equipment 13,701 13,535 Property and equipment, net $ 49,270 $ 50,316 |
Schedule of Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the three months ended March 31, 2024 were as follows: Balance as of December 31, 2023 (1) $ 10,057 Translation adjustment ( 223 ) Balance as of March 31, 2024 (1) $ 9,834 (1) Includes $ 32,894 of accumulated impairment losses as of March 31, 2024 and December 31, 2023. |
Summary of Changes in Net Carrying Values of Intangibles | The following tables represent the changes in net carrying values of intangible assets as of the respective dates: Average estimated Gross useful lives carrying Accumulated March 31, 2024 (in years) amount amortization Net amount Developed technology 10 $ 32,564 $ 1,764 $ 30,800 Licenses 10 185 185 — Patents and websites 5 4,518 4,446 72 Customer relationships 4 2,908 1,383 1,525 Trade name 4 201 27 174 Commercials 3 494 158 336 Total $ 40,870 $ 7,963 $ 32,907 Average estimated Gross useful lives carrying Accumulated December 31, 2023 (in years) amount amortization Net amount Developed technology 10 $ 33,303 $ 971 $ 32,332 Licenses 10 185 185 — Patents and websites 5 4,518 4,429 89 Customer relationships 4 2,974 1,372 1,602 Trade name 4 206 15 191 Commercials 3 494 117 377 Total $ 41,680 $ 7,089 $ 34,591 |
Schedule of Annual Estimated Amortization Expense | Annual estimated amortization expense for each of the succeeding fiscal years is as follows: March 31, 2024 Remaining 9 months of 2024 $ 2,955 2025 3,893 2026 3,762 2027 3,709 2028 3,256 2029 3,256 Thereafter 12,076 $ 32,907 |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses as of March 31, 2024 and December 31, 2023 consisted of the following: March 31, December 31, 2024 2023 Accounts payable $ 15,922 $ 13,454 Accrued inventory (in-transit and unvouchered receipts) and trade payables 9,359 10,054 Accrued purchasing card liability 2,445 2,197 Accrued loss on purchase commitments 1,941 2,057 Accrued franchise, sales and use taxes 394 472 Other accrued expenses 1,645 1,908 Total accounts payable and accrued expenses $ 31,706 $ 30,142 |
Schedule of Accrued Payroll | Accrued payroll as of March 31, 2024 and December 31, 2023 consisted of the following: March 31, December 31, 2024 2023 Accrued bonuses $ 1,731 $ 1,110 Accrued wages and other payroll related items 2,989 4,170 Accrued vacation 3,957 3,194 Accrued severance 1,783 2,284 Accrued employee stock purchase plan deductions 142 308 Total accrued payroll $ 10,602 $ 11,066 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Maturities of Lease Liabilities | Lease payments assumed by the Assignee are: Payments due in the 12-month period ending March 31, 2025 $ 1,136 2026 1,136 2027 1,136 2028 1,136 2029 1,136 Thereafter 2,461 $ 8,141 Maturities of lease liabilities due in the 12-month period ending March 31, 2025 $ 4,091 2026 3,481 2027 3,503 2028 3,470 2029 3,120 Thereafter 6,576 24,241 Less imputed interest ( 2,131 ) Total lease liabilities $ 22,110 Operating lease liability - current $ 3,515 Operating lease liability - noncurrent 18,595 Total lease liabilities $ 22,110 |
Schedule of Right-of-Use Assets and Operating Lease Liabilities | Information related to the Company's right-of-use assets and related operating lease liabilities were as follows: Three months ended March 31, 2024 2023 Cash paid for operating lease liabilities $ 1,115 $ 994 Operating lease cost 1,056 957 Non-cash right-of-use assets obtained in exchange for new operating lease obligations 1,224 264 Weighted average remaining lease term 3.0 years 2.1 years Weighted average discount rate 4.8 % 3.0 % |
Loss per Share (Tables)
Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Share | The computation of EPS is as follows: Three months ended 2024 2023 Numerator—basic and diluted: Net loss $ ( 14,578 ) $ ( 20,349 ) Denominator: Weighted average common shares - basic common stock (1) 23,401,598 23,009,617 Weighted average common shares - diluted common stock 23,401,598 23,009,617 Net loss per share - basic common stock $ ( 0.62 ) $ ( 0.88 ) Net loss per share - diluted common stock (2) $ ( 0.62 ) $ ( 0.88 ) Denominator calculation from basic to diluted: Weighted average common shares - basic common stock (1) 23,401,598 23,009,617 Stock options and other dilutive awards 267,100 228,281 Weighted average common shares - diluted common stock 23,668,698 23,237,898 Shares excluded from diluted weighted average shares: Stock options 20,000 286,861 Restricted stock units and restricted stock awards 493,237 491,406 Shares excluded from diluted weighted average shares 513,237 778,267 (1) Unvested restricted stock units and restricted stock awards are not included as shares outstanding in the calculation of basic earnings per share. Vested restricted stock units and restricted stock awards are included in basic earnings per share if all vesting and performance criteria have been met. Performance-based restricted stock units and restricted stock awards are included in the number of shares used to calculate diluted earnings per share as long as all applicable performance criteria are met, and their effect is dilutive. Restricted stock awards are eligible to receive all dividends declared on the Company’s common shares during the vesting period; however, such dividends are not paid until the restrictions lapse. (2) Due to net losses for the three months ended March 31, 2024 and March 31, 2023 , diluted loss per share is the same as basic. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Summary of Stock Options Activity | The activity for stock options under the Company’s stock plans for the three months ended March 31, 2024 is as follows: Remaining weighted- Weighted- average Per share average contractual average Price per exercise terms intrinsic Options share price (in years) value Outstanding as of December 31, 2023 20,000 $ 83.30 $ 83.30 0.36 $ — Forfeited ( 10,000 ) 83.30 83.30 Outstanding as of March 31, 2024 10,000 83.30 83.30 0.11 — Vested and exercisable as of March 31, 2024 10,000 83.30 83.30 0.11 — Vested and expected to vest as of March 31, 2024 10,000 $ 83.30 $ 83.30 0.11 $ — |
Summary of Restricted Stock Activity | Stock Awards activity for the three months ended March 31, 2024 is summarized below: Weighted- average grant Performance date fair and value Restricted stock units Time-based time-based Total per share Unvested restricted stock units as of December 31, 2023 1,146,404 346,688 1,493,092 $ 14.67 Granted 608,174 235,000 843,174 6.95 Vested ( 163,446 ) — ( 163,446 ) 20.81 Forfeited/canceled ( 28,856 ) ( 103,850 ) ( 132,706 ) 19.58 Unvested restricted stock units as of March 31, 2024 (1) 1,562,276 477,838 2,040,114 $ 10.96 Unvested and expected to vest restricted stock units outstanding as of March 31, 2024 1,625,427 $ 11.03 (1) Outstanding restricted stock units are based on the maximum payout of the targeted number of shares. |
Summary of Stock-based Compensation Expense | Stock-based compensation expense recognized for the three months ended March 31, 2024 and 2023, was as follows: Three months ended March 31, 2024 2023 Stock-based compensation expense by type of award: Restricted stock units and restricted stock awards $ 2,309 $ 3,305 Employee stock purchase plan 107 137 Total stock-based compensation expense $ 2,416 $ 3,442 For the three months ended March 31, 2024 and 2023, respectively, stock-based compensation expense recognized under ASC 718, included in cost of revenue, research and development expense, sales and marketing expense, and general and administrative expense was as follows: Three months ended March 31, 2024 2023 Cost of revenue $ 180 $ 84 Research and development 460 458 Sales and marketing 430 774 General and administrative 1,346 2,126 Total stock-based compensation expense $ 2,416 $ 3,442 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Changes in Aggregate Product Warranty Liabilities | The following table identifies the changes in the Company’s aggregate product warranty liabilities for the three-month and twelve-month periods ended March 31, 2024 and December 31, 2023, respectively: March 31, December 31, 2024 2023 Product warranty liability at beginning of period $ 23,478 $ 19,913 Accruals for warranties issued 2,877 9,843 Adjustments related to preexisting warranties (including changes in estimates) 1,876 5,014 Settlements made (in cash or in kind) ( 2,701 ) ( 11,292 ) Product warranty liability at end of period $ 25,530 $ 23,478 |
Business Overview - Additional
Business Overview - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2024 | |
Physio-Assist SAS | |
Business Overview Disclosures [Line Items] | |
Effective date of acquisition | Sep. 14, 2023 |
Inogen Europe Holding B.V. | |
Business Overview Disclosures [Line Items] | |
Date of incorporation of subsidiary | Apr. 13, 2017 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 14, 2023 | Mar. 31, 2024 | |
Physio-Assist SAS | ||
Business Acquisition [Line Items] | ||
Cash consideration | $ 32,250 | |
Fair value of contingent earnout consideration | $ 3,178 | |
Maximum | ||
Business Acquisition [Line Items] | ||
Potential milestone payment | $ 13,000 | |
Minimum | ||
Business Acquisition [Line Items] | ||
Potential milestone payment | $ 11,000 |
Acquisitions - Summary of Preli
Acquisitions - Summary of Preliminary Allocation of Purchase Price (Details) - USD ($) $ in Thousands | Sep. 14, 2023 | Mar. 31, 2024 | Dec. 31, 2023 |
Business Acquisition [Line Items] | |||
Goodwill | $ 9,834 | $ 10,057 | |
Physio-Assist SAS | |||
Business Acquisition [Line Items] | |||
Cash | $ 2,617 | ||
Accounts receivable | 184 | ||
Inventories | 296 | ||
Other assets | 325 | ||
Property and equipment | 82 | ||
Operating lease right-of-use asset | 306 | ||
Intangible assets | 34,100 | ||
Goodwill | 9,755 | ||
Total assets acquired | 47,665 | ||
Accounts payable and accrued expenses | 1,108 | ||
Bank loans | 1,922 | ||
Other current liabilities | 376 | ||
Operating lease liability | 306 | ||
Deferred tax liability - noncurrent | 8,525 | ||
Total liabilities assumed | 12,237 | ||
Total identifiable net assets | 35,428 | ||
Cash consideration | 32,250 | ||
Fair value of contingent earnout consideration | 3,178 | ||
Total purchase price | $ 35,428 |
Acquisitions - Summary of Unaud
Acquisitions - Summary of Unaudited Pro Forma Information (Details) - Physio-Assist SAS $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Business Acquisition [Line Items] | |
Total revenue | $ 73,008 |
Net loss | $ (20,689) |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value Assets Measured on Recurring Basis for Cash, Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 107,444 | $ 125,492 |
Fair Value Measurements Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Adjusted cost | 119,671 | 128,335 |
Gross unrealized gains | 134 | 136 |
Fair value | 119,805 | 128,471 |
Cash and cash equivalents | 107,444 | 125,492 |
Marketable securities | 12,361 | 2,979 |
Fair Value Measurements Recurring | Cash | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Adjusted cost | 22,587 | 12,611 |
Fair value | 22,587 | 12,611 |
Cash and cash equivalents | 22,587 | 12,611 |
Fair Value Measurements Recurring | Level 1 | Money Market Accounts | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Adjusted cost | 53,607 | 72,368 |
Fair value | 53,607 | 72,368 |
Cash and cash equivalents | 53,607 | 72,368 |
Fair Value Measurements Recurring | Fair Value, Inputs, Level 2 | Corporate Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Adjusted cost | 2,979 | |
Fair value | 2,979 | |
Cash and cash equivalents | 0 | |
Marketable securities | 2,979 | |
Fair Value Measurements Recurring | Fair Value, Inputs, Level 2 | U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Adjusted cost | 22,167 | 19,252 |
Gross unrealized gains | 134 | 136 |
Fair value | 22,301 | 19,388 |
Cash and cash equivalents | 9,940 | 19,388 |
Marketable securities | 12,361 | |
Fair Value Measurements Recurring | Fair Value, Inputs, Level 2 | Institutional Insured Liquidity Deposit Savings | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Adjusted cost | 21,310 | 21,125 |
Fair value | 21,310 | 21,125 |
Cash and cash equivalents | $ 21,310 | $ 21,125 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Earnout liability | $ 10,570 | $ 10,000 |
Maximum | Fair Value Measurements Recurring | Fair Value, Inputs, Level 3 | Physio-Assist SAS | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Earnout liability | 13,000 | |
Forward Contracts | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Related payable | $ 64 | $ 155 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | $ 204,812 | $ 297,406 |
Other comprehensive loss | (1,037) | 239 |
Ending Balance | 191,898 | 281,297 |
Foreign Currency Translation Adjustments | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | 1,089 | |
Other comprehensive loss | (1,035) | |
Ending Balance | 54 | |
Unrealized Gains (losses) on Marketable Securities | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | 136 | |
Other comprehensive loss | (2) | |
Ending Balance | 134 | |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | 1,225 | (243) |
Other comprehensive loss | (1,037) | 239 |
Ending Balance | $ 188 | $ (4) |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Reconciliation of Earnout Liability Measured and Carried Fair Value on a Recurring Basis (Details) - Fair Value Measurements Recurring $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Beginning Balance | $ 10,000 |
Change in fair value | $ 570 |
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | General and Administrative Expense |
Ending Balance | $ 10,570 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Net Accounts Receivable Balance Concentrations by Major Category (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts Notes And Loans Receivable [Line Items] | ||
Net accounts receivable | $ 40,223 | $ 42,241 |
Rental | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Net accounts receivable | 6,975 | 6,401 |
Business To Business And Other Receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Net accounts receivable | $ 33,248 | $ 35,840 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Net Accounts Receivable Balance Concentrations by Major Category (Parenthetical) (Details) - Customer Concentration Risk $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) Customer | Dec. 31, 2023 USD ($) | |
Business To Business Receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Number of customers | Customer | 2 | |
Gross accounts receivable | $ 6,665 | $ 8,639 |
Business To Business Receivables One | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Gross accounts receivable | $ 2,758 | $ 4,994 |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Allowances for Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Receivables [Abstract] | ||
Doubtful accounts | $ 2,401 | $ 2,341 |
Sales returns | 605 | 479 |
Total allowances - accounts receivable | $ 3,006 | $ 2,820 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 USD ($) Customer | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) Customer | |
Schedule Of Balance Sheet Components [Line Items] | |||
Accounts receivable, net | $ 40,223,000 | $ 42,241,000 | |
Percentage of Non-US revenue invoiced in Euros | 79.90% | 77% | |
Transfer of inventory to rental equipment | $ 331,000 | $ 1,013,000 | |
Repairs and maintenance expense | 1,759,000 | 1,311,000 | |
Impairments of long-lived assets | 0 | $ 0 | |
Other Noncurrent Assets | |||
Schedule Of Balance Sheet Components [Line Items] | |||
Noncurrent inventories expected to be realized or consumed | 1,377,000 | 1,225,000 | |
Customer Concentration Risk | Customer One | |||
Schedule Of Balance Sheet Components [Line Items] | |||
Accounts receivable, net | 6,665,000 | 8,639,000 | |
Customer Concentration Risk | Customer Two | |||
Schedule Of Balance Sheet Components [Line Items] | |||
Accounts receivable, net | 4,994,000 | ||
Customer Concentration Risk | Medicare's Service Reimbursement Programs | |||
Schedule Of Balance Sheet Components [Line Items] | |||
Accounts receivable, net | $ 1,427,000 | $ 2,059,000 | |
Sales Revenue, Net | Customer Concentration Risk | Medicare's Service Reimbursement Programs | |||
Schedule Of Balance Sheet Components [Line Items] | |||
Concentration Risk, Percentage | 11.20% | 16.60% | |
Net Accounts Receivable | Customer Concentration Risk | |||
Schedule Of Balance Sheet Components [Line Items] | |||
Number of customers | Customer | 1 | 2 | |
Net Accounts Receivable | Customer Concentration Risk | Medicare's Service Reimbursement Programs | |||
Schedule Of Balance Sheet Components [Line Items] | |||
Concentration Risk, Percentage | 3.50% | 4.90% | |
Rental Revenue | Customer Concentration Risk | Medicare's Service Reimbursement Programs | |||
Schedule Of Balance Sheet Components [Line Items] | |||
Concentration Risk, Percentage | 58.40% | 73.80% | |
Raw materials | Supplier Concentration Risk | Vendor one | |||
Schedule Of Balance Sheet Components [Line Items] | |||
Concentration Risk, Percentage | 24.60% | 34.10% | |
Raw materials | Supplier Concentration Risk | Vendor two | |||
Schedule Of Balance Sheet Components [Line Items] | |||
Concentration Risk, Percentage | 17.20% | 13.10% | |
Raw materials | Supplier Concentration Risk | Vendor three | |||
Schedule Of Balance Sheet Components [Line Items] | |||
Concentration Risk, Percentage | 10% | 7.30% |
Balance Sheet Components - Brea
Balance Sheet Components - Breakdown of the Company Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Concentration Risk [Line Items] | ||
Revenues | $ 78,025 | $ 72,162 |
U.S. revenue | ||
Concentration Risk [Line Items] | ||
Revenues | 51,990 | 53,190 |
Non-U.S. revenue | ||
Concentration Risk [Line Items] | ||
Revenues | $ 26,035 | $ 18,972 |
Balance Sheet Components - Sc_4
Balance Sheet Components - Schedule of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials and work-in-progress | $ 19,011 | $ 18,036 |
Finished goods | 8,702 | 6,871 |
Less: reserves | (3,112) | (3,067) |
Inventories, net | $ 24,601 | $ 21,840 |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Depreciation and Amortization Expense of Rental Equipment and Other Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Property Plant And Equipment [Line Items] | ||
Depreciation | $ 3,179 | $ 3,078 |
Depreciation and amortization | 4,333 | 4,060 |
Rental equipment | ||
Property Plant And Equipment [Line Items] | ||
Depreciation | 3,179 | 3,078 |
Other property and equipment | ||
Property Plant And Equipment [Line Items] | ||
Depreciation and amortization | $ 1,154 | $ 982 |
Balance Sheet Components - Su_2
Balance Sheet Components - Summary of Property Plant and Equipment and Rental Equipment with Associated Accumulated Depreciation (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property Plant And Equipment [Line Items] | ||
Property and equipment | $ 97,396 | $ 98,161 |
Accumulated depreciation | 48,126 | 47,845 |
Property and equipment, net | 49,270 | 50,316 |
Rental equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 66,352 | 67,804 |
Accumulated depreciation | 30,783 | 31,023 |
Property and equipment, net | 35,569 | 36,781 |
Other property and equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 31,044 | 30,357 |
Accumulated depreciation | 17,343 | 16,822 |
Property and equipment, net | $ 13,701 | $ 13,535 |
Balance Sheet Components - Su_3
Balance Sheet Components - Summary of Property Plant and Equipment and Rental Equipment with Associated Accumulated Depreciation (Parenthetical) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Abstract] | ||
Rental equipment, allowance | $ 2,916 | $ 2,606 |
Balance Sheet Components - Sc_5
Balance Sheet Components - Schedule of Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Balance as of December 31, 2023 | $ 10,057 |
Translation adjustment | (223) |
Balance as of March 31, 2024 | $ 9,834 |
Balance Sheet Components - Sc_6
Balance Sheet Components - Schedule of Changes in Carrying Amount of Goodwill (Parenthetical) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Accumulated impairment losses | $ 32,894 | $ 32,894 |
Balance Sheet Components - Su_4
Balance Sheet Components - Summary of Changes in Net Carrying Values of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 40,870 | $ 41,680 |
Accumulated amortization | 7,963 | 7,089 |
Net amount | $ 32,907 | $ 34,591 |
Developed Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average estimated useful lives (in years) | 10 years | 10 years |
Gross carrying amount | $ 32,564 | $ 33,303 |
Accumulated amortization | 1,764 | 971 |
Net amount | $ 30,800 | $ 32,332 |
Licenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average estimated useful lives (in years) | 10 years | 10 years |
Gross carrying amount | $ 185 | $ 185 |
Accumulated amortization | $ 185 | $ 185 |
Patents And Websites | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average estimated useful lives (in years) | 5 years | 5 years |
Gross carrying amount | $ 4,518 | $ 4,518 |
Accumulated amortization | 4,446 | 4,429 |
Net amount | $ 72 | $ 89 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average estimated useful lives (in years) | 4 years | 4 years |
Gross carrying amount | $ 2,908 | $ 2,974 |
Accumulated amortization | 1,383 | 1,372 |
Net amount | $ 1,525 | $ 1,602 |
Trade Name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average estimated useful lives (in years) | 4 years | 4 years |
Gross carrying amount | $ 201 | $ 206 |
Accumulated amortization | 27 | 15 |
Net amount | $ 174 | $ 191 |
Commercials | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average estimated useful lives (in years) | 3 years | 3 years |
Gross carrying amount | $ 494 | $ 494 |
Accumulated amortization | 158 | 117 |
Net amount | $ 336 | $ 377 |
Balance Sheet Components - Sc_7
Balance Sheet Components - Schedule of Annual Estimated Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remaining 9 months of 2024 | $ 2,955 | |
2025 | 3,893 | |
2026 | 3,762 | |
2027 | 3,709 | |
2028 | 3,256 | |
2029 | 3,256 | |
Thereafter | 12,076 | |
Net amount | $ 32,907 | $ 34,591 |
Balance Sheet Components - Sc_8
Balance Sheet Components - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 15,922 | $ 13,454 |
Accrued inventory (in-transit and unvouchered receipts) and trade payables | 9,359 | 10,054 |
Accrued purchasing card liability | 2,445 | 2,197 |
Accrued loss on purchase commitments | 1,941 | 2,057 |
Accrued franchise, sales and use taxes | 394 | 472 |
Other accrued expenses | 1,645 | 1,908 |
Total accounts payable and accrued expenses | $ 31,706 | $ 30,142 |
Balance Sheet Components - Sc_9
Balance Sheet Components - Schedule of Accrued Payroll (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Payables and Accruals [Abstract] | ||
Accrued bonuses | $ 1,731 | $ 1,110 |
Accrued wages and other payroll related items | 2,989 | 4,170 |
Accrued vacation | 3,957 | 3,194 |
Accrued severance | 1,783 | 2,284 |
Accrued employee stock purchase plan deductions | 142 | 308 |
Total accrued payroll | $ 10,602 | $ 11,066 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Lessee Lease Description [Line Items] | ||
Operating lease, option to extend | options to extend the leases for up to 5 years. | |
Operating lease, existence of option to extend [true false] | true | |
Rent expense, including short-term lease cost | $ 1,073 | $ 972 |
Minimum | ||
Lessee Lease Description [Line Items] | ||
Operating leases, lease term | 3 years | |
Maximum | ||
Lessee Lease Description [Line Items] | ||
Operating leases, lease term | 11 years | |
Operating lease option to extend term | 5 years |
Leases - Schedule of Lease Paym
Leases - Schedule of Lease Payments (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Lessee, Lease, Description [Line Items] | |
Operating lease liabilities payments due | $ 24,241 |
Assignee | |
Lessee, Lease, Description [Line Items] | |
2025 | 1,136 |
2026 | 1,136 |
2027 | 1,136 |
2028 | 1,136 |
2029 | 1,136 |
Thereafter | 2,461 |
Operating lease liabilities payments due | $ 8,141 |
Leases - Schedule of Right-of-U
Leases - Schedule of Right-of-Use Assets and Operating Lease Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Cash paid for operating lease liabilities | $ 1,115 | $ 994 |
Operating lease cost | 1,056 | 957 |
Non-cash right-of-use assets obtained in exchange for new operating lease obligations | $ 1,224 | $ 264 |
Weighted average remaining lease term | 3 years | 2 years 1 month 6 days |
Weighted average discount rate | 4.80% | 3% |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Maturities of lease liabilities due in the 12-month period ending March 31, | ||
2025 | $ 4,091 | |
2026 | 3,481 | |
2027 | 3,503 | |
2028 | 3,470 | |
2029 | 3,120 | |
Thereafter | 6,576 | |
Operating lease liabilities payments due | 24,241 | |
Less imputed interest | (2,131) | |
Total lease liabilities | 22,110 | |
Operating lease liability - current | 3,515 | $ 3,653 |
Operating lease liability - noncurrent | $ 18,595 | $ 18,270 |
Loss per Share - Computation of
Loss per Share - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Numerator—basic and diluted: | ||
Net loss | $ (14,578) | $ (20,349) |
Denominator: | ||
Weighted average common shares - basic common stock | 23,401,598 | 23,009,617 |
Weighted average common shares - diluted common stock | 23,401,598 | 23,009,617 |
Net loss per share - basic common stock | $ (0.62) | $ (0.88) |
Net loss per share - diluted common stock | $ (0.62) | $ (0.88) |
Denominator calculation from basic to diluted: | ||
Weighted average common shares - basic common stock | 23,401,598 | 23,009,617 |
Stock options and other dilutive awards | 267,100 | 228,281 |
Weighted average common shares - diluted common stock | 23,668,698 | 23,237,898 |
Shares excluded from diluted weighted average shares: | ||
Shares excluded from diluted weighted-average shares | 513,237 | 778,267 |
Stock options | ||
Shares excluded from diluted weighted average shares: | ||
Shares excluded from diluted weighted-average shares | 20,000 | 286,861 |
Restricted stock units and restricted stock awards | ||
Shares excluded from diluted weighted average shares: | ||
Shares excluded from diluted weighted-average shares | 493,237 | 491,406 |
Income taxes - Additional Infor
Income taxes - Additional Information (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Income Tax Disclosure [Abstract] | |
Valuation allowance | $ 59,968 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Class Of Stock [Line Items] | ||
Total intrinsic value of options exercised | $ 0 | $ 735 |
Stock options | ||
Class Of Stock [Line Items] | ||
Stock option period, expiration | 10 years | |
Vesting period | 1 year | |
Time based restricted stock units | ||
Class Of Stock [Line Items] | ||
Vesting period | 4 years | |
Time based restricted stock awards | ||
Class Of Stock [Line Items] | ||
Vesting period | 4 years | |
Performance and time based restricted stock awards | ||
Class Of Stock [Line Items] | ||
Vesting period | 3 years | |
Performance and time based restricted stock units | ||
Class Of Stock [Line Items] | ||
Vesting period | 3 years | |
Restricted stock units | ||
Class Of Stock [Line Items] | ||
Unrecognized compensation cost related to unvested employee excluding estimated forfeitures | $ 13,639 | |
Amount expected to recognized over weighted-average period | 2 years | |
2014 ESPP Plan | ||
Class Of Stock [Line Items] | ||
Number of equity awards available for grant | 658,823 | |
Terms of shares available for issuance | The number of shares available for sale under the ESPP is increased annually on the first day of each fiscal year by an amount equal to the least of:•179,069 shares;•1.5% of the outstanding shares of the Company’s common stock on the last day of the Company’s immediately preceding fiscal year; or•such other amount as may be determined by the administrator. | |
Percentage on outstanding shares of common stock | 1.50% | |
Number of additional number of shares reserve to provision | 179,069 | |
Maximum percentage of common stock eligible to purchase through payroll deductions for participants | 15% | |
Maximum number of shares available for participant to purchase during period | 1,500 | |
Purchase price as percentage of stock price on offering period | 85% | |
Purchase price as percentage of stock price on exercise date | 85% | |
Potential increase of shares available for issuance | 179,069 | |
2023 Plan | ||
Class Of Stock [Line Items] | ||
Stock option shares outstanding | 1,053,427 | |
Number of equity awards available for grant | 1,244,094 | |
Issued shares of common stock to certain new hire issuable upon | 225,000 | |
2023 Plan | Maximum | Time based restricted stock units | ||
Class Of Stock [Line Items] | ||
Vesting shares | 75,000 | |
2023 Plan | Maximum | Performance-based restricted stock units | ||
Class Of Stock [Line Items] | ||
Vesting shares | 150,000 | |
2014 Plan | Restricted stock units and restricted stock awards | ||
Class Of Stock [Line Items] | ||
Stock option shares outstanding | 771,689 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stock Options Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Class Of Stock [Line Items] | ||
Stock Options Outstanding, Beginning balance | 20,000 | |
Stock Options, Forfeited | (10,000) | |
Stock Options Outstanding, Ending balance | 10,000 | 20,000 |
Stock Options, Vested and exercisable | 10,000 | |
Stock Options, Vested and expected to vest | 10,000 | |
Outstanding, Price per share, Beginning balance | $ 83.3 | |
Price per share, Forfeited | 83.3 | |
Outstanding, Price per share, Ending balance | 83.3 | $ 83.3 |
Price per share, Vested and exercisable | 83.3 | |
Price per share, Vested and expected to vest | 83.3 | |
Outstanding, Weighted-average exercise price, Beginning balance | 83.30 | |
Weighted-average exercise price, Forfeited | 83.30 | |
Outstanding, Weighted-average exercise price, Ending balance | 83.3 | $ 83.30 |
Weighted-average exercise price, Vested and exercisable | 83.3 | |
Weighted-average exercise price, Vested and expected to vest | $ 83.3 | |
Remaining weighted-average contractual term, Outstanding | 1 month 9 days | 4 months 9 days |
Remaining weighted-average contractual term, Vested and exercisable | 1 month 9 days | |
Remaining weighted-average contractual term, Vested and expected to vest | 1 month 9 days |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Restricted Stock Activity (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Time based restricted stock units | |
Class Of Stock [Line Items] | |
Unvested restricted stock units/ awards outstanding, Beginning balance | 1,146,404 |
Granted | 608,174 |
Vested | (163,446) |
Forfeited/canceled | (28,856) |
Unvested restricted stock units/ awards outstanding, Ending balance | 1,562,276 |
Performance and time based restricted stock units | |
Class Of Stock [Line Items] | |
Unvested restricted stock units/ awards outstanding, Beginning balance | 346,688 |
Granted | 235,000 |
Forfeited/canceled | (103,850) |
Unvested restricted stock units/ awards outstanding, Ending balance | 477,838 |
Restricted stock units | |
Class Of Stock [Line Items] | |
Unvested restricted stock units/ awards outstanding, Beginning balance | 1,493,092 |
Granted | 843,174 |
Vested | (163,446) |
Forfeited/canceled | (132,706) |
Unvested restricted stock units/ awards outstanding, Ending balance | 2,040,114 |
Unvested and expected to vest restricted stock units/awards outstanding | 1,625,427 |
Weighted-average grant date fair value per share, Unvested restricted stock units/ awards outstanding, Beginning balance | $ / shares | $ 14.67 |
Weighted-average grant date fair value per share, Granted | $ / shares | 6.95 |
Weighted-average grant date fair value per share, Vested | $ / shares | 20.81 |
Weighted-average grant date fair value per share, Forfeited/canceled | $ / shares | 19.58 |
Weighted-average grant date fair value per share, Unvested restricted stock units/ awards outstanding, Ending balance | $ / shares | 10.96 |
Weighted-average grant date fair value per share, Unvested and expected to vest restricted stock units/awards outstanding | $ / shares | $ 11.03 |
Stockholders' Equity - Summar_3
Stockholders' Equity - Summary of Stock-based Compensation Expense Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Stock-based compensation expense by type of award: | ||
Stock-based compensation expense | $ 2,416 | $ 3,442 |
Restricted stock units and restricted stock awards | ||
Stock-based compensation expense by type of award: | ||
Stock-based compensation expense | 2,309 | 3,305 |
Employee Stock Purchase Plan | ||
Stock-based compensation expense by type of award: | ||
Stock-based compensation expense | $ 107 | $ 137 |
Stockholders' Equity - Summar_4
Stockholders' Equity - Summary of Stock-based Compensation Expense Recognized in Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 2,416 | $ 3,442 |
Cost of Revenue | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 180 | 84 |
Research and Development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 460 | 458 |
Sales and Marketing | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 430 | 774 |
General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 1,346 | $ 2,126 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Commitments and Contingencies [Line Items] | ||
Outstanding purchase orders due within one year with its outside vendors and suppliers | $ 75,500 | |
Payments received in advance of satisfying performance obligations | 535 | |
Revenue recognized | 1,448 | |
Accounts payable and other accrued liabilities | 1,941 | $ 2,057 |
Lifetime Warranties | Direct-to-Consumer | ||
Commitments and Contingencies [Line Items] | ||
Deferred revenue related to life time warranties | $ 12,402 | $ 13,315 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Changes in Aggregate Product Warranty Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Product warranty liability at beginning of period | $ 23,478 | $ 19,913 |
Accruals for warranties issued | 2,877 | 9,843 |
Adjustments related to preexisting warranties (including changes in estimates) | 1,876 | 5,014 |
Settlements made (in cash or in kind) | (2,701) | (11,292) |
Product warranty liability at end of period | $ 25,530 | $ 23,478 |
Foreign Currency Exchange Con_2
Foreign Currency Exchange Contracts and Hedging - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2024 USD ($) Contract | Mar. 31, 2023 USD ($) Contract | |
Derivatives Fair Value [Line Items] | ||
Unrealized gain (loss) on derivative | $ | $ 0 | $ 0 |
Derivative contracts expiration period | 1 month | |
Number of contract ineffective hedges | Contract | 0 | 0 |
Number of contract designated hedges | Contract | 0 | 0 |
Number of contract non-designated hedges | Contract | 4 | 1 |
Non-Designated Derivative Contracts | ||
Derivatives Fair Value [Line Items] | ||
Derivative contracts notional amounts | $ | $ 37,425,000 | $ 8,041,000 |
Designated Derivative Contracts | ||
Derivatives Fair Value [Line Items] | ||
Derivative contracts notional amounts | $ | $ 0 | $ 2,445,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ in Thousands | Sep. 14, 2023 USD ($) |
Physio-Assist SAS | |
Subsequent Event [Line Items] | |
Payments to acquire business | $ 32,250 |