INGN - Earnings call transcript Q1 2021

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Operator

Greetings, and welcome to the Inogen's First Quarter 2021 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now pleasure to introduce your host, Ali Bauerlein, Chief Financial Officer. yours. is floor The

Ali Bauerlein

participating call. for in you today's Thank

currently Joining released quarter financial CEO, the Nabil company's presentation of section Investor today, Inogen Shabshab. Earlier are corporate results Inogen's This website. release me in of earnings the Relations is XXXX. and available for the first

XXXX; any and in Commission. Exchange Actual involve forth our to set filed by products; may law. risks term detail these the to and forward-looking results and our be expectations growth our expectations date. ability the information our As are available strategy related of prospects update except our both of on our international on of market a sales Securities physician include pandemic as investments; for reminder, expectations regarding product related and for related as and results limitation, disclaim regulatory are forward-looking expectations expectations in products to demand value COVID-XX hiring short without business XXXX based uncertainties in awareness the and rental These presented information force; sales including, most long-term. to we and reports development more obligations in the beyond; to regarding and our forward-looking that operating this and our statements the the forward-looking for are The expectations expectations; currently our and will and statements regarding domestic predictions shareholder driving and call required the our today's expectations sales create today vary, regarding with statements, about to our recent by statements, statements for reimbursement related products; and channel; only us periodic changes; and may roles and impact expectations our channels; our marketing

for our website. financial more statements refer to have historical the files company's the and these Please Relations section investor of in We detailed presentations posted Investor information.

uses financial we in basis. call, with information Inogen's Management in understand, and both non-cash useful and earnings GAAP between make our results. our certain non-GAAP are that CEO, investors certain that, a measures operating and tables results U.S. the Nabil? evaluate U.S. the measures for indicative within Inogen's presented to excluding I by decisions. manage taken also will and internally present call provide President operating financial on non-GAAP of Nabil and not expenses non-GAAP are release. conjunction to core business over other information now GAAP measures and management turn will non-GAAP During that believes Management items financial With Reconciliations Shabshab.

Nabil Shabshab

you, first you quarter afternoon call. and thank our joining Good for Ali. conference XXXX Thank

on growth the sequential the sequential fourth all quarter we impact pandemic of in continued XXXX. overall of business While in to revenue growth COVID-XX our quarter saw first XX.X% of XXXX, an the and channels four total in have from

hospital release. As by strong year, double-digit over COVID-XX to patients period the expected, XXXX the of prior domestic needs temporarily in upon business-to-business were the in first quarter comparable primarily with growth the treat driven sales

channel. our for XXXX. of direct-to-consumer we sales the were metrics strong Direct-to-consumer population, our believe direct-to-consumer saw the the addition, primarily and sequentially to revenue we mobility, to In revenue over these the our to last leading well the fourth sales with vaccination consumer associated a COVID-XX will confidence. revenue improved provide improved pleased improved of that With that, with details to pandemic. relaxation order growth quarter in COVID-XX of by revenue the higher due by to closure the demand PHE, due now increased stimulus I rental sales in quarter decline patient quarter are first in versus versus and and XXXX, quarters desire order related seen higher rates the three within metrics which led sales as periods as have We prior of productivity payments our higher on concurrent average per representative XXXX XXXX improved first increased

quarter for million, in compared compared quarter in $XX.X X.X% XX.X% million in XXXX. to quarter increase lower we to increased period XXXX For from believe the XXXX, $XX.X generated greater to COVID-XX $XX.X primarily first upon We offset this by hospital business-to-business quarter patients Domestic total reseller of of of discharge, first first XXXX, demand revenue $XX.X the POCs due first the for the decline was XXXX. partially million, the in of million the a of comparative of to sales demand.

primarily In lower uncertainty channel many primarily XXXX. assessment hiring during bidding the primarily quarter the of decreased down business-to-business in the COVID-XX also XX.X%, decreased basis along million of comparative the addition, the demand domestic constant XXXX. to XXXX $XX.X to driven XXXX of continued sales million XXXX, approximately XX.X% driven quarter October $XX.X the to representatives. to headcount, reduced Direct-to-consumer certain on was new compared first believe decrease in due International operational was in of period, competitive believe inside of we pandemic the quarter the centers. by million impacts $XX.X in in the representative million, in the first with on we first sales a of the on XX% the pandemic was from sales XXXX of We believe intermittent decrease our $XX.X a quarter business-to-business sales which by our with XX.X% European lockdowns from first by capacity currency resolution countries, European of COVID-XX contributed first of to of impact quarter decrease increased the the respiratory

XXXX, inside representatives we first to While in sales hire able did we attrition. the were of candidates quarter to find not qualified enough new offset

each while decrease quarter improved rates of effect improved be in to to the sales the the We within XXXX, the patient challenging mindful due the being PHE, quarter continuing higher PHE the representative But XXXX. Despite to the primarily leading This payments stimulus related and maintaining of channel to consumer was and demand led COVID-XX continue XXXX, population, the to increase vaccination near the the ambulation, new first productivity, efforts. new orders our first and we relaxation to the of increased term expect confidence. for this to to quarters candidate that as sales representatives, our to representative of and was COVID-XX standards closure to on in in hiring pool. addition compared sales and the look of productivity there in average the to This revenue to add flat COVID-XX revenue XXXX, of three POCs average increased and in per of fourth declined pandemic. with quarter our of order quarter marketing order compared was per increased slightly sales the up. size associated Compared the and the due of versus metrics when these was last XXXX first quality

We are market optimistic cautiously a products. positive improving may be that indicator this for our conditions for

and in Medicare a timeframe However, in results, XXXX $X.X patients to given $X.X performance service, assess the sales on XX.X% service, courses for short higher monitoring will metrics of Rental the patients to million increased future these be percent to reimbursement patients due as on improved increased from the first the billable in XXXX, we same rates. revenue period primarily total opportunity. quarter relatively in higher of market million

months for our up by sequentially XX.X% and increasing greater opportunities had about evidence we commitment to in our products to XXXX, access XX, and and leadership awareness. in remain remaining to am rental XX,XXX committed approximately laser-focused on investments oxygen patients compared standard building therapy. X.X% a on look patients March leads market which strengthen three to XXXX. a of service, patient of to more XX, compared sales As to our primarily of even March in The by care I Inogen's dossier patient to POC December on extending increase utilization our elevating ahead, service by awareness making the With XXXX, facing of tenure, and as R&D physician clinical XX, I We initiatives confident was was physician prescriber increase force. and driven

I now in Bauerlein. the the back path growth. to we are profitable Ali? these Ali are CFO, that our we early create to believe turn sustainable While and call With will efforts, I long term right on that,

Ali Bauerlein

Nabil. Thanks,

first As was XXXX increase XX.X% sequential noted, of million, X.X% of total the of from decline for a quarter of and the quarter representing a fourth $XX.X Nabil revenue in XXXX, the over period comparative XXXX.

to to quarter of XX.X% Turning quarter XXXX, the of margin to first first total gross was the XXXX. XX.X% margin gross in compared

gross Rental of XX.X% gross patients offset XXXX, of the have a quarter by total to first increase unit increased costs and This patient XXXX. which sale, we revenue XX.X% to experienced prices expense on increased a the margin of quarter Medicare primarily versus the domestic XXXX. offset XX.X% gross first comparable margin sales. on by higher primarily selling service. period margin business-to-business increased an same revenue percent of XX.X% was in partially of patients reimbursement per our lower XXXX due as higher service to the inefficiencies due to per This higher in billable XXXX partially versus manufacturing in in lower in due mix first versus of sales period quarter versus lower service manufacturing was the average certain to direct-to-consumer of rates, Our

offset $X.X first by expenditures in EBITDA to increased $X.X transition to million in In to General first $XX.X of common $X.X primarily loss costs consulting loss the in of XXXX, in of $XX.X increase and of first and by XXXX Aera expense. quarter CEO XXXX. partially $X.X of in of a with XXXX lower loss million quarter total first expenditures, million lower to in due in to of expense. decreased Sales compared the due liability, period of primarily an expense $X.X the of New per million quarter quarter reported advertising of for the and XXXX versus of net first $XX.X operating earnout first million marketing $X to versus versus CEO to product of fair the costs, $XX first increase and expense, in expense. expenses, comparative offset development XXXX, personnel-related As development increased of million the operating $X.X liability, in expense to of primarily first million partially advertising associated the an operating due quarter increased primarily in partially earnout and share XXXX, offset the Advertising the million expense quarter XXXX, quarter and million, in quarter of million $X.XX. New a XXXX, to million, expense million in the value the million were XXXX, we the $XX.X in of Research value $X.X the Aera million fair higher first the by increased Adjusted expenses. first the administrative quarter personnel-related $XX transition decreased compared $X.X of XXXX increased quarter diluted million

marketable Finally, quarter no equivalents with million, the $XXX.X outstanding. we of first with XXXX cash securities ended of debt and cash,

a Regarding XXXX reminder, reimbursement stimulus was the budget package. rates, as US for neutrality December as the part of in oxygen provision government removed therapy

Medicare competitive in XX% increased effective As April in XXXX. Medicare average other a rates result, former areas, and all areas, X% on bidding X,

In XX, Medicare March on December previously was sequester through see adoption. expiring We XXXX, addition, extended pause POC and the XX, for overall changes our scheduled. XXXX as X% industry positive as both instead of

COVID-XX adjusted mix, provide such the for of revenue, to Despite or of and the continued still turning year EBITDA ongoing clinical market Now believe period. unable the to investments build related enhancing to our net because focus make and loss a full spend, prudent we're revenue building force on income COVID-XX and uncertainties, our a including the estimates XXXX, at and to for starting guidance expanding strategy. our to necessary we R&D evidence it to sales onset-of-care, infrastructure of support to the pandemic, continue dossier is rental guidance,

certain future as stock-based we investment to we Also, previously XXXX, such officer expenses revenue bonus minimal operating compensation still in believe well along as we while XXXX, costs expansion, in and predictability, expense such initiatives, which margin recent transition. Given related support expenses for expense performance-based announced XXXX. incurred increase will with expect and to increased we expect to growth related

expected XXXX, quarter channels rental sales growth the expect percentage of we our comparative year, in second the period in increase the Regarding to versus all channel. prior the with largest

With respiratory take business-to-business the We to continue continued to to that, expect slower and primarily capacity international impact operational your be than COVID-XX due the the channels, to of the vaccine will questions. our States. on see related rollouts centers, reduced sales assessment we United largest happy

Operator

[Operator KeyBanc. Instructions] Our comes Mishan first your question question. with Please Matthew with from proceed

Matthew Mishan

that direct-to-consumer amount about to to Thank XX% XQ in X% increase is the you sequentially by reimbursement? XQ Nabil, for in X is taking to think the patient Ali rental the to increases a addition questions. from way population

Ali Bauerlein

Yeah, that's correct.

patient rental related, into which would patients in you'll to the continue QX, also XX% do on X% of it to on total population, our of we expect expect XX% we service increase increase. So the Medicare that is see portion to going is XX%, business about pool. And rates that to our that see

Matthew Mishan

given on year? part be How the the thank you course this And the we of a and And of or should for renewed that. thinking to XQ XQ XQ the of the from business. seasonality fleet rental focus it's about through

Ali Bauerlein

year-round. POCs beat the the patient you business that the have and and see fleet in there patient in given much seasonality insurance. rental to you in do business terms period is unfortunately underlying around, different seasonality demand net is of of What things to then criteria, don't in that is about one also patient and in patients really see coverage added you So want our great rental patients deaths, a because is convert cash they changes the wants that to as a

tend quarter the in year any the the or quarter service than fourth higher in see to quarter. of quarter first patients in see given you we number second So third coming the off of a and

look net the tend period, to the fourth our the versus if at patient or first in So patient quarter quarter. additions those be addition, in second quarter stronger third and the you our

referrals how are comes that's a do much driving hopefully, And we have, area. specific many course, then we in So how helpful. to capacity it sales of down

Matthew Mishan

putting sounds on point not Are token, right the of them. hire are you're time, Okay. is sales able But metrics a we're helpful. to direct-to-consumer quarter or if people that about sales then able there at just believe as are off find is losing kind so? by the And to not on It their inside That in sales that you there's sales. this you certain it momentum the to or leading same there. increasing

Ali Bauerlein

COVID-XX as product are the in dampened demand increasing you terms there you we said, patient we're purchasing interest as with seeing know, in versus you of, seeing, saw that what is, So factors that positive indicators, know, associated the pandemic. we the

made show that as really So to glad growth mentioned, channel we look side those for the you difficult metrics at to key quarter. have us on hiring are year-over-year business. seen that those in in for in see we improvements comparison, first DXC challenges And that the we've the it also the in the

to in the Now we in remaining expect forward, to the in channel, improvements seen back going spite of in the that, demand because product. we've of growth that that do overall for year, of the get quarters

this to front, are we So has in And reps, we do see people that hire a a period of that do hope positive. we but as to more cautious on because a it pandemic. and challenge train been hire

historical reps from has So the significantly new with changed to sales attrition But sales has think reps, of leveled. don't I the levels. ability attrition replace our number our

Matthew Mishan

then Do asking many. I'm XQ, of the XQ had question, versus for too think last sales that just BXB bolus And you overall are domestic above a seeing momentum sorry had you're XQ? XQ you sales. XQ Okay.

Ali Bauerlein

demand moving basis Yeah, And from on great there first may are in of year's of consumer parts quarter. that it's as course, COVID, seen second of, first stronger to be sequential we various demand seasonality expect growth hit be buckets. we've than do question. QX, know, some where more hard I our the I seen results. expect we XXXX rental in direct to in revenue, you impact percent revenue the we total you we've the is the areas also prepared remarks, think quarter And historic by the quarter last XXXX But, of been that have in increasing some a seeing quarter. up a within should said, in Obviously, that second the second quarter as some highest know,

positive see XXXX. trends second expect over see do sequential a to increase the do the business of the first we and So in quarter in quarter

Matthew Mishan

All very right, Thank you much. excellent.

Operator

Thank you.

Please with Kaczor question. Margaret Blair. from comes William with question proceed your next Our

Margaret Kaczor

Hey. everyone. taking questions. Good Thanks afternoon, for the

you So you're know we I'd out to do guidance little my what on I'll 'XX. it, of can get for but love bit push a keeping best to I not you. see

in kind more. given you apply $XXX we've that, 'XX we past, or know, demand of that So number the year if traditional we've QX for seasonality full brings of to metrics seen kind the in the seen our million

done as as of do more maybe in support domestic on? helping should wouldn't POCs lot understand We pieces. of really and And demand, increased past years? travel of a to also don't channel, But so then DME why see areas. travel there's know I in that latent we the seasonally some Especially well DTC BXB growth? given a specifically, Now it's extra what's moving in variety going happen kind

Ali Bauerlein

that Yeah, take seasonality an trends. more saw our past March, and mean, certainly, And, in numbers certainly can we patterns. I positive line improvement in question. seen were you so I that know, we've with

So that now really only and is months is But a March in this and a April, positive couple with behind seeing sign. that. us

we from we is there visibility predict initial it's standpoint. indications I when to predictability but a know, high us. have reinstate you positive know for make that we number, we an demand something in out we guidance, into put farther So love it channel. that the everybody reinstate to number going is number, achievable number would a want a a But are that is, and proper have and make want that to seeing us little BXC guidance, sure to that in And confidence beautiful the forward. we're for sure just that you're get the that not sustainable. But certainly we pent-up can right, this really year the

a just just a month than Chief we ago. Officer, Commercial addition, hired In started who new less

we the aligned before both those to know, reps there. sure in also the that And recovery our has know, so, and you make short priorities, to to And capacity. management positive. seeing maintain But, the of up you sure term visibility we of on market initial results, confidence term, to be guidance out base continue long we and want is that entire indicators and sales we that fill that seems put need speed make to to same are in the the team we level and can

on throughout have really accounts, demand business, through we've the I direct-to-consumer what trend, pandemics mimicked your in the they ours. the consumer don't in on our their quarter, see different from whole including Now, BXB so question seen our first substantially

a kind And as to expect, result, growth. of know, I them comps, the versus also easier would And year-over-year. in quarter to return show you growth second given the that the so

So end, they dynamics, slightly in they but for the demand are POC. tracking have also different consumer

Margaret Kaczor

if Okay. in can follow I to And a the then that, the got I've long one on and term. up 'XX

excess sequential the was then associated after gauge, like it's first with your question were up maybe but I on hospital that seeing demand how into on And a that, the sounded you and So in some big year, Because this smidge to is tough quarter? QX potential follow it there, international, kind and might color different. and know 'XX any comments DME the it to increases make throughout a that. of the

Ali Bauerlein

Yeah.

answer to because quarter. first the the very for we that demand answer demand same us tied question, be to love you to the specific hospitals Margaret, is able to on customers. It's So question the would to know, challenging

customer that that selling of selling we were were all And that using for our in us of portion were patients base. were on they same COVID telling demand being to POCs. discharged first to we they directly weren't the quarter, So hospitals a

specifically out break outside can't to So own looking you no, the trends that. we trying do have and at hard just that of to was number know, a don't much estimate. of But our unfortunately, specifically we how tied

Margaret Kaczor

you guys through it's what how look that And question team, is high and we kind over those whenever think what growth. the I happens, you'll or fundamental 'XX know, get guys, forward think are get Thanks. do about say long-term as that if for to know, profile you confident fair do how That's other or I you people you Okay. that year and Nabil beyond but post-COVID. growth and beyond, of view profile? I big know, the you enough. I a of the lot And a then, mid-single, four indicators be double-digit feel that go this very single at next digit quarters, And

Nabil Shabshab

We - in the space recovery, but one. seen that terms back putting to we take see anything we're terms of aspiring terms of that that I'll moving to forward. what But so believe are in guiding double-digit the not Margaret, place that. that far double-digit so get in for in beyond indicators of we've that returning ourselves And could we XXXX us in growth,

Margaret Kaczor

Thanks. Fair enough. Okay.

Operator

you. Thank

next Our proceed with your comes question. from Robbie JPMorgan. Please Marcus question with

Unidentified Analyst

This for actually Hi. Lily is the Thanks question. taking on Robbie. for

in So geographies. was you're they I right are different give hoping in than now. in a little bit you seeing different are could what on US color very Obviously, of Europe the just things

So yeah, how US color on, you the to would be willing OUS recovery know, trended be helpful. versus has give you'd any

Nabil Shabshab

maybe take that I'll So one.

rates, it France the to in a And in for Europe the there's still little and seeing of European we in that's the continental terms as lockdown even them well which and or the where mobility we're vaccination a But creating to bit that hesitancy and that directly versus definitely, bit though is higher very countries. people mobility a approach of US little things. now different related, the a this US seeing back forth little for as as of bit all fluctuating is as terms vaccinate. we're we in stronger in major example. other operate and travel, the to know And is geographies the picture general demand in and a So be recovery, a an

what's happening and terms know, also in you As other as in Brazil, well America, things of Latin countries. dire are as very

in its to terms But apply nature that is market, in geography. as indicator over expect maybe rest leading US. a health the of starts trend definitely other the and of we're in leading similar to rates the the what to we see time in flowing seeing vaccination US the the doesn't So we

Unidentified Analyst

thank just quick one you. Great, And follow then up.

OpEx particular, and thinking the we in the DTC Just play still spend out, be should Thanks. to of ad over how spend considering as recovery about year, is the depressed? course continues

Ali Bauerlein

Yeah, sure.

proud through we're it advertising quarter, more in direct-to-consumer as reducing we first what in terms higher So and for of the of advertising quarter our associated the We us to channel. expect an with accomplished fourth in the opportunity spend spend. in do have second spend revenue quarter increase we the do see to

advertising So we to of started are second that and, minimize of pandemic. the versus last really we moving the reduce towards impact model the you operating in know, try year with our back COVID-XX to expenses quarter what expense

going So overturn I forward, with level spend. you that of also but to would expect revenue higher to increase generation that know, see, of the associated

Operator

you. Thank

Needham Mike and question. Please Our proceed next with your from with Matson Company. comes question

Mike Matson

taking questions. Yeah, thanks for my

we've if don't willing Just But want to ask a years pipeline. a it I been on to new one since there. has couple the know POC. you're updates seen any give

you to integrate if wondering the on you Aera POCs? can there. update the wondering us So coming technology anything have just And into your an give New if effort new

Ali Bauerlein

Thanks, question. Yeah. Mike the for

products. competitive projects. to specific we the we're purposes variety are of We But for really about be launch ready a on speaking going actively those specs to aren't R&D working until

innovation continuing done But see And ready pretty until can launch. we've heavily those to keep the we tight you as historically, like and also New is to New invest still to technology, we're from Aera that is focus to with the to our our POC, want R&D. leader oxygen in vest new like financials, Aera just expand So with into we're - in ongoing. and but into work the goal stay areas, therapy best-in-class the

Mike Matson

your then any as from And all? sort you're have you Are on focusing worried any customers business that seen rental of you of increasingly larger BXB response at about thanks. Okay, your

Ali Bauerlein

us. it's that to that work Certainly, with the are know, partners you something accounts we,

is HMEs. oxygen supplement variety on we a that work doing patients set have as And We fleet that's and therapy. relationships new the of well. that strong their to doing think to work that here And important with they're convert we're really up the meant

seen know, versus at haven't XX,XXX that. you say oxygen we response of a of look very our market. patients total we XX,XXX, fraction with US, our the still So we're X almost when estimates patients small I'd a that, oxygen on in associated still the negative million service

you we rental base, have focus on our also So continuing major partners repercussions conversion. success seen to we our while associated that. to expand account from any have know, not continue negative and with we seen large And any great seen have there, their

Nabil Shabshab

- of the of benefit from it's the add will tension to never I And like, before, a And focus collaborative developing So all this and POC should we to to they've the tension. manage with, the it I productive, live with, general, take as to we've in to attention a is us referred and that commented away, the of to is it's in is we've that every manner. penetration health our upside is think modality. live that make on as we intent help expect participant the to market, our is can. very like go they up healthy times learned many something And learned continue to much will which

Mike Matson

how these you Okay, their us about productivity an wondered or I from are year coming year just then, of inside you it thanks. end know, if sales last reps force, to track of you is on to talked you're big those update that they're is numbers how if of the don't the and productivity you measure that, of the your sales know on? or force, give the if - calling have of, could leads pulmonology guess, that I And kind the willing then as give any way physicians

Nabil Shabshab

Yeah.

the these of around I intention and develop because very are the thing productivity, one hire to profiles at clinical the unique to continue we're The selectively, in total is terms very the to question year, encouraging. productivity XX, So market. percentage sales Mike, to a selling the there's is in despite is, very can lower improvement versus today, their of a the say compared force have that terms which we of on last people double-digit seen ability fact tenured

place the So heading track, to we're right with right them. the on

Mike Matson

Okay, you. Thank great.

Operator

Thank you.

Our next question comes with from Please SVB Danielle question. Antalffy with proceed your Leerink.

Rebecca Wang

on Danielle. actually is your this strategy. on Hi, question for Rebecca A Wang commercial

a Officer? months? few impact next commercial You strategy opportunity the How Where does few do years Thank hired to - in the company's the new a this Commercial you. have you most change him overall? Chief see for guys your

Nabil Shabshab

change? change Sorry, strategy… I it it our How does does get didn't question. How the full

Rebecca Wang

do or strategy? commercial area an see the to of the your impact? focus Where in months first for you few make him Yeah, priorities

Nabil Shabshab

Yeah.

Commercial Officer biggest two is levels on the - on team go-to-market. to portfolio of as as and management participate the of definitely biggest Chief as the side the - strategy, on going two growth, part on well of So the the the

So one the service on sales engineering aspire with the time side, that and are. areas critical actually the both efficiency this to that the towards where areas. sure differentiation in And the and directed Also making as the know growth and strategy, is And of make all the is of portfolio, and biggest other we that a close one we are intervention. of go-to-market productivity our additionally, partnership on sure increasing and efforts marketing is is spend of for the portfolio the we the terms R&D the business. the areas of

the on person experience patient's staying on customer them Parr into at. just looking be and on things areas the of be will then in looking one is mentioned. therapy, will therapy that terms the the all I that the of And things getting of and George So that focused experience around

Rebecca Wang

thank you. Great,

Operator

at I'd like questions remarks. There floor management further to are turn back time. to for you. closing any no this the Thank

Nabil Shabshab

you. thank Okay,

energy. with the build of influence believe while encouraged which stabilization you excited POCs market. strategy to time we standard to care investments reach about investors, position COVID-XX by the forward pandemic I engaging will core we your have continue of make in and Thank So business, will our stronger to conversations we the look our and sales physician vision progress am for on addition has in becoming to today to us our our our we as are a team therapy. our I seen oxygen

Operator

conference. Ladies and concludes this web gentlemen, today's

You may participation great lines have and you Thank for now at disconnect time. this a your day. your

Inogen (INGN) 5 May 212021 Q1 Earnings call transcript