INGN - Earnings call transcript Q1 2022

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Operator

Welcome to Inogen's First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode.

Following management's prepared remarks, we will hold a Q&A session. [Operator Instructions].

As a reminder, this conference is being recorded today, May 5, 2022. turn over to General Jason like Counsel. now the to conference Somer, I'd go Please ahead.

Jason Somer

participating call. in for you Thank today's

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

Actual financial As including, strategy about our statements our prospects inflation and for shareholder expectations without channels; for to used our related our international batteries chips sales; the the and results sales our expectations presented expectations on in team channel channel; to regulatory semiconductor supply in by platforms domestic risks date. predictions these may and will based international supply more our today impact quarter filed in vary, and intelligence European partnership we update the currently concentrators; required our in of XXXX; tools information rental that today's on or are reminder, value the The challenges second forward-looking and organization, our any demand related of uncertainties products; driving limitation, a be expectations our include expectations reimbursement for of and on and create statements, the beyond; the care XXXX expectations awareness the and short periodic regarding Exchange long-term. cost forward-looking of the These of Hiring disclaim and forward-looking health are recent our related most to implementation as our to pandemic and regulatory our sales as and forth and Commission. respect growth may related to to full-year our law. term clearances and with to expectations involve and impact expansion sales and both expectations, by only us the ability Securities COVID-XX statements through prescriber including related set with our this with changes; obligations our information our our for forward-looking results reports statements except regarding that to Healthcare. are Ashfield expectations statements and business products, and regarding products the available detail in on call market

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

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

Nabil Shabshab

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

stronger manufacturing through X with pleased headwinds We and of execution in month-long the to cost global context and company higher continued shutdown during delivering the are -- largely January the from February whereby our X, supply XXXX. XXXX, navigating first the This a of semiconductor is results exceeded the significant we that accomplishment our while expectations. shortages quarter mitigate meeting demand, with chain hence, customer

commercial productivity channel all while execution driving across progress strategy steady made the our have operations. effectively and expand on of footprint to specifically in We our increase sales increased the our prescriber

sustainable R&D and and through demand, durable we our of long-term and market challenges are profitability. commercial the in We investing supply behind and chain continue growth meet strategy, to support work to clinical

price XX.X% in million in channels, the XXXX by to Now the million constraints in addition all sales that imperatives $XX.X in Total in in in primarily XXXX the the available and direct-to-consumer beginning sales rental our increased to channels first average business-to-business direct-to-consumer We which representative same headcount, first to from the quarter Inside effect mitigate our directed XXXX direct-to-consumer the price the sales approximately revenue representative the quarter. channel rental. million driven domestic quarter in previous sales of period $XX.X that prices. capacity X.X% channels from turning $XX.X increased into recently period sales resulted lower went increase to we from selling effort average in to XXXX margin. optimizing revenue in have declined balance million March while and margin-related quarter the except an $XX.X an September chain despite pressure, international down our implemented increased business-to-business by of channel. supply to XXXX the to increase primarily in limited domestic In comparative first inside primarily and was X.X% driven additional strategic Domestic in prior-year. productivity

and to commercial to our discipline on that board. through and capabilities is focus sales managing techniques. selling our optimize development across strengthen enhanced sales continue data-driven capabilities management a And actively we turnover the inside We with aimed focus on talent are increased acquisition

team direct-to-consumer in pleased improved with first higher quarter on $XX saw sales the in the the to rates. due service inside reimbursement per Rental quarter. of period productivity primarily million XX.X% the same increased $X.X quarter our sales XXXX from We and of increased first in XXXX in million increased XXXX. Medicare first revenue to are patients per performance revenue average We versus order representative the of and

components challenges, of compared the and chain shortages cautiously COVID-XX pre-COVID-XX sales China, PHE. major XXXX opportunities the into in to demand March was expiry the patients critical XX.X% backlog million prescription persisted first order the markets. the by $XX.X cost quarter decreased demand business our secure $X.X in decision increase to of to and relaxed such the the XX, Most utilization in as of the supply-constrained chain them quarter extended U.S. that to first early in progress which in approximately the regulatory March quarter as industries, our critically, therapy XX,XXX increased balance shipments and or we XX.X% As and it operations on a started XXXX, XXXX. half well while and Despite levels elevate of had as by of an remain up of as reimbursement Medicare ahead $XX.X about was XXXX. a of EU based later disruptions service of are to leads Due the $XX.X sales as The patients and rental availability XX.X% other oxygen have primarily various rates in prior-year. MDD XXXX, the supply XX.X% million expected Supply compared first International business-to-business technology to first to increase a through efforts our our continued cost due a strategic on million certificates currency approximately for variables. medical to of COPD business-to-business primarily the of was was result anticipation second challenge March service, by prioritize fulfill greater and XX.X% potentially in environment the the quarter driven of to in a This across existing current basis criteria of we XXXX, prescriber as the semiconductors. to business-to-business some channel to lockdown have million and patients domestic sales of team increase sector, the service COVID-XX order we of awareness XX,XXX decision negatively the over compared the on of market the XXXX war had we necessary prescriber XX, system. for increased to to The aided patient our in the returning elevate in year. ongoing specifically May on to remain We diagnosis XXXX. relates of referrals certificate by strategic the to billable XXXX. MDR Ukraine in constant driven monitor we affect to on in strategic Domestic including optimistic for filings to

trends actions. In has goods actively pricing We redesign pivoting are the our of the inflated mitigate open higher watching in resulted negatively quarter impacted to these XXXX, closely sold. ensuing sourcing, of which premium first of and product and pricing market trended costs quarter versus XXXX, sourced impacts fourth strategic cost from through the that has chips for

a of our higher supply the XXXX. of our and part semiconductor disruptions buy portion minimize strategy decided expected a to As requirements for meet portion XXXX demand, of we to forward

inventory. yet semiconductor these expenses of on other as the purchases the much is This and opportunistic of sold because in been assets utilized Some current nor of the balance period. not have sheet in remain to process customers or manufacturing the prepaid chips components

improvements, While goods unit we of impacts expect XXXX. the continue higher sold shortages resulting versus and in likely the second supply XXXX, of half that of believe first through are we cost to cost some resulting quarter per

get aggressively We regular are suppliers additional market open as while engaging simultaneously well motherboard our firmer as for redesign the to canvassing pursuing additional quantities. commitments

allowed as cost POC, with us that into shortages. the the cover inflation related to chip pleased already are GX of well has the Inogen One as redesign increases which our for gone We have most motherboard to production price the

update our an organization. and for on of strategic increasing focused the on prescriber Now size sales productivity the initiative

Supporting administrative selling The of oxygen we of to service focused oxygen maximize all cover XX, allow expect of on prescriber which XX XX and reps we the at in versus to patients will are As believe sales XXXX. tasks nationwide, this the our and us target had that top teams the QX we which is XX% their team March handle the XX, diagnosis sales U.S. team representatives prescriptions. decile of concierge to allow prescribers during virtual point the reach time. therapy XXXX,

While Ashfield, hires, results referrals still as faster well increases productivity as evidenced our in from a new the are growing This and in patient we referrals internal early organization, both pleased sales very for the initial teams. by is with contract Inogen new ramp our across prescribers. months,

on to insights In in to Inogen. addition we proprietary analytics driving sales time are productivity the first the prescriber force coverage, focused that for channel through expanding and sales specific and

a reimbursement January the rates. cover CMS In effective inflation like Next, X, XXXX. implemented first Medicare to quarter, X% I'd adjustment

reduction been May of As on resumed XXXX. COVID-XX emergency, the health continuing on to The expected, XX, XXXX. September benefit July April sequester X, since X, Medicare X% through March X% XXXX, place to due from then expired June to public and or PHE, full rate that expected with sequester XXXX, the a Medicare the sequester has XX, X% with XXXX in XX, resume until XXXX,

rule DMEPOS decrease areas associated these that will with areas, bidding December in be the on would rates In PHE areas probably finalized with is the over. reductions the approximately declared As XXXX, to based bidding non-former a the competitive reminder, to subject in COVID-XX be line XX% areas. competitive are reimbursement non-rural, the former once

criteria the Medicare the is PHE be oxygen It reimbursement important determination and In to XX, relaxed declared is been has in through July coverage be for the PHE extended days XX oxygen XXXX. national addition, recently that place. therapy new once over, the would would for removed note

of Now moving the our status European clearances. to regulatory

Medical and the are Medical XXXX. Device certificates quarter current securing Directive European We certificates is XXXX. reminder, submission anticipate an for a As of and expected Inogen the fourth our XX, on to the expire the Union during Regulation May Device in commercialized of approval MDR products issuance under of ours

have us XXXX, help should existing shipments to XX, Europe orders. meet go to in before We chain May supply which prioritized the

an Italy, country filed as Additionally, other European measure. exemptions we level France, have derogations Belgium, select EU the and Derogation Germany, a have applied countries. additional Spain, requests Netherlands for or been mitigation few in

those potentially products or safety bodies, notified we like the expect the the time U.S. performance the cleared would to on for discussions marketing long-term improved reiterate While countries, any to will with commercialization. into not into gap the be continue to certification certificate in is products impact that UKCA our I our products required the latest EU final for EU. EU MDR and expect to continue operations have required secured product shortly to and to unrelated Based Switzerland. reviewed for in dossier decisions await the anticipated ship UK ship have to and to we we

offerings access. our As we some the challenges, we the is market for despite look ahead, demand near-term are POC to increasing And and strong. underlying improving penetration committed patient

mitigating working excellence, committed While material through the the to challenges executing and we on commercial remain ongoing are supply focused our and strategy driving impact. cost on pricing we inflation

market are strengthen new well therapy. in in and further and continuing continue invest as commercial will to We areas CFO, to capabilities, as our profitable the Kristin these I'm position long-term investments goal our product new call clinical advance development our We happy that believe capabilities and infrastructure, also to innovation growth focus -- and and build to oxygen our sustainable value driving evidence, Caltrider, Kristin? portable over introduce will to her turn now. and to creation. contribute formally leadership

Kristin Caltrider

million, decrease over XXXX, domestic I'm the average decreased in from quarter by sales. quarter lower of to and was overhead one first quarter a of revenue partially Thanks, the the primarily revenue by Medicare XX.X% absorption X.X% declined declining temporary XXXX. here offset Nabil. the higher driven to versus the manufacturing million, XXX in gross lower the a $XX.X partially and rates. of revenue in primarily from in was by XXX Rental materials of overhead at decrease This driven favorable cost XXXX channel quarter open period the higher and quarter in in mix of for higher of depreciation of comparative of increase points. driven margin first quarter $X.X and gross driven layer decrease very market. purchase partially fourth team and first the and the in labor due was first of margin an on to first XX.X% materials of Diving gross XXXX the semiconductor the was the basis of happy was the XXXX $XX Gross of increased Total decline XX.X% a sales Inogen. as of basis by absorption, deeper, period basis business-to-business first points sequentially versus prices million quarter margin factors. join comparative X.X% mix. selling and XXXX, first XXXX higher quarter cost of Total representing profit but costs the XX labor of lower the of XXXX XXXX XXXX. in sales higher by was associated with of prices shutdown margin XX.X% offset by first volume, selling XX.X% gross same was chips by the compared quarter The points XXXX primarily service reimbursement Year-over-year, offset

primarily costs the the due expenses. earn-out Research core the increased expenses. million personnel-related the increased This Moving company, first fair the of increased to the consulting the $XX and was value and first $X.X comparative the $XX.X the at one-time reported compared liability. and severance of in by of $XX.X million to higher capabilities company change recruiting and XXXX on development XXXX General million quarter of quarter of to to XXXX rebuilding to in aimed in and to In increased quarter XXXX, administrative marketing new the of product first of noncash $X operating Sales a and $X.XX. personnel-related development personnel-related of expense expense diluted loss expense XXXX with period million, On net net expense million company million, the adjusted in of of share of increase quarter $XX.X of in diluted and per and increased loss first in costs adjusted per quarter adjusted $X.X share basis, loss $X and driven XXXX. EBITDA in loss first versus million primarily expenses. versus reported an $XX.X $X.XX. million an associated a million of loss quarter the

goods, with no the outstanding. quarter debt significant in for incurred the first increases the and but quarter assets of securities costs Finally, and we half XXXX inventory. chips contributed $XXX.X ended and of additional XXXX with equivalents cash, cash of open We expense million marketable first the second current of not XXXX the market finished other yet semiconductor purchased on to in in sold prepaid and which

XXXX, March of $XX.X respectively. and million, XX, $XX.X were these million As balances

our turning Now to outlook.

especially supply China. in working as uncertainty have see additional light XXXX chain challenges lockdown been on war Ukraine COVID-XX in by in through the to of we the we XXXX, While in ongoing continue in as well successful complexities QX supply brought and the the

semiconductor and many quarter likely across impact to on We provide for general improve financial industries providing similar full-year operations. chip second sequentially for not quarter of XXXX. second we our context will be be shortage detailed and We believe the expects the to of the But has a the have XXXX. can guidance to The the company for expectations some will revenue continue experienced XXXX. to quarter negative second total

both mentioned, open to semiconductor Nabil market suppliers, chips. we are necessary to and As channels procure with regular continue the actively working in

We Up expect supply cost inflation we've through this meets to excluding and are until all also prices mitigating the had demand continued exploring additional price of reasonable motherboard increases success across stabilize. point, much material redesign. channels, component but in challenges rentals

gross expect be XXXX for making future quarter remain are by of in revenue to infrastructure clinical We the in and increased expansion. research line development margins pressure. first margin offset to of selling necessary and durable the to the building as investments cost XXXX with research, quarter second We support committed growth prices and continued

proud Given in actions, benefit full-year despite in the XXXX finish research while and and and our supply-constrained prepared with productivity the improvements sales goods expect expectation investments. our our of short-term, return of to to plan XXXX second that environment, prescriber results commercial supply channel our and outlook and impacted EBITDA expense increased reiterate, structural drive we average the will investments unit to we organization, to to remarks, We increases these growth XXXX, infrastructure sold are that, to quarter including profitability. prices. net our in and have take initiatives, adjusted investments is still in summary, To in by actions anticipated growth cost the the questions. expect will revenue constraints, sustainable and incremental service direct-to-consumer negative our improvements in of optimize operating losses reflecting research, and taken while operating over such we clinical business, selling increased and our and in per certain our happy your our strategy investment the to supports meaningfully long-term, development compared make believe, XXXX the we investing beyond. our for we we productivity in pricing begin In be in With

Operator

Thank time, [Operator Instructions]. be you. At conducting this question-and-answer session. we will a

The first Morgan. question go Robbie. comes from from Please J.P. Robbie Marcus ahead,

Lilia-Celine Lozada

this P&L, actually price the the is inflation, moving Hi, pieces lot Maybe today. Lilly for increases. taking I Thanks a question. with on Robbie know supply there's with starting constraints, for of here

So just over you're rest color us how of margins specifically the on give could progressing gross thinking about year, margin? some you the

Kristin Caltrider

is this Lilly, Hi, Kristin.

of half that We giving year with suggesting for back are be But this guidance margins the at for not the QX, QX. the will are we line time. in

Lilia-Celine Lozada

it. Got some offset on price lot EU pandemic, to MDR. taken know with going those of And know Okay. And of a kind guys have you I again, there's I headwinds.

So are for just in I'm sense volumes this underlying environment. to doing get a trying how

are So is parse much right And increases? you of the price how and now? there size prices can out those any way to growth contributing volumes

Nabil Shabshab

Yes, Lilly, take I'm it's going that hi one. Nabil. to

backlog know have a gauge a And we not. environment channels. a in in if everything meeting comfortable we We the that because and were there channels underlying we or we can I in on cannot out think sell. really are be the on, the all demand of a not today, supply-constrained all we the market we can So volume would couple that put commenting make, we more underlying

demand-related. strong meet and margins, the that be our reminder, not and believe maybe is about to of a the to is as just continues demand ability we and to it stable very underlying And So not back supply-related, this the remainder year. the

that took our PPV cost has margin that line. the supply us abate demand and to going determining And the we goes forward chain price accretive we at whether to chip what should pressures for away, costs the in the of once also As the a we year be and supply would the But see negative increases hit reminder. as the the be stabilize market know least. are remainder and moving that

Operator

go comes Thank Matthew. ahead, you. from Matthew Please Mishan The question next from KeyBanc.

Matthew Mishan

relatively and versus reimbursement price the believe -- taking Hey, afternoon your good higher. question. the direct-to-product -- for the with moving having the two those of How kind the channel. the the force. I prescriber decide kind the want of in with like I direct-to-consumer dynamics sales between going But and reconcile which sequential token, thank is and of do you understand rental you're at to POCs you're you are rental just factors success sale? one capped in to the direct-to-consumer prioritize same

Nabil Shabshab

Yes.

So you for question. Matt, thank the

with So fact we perspective. let channels prioritized have me from a both start supply the that

So that prepared production then in rest let get out then as the primarily BXB. as we talked goes MDR to the the And remarks, well Europe EU as of and these the the to goes of the remainder margins because me Today, our way. to two channels.

let the question you just to now. go So me that asked DTC

we're us, that making optimizing higher the So and support drive a for make the are to channel some but we on that that that the efficiency we is so that performance working productivity we're basis growth of and working And on within us. of sure continue channel cost rates for we growth that increasing can it, have. we sure the is of

of diagnosed from where lot come channel people said, and will going with there, the growth prescribed. Now a because prescriber that actually the we're also are

recent year actually is They're billable they to improved and So almost work in productivity which the XX demonstrated months to both in to margins the a able of we the get patient, per financial get that perspective. are continue with of we at from and continue different profile on you point that will have equal a efficiency. the And time, businesses.

off eye the DTC. not So our again, we're taking

there the sits putting time growth we get we're and there that. it's And is were effort we behind channel On share refine But also of actually that that participate prescriber participating the out for in. of to growth. contrary, able that are fair lot be us continuing not because to a to our

Matthew Mishan

Okay.

Sounds asked sales, like XQ at and long-term where the because view that visibility your supply have to you question area. at of definitely them where XQ point? to, Can than have this better sales two are visibility putting last you the level point? level least this much you're increased you in XQ your and like quarters been. quarter based in XQ that a Do take second of of I at maintain upon

Nabil Shabshab

Thank you, Matt.

me get reflect actually of have maybe there back and how being just we ways let we found demand that of the terms quarter managed the challenges supply So go Those be demand. first and from to prevent all that's the on meeting all meet most not of XXXX how did XXXX. been us that there. to of not very industrious to We're able in along

are little table. Now to that on two because the new are to there difficult variables it's a -- bit continue for us

for; terms is we very daily block as tackle basis. well of This to regular managed like open We've see. said, Russia-Ukraine hope to or help get We haven't see that But course, able on need war variables. we long-term. very and With open managing because do quarters meeting and we the the going that that in in terms of things. just meetings similar? there call is variables to in be not listed are demand. risk This the there us it, the six would to with is they're the a in new learned going did we that two what XXXX the Of on going efforts something still is a I bit we need different on us and are table the manage weekly help little continue we're to the to the channel really we And we'll a weekly as and -- shutdown mentioned that board will on forward. going redesign, it hoping it shortages. materialize wait channel two to to be start I'm that's moving But continue three we've supply the be focused the and China. that than market, to the is with how to our and

Matthew Mishan

Just question me. last for

investments. you're think a lot I making of

-- chain You're out the balance a would issues. ton supply remaining last The you piece intact. dealing with a there. there's sheet of of have But demand ton be

of of closely As next couple point? cash? with do how watching million dollars hundred a quarters, still are walkout you go couple you And that you through of the this at

Nabil Shabshab

Yes.

I'm make couple quantifying So comments maybe going without of a to things.

So of actually the one already. -- pre-bought some XXXX what we in need we

So the despite I'm that have. much One the good increased quantify costs. that the it sheet balance the position, we my run to to that not with in sits business eaten to a into balance in has cash how the already what's cash going on of we're do But and remaining. mind, three things. is continue

same have had a thirdly, the to time. believe the we through then we build balance that then, the the will these beginning stronger forward. like We we company moving inorganic these things promised invest means. and year next manage and or in grow remain is And open one payoff to to potentially other cash in at investments allow balance three The so us

on comfortable feel So very balance is will with the answer the we hand. cash we have

Operator

Thank you. Please [Operator Instructions]. ahead, The next go & Company. from comes Mike Mike. from Needham question Matson

Mike Matson

Yes, thanks.

EU wanted MDR. So the sure make the situation to I'm with understanding I

I modeling timeframe a significantly going place? is business in get we over of what that the be quarters the drop mean MDR to from for just --? in it perspective, you until International the should or BXB So next couple assuming

Nabil Shabshab

Yes, for it's you Thank hey the Matt, Nabil. question.

to was on of backlog. I the our think demand European to side MDD okay, time meet able existed you within that were guys could definitely, in legislation to with system look be our that a there comparatively quarter to push orders the say, products and ahead into the the allowed market the sell

need of with we it which XX. have back market of while are able from we reviewing renewal is feedback current XXXX. MDR certificate expiry, that certificates actually are the we'll the that on including part the is, market dovetail satisfy of course, BSI, this, be Now the bodies QX in the the May of beyond from that believe to that half the of to is We the supply

sales. So is an there increase in

Of of bit the in dip it be MDR an little of because push. from going to to perspective. But the a there's we have the that we certification once a need get course, then pick of balance we the year up

Mike Matson

assume issue, BXB funnel been the this Got that lower sales demand there of in shouldn't I portion Okay. because starving if of your then is of -- you've can demand. kind channel business there But say then into you I timeframe? are if POCs domestic it. that And the your of those because some

Nabil Shabshab

think balance terms the depending taken that's going the May, that the And ship has in started domestic prioritization. go first some BXB supply depending May. have. how that already all prepared the channel, the started BXB to product fair remediate in The the now is have. we'll on Also, say. channels levels this remarks to U.S. I to it We've see, of can in actually is of Mike, channel. of we intent we definitely, supply, week on part we we we that But in into to the to indicated pressure Yes, in channel of May, that shipping

Mike Matson

guess I'm you're sort had what's the be like delays chain supply or my would impact develop probably than future then launches question on later And have? new have there that? and the your launching anything Has or maybe like But caused to any POCs product new otherwise like going you it the to I issues on of that talk is product caused your any know them is what of timing wondering timing. to I you pipeline pipeline. just Okay. about the final not in ability

Nabil Shabshab

Yes.

closer I'll maybe two-part improved, What's it pipeline the on have So and go the to in relatively a characterize is the and answer. required, chipsets same in the in that the are variables which of that motherboard. new terms chips supply

dealing an we're level the So that you running. either challenges mitigations with can and/or equal you're of say

are your outside the motherboard either where terms is investments people through course, face products thinking do we're In they -- are one the things is that of of future for margin designs the you of or all and were actively working -- It's future Because, them they most existing chips towards on the more we're basically. the that going consideration lead that forward of the products, low-power complex. going partners about that foundries into how actually take lower products constrained ones the you were we were never and challenges prioritize supply. know that part the from the because under in is

for forward to outside new So is really third-parties from work the are design game moving chipset experts balancing manufacturers development the factor into terms to our in that also. of product that these efforts technology us roadmap in with

have don't that So eventually, through the suffered to go we year last the so. or issue we same within

Operator

the and back call session. I for Shabshab the like the Thank end Ladies we question-and-answer Nabil to you. of have closing reached remarks. And gentlemen, Thank turn to would you.

Nabil Shabshab

Thank you. for guys. you the Thank question,

pipeline demand global while the as improvements innovative, focused in While with making in leader our we constraints, team a a certain are the proud by that terms by evidence-based growth, management innovation focused rebuilding is market our solutions our long-term most of to I growth and margin in execution, new sustainable in teams. to business, commercial advance confident market development pleased in pricing remain the a I'm and to care continuing our profitability. meet revenue respiratory short-term, also efforts. are chronic ability our of including commercial we with sources with outlook to our and efforts progress including investing on of Inogen supply pressures manufacturing of structural of the result execution mitigate is impacted

would like As for much, work a continued dedication their serve that oxygen the allowed and has continue therapy patients the interest good in and for support thank and your I our and in with to Inogen and day. us I you thank to to hard your have Inogen Thank so employees investors abroad. U.S. conclude, needs

Operator

you. concludes today's This Thank conference.

your for lines this You may at Thank time. participation. you disconnect your

Nabil Shabshab

Okay. Thank you.

Inogen (INGN) 7 May 222022 Q1 Earnings call transcript