Company: INGN
Filing Date: 2025-03-27
Form Type: DEF 14A
Source: 0000950170-25-045737
Chunk: 62

Company: Inogen Inc
Filing Date: 2025-03-27
Form: DEF 14A
Chunk 62
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 Michael Bourque to serve as our Executive Vice President, Chief Financial Officer and Treasurer, effective March 4, 2024, to succeed Mr. Sergesketter, who served in that position on an interim basis. Mr. Bourque succeeded Mr. Sergesketter, who, on March 4, 2024, was no longer considered as an officer effective upon the date Mr. Bourque commenced employment. In connection with his hire, Mr. Bourque entered into an employment and severance agreement with us.

On April 11, 2024, we mutually determined with Dr. Glezer that he would separate from employment with us on May 3, 2024. Dr. Glezer executed a separation agreement and release with us, dated as of May 10, 2024. The agreement is described in the “Severance Payments” section below.

On July 22, 2024, we appointed Kevin P. Smith to serve as our Executive Vice President, General Counsel, Secretary and Business Development, effective immediately. Mr. Smith succeeded Jason Somer in the positions of Executive Vice President and General Counsel and Secretary, whose role ended effective July 19, 2024. In connection with these changes, Mr. Somer entered into an agreement with us, which agreement is described in the “Employment Agreements” section below.

Executive Summary

We believe we are a leader in portable oxygen concentrators and that the market for our technology remains under penetrated.

We are committed to our purpose of improving lives through respiratory care. We believe we can create long-term shareholder value by focusing on increasing patient and physician awareness of our products, expanding clinical research, growing revenue, and optimizing our business. We maintain our belief that the need and patient preference for our best-in-class portable oxygen concentrators remains strong.

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2024 Business Performance and Compensation

Our 2024 results include:

Revenue of $335.7 million, an increase of 6.4% from 2023;

Gross margin of 46.1%, an increase compared to 40.1% in 2023;

Net loss of $35.9 million, or $1.52 per diluted share, compared to net loss of $102.4 million, or $4.42 per diluted share in 2023; and

Non-GAAP Adjusted EBITDA of negative $9.5 million, an increase of 74.9% from 2023 compared to non