# EDGAR Filing Document

**Accession Number:** 0001294133
**File Stem:** 0001193125-25-265750
**Filing Date:** 2025-11
**Character Count:** 30341
**Document Hash:** fab0863d804298bd9635d747df7c8b6e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-265750.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001193125-25-265750

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20251105

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Inogen Inc
- **CENTRAL INDEX KEY:** 0001294133
- **STANDARD INDUSTRIAL CLASSIFICATION:** ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36309
- **FILM NUMBER:** 251451792

**BUSINESS ADDRESS:**
- **STREET 1:** 859 WARD DRIVE
- **CITY:** GOLETA
- **STATE:** CA
- **ZIP:** 93111
- **BUSINESS PHONE:** 805-562-0500

**MAIL ADDRESS:**
- **STREET 1:** 859 WARD DRIVE
- **CITY:** GOLETA
- **STATE:** CA
- **ZIP:** 93111

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** November 05, 2025<br>

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INOGEN, INC.

**(Exact name of Registrant as Specified in Its Charter)**

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---

| | | |
|:---|:---|:---|
| Delaware | 001-36309 | 33-0989359 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 859 Ward Drive |  |  |
| Goleta**,** California |  | 93111 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** (805) 562-0500<br>

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | |
|:---|:---|
| **<br>Title of each class** | **<br>Name of each exchange on which registered** |
| Common Stock, $0.001 par value<br> INGN | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## Item 2.02. Results of Operations and Financial Condition.
On November 5, 2025, Inogen, Inc. (the "Company") issued a press release reporting its financial results for the third quarter ended September 30, 2025. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K.

The information set forth under this Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such a filing.

## Item 9.01. Financial Statements and Exhibits.
(d) Exhibits

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| | |
|:---|:---|
| Exhibit | Description |
| 99.1 | [<u>Press Release dated November 5, 2025</u>](ingn-ex99_1.htm). |
| 104 | The cover page of this Current Report on Form 8-K, formatted in Inline XBRL. |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **INOGEN, INC.** |
| Date: | November 5, 2025 | By:  | /s/ Michael Bourque |
|  |  |  | Michael Bourque<br>Executive Vice President<br>Chief Financial Officer<br>Treasurer<br>(Principal Accounting and Financial Officer) |

---

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## Exhibit 99.1

**Exhibit 99.1**

![img132417817_0.jpg](img132417817_0.jpg)<br>

**Inogen Announces Third Quarter 2025 Financial Results**

*Delivered seventh consecutive quarter of mid-single-digit revenue growth*

*Reiterating full-year revenue guidance* 

GOLETA, Calif., November 5, 2025 -- <u>Inogen, Inc.</u>(Nasdaq: <u>INGN</u>), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced financial results for the quarter ended September 30, 2025.

**Recent Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;•$92.4 million revenue, a year-over-year increase of 4.0%, marking the seventh consecutive quarter of mid-single-digit percentage growth

&nbsp;&nbsp;&nbsp;&nbsp;•GAAP net loss of $5.3 million and adjusted net loss of $0.5 million compared to prior year GAAP net loss of $6.0 million and adjusted net loss of $2.6 million

&nbsp;&nbsp;&nbsp;&nbsp;•$2.3 million adjusted EBITDA, the third consecutive quarter of positive adjusted EBITDA

&nbsp;&nbsp;&nbsp;&nbsp;•$2.2 million in positive operating cash flow, strengthening quarter-end cash, cash equivalents, marketable securities and restricted cash to $124.5 million

&nbsp;&nbsp;&nbsp;&nbsp;•Reiterates full year revenue outlook of $354 million to $357 million and raises adjusted EBITDA guidance to approximately $2 million

&nbsp;&nbsp;&nbsp;&nbsp;•Initiated a limited market release of the Simeox airway clearance device in the United States

"We continue to make meaningful progress, driving consistent mid-single-digit revenue growth, operational improvements, and strong adjusted EBITDA," said Kevin Smith, President and Chief Executive Officer. "This quarter's results reflect the strength of our commercial strategies, financial discipline, and commitment to delivering innovative solutions. Looking forward, we remain focused on building long-term value for our shareholders by advancing Inogen's leadership in respiratory care."

**Third Quarter 2025 Financial Results**

Total revenue in the third quarter of 2025 was $92.4 million, an increase of 4.0% from the prior-year period, as a result of continued higher demand from international and domestic business-to-business customers. This increase was partially offset by lower direct-to-consumer and rental revenue.

Total gross margin in the third quarter of 2025 was 44.7% compared to 46.5% in the prior-year period, primarily the result of increased business-to-business sales as a percentage of total revenue.

Total operating expense in the third quarter of 2025 was $48.4 million, a decrease of 1.4% from $49.1 million in the prior-year period, reflecting ongoing cost management efforts.

GAAP net loss for the third quarter of 2025 was $5.3 million including one-time legal and settlement expenses of $1.8 million, compared to $6.0 million in the prior-year period. Adjusted net loss in the third quarter of 2025 was $0.5 million, compared to adjusted net loss of $2.6 million in the prior-year period.Adjusted EBITDA in the third quarter of 2025 was $2.3 million compared to $0.5 million in the prior-year period.

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Cash, cash equivalents, marketable securities, and restricted cash were $124.5 million as of September 30, 2025, with no debt outstanding.

Reconciliations of adjusted EBITDA and adjusted net loss for the three and nine months ended September 30, 2025 and 2024 are provided in the financial schedules that are a part of this press release. An explanation of these non-GAAP financial measures is also included below under the heading "Reconciliation of U.S. GAAP to Non-GAAP Financial Measures."

**<u>Full Year and Fourth Quarter 2025 Financial Outlook</u>** 

For the full year 2025, Inogen is reiterating its reported revenue outlook in the range of $354 million to $357 million, reflecting approximately 6% growth at the midpoint, when compared to the Company's 2024 revenue, and is raising Adjusted EBITDA expectations to be approximately $2 million.

For the fourth quarter of 2025, Inogen expects reported revenue in the range of $87 million to $90 million, reflecting approximately 10% year-over-year growth at the midpoint of the range, compared to the Company's fourth quarter 2024 revenue.

**Quarterly Conference Call Information**

On November 5, 2025, the Company will host a conference call at 5:30 a.m. Pacific Time / 8:30 a.m. Eastern Time.

Individuals interested in listening to the conference call may do so by dialing:

US domestic callers (877) 841-3961<br>Non-US callers (201) 689-8589

Please reference Inogen to join the call. A live audio webcast and archived recording of the conference call will be available to all interested parties through the <u>News / Events</u> page on the Inogen <u>Investor Relations</u> website. This webcast will also be archived on the website for 6 months.

A replay of the call will be available approximately three hours after the live webcast ends and will be accessible through November 12, 2025. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Conference ID: 13755676.

Inogen has used, and intends to continue to use, its Investor Relations website, <u>http://investor.inogen.com/</u>, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

**About Inogen**

Inogen, Inc. (Nasdaq: INGN) is a leading global medical technology company offering innovative respiratory products for use in the homecare setting. Inogen supports patient respiratory care by developing, manufacturing, and marketing innovative best-in-class respiratory therapy devices used to deliver care to patients suffering from chronic respiratory conditions. Inogen partners with patients, prescribers, home medical equipment providers, and distributors to make its respiratory therapy products widely available, allowing patients the chance to manage the impact of their disease.

For more information, please visit <u>www.inogen.com</u>.

**Forward-Looking Statements**

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this communication that are not historical facts, including, but not limited to, statements regarding Inogen's future business plans, market

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opportunities, financial outlook, growth strategies, and anticipated operational results, are forward-looking statements. Words such as "aims," "believes," "anticipates," "plans," "expects," "will," "intends," "potential," "possible," and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including but not limited to, risks and uncertainties relating to Inogen's fourth quarter and full year financial guidance; market acceptance of its products; competition; its sales, marketing and distribution capabilities; its planned sales, marketing, and research and development activities; and risks associated with international operations. Information on these and additional risks, uncertainties, and other information affecting Inogen's business operating results are contained in its Annual Report on Form 10-K for the period ended December 31, 2024, and in its other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Inogen disclaims any obligation to update these forward-looking statements except as may be required by law.

**Non-GAAP Financial Measures**

Inogen has presented certain financial information in accordance with U.S. GAAP and also on a non-GAAP basis for the three and nine months ended September 30, 2025, and September 30, 2024, including EBITDA; adjusted EBITDA; adjusted operating expense; adjusted loss from operations; adjusted net loss; and adjusted diluted EPS. Management believes that non-GAAP financial measures, taken in conjunction with U.S. GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of Inogen's core operating results. Management uses non-GAAP measures to compare Inogen's performance relative to forecasts and strategic plans, to benchmark Inogen's performance externally against competitors, and for certain compensation decisions. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Inogen's operating results as reported under U.S. GAAP. Inogen encourages investors to carefully consider its results under U.S. GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between U.S. GAAP and non-GAAP results are presented in the accompanying tables of this release. For future periods, Inogen is unable to provide a reconciliation of non-GAAP measures without unreasonable effort as a result of the uncertainty regarding, and the potential variability of, the amounts of interest income, interest expense, depreciation and amortization, stock-based compensation, provision or benefit for income taxes, and certain other infrequently occurring items, such as acquisition-related costs, that may be incurred in the future.

**Contact**<br> <u>ir@inogen.net</u>

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**Consolidated Statements of Comprehensive Loss**

**(unaudited)**

***(amounts in thousands, except share and per share amounts)*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended<br>September 30,** | **Three months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales revenue | $79090 | $74929 | $226732 | $212449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental revenue | 13300 | 13905 | 40215 | 43175 |
| **Total revenue** | 92390 | 88834 | 266947 | 255624 |
| **Cost of revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of sales revenue | 42925 | 39592 | 124477 | 113156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of rental revenue, including depreciation of $2,964 and $3,247, for the three months ended and $9,015 and $9,554 for the nine months ended, respectively | 8149 | 7898 | 23441 | 24016 |
| **Total cost of revenue** | 51074 | 47490 | 147918 | 137172 |
| **Gross profit** | 41316 | 41344 | 119029 | 118452 |
| **Operating expense** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 4840 | 3518 | 14083 | 15712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 25439 | 26361 | 74586 | 78914 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 18153 | 19257 | 51261 | 54956 |
| **Total operating expense** | 48432 | 49136 | 139930 | 149582 |
| **Loss from operations** | (7116) | (7792) | (20901) | (31130) |
| **Other income (expense)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income, net | 1070 | 1041 | 3222 | 3777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 606 | 687 | 1663 | 964 |
| **Total other income, net** | 1676 | 1728 | 4885 | 4741 |
| **Loss before benefit for income taxes** | (5440) | (6064) | (16016) | (26389) |
| **Benefit for income taxes** | (146) | (101) | (396) | (258) |
| **Net loss** | (5294) | (5963) | (15620) | (26131) |
| **Other comprehensive income (loss), net of tax** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in foreign currency translation adjustment | (16) | 1654 | 5765 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized gains on foreign currency hedging | 1442 |  | 746 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: reclassification adjustment for net losses included in net loss | (652) |  | (1391) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized gains (losses) on foreign currency hedging | 790 |  | (645) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized gains on marketable securities | 23 | 203 | 65 | 161 |
| **Total other comprehensive income, net of tax** | 797 | 1857 | 5185 | 494 |
| **Comprehensive loss** | $(4497) | $(4106) | $(10435) | $(25637) |
| **Basic net loss per share attributable to common stockholders** <sup>(1)</sup> | $(0.20) | $(0.25) | $(0.59) | $(1.11) |
| **Diluted net loss per share attributable to common stockholders** <sup>(1) (2)</sup> | $(0.20) | $(0.25) | $(0.59) | $(1.11) |
| **Weighted average number of shares used in calculating net loss per share attributable to common stockholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic shares of common stock | 27075637 | 23751168 | 26407849 | 23589836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted shares of common stock | 27075637 | 23751168 | 26407849 | 23589836 |

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(1) Reconciliations of net loss attributable to common stockholders (basic and diluted) can be found in Inogen's Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission.

(2) Due to a net loss for the three and nine months ended September 30, 2025 and September 30, 2024, diluted loss per share is the same as basic.

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**Consolidated Balance Sheets** 

**(unaudited)**

***(amounts in thousands, except share and per share amounts)*** 

---

| | | |
|:---|:---|:---|
|  | **September 30,<br>2025** | **December 31,<br>2024** |
| **Assets** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $106476 | $113795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 16747 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 1281 | 3620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 40374 | 29563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 25075 | 24812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 13762 | 13661 |
| Total current assets | 203715 | 185451 |
| **Property and equipment, net** | 37331 | 44400 |
| **Goodwill** | 10695 | 9465 |
| **Intangible assets, net** | 32049 | 30493 |
| **Operating lease right-of-use asset** | 17199 | 18295 |
| **Other assets** | 6020 | 8081 |
| **Total assets** | $307009 | $296185 |
| **Liabilities and stockholders' equity** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $34207 | $27153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll | 11860 | 17189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warranty reserve - current | 9785 | 9736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability - current | 3122 | 2812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnout liability |  | 13000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue - current | 5970 | 6654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax payable |  | 142 |
| Total current liabilities | 64944 | 76686 |
| **Long-term liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Warranty reserve - noncurrent | 17816 | 16350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability - noncurrent | 15099 | 16594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue - noncurrent | 4081 | 5747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability | 7894 | 6948 |
| **Total liabilities** | 109834 | 122325 |
| **Stockholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 27 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 361921 | 328174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (168457) | (152837) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 3684 | (1501) |
| **Total stockholders' equity** | 197175 | 173860 |
| **Total liabilities and stockholders' equity** | $307009 | $296185 |

---

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**Condensed Consolidated Cash Flow**

**(unaudited)**

***(amounts in thousands, except share and per share amounts)*** 

---

| | | |
|:---|:---|:---|
|  | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(15620) | $(26131) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 15624 | 15924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on rental units and other assets | 2693 | 3075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of former rental assets |  | (164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for sales revenue returns and doubtful accounts | 4866 | 9397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for inventory losses | 721 | (243) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on purchase commitments | 344 | (334) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 6203 | 5704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 30 | (244) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of earnout liability |  | 1830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities <sup>(1)</sup> | (25134) | 118 |
| Net cash provided by (used in) operating activities | (10273) | 8932 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of available-for-sale securities | (22682) | (32333) |
| &nbsp;&nbsp;&nbsp;&nbsp;Maturities of available-for-sale securities | 6000 | 20500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in intangible assets |  | (2090) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in property and equipment | (1544) | (3031) |
| &nbsp;&nbsp;&nbsp;&nbsp;Production and purchase of rental equipment | (6467) | (8833) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of former assets |  | 272 |
| Net cash used in investing activities | (24693) | (25515) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from employee stock purchases | 971 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of employment taxes related to release of restricted stock | (634) | (286) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of accrued earnout | (3178) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock from securities purchase agreement | 27210 |  |
| Net cash provided by financing activities | 24369 | 525 |
| Effect of exchange rates on cash | 939 | (153) |
| **Net decrease in cash, cash equivalents and restricted cash** | $(9658) | $(16211) |
| (1) Includes $9,822 of the operating activity portion of the earnout liability payment related to the Physio-Assist acquisition. | (1) Includes $9,822 of the operating activity portion of the earnout liability payment related to the Physio-Assist acquisition. | (1) Includes $9,822 of the operating activity portion of the earnout liability payment related to the Physio-Assist acquisition. |

---

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**Supplemental Financial Information**

**(unaudited)**

***(amounts in thousands, except units and patients)*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | **Constant** |
|  | **Three months ended** | **Three months ended** |  | **Currency** |
|  | **September 30,** | **September 30,** | **Change 2025 vs. 2024** | **Change** |
| **Revenue by region and category** | **2025** | **2024** | **%** | **%** |
| &nbsp;&nbsp;Business-to-business domestic sales | $24884 | $23352 | 6.6% | 6.6% |
| &nbsp;&nbsp;Business-to-business international sales | 38403 | 32328 | 18.8% | 15.3% |
| &nbsp;&nbsp;Direct-to-consumer domestic sales | 15803 | 19249 | -17.9% | -17.9% |
| &nbsp;&nbsp;Direct-to-consumer domestic rentals | 13300 | 13905 | -4.4% | -4.4% |
| **Total revenue** | $92390 | $88834 | 4.0% | 2.7% |
| **Additional financial measures** |  |  |  |  |
| &nbsp;&nbsp;Units Sold | 51100 | 43900 |  |  |
| &nbsp;&nbsp;Net rental patients as of period-end | 50000 | 51400 |  |  |
|  |  |  |  | **Constant** |
|  | **Nine months ended** | **Nine months ended** |  | **Currency** |
|  | **September 30,** | **September 30,** | **Change 2025 vs. 2024** | **Change** |
| **Revenue by region and category** | **2025** | **2024** | **%** | **%** |
| &nbsp;&nbsp;Business-to-business domestic sales | $71744 | $61158 | 17.3% | 17.3% |
| &nbsp;&nbsp;Business-to-business international sales | 106311 | 88894 | 19.6% | 19.9% |
| &nbsp;&nbsp;Direct-to-consumer domestic sales | 48677 | 62397 | -22.0% | -22.0% |
| &nbsp;&nbsp;Direct-to-consumer domestic rentals | 40215 | 43175 | -6.9% | -6.9% |
| **Total revenue** | $266947 | $255624 | 4.4% | 4.5% |
| **Additional financial measures** |  |  |  |  |
| &nbsp;&nbsp;Units Sold | 143100 | 119100 |  |  |
| &nbsp;&nbsp;Net rental patients as of period-end | 50000 | 51400 |  |  |

---

**Reconciliation of U.S. GAAP to Non-GAAP Financial Measures**

**(unaudited)**

***(amounts in thousands, except per share amounts)*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended<br>September 30,** | **Three months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** |
| **Non-GAAP EBITDA and Adjusted EBITDA** | **2025** | **2024** | **2025** | **2024** |
| Net loss (GAAP) | $(5294) | $(5963) | $(15620) | $(26131) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income, net | (1070) | (1041) | (3222) | (3777) |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit for income taxes | (146) | (101) | (396) | (258) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 5219 | 5314 | 15624 | 15924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA (non-GAAP) | (1291) | (1791) | (3614) | (14242) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 1763 | 1474 | 6203 | 5704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related expenses |  | 127 |  | 784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of earnout liability |  | 650 |  | 1830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal and settlement expenses | 1784 |  | 1784 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA (non-GAAP) | $2256 | $460 | $4373 | $(5924) |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** |
|  | **Operating Expense** | **Operating Expense** | **Loss from Operations** | **Loss from Operations** | **Net Loss** | **Net Loss** | **Diluted EPS** | **Diluted EPS** |
| **Non-GAAP Financial Metrics** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Financial Results (GAAP) | $48432 | $49136 | $(7116) | $(7792) | $(5294) | $(5963) | $(0.20) | $(0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP adjustments: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles | 1285 | 1107 | 1285 | 1107 | 1285 | 1107 | 0.05 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 1763 | 1474 | 1763 | 1474 | 1763 | 1474 | 0.07 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related expenses |  | 127 |  | 127 |  | 127 |  | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of earnout liability |  | 650 |  | 650 |  | 650 |  | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal and settlement expenses | 1784 |  | 1784 |  | 1784 |  | 0.07 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax impact of adjustments <sup>(1)</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted | $43600 | $45778 | $(2284) | $(4434) | $(462) | $(2605) | $(0.02) | $(0.11) |
|  | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
|  | **Operating Expense** | **Operating Expense** | **Loss from Operations** | **Loss from Operations** | **Net Loss** | **Net Loss** | **Diluted EPS** | **Diluted EPS** |
| **Non-GAAP Financial Metrics** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Financial Results (GAAP) | $139930 | $149582 | $(20901) | $(31130) | $(15620) | $(26131) | $(0.59) | $(1.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP adjustments: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles | 3633 | 3227 | 3633 | 3227 | 3633 | 3227 | 0.14 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 6203 | 5704 | 6203 | 5704 | 6203 | 5704 | 0.23 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related expenses |  | 784 |  | 784 |  | 784 |  | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of earnout liability |  | 1830 |  | 1830 |  | 1830 |  | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal and settlement expenses | 1784 |  | 1784 |  | 1784 |  | 0.07 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax impact of adjustments <sup>(1)</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted | $128310 | $138037 | $(9281) | $(19585) | $(4000) | $(14586) | $(0.15) | $(0.62) |

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(1) Income tax impact of adjustments represents the tax impact related to the non-GAAP adjustments listed above and reflects an effective tax rate of 0% for 2025 and 2024.

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