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    Inogen Announces Fourth Quarter and Full Year 2024 Financial Results

    2/25/25 4:05:00 PM ET
    $INGN
    Industrial Specialties
    Health Care
    Get the next $INGN alert in real time by email
    • Results Reflect Strong Fourth Quarter 2024 Revenue Growth of 5.5%; Full-Year Revenue Growth of 6.4%
    • Company Provides 2025 Growth Outlook
    • Recently Announced Strategic Collaboration with Yuwell to Expand Product Portfolio, Global Reach

    Inogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced financial results for the quarter and the full year ended December 31, 2024.

    "2024 was a stellar year for Inogen. With our new leadership team in place, we returned the Company to growth, achieved significant milestones, and made meaningful steps towards profitability," said Kevin Smith, President and Chief Executive Officer. "With our leading portfolio of innovative respiratory care products, the pending introduction of Simeox in the U.S. and our recently announced collaboration with Yuwell, we believe we are well positioned to drive future growth, profitability and sustained success."

    Fourth Quarter 2024 Financial Results

    Total revenue in the fourth quarter of 2024 increased 5.5% to $80.1 million from $75.9 million in the fourth quarter of 2023, primarily driven by higher demand and new customers in international and domestic business-to-business sales. This performance was partially offset by lower direct-to-consumer sales and lower rental revenue as a result of the Company's initiatives to enhance overall profitability.

    Total gross margin of 45.3% in the fourth quarter of 2024 improved from 37.1% in the comparable period in 2023, driven primarily by lower raw material costs and operational efficiencies.

    Total operating loss of $11.4 million improved from a loss of $29.0 million in the fourth quarter of 2023. The year-over-year improvement was primarily due to material cost reductions and operational efficiencies, and a favorable comparison to the prior-year period which included certain acquisition-related and other one-time costs.

    GAAP net loss for the fourth quarter of 2024 was $9.8 million compared to $26.6 million in the fourth quarter of 2023. Adjusted net loss for the fourth quarter of 2024 was $5.8 million, an improvement from adjusted net loss of $19.4 million in the fourth quarter of 2023.

    Adjusted EBITDA was negative $3.6 million in the fourth quarter of 2024 compared to negative $17.3 million in the fourth quarter of 2023.

    Cash, cash equivalents, and restricted cash were $117.4 million as of December 31, 2024, with no debt outstanding.

    Full Year 2024 Financial Results

    Total revenue in the full year 2024 increased 6.4% to $335.7 million from $315.7 million in 2023, primarily driven by higher demand and new customers in international and domestic business-to-business sales, partially offset by lower direct-to-consumer sales and rental revenue.

    Total gross margin of 46.1% in the full year 2024 improved from 40.1% in the comparable period in 2023, driven primarily by lower raw material costs and operational efficiencies compared to the prior year period.

    Total operating loss of $42.5 million in the full year 2024 improved from a loss of $109.4 million in the full year of 2023. The year-over-year improvement was primarily due to lower goodwill impairment, material cost reductions, and an increase in sales revenue.

    GAAP net loss for the full year 2024 was $35.9 million compared to GAAP net loss of $102.4 million for the full year 2023. Adjusted net loss for the full year 2024 was $20.4 million, an improvement from adjusted net loss of $48.3 million in the full year 2023.

    Adjusted EBITDA was negative $9.5 million for the full year 2024 compared to negative $37.8 million for the full year 2023.

    Reconciliations of adjusted EBITDA and adjusted net loss for the three and twelve months ended December 31, 2024 and 2023 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."

    First Quarter and Full Year 2025 Financial Outlook

    For the first quarter 2025, Inogen expects revenue in the range of $79 million to $81 million, reflecting 1% to 4% reported growth relative to the Company's first quarter 2024 revenue.

    For the full year 2025, Inogen expects revenue in the range of $352 million to $355 million, reflecting 5% to 6% growth relative to the Company's 2024 revenue.

    For the full year 2025, Inogen expects gross margin in the range of 43% to 45% of total revenue, reflecting channel mix shift and costs associated with the introduction of Simeox and Yuwell.

    Yuwell Collaboration and Closing of Related Equity Investment

    As previously announced, in January 2025, the Company entered into a strategic collaboration with Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. ("Yuwell"). In connection with the strategic collaboration, the Company entered into a Securities Purchase Agreement with Yuwell (Hong Kong) Holdings Limited, a wholly-owned subsidiary of Yuwell, pursuant to which the subsidiary agreed to purchase 2,626,425 shares of the Company's common stock, par value $0.001 per share, for an aggregate purchase price of approximately $27.2 million. The equity investment closed on February 21, 2025. Following the closing of the equity investment, Yuwell holds approximately 9.9% of the Company's outstanding common stock.

    Quarterly Conference Call Information

    On Tuesday, February 25, 2025, the Company will host a conference call at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time.

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

    US domestic callers (877) 841-3961

    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 News / Events page on the Inogen Investor Relations 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 March 4, 2025. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Conference ID: 13750589.

    Inogen has used, and intends to continue to use, its Investor Relations website, http://investor.inogen.com/, 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 www.inogen.com.

    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 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 the potential benefits of Inogen's collaboration with Yuwell; 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. For a detailed discussion of these and other risks that could impact Inogen's operations and financial performance, please refer to the "Risk Factors" section of its Annual Report on Form 10-K for the period ended December 31, 2023, its Quarterly Reports on Form 10-Q for the calendar quarters ended March 31, 2024, June 30, 2024, and September 30, 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 twelve months ended December 31, 2024, and December 31, 2023. 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.

     

    Consolidated Statements of Comprehensive Loss

    (unaudited)

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

     

     

     

    Three months ended

     

    Twelve months ended

     

     

    December 31,

     

    December 31,

     

     

    2024

     

    2023

     

    2024

     

    2023

    Revenue

     

     

     

     

     

     

     

     

    Sales revenue

     

    $

    66,307

     

     

    $

    59,404

     

     

    $

    278,756

     

     

    $

    251,607

     

    Rental revenue

     

     

    13,774

     

     

     

    16,492

     

     

     

    56,949

     

     

     

    64,053

     

    Total revenue

     

     

    80,081

     

     

     

    75,896

     

     

     

    335,705

     

     

     

    315,660

     

    Cost of revenue

     

     

     

     

     

     

     

     

    Cost of sales revenue

     

     

    35,499

     

     

     

    39,936

     

     

     

    148,655

     

     

     

    158,636

     

    Cost of rental revenue, including depreciation of $3,038 and $3,213 for the three months ended and $12,592 and $12,893 for the twelve months ended, respectively

     

     

    8,293

     

     

     

    7,802

     

     

     

    32,309

     

     

     

    30,325

     

    Total cost of revenue

     

     

    43,792

     

     

     

    47,738

     

     

     

    180,964

     

     

     

    188,961

     

    Gross profit

     

     

    36,289

     

     

     

    28,158

     

     

     

    154,741

     

     

     

    126,699

     

    Operating expense

     

     

     

     

     

     

     

     

    Research and development

     

     

    5,898

     

     

     

    6,714

     

     

     

    21,610

     

     

     

    20,840

     

    Sales and marketing

     

     

    24,155

     

     

     

    25,653

     

     

     

    103,069

     

     

     

    107,091

     

    General and administrative

     

     

    17,622

     

     

     

    24,773

     

     

     

    72,578

     

     

     

    75,260

     

    Impairment charges

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    32,894

     

    Total operating expense

     

     

    47,675

     

     

     

    57,140

     

     

     

    197,257

     

     

     

    236,085

     

    Loss from operations

     

     

    (11,386

    )

     

     

    (28,982

    )

     

     

    (42,516

    )

     

     

    (109,386

    )

    Other income (expense)

     

     

     

     

     

     

     

     

    Interest income, net

     

     

    1,413

     

     

     

    1,602

     

     

     

    5,190

     

     

     

    6,574

     

    Other income (expense)

     

     

    (114

    )

     

     

    292

     

     

     

    850

     

     

     

    468

     

    Total other income, net

     

     

    1,299

     

     

     

    1,894

     

     

     

    6,040

     

     

     

    7,042

     

    Loss before provision (benefit) for income taxes

     

     

    (10,087

    )

     

     

    (27,088

    )

     

     

    (36,476

    )

     

     

    (102,344

    )

    Provision (benefit) for income taxes

     

     

    (330

    )

     

     

    (533

    )

     

     

    (588

    )

     

     

    105

     

    Net loss

     

     

    (9,757

    )

     

     

    (26,555

    )

     

     

    (35,888

    )

     

     

    (102,449

    )

    Other comprehensive income (loss), net of tax

     

     

     

     

     

     

     

     

    Change in foreign currency translation adjustment

     

     

    (2,923

    )

     

     

    1,933

     

     

     

    (2,590

    )

     

     

    1,358

     

    Change in net unrealized losses on foreign currency hedging

     

     

    (324

    )

     

     

    (78

    )

     

     

    (324

    )

     

     

    —

     

    Less: reclassification adjustment for net gains included in net loss

     

     

    324

     

     

     

    25

     

     

     

    324

     

     

     

    —

     

    Total net change in unrealized losses on foreign currency hedging

     

     

    —

     

     

     

    (53

    )

     

     

    —

     

     

     

    —

     

    Change in net unrealized gains (losses) on marketable securities

     

     

    (297

    )

     

     

    (72

    )

     

     

    (136

    )

     

     

    110

     

    Total other comprehensive income (loss), net of tax

     

     

    (3,220

    )

     

     

    1,808

     

     

     

    (2,726

    )

     

     

    1,468

     

    Comprehensive loss

     

    $

    (12,977

    )

     

    $

    (24,747

    )

     

    $

    (38,614

    )

     

    $

    (100,981

    )

     

     

     

     

     

     

     

     

     

    Basic net loss per share attributable to common stockholders (1)

     

    $

    (0.41

    )

     

    $

    (1.14

    )

     

    $

    (1.52

    )

     

    $

    (4.42

    )

    Diluted net loss per share attributable to common stockholders (1) (2)

     

    $

    (0.41

    )

     

    $

    (1.14

    )

     

    $

    (1.52

    )

     

    $

    (4.42

    )

    Weighted-average number of shares used in calculating net loss per share attributable to common stockholders:

     

     

     

     

     

     

     

     

    Basic shares of common stock

     

     

    23,846,666

     

     

     

    23,313,495

     

     

     

    23,654,395

     

     

     

    23,176,098

     

    Diluted shares of common stock

     

     

    23,846,666

     

     

     

    23,313,495

     

     

     

    23,654,395

     

     

     

    23,176,098

     

    (1)

    Reconciliations of net loss attributable to common stockholders basic and diluted can be found in Inogen's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 to be filed with the Securities and Exchange Commission.

    (2)

    Due to a net loss for the three and twelve months ended December 31, 2024 and December 31, 2023, diluted loss per share is the same as basic.

     

    Consolidated Balance Sheets

    (unaudited)

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

     

     

     

    December 31,

     

    December 31,

     

     

    2024

     

    2023

    Assets

     

     

     

     

    Current assets

     

     

     

     

    Cash and cash equivalents

     

    $

    113,795

     

     

    $

    125,492

     

    Marketable securities

     

     

    —

     

     

     

    2,979

     

    Restricted cash

     

     

    3,620

     

     

     

    —

     

    Accounts receivable, net

     

     

    29,563

     

     

     

    42,241

     

    Inventories, net

     

     

    24,812

     

     

     

    21,840

     

    Income tax receivable

     

     

    538

     

     

     

    669

     

    Prepaid expenses and other current assets

     

     

    13,123

     

     

     

    13,846

     

    Total current assets

     

     

    185,451

     

     

     

    207,067

     

    Property and equipment, net

     

     

    44,400

     

     

     

    50,316

     

    Goodwill

     

     

    9,465

     

     

     

    10,057

     

    Intangible assets, net

     

     

    30,493

     

     

     

    34,591

     

    Operating lease right-of-use asset

     

     

    18,295

     

     

     

    20,338

     

    Other assets

     

     

    8,081

     

     

     

    3,825

     

    Total assets

     

    $

    296,185

     

     

    $

    326,194

     

    Liabilities and stockholders' equity

     

     

     

     

    Current liabilities

     

     

     

     

    Accounts payable and accrued expenses

     

    $

    27,153

     

     

    $

    30,142

     

    Accrued payroll

     

     

    17,189

     

     

     

    11,066

     

    Warranty reserve - current

     

     

    9,736

     

     

     

    9,628

     

    Operating lease liability - current

     

     

    2,812

     

     

     

    3,653

     

    Earnout liability

     

     

    13,000

     

     

     

    10,000

     

    Deferred revenue - current

     

     

    6,654

     

     

     

    7,980

     

    Income tax payable

     

     

    142

     

     

     

    27

     

    Total current liabilities

     

     

    76,686

     

     

     

    72,496

     

    Long-term liabilities

     

     

     

     

    Warranty reserve - noncurrent

     

     

    16,350

     

     

     

    13,850

     

    Operating lease liability - noncurrent

     

     

    16,594

     

     

     

    18,270

     

    Deferred revenue - noncurrent

     

     

    5,747

     

     

     

    8,227

     

    Deferred tax liability

     

     

    6,948

     

     

     

    8,539

     

    Total liabilities

     

     

    122,325

     

     

     

    121,382

     

    Stockholders' equity

     

     

     

     

    Common stock

     

     

    24

     

     

     

    23

     

    Additional paid-in capital

     

     

    328,174

     

     

     

    320,513

     

    Accumulated deficit

     

     

    (152,837

    )

     

     

    (116,949

    )

    Accumulated other comprehensive income (loss)

     

     

    (1,501

    )

     

     

    1,225

     

    Total stockholders' equity

     

     

    173,860

     

     

     

    204,812

     

    Total liabilities and stockholders' equity

     

    $

    296,185

     

     

    $

    326,194

     

     

    Condensed Consolidated Cash Flow

    (unaudited)

    (amounts in thousands)

     

     

     

    Years Ended

    December 31,

     

     

    2024

     

    2023

    Cash flows from operating activities

     

     

     

     

    Net loss

     

    $

    (35,888

    )

     

    $

    (102,449

    )

    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

     

     

     

     

    Depreciation and amortization

     

     

    21,004

     

     

     

    18,152

     

    Loss on rental units and other assets

     

     

    4,535

     

     

     

    4,508

     

    Gain on sale of former rental assets

     

     

    (165

    )

     

     

    (84

    )

    Provision for sales revenue returns and doubtful accounts

     

     

    10,890

     

     

     

    10,730

     

    Provision for inventory losses

     

     

    233

     

     

     

    2,691

     

    Loss on purchase commitments

     

     

    448

     

     

     

    2,057

     

    Stock-based compensation expense

     

     

    7,397

     

     

     

    7,427

     

    Deferred income taxes

     

     

    (1,150

    )

     

     

    (251

    )

    Change in fair value of earnout liability

     

     

    3,000

     

     

     

    6,822

     

    Impairment charges

     

     

    —

     

     

     

    32,894

     

    Changes in operating assets and liabilities

     

     

    (4,390

    )

     

     

    14,269

     

    Net cash provided by (used in) operating activities

     

     

    5,914

     

     

     

    (3,234

    )

    Cash flows from investing activities

     

     

     

     

    Purchases of available-for-sale securities

     

     

    (32,657

    )

     

     

    (26,869

    )

    Maturities of available-for-sale securities

     

     

    35,500

     

     

     

    24,000

     

    Investment in intangible assets

     

     

    (2,090

    )

     

     

    (494

    )

    Investment in property and equipment

     

     

    (3,360

    )

     

     

    (5,218

    )

    Production and purchase of rental equipment

     

     

    (11,643

    )

     

     

    (21,299

    )

    Proceeds from sale of former assets

     

     

    275

     

     

     

    198

     

    Acquisition of business, net of cash acquired

     

     

    —

     

     

     

    (29,633

    )

    Net cash used in investing activities

     

     

    (13,975

    )

     

     

    (59,315

    )

    Cash flows from financing activities

     

     

     

     

    Proceeds from stock options exercised

     

     

    —

     

     

     

    384

     

    Proceeds from employee stock purchases

     

     

    811

     

     

     

    1,094

     

    Payment of employment taxes related to release of restricted stock

     

     

    (546

    )

     

     

    (518

    )

    Net cash provided by financing activities

     

     

    265

     

     

     

    960

     

    Effect of exchange rates on cash

     

     

    (281

    )

     

     

    67

     

    Net decrease in cash, cash equivalents and restricted cash

     

    $

    (8,077

    )

     

    $

    (61,522

    )

     

    Supplemental Financial Information

    (unaudited)

    (in thousands, except units and patients)

     

     

     

     

     

     

     

     

     

    Three months ended

    December 31,

     

    Change 2024 vs. 2023

     

    Constant

    Currency

    Change

    Revenue by region and category

    2024

     

    2023

     

    $

     

    %

     

    %

    Business-to-business domestic sales

    $

    22,397

     

    $

    18,051

     

    $

    4,346

     

     

     

    24.1

    %

     

     

    24.1

    %

    Business-to-business international sales

     

    28,313

     

     

    21,524

     

     

    6,789

     

     

     

    31.5

    %

     

     

    28.2

    %

    Direct-to-consumer domestic sales

     

    15,597

     

     

    19,829

     

     

    (4,232

    )

     

     

    -21.3

    %

     

     

    -21.3

    %

    Direct-to-consumer domestic rentals

     

    13,774

     

     

    16,492

     

     

    (2,718

    )

     

     

    -16.5

    %

     

     

    -16.5

    %

    Total revenue

    $

    80,081

     

     

    75,896

     

     

    4,185

     

     

     

    5.5

    %

     

     

    4.6

    %

    Additional financial measures

     

     

     

     

     

     

     

     

     

    Units Sold

     

    38,400

     

     

    34,100

     

     

     

     

     

     

    Net rental patients as of period-end

     

    51,000

     

     

    51,900

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Twelve months ended

    December 31,

     

    Change 2024 vs. 2023

     

    Constant

    Currency

    Change

    Revenue by region and category

    2024

     

    2023

     

    $

     

    %

     

    %

    Business-to-business domestic sales

    $

    83,555

     

    $

    66,196

     

    $

    17,359

     

     

     

    26.2

    %

     

     

    26.2

    %

    Business-to-business international sales

     

    117,207

     

     

    89,401

     

     

    27,806

     

     

     

    31.1

    %

     

     

    30.2

    %

    Direct-to-consumer domestic sales

     

    77,994

     

     

    96,010

     

     

    (18,016

    )

     

     

    -18.8

    %

     

     

    -18.8

    %

    Direct-to-consumer domestic rentals

     

    56,949

     

     

    64,053

     

     

    (7,104

    )

     

     

    -11.1

    %

     

     

    -11.1

    %

    Total revenue

    $

    335,705

     

     

    315,660

     

     

    20,045

     

     

     

    6.4

    %

     

     

    6.1

    %

    Additional financial measures

     

     

     

     

     

     

     

     

     

    Units Sold

     

    157,500

     

     

    130,500

     

     

     

     

     

     

    Net rental patients as of period-end

     

    51,000

     

     

    51,900

     

     

     

     

     

     

     

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

    (unaudited)

    (in thousands)

     

     

     

    Three months ended

     

    Twelve months ended

     

     

    December 31,

     

    December 31,

    Non-GAAP EBITDA and Adjusted EBITDA

     

    2024

     

    2023

     

    2024

     

    2023

    Net loss (GAAP)

     

    $

    (9,757

    )

     

    $

    (26,555

    )

     

    $

    (35,888

    )

     

    $

    (102,449

    )

    Non-GAAP adjustments:

     

     

     

     

     

     

     

     

    Interest income, net

     

     

    (1,413

    )

     

     

    (1,602

    )

     

     

    (5,190

    )

     

     

    (6,574

    )

    Provision (benefit) for income taxes

     

     

    (330

    )

     

     

    (533

    )

     

     

    (588

    )

     

     

    105

     

    Depreciation and amortization

     

     

    5,080

     

     

     

    5,144

     

     

     

    21,004

     

     

     

    18,152

     

    EBITDA (non-GAAP)

     

     

    (6,420

    )

     

     

    (23,546

    )

     

     

    (20,662

    )

     

     

    (90,766

    )

    Stock-based compensation

     

     

    1,693

     

     

     

    (1,057

    )

     

     

    7,397

     

     

     

    7,427

     

    Acquisition-related expenses

     

     

    —

     

     

     

    432

     

     

     

    784

     

     

     

    2,413

     

    Restructuring-related and other charges

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    3,426

     

    Impairment charges

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    32,894

     

    Change in fair value of earnout liability

     

     

    1,170

     

     

     

    6,822

     

     

     

    3,000

     

     

     

    6,822

     

    Adjusted EBITDA (non-GAAP)

     

    $

    (3,557

    )

     

    $

    (17,349

    )

     

    $

    (9,481

    )

     

    $

    (37,784

    )

     

     

     

    Three months ended December 31,

     

     

    Net Loss

     

    Diluted EPS

    Non-GAAP Adjusted Net Loss and Diluted EPS

     

    2024

     

    2023

     

    2024

     

    2023

    Financial Results (GAAP)

     

    $

    (9,757

    )

     

    $

    (26,555

    )

     

    $

    (0.41

    )

     

    $

    (1.14

    )

    Non-GAAP adjustments:

     

     

     

     

     

     

     

     

    Amortization of intangibles

     

     

    1,103

     

     

     

    918

     

     

     

     

     

    Stock-based compensation

     

     

    1,693

     

     

     

    (1,057

    )

     

     

     

     

    Acquisition-related expenses

     

     

    —

     

     

     

    432

     

     

     

     

     

    Change in fair value of earnout liability

     

     

    1,170

     

     

     

    6,822

     

     

     

     

     

    Adjusted

     

    $

    (5,791

    )

     

    $

    (19,440

    )

     

    $

    (0.24

    )

     

    $

    (0.83

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Twelve months ended December 31,

     

     

    Net Loss

     

    Diluted EPS

    Non-GAAP Adjusted Net Loss and Diluted EPS

     

    2024

     

    2023

     

    2024

     

    2023

    Financial Results (GAAP)

     

    $

    (35,888

    )

     

    $

    (102,449

    )

     

    $

    (1.52

    )

     

    $

    (4.42

    )

    Non-GAAP adjustments:

     

     

     

     

     

     

     

     

    Amortization of intangibles

     

     

    4,330

     

     

     

    1,202

     

     

     

     

     

    Stock-based compensation

     

     

    7,397

     

     

     

    7,427

     

     

     

     

     

    Acquisition-related expenses

     

     

    784

     

     

     

    2,413

     

     

     

     

     

    Restructuring-related and other charges (1)

     

     

    —

     

     

     

    3,426

     

     

     

     

     

    Impairment charges

     

     

    —

     

     

     

    32,894

     

     

     

     

     

    Change in fair value of earnout liability

     

     

    3,000

     

     

     

    6,822

     

     

     

     

     

    Adjusted

     

    $

    (20,377

    )

     

    $

    (48,265

    )

     

    $

    (0.86

    )

     

    $

    (2.08

    )

    (1)

    Charges represent the costs associated with workforce reductions and other restructuring-related activities.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250225701496/en/

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