Inogen Announces CFO Transition Plan
07 September 2023 - 2:30PM
Business Wire
– Names Mike Sergesketter as Interim Chief
Financial Officer– –Reaffirms 2023 Financial
Guidance–
Inogen, Inc. (NASDAQ: INGN), a medical technology company
offering innovative respiratory products for use in the homecare
setting, today announced the appointment of Mike Sergesketter as
Interim Chief Financial Officer, effective immediately. Mr.
Sergesketter last served as Interim Chief Financial Officer of the
company between December 2021 and March 2022, and previously served
as CFO of Kimball Electronics, Inc. where he was instrumental in
helping to develop and execute the company’s globalization strategy
while also building a robust finance function to support the
company’s growth. He succeeds Kristin Caltrider who has stepped
down for personal reasons. Ms. Caltrider’s decision was not related
to any disagreements with the Company or its management on any
matters relating to the Company’s operations, policies, or
practices. The Company has retained a leading executive search firm
to help with the search for a permanent replacement.
Nabil Shabshab, President and Chief Executive Officer of Inogen,
said, “I would like to thank Kristin for her contributions to
Inogen and share my optimism for the future of the company as we
continue our strategic evolution to become a more prominent player
in respiratory care. Mike has brought value to Inogen as an
accomplished CFO and partner to me, and I am pleased to welcome him
back to the company. His decades of experience across finance,
M&A, and strategic manufacturing, as well as his track record
of being a partner and advisor cross-functionally are strong assets
as we continue to execute against our 2023 plans and prepare for
2024.”
Mr. Sergesketter brings over forty years of finance experience
in the manufacturing services industry. He brings expertise working
across business functions, including with the CEO and Board of
Directors, Audit Committee and Compensation and Governance
Committee. As part of his role as the CFO of Kimball Electronics,
Inc. following its spin-off in 2014 and through June 2021, Mr.
Sergesketter led the transformation of the finance and reporting
functions to support the newly formed public company, helping to
formulate and execute on the strategy that led to global expansion.
During his tenure at Kimball Electronics and its predecessors, Mr.
Sergesketter had the responsibility for a number of critical
finance functions, including SEC reporting, Treasury, Investor
Relations, Tax, Financial Planning & Analysis, Internal Audit
while playing a leading role in various M&A transactions in the
US and abroad.
Financial Guidance
Inogen is reaffirming expectations for 2023 annual revenue of
$315 million to $320 million and Adjusted EBITDA loss of $20
million to $25 million for the full year.
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 portable oxygen concentrators used to deliver
supplemental long-term oxygen therapy to patients suffering from
chronic respiratory conditions. Inogen partners with patients,
prescribers, home medical equipment providers, and distributors to
make its oxygen therapy products widely available allowing patients
the chance to remain ambulatory while managing the impact of their
disease.
For more information, please visit www.inogen.com.
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. For more
information, visit http://investor.inogen.com/.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including, among others, Inogen’s expectations for our 2023
revenue and Adjusted EBITDA expectations. Any statements contained
in this communication that are not statements of historical fact
may be deemed to be forward-looking statements. Words such as
“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 arising from the possibility
that Inogen will not realize anticipated revenue or expenses will
not decrease; risks related to cost inflation; the risks our
innovation pipeline will not produce meaningful results; risks
related to our pending acquisition of Physio Assist including on
expenses; the impact of changes in reimbursement rates and
reimbursement and regulatory policies; and the possible loss of key
employees, customers, or suppliers; the risk that expenses and
costs will exceed Inogen’s expectations. 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 year ended December 31, 2022, its
Quarterly Report on Form 10-Q for the calendar quarter ended June
30, 2023, 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
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
for income taxes, and certain other infrequently occurring items,
such as acquisition-related costs, that may be incurred in the
future.
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