Inogen Inc (INGN) 2022 Q4 法說會逐字稿

Greetings. Welcome to the Inogen 2022 Fourth Quarter Financial Results. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎閱讀 Inogen 2022 年第四季度財務業績。 （操作員說明）請注意，正在錄製此會議。

I will now turn the conference over to your host, Agnes Lee. You may begin.

我現在將會議轉交給主持人 Agnes Lee。你可以開始了。

Thank you, Charlie. Thank you for participating in today's call. Joining me are CEO, Nabil Shabshab and CFO, Kristin Caltrider.

謝謝你，查理。感謝您參加今天的電話會議。加入我的是首席執行官 Nabil Shabshab 和首席財務官 Kristin Caltrider。

Earlier today, Inogen released financial results for the fourth quarter of 2022. This earnings release is currently available in the Investor Relations section of the company's website along with the supplemental financial package. As a reminder, the information presented today will include forward-looking statements, including, without limitation, statements about our growth prospects and strategy for 2023 and beyond, expectations related to our financial results for 2023, expectations related to a return to profitability in 2023, expectations regarding increasing productivity of our internal and external sales team.

今天早些時候，Inogen 發布了 2022 年第四季度的財務業績。該收益發布目前可在公司網站的投資者關係部分連同補充財務方案一起獲取。提醒一下，今天提供的信息將包括前瞻性陳述，包括但不限於關於我們 2023 年及以後的增長前景和戰略的陳述、與我們 2023 年財務業績相關的預期、與 2023 年恢復盈利相關的預期，對提高我們內部和外部銷售團隊生產力的期望。

Progress on our strategic initiatives, including innovation, our expectations regarding the market for our products on our business and supplying demand for our products in both the short term and long term. The forward-looking statements in this call are based on information currently available to us as of today's date, February 23, 2023. These forward-looking statements are only predictions and involve risks and uncertainties that are set forth in more detail in our most recent periodic reports filed with the Securities and Exchange Commission. Actual results may vary, and we may disclaim any obligation to update these forward-looking statements, except as may be required by law. We have posted historical financial statements and our investor presentation in the Investor Relations section of the company's website. Please refer to these files for more detailed information.

我們的戰略舉措取得進展，包括創新、我們對我們產品市場的預期以及短期和長期對我們產品的需求。本次電話會議中的前瞻性陳述基於截至今天（2023 年 2 月 23 日）我們當前可獲得的信息。這些前瞻性陳述僅是預測，涉及我們最近的報告中更詳細闡述的風險和不確定性向證券交易委員會提交的定期報告。實際結果可能有所不同，除法律要求外，我們可能不承擔任何更新這些前瞻性陳述的義務。我們已經在公司網站的投資者關係部分發布了歷史財務報表和我們的投資者介紹。請參閱這些文件以獲取更多詳細信息。

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

在電話會議期間，我們還將在非 GAAP 基礎上提供某些財務信息。管理層認為，結合美國 GAAP 措施採取的非 GAAP 財務措施通過排除某些非現金項目和其他不代表 Inogen 核心經營業績的費用，為管理層和投資者提供了有用的信息。管理層在內部使用非 GAAP 措施來了解、管理和評估我們的業務並做出經營決策。美國 GAAP 和非 GAAP 結果的調節顯示在我們的收益發布的表格中。

With that, I will turn the call over to Inogen's President and CEO, Nabil Shabshab. Nabil?

有了這個，我將把電話轉給 Inogen 的總裁兼首席執行官 Nabil Shabshab。納比爾？

Thanks, Agnes. Good afternoon, and thank you for joining our fourth quarter 2020 conference call. 2022 has been a testimony of the team and Inogen's leadership as evidenced by our ability to progress the needed transformation while delivering revenue growth despite the multiple challenges including macroeconomic and inflationary headwinds that presented themselves during the back half of 2022. In addition to building a healthy innovation pipeline, we continue to evolve capabilities, processes and systems that can deliver durable and profitable growth in the medium to long term.

謝謝，艾格尼絲。下午好，感謝您加入我們 2020 年第四季度的電話會議。 2022 年是團隊和 Inogen 領導力的見證，儘管在 2022 年下半年出現了宏觀經濟和通脹逆風等多重挑戰，但我們在實現收入增長的同時推進所需轉型的能力證明了這一點。除了建立健康的創新管道，我們繼續發展能夠在中長期實現持久和盈利增長的能力、流程和系統。

I would like to first start by addressing our performance in the quarter. Although we have grown revenue and overcame multiple challenges, we fell short with regards to scaling the needed changes in DTC within the time line that we originally anticipated. Naturally, this has an impact on revenue mix as well as our gross margin. As we look ahead to 2023, we are confident that our continued progress around commercial excellence and closely managing operating expenses will contribute to our goal to drive adjusted EBITDA improvement in 2023 in an environment where we are seeing moderated revenue growth.

我想首先談談我們在本季度的表現。儘管我們增加了收入並克服了多重挑戰，但我們未能在我們最初預期的時間範圍內擴展 DTC 中所需的更改。當然，這會影響收入組合以及我們的毛利率。展望 2023 年，我們相信，在我們看到收入增長放緩的環境下，我們在卓越商業和密切管理運營費用方面的持續進步將有助於實現我們在 2023 年推動調整後 EBITDA 改善的目標。

Before I walk through our strategy, I would like to provide some context about our commercial transformation progress on our innovation and an update on the supply situation. A key element of strengthening emergent performance in the short to medium term is driving commercial excellence. In that respect, our efforts over the past 21 months relating to several commercial pilots have informed changes in our go-to-market strategy within and across channels. We have made excellent progress in strengthening our prescriber channel go-to-market capabilities and delivering solid growth of 23% in 2022, after all the standing up and scaling the prescriber team in mid-Q1 2022.

在我介紹我們的戰略之前，我想提供一些關於我們在創新方面的商業轉型進展和供應情況最新情況的背景信息。在中短期內加強緊急績效的一個關鍵因素是推動商業卓越。在這方面，我們在過去 21 個月中與幾個商業試點相關的努力已經通知了我們在渠道內和跨渠道的上市戰略的變化。在 2022 年第一季度中期建立和擴大處方團隊之後，我們在加強我們的處方渠道進入市場能力並在 2022 年實現了 23% 的穩健增長方面取得了出色的進展。

We believe that we can continue to drive growth and productivity in the prescriber channels, allowing us to serve more prescribers and their patients in need of our best-in-class POCs. We have also demonstrated the potential to drive productivity within our direct-to-consumer channel, whilst the evolution has been slower than expected. We have continued to apply the learning from deposits as we set up for scale to deliver stronger second half of the year in DTC. The process of piloting and beginning to institutionalize the envisioned improvements in DTC had an impact on our fourth quarter sales, and we expect continued impact in the first half of the year with improvement in the second half of 2023. We have announced an investor event on Monday, February 27 to allow for more engagement with investors and to share productivity metrics, our evolving channel strategy and the progress on the overarching growth strategy.

我們相信，我們可以繼續推動處方渠道的增長和生產力，使我們能夠為更多需要我們一流 POC 的處方者及其患者提供服務。我們還展示了在直接面向消費者的渠道中提高生產力的潛力，但發展速度比預期的要慢。我們繼續應用從存款中吸取的教訓，因為我們建立了規模，以在今年下半年提供更強勁的 DTC。試點和開始製度化 DTC 預期改進的過程對我們第四季度的銷售產生了影響，我們預計今年上半年將繼續產生影響，並在 2023 年下半年有所改善。我們已經宣布了一項投資者活動2 月 27 日星期一，以便與投資者進行更多互動並分享生產力指標、我們不斷發展的渠道戰略以及總體增長戰略的進展。

This year, we plan to drive further differentiation for Inogen and COPD was anticipated new product offer in 2023 in the U.S. and Europe after securing the necessary regulatory forbearance. Our focus on innovation net growth extends beyond the 2023 launches, and we look forward to sharing more detail during our strategy overview on February 27, including how we plan to expand addressable patient population, add indications and extend Inogen's impact beyond oxygen therapy and COPD.

今年，我們計劃推動 Inogen 和 COPD 的進一步差異化，預計在獲得必要的監管寬容後，將於 2023 年在美國和歐洲推出新產品。我們對創新淨增長的關注超出了 2023 年的發布，我們期待在 2 月 27 日的戰略概述中分享更多細節，包括我們計劃如何擴大可尋址患者群體、增加適應症以及將 Inogen 的影響擴展到氧療和 COPD 之外。

Finally, in 2022, we were successful in our efforts to effectively manage supply chain challenges. We expect the supply situation to gradually get better in 2023, and we have good visibility for the first half of the year, due to combined effort of securing additional forward buys in Q4 2022 and improvement in the regular supply channel for semiconductors. Open channel purchases of semiconductors remain a part of our efforts to ensure supply continuity and as such during 2022, we continue to [fall with] by semiconductors where the premium sales would impact product costs until we sell through all of the parts acquired at higher prices. This strategic decision has helped us ensure supply continuity through the first half of 2023, improve visibility into Q3 and is a strategy that we will continue to use selectively if and when required. As a result of improving supply visibility and the progress that we have made with our commercial resolution, we will be issuing annual guidance for 2023 and Kristin will go into more detail later on in the call.

最終，在 2022 年，我們成功地有效應對了供應鏈挑戰。我們預計供應情況將在 2023 年逐漸好轉，並且由於 2022 年第四季度獲得額外遠期購買的共同努力以及半導體常規供應渠道的改善，我們對上半年有良好的預見性。半導體的開放渠道採購仍然是我們確保供應連續性的努力的一部分，因此在 2022 年期間，我們將繼續 [fall with] 半導體，溢價銷售將影響產品成本，直到我們以更高的價格出售所有零件.這一戰略決策幫助我們確保了 2023 年上半年的供應連續性，提高了第三季度的可見性，並且是我們將在需要時有選擇地繼續使用的戰略。由於提高了供應可見性和我們在商業解決方案方面取得的進展，我們將發布 2023 年的年度指南，克里斯汀將在稍後的電話會議中詳細介紹。

I would now like to move to an update on our growth strategy. As our strategy evolves, core tenets remain constant as it relates to balancing investment choices to diversify our portfolio, deliver scalable growth and allow for a return to profitability in the medium to long term. We continue to characterize our growth strategy in terms of short to medium term and medium- to long-term horizon with multiple growth factors for each. The short to medium growth strategy focuses on 2 factors.

我現在想更新我們的增長戰略。隨著我們戰略的發展，核心原則保持不變，因為它涉及平衡投資選擇以實現我們的投資組合多元化，實現可擴展的增長並允許在中長期內恢復盈利能力。我們繼續從短期到中期和中期到長期的角度來描述我們的增長戰略，每個增長因素都有多個增長因素。中短期增長戰略側重於兩個因素。

The first is to drive POC-based oxygen therapy by primarily using the strong portfolio in place while improving productivity and efficiency of our commercial operations. The second [factor] relates driving differentiation and growth through new product introductions, which will expand the portfolio choices for currenct COPD patients, serve more advanced COPD patients and start to expand the indications we address. While remaining focused on the short to medium term, commercial and pricing excellence in existing channels and portfolio has been a key focus over the past several years where we have made good progress.

首先是通過主要使用現有的強大產品組合來推動基於 POC 的氧療，同時提高我們商業運營的生產力和效率。第二個[因素]與通過新產品的推出推動差異化和增長有關，這將擴大當前 COPD 患者的產品組合選擇，為更晚期的 COPD 患者提供服務，並開始擴大我們解決的適應症。在繼續專注於短期至中期的同時，現有渠道和產品組合的商業和定價卓越一直是過去幾年我們取得良好進展的重點。

The major focus was serving patients downstream through our DTC team for a focused on cash sales predominantly. At the beginning of 2022, we subsequently evolved our strategy and directed our investment to stand up a prescriber channel that enables us to serve patients upstream at the point of diagnosis and prescription. This model is analogous with the patient diagnosis, perception and buying journey and maximizes the opportunity of placing COPD patients on the most appropriate oxygen therapy modality throughout their disease management journey. This patient-centric model, which is agnostic to channel boundary should accelerate patient and prescriber adoption of Inogen's POC-based therapy, driving scale, predictability and profitability over time.

主要重點是通過我們的 DTC 團隊為下游患者提供服務，主要專注於現金銷售。在 2022 年初，我們隨後製定了我們的戰略並將我們的投資用於建立一個處方渠道，使我們能夠在診斷和處方時為上游的患者提供服務。該模型類似於患者的診斷、感知和購買過程，並最大限度地增加了在整個疾病管理過程中將 COPD 患者置於最合適的氧療方式的機會。這種與渠道邊界無關的以患者為中心的模型應該會加速患者和開處方者採用 Inogen 基於 POC 的療法，隨著時間的推移推動規模、可預測性和盈利能力。

The progress in the prescriber channel where we saw 23% year-over-year growth during 2022 is core to this new model. Our patient-centric model also lent itself to advancing Inogen's partnership with HME's in the U.S. and distributors internationally. Our vision of patients and prescribers having access to the most appropriate oxygen therapy modality across channels and service providers offers an opportunity for partners to drive growth while better serving patients and prescribers due to patients predominantly favoring POC-based oxygen therapy according to our primary research. Additionally, we strongly believe that a more balanced operating model of delivery and nondelivery will also serve as an opportunity to improve the overall economics of an HME or distributor and improve their profitability over time.

我們在 2022 年看到 23% 的同比增長的處方渠道的進展是這種新模式的核心。我們以患者為中心的模式也有助於推進 Inogen 與美國 HME 和國際分銷商的合作夥伴關係。我們的願景是患者和處方醫生能夠跨渠道和服務提供商獲得最合適的氧氣治療方式，這為合作夥伴提供了一個機會來推動增長，同時更好地為患者和處方醫生提供服務，因為根據我們的初步研究，患者主要偏愛基於 POC 的氧氣治療。此外，我們堅信，更平衡的交付和非交付運營模式也將成為改善 HME 或分銷商的整體經濟並隨著時間的推移提高其盈利能力的機會。

As part of refining our overall channel strategy, DTC remains a critical driver of our success as we improve productivity and efficiency and that channel based on the pilots we ran in Q3 and Q4. We continue to believe that all of these channels, whether DTC, prescriber or B2B have a place in our business model, and we are moving to the next steps to optimize our commercial strategy so that we are well positioned for both growth and profitability.

作為完善我們整體渠道戰略的一部分，DTC 仍然是我們成功的關鍵驅動力，因為我們提高了生產力和效率，並且該渠道基於我們在第三季度和第四季度進行的試點。我們仍然相信，所有這些渠道，無論是 DTC、處方藥還是 B2B，都在我們的商業模式中佔有一席之地，我們正在採取下一步行動來優化我們的商業戰略，以便我們在增長和盈利方面處於有利地位。

New product introductions also have a role in driving differentiation and growth in both the short to medium and medium to long term horizons. Staying with the short to medium time horizon, in December 2022, we started selling Rove 6 in the European markets that grandfathered reimbursement upon the receipt of EU MDR certificate, while fulfilling orders for G5 and other markets, that require reimbursement renewal for the newly introduced POCs. At that time, we also initiated the sequential process of securing reimbursement for Rove 6 and 2 European countries that do not transfer the reimbursement.

新產品的推出也有助於推動短期到中期和中期到長期的差異化和增長。從中短期來看，2022 年 12 月，我們開始在歐洲市場銷售 Rove 6，在收到歐盟 MDR 證書後即可獲得報銷，同時履行 G5 和其他市場的訂單，這些市場需要為新推出的產品續期報銷POC。當時，我們還啟動了為 Rove 6 和 2 個不轉移報銷的歐洲國家獲得報銷的順序過程。

We are pleased to share that we have successful secured reimbursement in Germany ahead of our expected time line, and our team has reviewed its effort to commercialize the new Rove 6 device in that market through our distributor partners. The review of our reimbursement file in France is progressing, and we will keep you updated with respect to the anticipated completion date of late Q2 2023. Additionally, in December 2022, Inogen received FDA clearance for the Rove 4, and we anticipate the U.S. launch to be in the back half of 2023. We are excited about these launches as an important and imminent next step as we continue to lead in POC innovation.

我們很高興地與大家分享，我們已經提前在預期的時間線之前在德國成功獲得了報銷，並且我們的團隊已經審查了通過我們的分銷合作夥伴在該市場將新的 Rove 6 設備商業化的努力。我們在法國的報銷文件審查正在進行中，我們將及時通知您有關 2023 年第二季度末預計完成日期的最新信息。此外，2022 年 12 月，Inogen 獲得了 FDA 對 Rove 4 的批准，我們預計將在美國推出將在 2023 年下半年發布。隨著我們繼續引領 POC 創新，我們對這些發布感到興奮，因為這是重要且迫在眉睫的下一步。

Shifting now to the medium- to long-term growth strategy. I would like to quickly cover the 2 [factors] involved at a high level and this call, while allowing for a more thorough discussion at the investor event on February 27. The first factor relates to continued efforts around market development for POC-based oxygen therapy, predominantly through clinical evidence and collaboration with our scientific advisory board and key opening levers. We are making the progress on our clinical strategy and anticipate sharing some of the results through scientific conferences and publications during the second half of 2023. The second factor relates to innovation that extends the indications and patient populations we serve. We are making encouraging progress and will be sharing the overall innovation road map that strengthened our COPD focused portfolio and allow us to additionally serve patients with congestive heart failure, dyspnea and potentially hypercapnia in the medium to long term. We will be discussing this in a bit more detail during our investor event next week.

現在轉向中長期增長戰略。我想快速介紹一下高層和這次電話會議涉及的 2 個 [因素]，同時允許在 2 月 27 日的投資者活動中進行更深入的討論。第一個因素與圍繞基於 POC 的氧氣市場開發的持續努力有關療法，主要是通過臨床證據以及與我們的科學顧問委員會和關鍵開放槓桿的合作。我們正在我們的臨床戰略上取得進展，並預計在 2023 年下半年通過科學會議和出版物分享一些結果。第二個因素與擴大我們服務的適應症和患者群體的創新有關。我們正在取得令人鼓舞的進展，並將分享整體創新路線圖，該路線圖加強了我們以 COPD 為重點的產品組合，並使我們能夠在中長期內為患有充血性心力衰竭、呼吸困難和潛在高碳酸血症的患者提供額外服務。我們將在下週的投資者活動中更詳細地討論這個問題。

Lastly, as we advance our innovation strategy, to serve patients beyond COPD will remain open to potential acquisitive growth opportunities that would support our aspiration for Inogen becoming a more comprehensive respiratory care company.

最後，隨著我們推進我們的創新戰略，為 COPD 以外的患者提供服務將繼續對潛在的收購增長機會持開放態度，這將支持我們使 Inogen 成為一家更全面的呼吸護理公司的願望。

In summary, we see that underlying demand for our offering remains steady, and we have recently received data demonstrating a modest rebound in COPD diagnosis that we are projecting to continue in 2023. We expect supply visibility to continue to improve and as such, we are providing revenue guidance for the full year. In addition, we are confident that the evolution of our channel strategy to support our patient-centric vision will allow us to serve more patients, drive growth and [stock back] to profitability at the end of 2023. I look forward to talking further about our commercial and growth strategy at our event next Monday.

總而言之，我們看到對我們產品的潛在需求保持穩定，我們最近收到的數據表明，我們預計 COPD 診斷將在 2023 年繼續溫和反彈。我們預計供應可見性將繼續改善，因此，我們提供全年的收入指導。此外，我們相信，為支持我們以患者為中心的願景而進行的渠道戰略的演變將使我們能夠為更多患者提供服務，推動增長，並在 2023 年底 [庫存] 恢復盈利。我期待進一步討論在下週一的活動中介紹我們的商業和增長戰略。

I will now turn the call over to Kristin. Kristin?

我現在將把電話轉給克里斯汀。克里斯汀？

Thank you, Nabil, and good afternoon, everyone. Total revenue for the fourth quarter of 2022 was $88.1 million, 15.3% year-over-year growth from the fourth quarter of 2021. The increase was driven primarily by higher U.S. business-to-business sales and rental revenue, partially offset by lower direct-to-consumer sales. For the fourth quarter, foreign exchange had a negative 240 basis points impact on total revenue and a negative 890 basis points impact on international revenue. On a constant currency basis, fourth quarter total revenue increased 17.7% over Q4 2021. Looking at the fourth quarter revenue on a more detailed basis. Domestic B2B revenue increased 164.6% to $27.2 million in the fourth quarter of 2022 compared with $10.3 million in the comparable period of 2021 as we prioritize fulfillment of open orders and [build] new ones.

謝謝你，Nabil，大家下午好。 2022 年第四季度的總收入為 8810 萬美元，比 2021 年第四季度同比增長 15.3%。增長的主要原因是美國企業對企業的銷售額和租金收入增加，部分被較低的直接收入所抵消- 對消費者的銷售。第四季度，外匯對總收入產生了 240 個基點的負面影響，對國際收入產生了 890 個基點的負面影響。按固定匯率計算，第四季度總收入比 2021 年第四季度增長 17.7%。更詳細地了解第四季度收入。 2022 年第四季度國內 B2B 收入增長 164.6% 至 2720 萬美元，而 2021 年同期為 1030 萬美元，因為我們優先處理未結訂單和 [建立] 新訂單。

It is important to note that the domestic business-to-business revenue was down considerably in Q4 '21 due to supply constraints that limited shipments to the channel. Rental revenue increased 14.4% to $14.9 million in the fourth quarter of 2022 from $13 million in the fourth quarter of 2021 as the investment in our prescriber initiative continues to bear fruit, resulting in increased billable patients.

值得注意的是，由於供應限制限制了渠道的出貨量，國內企業對企業的收入在 21 年第四季度大幅下降。租金收入從 2021 年第四季度的 1300 萬美元增長 14.4% 至 2022 年第四季度的 1490 萬美元，這是因為我們對處方藥計劃的投資繼續取得成果，導致收費患者增加。

Rental revenue was also positively impacted by higher Medicare reimbursement rates and higher billable patients as a percent of total patients on service. International B2B sales increased 3.1% to $20.7 million in the fourth quarter of 2022 from $20.1 million in the comparable period of 2021. As Nabil mentioned earlier, we received our EU MDR certificate in December, enabling us to commercialize our new product, Rove 6 in select countries in Europe. Direct-to-consumer sales decreased 23.4% to $25.3 million in the fourth quarter of 2022.

更高的醫療保險報銷率和更高的收費患者佔服務患者總數的百分比也對租金收入產生了積極影響。國際 B2B 銷售額從 2021 年同期的 2010 萬美元增長 3.1% 至 2022 年第四季度的 2070 萬美元。正如 Nabil 之前提到的，我們在 12 月獲得了歐盟 MDR 證書，這使我們能夠將我們的新產品 Rove 6 商業化選擇歐洲國家。 2022 年第四季度，直接面向消費者的銷售額下降 23.4% 至 2530 萬美元。

From $33 million in the fourth quarter of 2021, driven primarily by lower volume due to fewer inside sales representatives and a higher mix of untenured sales reps as compared to the prior period. Moving to revenue on a full year basis. Total revenue of $377.2 million increased 5.4% compared to 2021. The year-over-year increase was primarily due to higher international business-to-business sales and rental revenue, partially offset by declines in U.S. business-to-business and direct-to-consumer sales. For the full year, foreign exchange had a negative impact of 150 basis points and a negative 680 basis point impact on international revenues. On a constant currency basis, full year total revenue increased 6.9% over 2021.

從 2021 年第四季度的 3300 萬美元開始，這主要是由於與上一時期相比，內部銷售代表減少和非終身銷售代表組合增加導致銷量下降。轉向全年收入。總收入為 3.772 億美元，與 2021 年相比增長 5.4%。同比增長主要是由於國際企業對企業的銷售額和租金收入增加，部分被美國企業對企業和直銷收入的下降所抵消-消費者銷售。全年，外匯對國際收入產生了 150 個基點的負面影響和 680 個基點的負面影響。按固定匯率計算，全年總收入比 2021 年增長 6.9%。

International B2B sales increased 27.3% to $101.2 million for the full year 2022 from $79.5 million in 2021 as we prioritized shipments to Europe ahead of EU MDD certificate expirations in Q2. Additionally, when the EU MDR certificate was received in December, we were able to begin satisfying demand for the new Rove 6 units in Europe. Rental revenue increased 22.5% to $56.7 million for the full year 2022 from $46.3 million in 2021 due to the continued success of the prescriber team in generating higher rental patients on service.

國際 B2B 銷售額從 2021 年的 7950 萬美元增長 27.3% 至 2022 年全年的 1.012 億美元，因為我們在第二季度歐盟 MDD 證書到期之前優先向歐洲發貨。此外，當 12 月收到歐盟 MDR 證書時，我們能夠開始滿足歐洲對新 Rove 6 裝置的需求。租金收入從 2021 年的 4630 萬美元增長 22.5% 至 2022 年全年的 5670 萬美元，這是由於處方團隊繼續成功地創造了更高的租金患者服務。

Additionally, we have realized higher billable patients as a percent of total patients on service and benefited from higher Medicare reimbursement rate. Domestic direct consumer sales decreased 5.4% to $133.3 million for the full year 2022, from $140.9 million in 2021, driven by lower volume due to a lower number of sales representatives and an increased percentage of non-tenured sales reps, partially offset by increased average selling prices. Domestic B2B revenue decreased 5.8% to $86 million for the full year 2022 compared with $91.4 million 2021, primarily due to supply chain constraints that limited our ability to meet all customer demand during the first half of the year, partially offset by higher average selling prices.

此外，我們已經意識到更高的收費患者佔服務患者總數的百分比，並受益於更高的醫療保險報銷率。 2022 年全年國內直接消費者銷售額從 2021 年的 1.409 億美元下降 5.4% 至 1.333 億美元，這是由於銷售代表數量減少和非終身銷售代表比例增加導致銷量下降，部分被平均增長所抵消銷售價格。與 2021 年的 9140 萬美元相比，2022 年全年國內 B2B 收入下降 5.8% 至 8600 萬美元，這主要是由於供應鏈限制限制了我們在上半年滿足所有客戶需求的能力，部分被較高的平均售價所抵消.

Now on to discuss our gross margin. Sales revenue gross margin was 29.3% in the fourth quarter of 2022, declining 1,990 basis points from the comparable period in 2021, driven primarily channel mix, increased material costs, including premiums paid for semiconductors and higher warranty costs. This was partially offset by higher manufacturing productivity from increased production volumes. Rental revenue gross margin was 53.9% in the fourth quarter of 2022 versus 56.8% in the fourth quarter of 2021, a decline of 290 basis points.

現在討論我們的毛利率。 2022 年第四季度銷售收入毛利率為 29.3%，比 2021 年同期下降 1,990 個基點，這主要是由於渠道組合、材料成本增加（包括為半導體支付的保費）和更高的保修成本。這部分被產量增加帶來的更高製造生產率所抵消。 2022 年第四季度租金收入毛利率為 53.9%，與 2021 年第四季度的 56.8% 相比下降了 290 個基點。

The margin compression was primarily driven by increased service costs and device recovery, partially offset by higher Medicare reimbursement rate. For the full year, sales revenue gross margin was 38.3% in 2022, declining 980 basis points compared to 2021, driven primarily by higher premiums paid for components. In 2022, the company expensed $23.8 million of higher material costs associated with open market purchases of semiconductor required to manufacture batteries and motherboards used in our portable oxygen concentrators.

利潤率壓縮主要是由於服務成本和設備回收增加，部分被較高的醫療保險報銷率所抵消。就全年而言，2022 年銷售收入毛利率為 38.3%，與 2021 年相比下降 980 個基點，這主要是由於零部件支付的保費增加所致。 2022 年，公司支出了 2380 萬美元的更高材料成本，這些材料成本與公開市場採購半導體有關，這些半導體是製造我們便攜式製氧機中使用的電池和主板所需的。

In addition, we experienced higher warranty costs and an unfavorable channel mix, partially offset by the benefit of higher selling prices. Rental revenue gross margin was 54.3% in 2022, declining 310 basis points compared to 2021. The margin compression was driven by increased service cost and device recovery, partially offset by higher Medicare reimbursement rates.

此外，我們經歷了更高的保修成本和不利的渠道組合，部分被更高的銷售價格所抵消。 2022 年租金收入毛利率為 54.3%，與 2021 年相比下降了 310 個基點。利潤率壓縮的原因是服務成本和設備回收增加，部分被更高的 Medicare 報銷率所抵消。

Moving on to operating expense. Total operating expense increased to $88 million in the quarter, compared to $45.3 million in the fourth quarter of 2021. Excluding a one-time $52.2 million expense associated with a loss on disposal of an intangible asset. Operating expenses decreased to $35.8 million, primarily due to lower general and administrative and sales and marketing costs, partially offset by higher research and development costs.

繼續經營費用。本季度總運營費用增至 8800 萬美元，而 2021 年第四季度為 4530 萬美元。不包括與無形資產處置損失相關的一次性 5220 萬美元費用。運營費用下降至 3580 萬美元，這主要是由於一般和行政以及銷售和營銷成本較低，部分被較高的研發成本所抵消。

Going into more detail on our expenses in the fourth quarter. We have continued to invest in research and development with a total spend for the quarter of $5.9 million, an increase of $1.3 million versus the fourth quarter of 2021. The majority of this increased spend was for product development and clinical research activities.

更詳細地了解我們在第四季度的支出。我們繼續投資研發，本季度總支出為 590 萬美元，比 2021 年第四季度增加 130 萬美元。增加的支出大部分用於產品開發和臨床研究活動。

For sales of the marketing, we had a total spend for the quarter of $28.6 million. The $1.1 million decrease in spending was primarily related to reduced media and advertising expense and lower commissions and bonus expense, partially offset by increased spend on the prescriber initiatives, professional fees and consulting.

對於營銷銷售，我們本季度的總支出為 2860 萬美元。支出減少 110 萬美元主要與媒體和廣告費用減少以及佣金和獎金費用減少有關，部分被開處方者計劃、專業費用和諮詢費用增加所抵消。

And finally, we incurred $1.3 million for general and administrative expenses in Q4 representing a $9.6 decrease as compared to the prior period. This was primarily due to a $12 million increase in the benefit from the change in fair value of the New Aera earnout liability, partially offset by increases in personnel-related expenses aimed at rebuilding core capabilities at the company. For the full year 2022, total operating expenses increased to $238.8 million compared to $167.2 million in 2021. Excluding the aforementioned $52.2 million loss on disposal of an intangible asset, operating expenses increased to $186.6 million.

最後，我們在第四季度發生了 130 萬美元的一般和管理費用，與上一期間相比減少了 9.6 美元。這主要是由於 New Aera 盈利負債的公允價值變化帶來的收益增加了 1200 萬美元，部分被旨在重建公司核心能力的人事相關費用的增加所抵消。 2022 年全年，總運營費用從 2021 年的 1.672 億美元增加到 2.388 億美元。不包括上述 5220 萬美元的無形資產處置損失，運營費用增加到 1.866 億美元。

Going into more detail on our annual spend. We have continued to invest in research and development with a total spend for the year of $21.9 million, inclusive of $7.8 million in amortization intangibles related to the TAV technology. The $5.4 million increase in spend versus 2021 was used to bolster our product development capability and build a dossier of clinical evidence in support of our current and future products.

詳細了解我們的年度支出。我們繼續投資研發，全年總支出為 2190 萬美元，其中包括與 TAV 技術相關的攤銷無形資產 780 萬美元。與 2021 年相比增加 540 萬美元的支出用於增強我們的產品開發能力，並建立臨床證據檔案以支持我們當前和未來的產品。

For sales and marketing, we had a total spend of $120.8 million. The $8 million increase was primarily related to [scaling up] the new prescriber team, as well as professional and consulting fees, partially offset by lower commissions and bonus expenses and media and advertising costs.

在銷售和營銷方面，我們的總支出為 1.208 億美元。 800 萬美元的增長主要與 [擴大] 新處方團隊以及專業和諮詢費用有關，部分被較低的佣金和獎金支出以及媒體和廣告成本所抵消。

And finally, we incurred $43.9 million for general and administrative expenses. The $6.1 million increase was primarily due to higher employee-related expenses, consulting and legal fees. These increases were partially offset by a $3.8 million increase in the benefit from the change in fair value of the New Aera earnout liability and a decrease in officer transition costs. In the fourth quarter of 2022, we reported a net loss of $56.6 million and a loss per diluted share of $2.47. On an adjusted basis, we reported a net loss of $13 million and an adjusted loss per diluted share of $0.57. Adjusted EBITDA was a negative $10.6 million. For the full year 2022, we reported a net loss of $83.8 million and loss per diluted share of $3.67. On an adjusted basis, we reported a net loss of $26.2 million and an adjusted loss per diluted share of $1.15. Adjusted EBITDA was a negative $13.5 million.

最後，我們產生了 4390 萬美元的一般和行政費用。 610 萬美元的增長主要是由於與員工相關的費用、諮詢和法律費用增加。這些增加部分被 New Aera 薪酬負債公允價值變化帶來的收益增加 380 萬美元和官員過渡成本的減少所抵消。 2022 年第四季度，我們報告淨虧損 5660 萬美元，攤薄後每股虧損 2.47 美元。在調整後的基礎上，我們報告了 1300 萬美元的淨虧損和 0.57 美元的調整後攤薄每股虧損。調整後的 EBITDA 為負 1060 萬美元。 2022 年全年，我們報告淨虧損 8380 萬美元，攤薄後每股虧損 3.67 美元。在調整後的基礎上，我們報告了 2620 萬美元的淨虧損和 1.15 美元的調整後攤薄每股虧損。調整後的 EBITDA 為負 1350 萬美元。

Moving on to our balance sheet. As of December 31, 2022, we had cash and cash equivalents of $187 million with no debt outstanding. Accounts receivable balances increased to $62.7 million as of December 2022, driven by a large increase in B2B shipments in the quarter. We continue to make investments in the fourth quarter in our inventory, incurring additional premiums for the semiconductor -- for semiconductors purchased on the open market, but not yet sold in finished goods. These items reside on the balance sheet as prepaid expense and other current assets and inventory. As of December 31, 2022, the value of premium component in our inventory and prepaid balances were $10.1 million and $7 million, respectively. Additionally, intangible assets and inventories were reduced by $51.5 million and $0.5 million, respectively, as a result of the loss on disposal of intangible assets.

轉到我們的資產負債表。截至 2022 年 12 月 31 日，我們擁有 1.87 億美元的現金和現金等價物，沒有未償債務。截至 2022 年 12 月，應收賬款餘額增加到 6270 萬美元，這是受本季度 B2B 出貨量大幅增加的推動。我們繼續在第四季度對我們的庫存進行投資，為半導體帶來額外的溢價——在公開市場上購買的半導體，但尚未以成品形式出售。這些項目作為預付費用和其他流動資產和存貨存在於資產負債表中。截至 2022 年 12 月 31 日，我們庫存和預付餘額中的保費部分價值分別為 1010 萬美元和 700 萬美元。此外，由於無形資產處置損失，無形資產和存貨分別減少了 5150 萬美元和 50 萬美元。

I will now turn to our financial outlook. As Nabil mentioned earlier, we are providing annual revenue guidance for 2023. We are expecting total company revenue to grow in the low- to mid-single digits. As we continue to drive towards profitability, we anticipate reaching a positive adjusted EBITDA by the fourth quarter of 2023. To further help provide context for modelling, given the time to ramp sales rep capability and productivity in the DTC channel, we are expecting the first quarter to be the lowest revenue quarter of the year and below levels that we saw last year due to the continued evolution of the DTC model, as well as returning to normalized ordering patterns in the B2B channel.

我現在將談談我們的財務前景。正如 Nabil 之前提到的，我們正在提供 2023 年的年度收入指導。我們預計公司總收入將以中低個位數增長。隨著我們繼續努力實現盈利，我們預計到 2023 年第四季度將實現正的調整後 EBITDA。為了進一步幫助提供建模背景，考慮到提高 DTC 渠道的銷售代表能力和生產力的時間，我們預計第一個由於 DTC 模型的持續發展以及 B2B 渠道恢復正常的訂購模式，該季度將成為今年收入最低的季度，低於去年的水平。

We expect DTC cash revenues to be soft in the first half of the year, but to recover in the second half as the efficiency and productivity efforts are realized. We are expecting revenue growth to ramp in the back half of the year as we gain reimbursement in France and sales in the B2B channel continues to normalize.

我們預計今年上半年 DTC 現金收入將疲軟，但隨著效率和生產力努力的實現，下半年將恢復。隨著我們在法國獲得報銷並且 B2B 渠道的銷售繼續正常化，我們預計今年下半年的收入增長將會加快。

In addition, as supply gets better in 2023 and we deplete premium priced components, we expect to see margin expansion in the back half of the year, as price increases remained and production volumes are increased. Improvements in our bottom line would also come from cost management efforts, which allows for the investment needed to drive medium- to long-term growth while limiting expansion of our operating expenses.

此外，隨著 2023 年供應情況好轉以及我們耗盡高價零部件，我們預計下半年利潤率將擴大，因為價格上漲依然存在且產量增加。我們底線的改善也將來自成本管理工作，這允許進行必要的投資來推動中長期增長，同時限制我們運營費用的增加。

As we look to 2023, we expect to reach positive adjusted EBITDA by the fourth quarter. We are judiciously managing operating expenses to improve our bottom line while continuing to invest in our key initiatives, which set us up for long-term revenue growth and profitability.

展望 2023 年，我們預計到第四季度將實現正調整後 EBITDA。我們明智地管理運營費用以提高我們的底線，同時繼續投資於我們的關鍵計劃，這為我們的長期收入增長和盈利能力奠定了基礎。

And with that, we will be happy to take your questions.

因此，我們很樂意回答您的問題。

(Operator Instructions) Our first question comes from the line of Robbie Marcus with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Robbie Marcus。

This is actually Lily on for Robbie. Maybe just starting with guidance. Can you talk through what's assumed in terms of disruptions from supply or macro challenges, any potential COVID headwinds? And what takes you to the high or low end of the range?

這實際上是羅比的莉莉。也許只是從指導開始。您能否談談在供應中斷或宏觀挑戰方面的假設，以及任何潛在的 COVID 逆風？是什麼讓您達到範圍的高端或低端？

So Lily, thank you for the question. I'll start, and Kristin can add some commentary. So the range, as you saw, includes a little (inaudible) so there is remaining DTC scaling and productivity that we are working on that will continue to ramp through the first half of the year and then improve in the back half of the year. That's baked into the range as well as potential supply chain interruptions that remain. We are continuing to work hard to get visibility through Q3 and then into Q4. But at this point in time, early in the year, we are remaining a little cautious in terms of leaving the range a little bit wider with the hope of tightening it as we progress and we get into the quarters and the year.

莉莉，謝謝你的提問。我將開始，Kristin 可以添加一些評論。因此，正如您所看到的，該範圍包括一點點（聽不清），因此我們正在研究的剩餘 DTC 擴展和生產力將在今年上半年繼續增加，然後在下半年有所改善。這已經融入了範圍以及仍然存在的潛在供應鏈中斷。我們將繼續努力通過第三季度獲得可見性，然後進入第四季度。但在今年年初的這個時間點，我們在將範圍擴大一點方面保持謹慎，希望隨著我們的進步和進入季度和年度而收緊範圍。

I think Lily, all I would add to that is there are a few things that we think could impact the number, first of all, foreign currency depending on where the U.S. dollar euro the currency exchange rates go. That could be one impact. As Nabil mentioned, supply chain, that could drive an impact one way or the other. And then finally, the timing of the reimbursement in France also could have an impact.

我想 Lily，我要補充的是，我們認為有幾件事可能會影響數字，首先是外幣，這取決於美元和歐元的匯率走勢。這可能是一個影響。正如 Nabil 提到的那樣，供應鏈可能會以一種或另一種方式產生影響。最後，法國的報銷時間也可能產生影響。

Got it. That's helping. And maybe just as a follow-up. There's obviously a lot of moving pieces here with supply, EU MDR. I know you guys have taken price to offset some of these headwinds. So I'm just trying to get a sense for how underlying volumes and demand are doing. So any color you could share there would be helpful.

知道了。這很有幫助。也許只是作為後續行動。 EU MDR 的供應顯然有很多變化。我知道你們已經採取了價格來抵消其中的一些不利因素。所以我只是想了解基礎交易量和需求的表現。因此，您可以在那里分享的任何顏色都會有所幫助。

Well, as we look to our forecast, we are projecting increased volumes. So we are believe -- we believe in the underlying demand, and we are -- again, as we gave a little color on the timing of the quarters, we believe it will be a little softer in the first half, but growing in the back half.

好吧，當我們查看我們的預測時，我們預計數量會增加。因此，我們相信 - 我們相信潛在需求，而且我們 - 再次，當我們對季度的時間進行了一些說明時，我們相信上半年會稍微疲軟，但會在增長後半。

And Lily, the one thing I would add is as we rebalance our channel strategy, that as you said, there are moving pieces, but we're confident that focus on where we're putting it in terms of looking through all the channels, as we said, from a how we serve the patients one has a role to play. But overall, like Kristin said, we expect volume to go up and the demand to remain steady.

莉莉，我要補充的一件事是，當我們重新平衡我們的渠道戰略時，正如你所說，有一些變化，但我們有信心在查看所有渠道方面專注於我們將其放置的位置，正如我們所說，從我們為患者服務的方式來看，我們可以發揮作用。但總體而言，正如 Kristin 所說，我們預計銷量會上升，需求會保持穩定。

Our next question comes from the line of Matthew Mishan with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Matthew Mishan。

This is Brett Fishbin on today for Matt. Just wanted to follow-up on a couple of the potential near-term growth headwinds you guys discussed maybe a few months ago. I'm not sure like how much they came up on the call today. So first, like around the issue around B2B customer access to capital. Are you still seeing that as a headwind? Or has that gotten better a little bit faster?

我是今天為馬特做的 Brett Fishbin。只是想跟進你們可能在幾個月前討論過的幾個潛在的近期增長逆風。我不確定他們今天在電話中提到了多少。所以首先，就像圍繞 B2B 客戶獲得資金的問題一樣。你仍然認為這是逆風嗎？還是變得更好了一點？

Yes. Thank you, Brett. I'll take this. So we continue to see some of that still materializing. That's why we actually in the prepared remarks said returning ordering patterns to normal. So we started working and patterning, like we said earlier in terms of landing where the normal pattern should be in Q4. There are remaining headwinds and challenges depending on the size and the complexity of the customer in terms of access to capital. But we continue to work through some of these challenges as the year progresses.

是的。謝謝你，布雷特。我要這個。因此，我們繼續看到其中一些仍在實現。這就是為什麼我們實際上在準備好的評論中說將訂購模式恢復正常。所以我們開始工作和模式化，就像我們之前所說的那樣，在第 4 季度正常模式應該著陸的地方。根據客戶在獲得資金方面的規模和復雜性，仍然存在阻力和挑戰。但隨著時間的推移，我們將繼續努力應對其中的一些挑戰。

Makes sense. And then also just on the topic of seeing some of those B2B customers opting to purchase lower-quality competitive products at a discount has that continue to play out? Or does that also connect to some of the previous commentary?

說得通。然後還有關於看到一些 B2B 客戶選擇以折扣價購買質量較低的競爭產品的話題是否繼續發揮作用？或者這是否也與之前的一些評論有關？

Yes, that's a great question. So let me talk about how sort of the cycle works. So people during the supply shortages on our side migrated to some competitive offering. I think the competitors at that time also availed themselves of the opportunity to offer aggressive pricing so they can probably grab a bigger share of the market. The feedback that we have and the interactions that we have today is B2B customers are returning, wanting to have a conversation about how they actually get back to ordering from Inogen because of their dissatisfaction with either the quality and/or the supply assurance on the competitive side.

是的，這是一個很好的問題。那麼讓我談談這種循環是如何運作的。因此，在我們這邊的供應短缺期間，人們轉向了一些有競爭力的產品。我認為當時的競爭對手也利用了提供激進定價的機會，因此他們可能會搶占更大的市場份額。我們得到的反饋和我們今天進行的互動是 B2B 客戶正在返回，想要討論他們實際上是如何重新從 Inogen 訂購的，因為他們對競爭產品的質量和/或供應保證不滿意邊。

So ongoing, of course, within that, there is ongoing discussions about the competitive pricing, and we continue to work and focus on the total cost of ownership of our device versus the acquisition price. Because if you compare acquisition prices, of course, we're in an unfavorable situation, but most of our B2B customers, especially the more -- the larger and the more complex ones, understand that there's much more to the acquisition price and the total cost of ownership, and they understand that we are positioned with the quality as well as the durability of our devices and the demand from a brand perspective to be advantaged versus our competitors. But as I said, it's a cycle and people work through it. We remain very judicious and cautious about monitoring competitive activity. It's not a major red flag, but we will work through it.

因此，當然，在這方面，正在進行關於有競爭力的定價的討論，我們將繼續工作並關注我們設備的總擁有成本與收購價格的關係。因為如果你比較收購價格，當然，我們處於不利的境地，但我們的大多數 B2B 客戶，尤其是規模更大、更複雜的客戶，都明白收購價格和總成本要高得多擁有成本，並且他們了解我們的定位是設備的質量和耐用性以及從品牌角度來看與競爭對手相比具有優勢的需求。但正如我所說，這是一個循環，人們會經歷它。我們在監控競爭活動方面仍然非常明智和謹慎。這不是一個主要的危險信號，但我們會解決它。

All right. Great. That sounds promising. And then last one around some of the headwinds? And then just a quick -- one more quick follow-up after that. So the last one is really around seeing some headwinds on the direct-to-customer side, given some of the inflation headwinds. And just given the uncertainty around a potential recession, wondering how you're factoring that into the initial guidance and what you've seen over the last few months?

好的。偉大的。這聽起來很有希望。然後最後一個圍繞一些逆風？然後只是快速 - 之後再快速跟進一次。因此，考慮到一些通貨膨脹的不利因素，最後一個問題實際上是在直接面向客戶方面看到一些不利因素。考慮到潛在衰退的不確定性，想知道您如何將其納入初始指導以及您在過去幾個月中看到的情況？

Yes. In the guidance, we have definitely, like we said in the prepared remarks, we factored the time it takes us to ramp the DTC efforts. I just want to stress again that we are internally organizing slightly differently with learning and reapplying the pilot, and that took a little bit of time for it to materialize. We are looking for the first half of 2023 for us to scale and stand up the pilots fully, the headwinds from DTC are factored into the guidance to your question earlier.

是的。在指南中，我們明確地，就像我們在準備好的評論中所說的那樣，我們考慮了我們加強 DTC 工作所需的時間。我只想再次強調，我們在學習和重新應用試點方面的內部組織略有不同，這需要一點時間才能實現。我們正在尋找 2023 年上半年，以便我們全面擴展和支持試點，DTC 的不利因素已被納入您之前問題的指導中。

All right. Great. And then lastly for me, just wondering if you could provide any more level of color around the cadence. I think you noted that 1Q would probably be the lowest quarter, but just a sense of how that might compare sequentially or if you're -- just like are you expecting any level of growth in the first half or first quarter? How should we be thinking about that?

好的。偉大的。最後對我來說，只是想知道您是否可以圍繞節奏提供更多級別的顏色。我想你注意到第一季度可能是最低的季度，但只是一種感覺，它可能會按順序進行比較，或者你是否 - 就像你期望上半年或第一季度的任何增長水平一樣？我們應該如何思考？

Hi, Brett. I think I'll take that one. We are trying to give color as to the lowest quarter and potentially not being a growth quarter. So Q1 will likely be lower than what we achieved in Q1 of 2022. But we do believe Q2 will ramp from there and the summer months are the better month for us, and we'll start to see some of that kick in.

嗨，布雷特。我想我會接受那個。我們正試圖給出最低季度的顏色，並且可能不是增長季度。因此，第一季度可能會低於我們在 2022 年第一季度取得的成就。但我們確實相信第二季度將從那裡開始增長，夏季對我們來說是更好的月份，我們將開始看到其中的一些影響。

Just a couple of things for your consideration. So one is like Kristin mentioned, there is DTC reorganization or evolution as well. There is also on the B2B, you asked on the previous question, a returns to normal ordering pattern. But also, I think, as implied by our prepared remarks, we are looking at the channel strategy and the mix while remaining focused on DTC to actually continue to drive towards profitability, at least at the adjusted EBITDA line by the end of the year. So there is a judicious effort to also look at the sales force as well as the makeup and the mix of the sales forces.

僅供您考慮幾件事。所以就像克里斯汀提到的那樣，也有 DTC 重組或進化。在 B2B 上，您在上一個問題中也提出了恢復正常訂購模式的問題。而且，我認為，正如我們準備好的言論所暗示的那樣，我們正在研究渠道戰略和組合，同時繼續關注 DTC，以實際繼續推動盈利，至少在年底前調整後的 EBITDA 線。因此，還需要審視銷售人員以及銷售人員的構成和組合。

Our next question comes from the line of Mathew Blackman with Stifel.

我們的下一個問題來自 Mathew Blackman 與 Stifel 的對話。

I'll limit myself for one. Maybe just a follow-on. I just want to make sure I wrap my head around the DTC headwinds. It sounds like you're talking about trying to scale a pilot program rather than maybe seeing outsized attrition. Just maybe a little bit more color of what happened. And I'm asking you sort of relative to some of the metrics that you've shared over the last 18 months where productivity seem to be ramping nicely. Maybe just compare and contrast what you have seen over the last 18 months versus what manifested here in the fourth quarter. And I guess the other point is, why does it improve in the second half? Why is 6 months enough time for you to stand everything up? I leave it at that.

我會限制自己一個。也許只是一個後續。我只是想確保我的頭腦圍繞著 DTC 逆風。聽起來您是在談論嘗試擴大試點計劃，而不是可能會看到過大的人員流失。只是可能對發生的事情有更多的色彩。我問你的是相對於你在過去 18 個月中分享的一些指標，在這些指標中，生產率似乎正在上升。也許只是比較和對比您在過去 18 個月中看到的情況與第四季度在這裡出現的情況。我想另一點是，為什麼它在下半場有所改善？為什麼 6 個月的時間足以讓您站起來？我就此打住。

Yes. Perfect. Thank you, Matt. I'll take the question. So Matt, let me start with the productivity numbers. Next Monday, we actually are going to share the productivity -- this coming Monday, we are going to share the productivity numbers that we shared before in multiple forums, while we met with you at JPMorgan. There continues to be positive productivity traction and the factor that we actually are putting in the numbers around DTC is about honestly, letting the attrition get us a certain number of sales reps. You asked about attrition. It's planned more than it is being involuntary.

是的。完美的。謝謝你，馬特。我來回答這個問題。所以馬特，讓我從生產力數字開始。下週一，我們實際上將分享生產力——下週一，我們將分享我們之前在多個論壇上分享的生產力數據，當時我們在摩根大通與您會面。繼續存在積極的生產力牽引力，我們實際上在 DTC 周圍投入數字的因素是老實說，讓自然減員讓我們獲得一定數量的銷售代表。你問的是損耗。這是有計劃的，而不是非自願的。

And then we will discuss roughly where we would land in terms of the size of the sales force. Again, I'm going to connect it back to balancing and optimizing the channel strategy and the investment for us to get to the right growth level and getting back to profitability at the end of the year. The second part of your question is, okay, why do we have the confidence that actually it will ramp up in the back half of the year. I think throughout the pilots, we've been able to isolate the key variables and through piloting and testing and learning. We know exactly what are the variables that need to be focused on moving forward with the right sales force and the right sales discipline, meaning the right size and the right sales discipline and execution, we are confident that we can actually ramp back up in the back half of the year.

然後我們將粗略地討論我們將根據銷售人員的規模降落在哪裡。同樣，我將把它與平衡和優化渠道戰略以及投資聯繫起來，以便我們達到正確的增長水平並在年底恢復盈利。你問題的第二部分是，好吧，為什麼我們有信心它實際上會在今年下半年上升。我認為在整個試點過程中，我們已經能夠通過試點、測試和學習來分離關鍵變量。我們確切地知道在正確的銷售隊伍和正確的銷售紀律方面需要關注的變量是什麼，這意味著正確的規模和正確的銷售紀律和執行，我們有信心我們實際上可以在回到半年。

Our next question comes from the line of Mike Matson with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Mike Matson。

I want to ask a few on the new products, the Rove 4 and Rove 6. So one, I guess, how they compare to the prior models? And two, are you planning to sell both of them? I'm a little confused about what markets they're being sold into. It looks like in the press release, originally one was for Europe and one was for the U.S. And why is that? And then is there any kind of benefit to gross margin from these? Are they lower cost manufacturing or anything like that?

我想問一些關於新產品 Rove 4 和 Rove 6 的問題。那麼，我猜，它們與之前的型號相比如何？第二，你打算把它們都賣掉嗎？我對它們的銷售市場有點困惑。好像在新聞稿中，原來一個是給歐洲的，一個是給美國的，這是為什麼呢？那麼這些對毛利率有什麼好處嗎？他們是低成本製造還是類似的東西？

Okay. Thank you, Mike. I'll take that. So let me go back to the regulatory strategy to start with. So in the initial stages, the 2 products are aimed at different markets because of how we actually went through our regulatory strategy to maximize the ability to get approvals on time. So Rove 6 was actually went through the EU MDR and some of the changes in that product address your question about differentiation. The improvements in the product were required for us to clear EU MDR versus what was previously accepted in the MDD. So the changes are not significant, but they are noticeable to the user, and that is an upgraded G5, if you want to call it that.

好的。謝謝你，邁克。我會接受的。所以讓我回到監管策略開始。因此，在初始階段，這兩種產品針對不同的市場，因為我們實際上是如何通過我們的監管策略來最大限度地提高按時獲得批准的能力。所以 Rove 6 實際上通過了歐盟 MDR，該產品的一些變化解決了你關於差異化的問題。我們需要對產品進行改進，以清除歐盟 MDR 與之前在 MDD 中接受的內容。所以這些變化並不顯著，但它們對用戶來說是顯而易見的，那就是升級版的 G5，如果你想這麼稱呼它的話。

Over the span of the year, we will actually apply to get an approval for Rove 6 in the U.S. also, even though we started with the approval in Europe, and we're selling it there.

在這一年中，我們實際上也將在美國申請獲得 Rove 6 的批准，儘管我們從歐洲的批准開始，並且我們正在那裡銷售它。

On the flip side, Rove 4 was a 510(k) FDA application that we secured clearance on. And that is a new and improved G4, so it has one more stepping almost in the same size and [waste trade-off], so we believe that, that will allow for an opening up of the number of patients that we serve, and this is the sweet spot there is people that want -- that are afraid of running out of settings, but they want still the most portable and smaller POC base.

另一方面，Rove 4 是我們獲得批准的 510(k) FDA 申請。這是一個新的和改進的 G4，所以它有一個幾乎相同尺寸和 [浪費權衡] 的台階，所以我們相信，這將允許開放我們服務的患者數量，並且這是人們想要的甜蜜點——他們害怕用完設置，但他們仍然想要最便攜和更小的 POC 基礎。

And from a portfolio perspective, there is consideration and discussion now. We haven't finalized what the launches in the back half of the year for premium pricing on Rove 4. But in general, there is always consideration on pricing hygiene. No matter if it's a new product launch and/or the existing portfolio that we'll continue to manage and evaluate during the year. So Rove 4 starts in the U.S., eventually goes to Europe. Rove 6 starts in Europe, comes back to the U.S. So both of these products will be available in the near future in both markets.

從投資組合的角度來看，現在有考慮和討論。我們還沒有最終確定 Rove 4 在下半年推出的溢價定價。但總的來說，總是考慮定價衛生。無論是新產品發布和/或我們將在這一年中繼續管理和評估的現有產品組合。所以 Rove 4 從美國開始，最終到達歐洲。 Rove 6 從歐洲開始，回到美國。因此，這兩種產品都將在不久的將來在這兩個市場上市。

Okay. Got it. And then I joined the call a little late. Apologize if you touched on this in the prepared remarks, but the open market purchases of the components, I mean, it sounds like that was still happening even into the fourth quarter. So do you have any visibility into when you can get back to your normal contracts with your suppliers?

好的。知道了。然後我加入電話有點晚了。如果您在準備好的發言中提到了這一點，我深表歉意，但組件的公開市場採購，我的意思是，聽起來這種情況甚至在第四季度仍在發生。那麼，您是否了解何時可以恢復與供應商的正常合同？

Yes. Great question, Mike. So let me talk about -- so we continue to meet with a large Mike. We continue to meet with the largest supplier to drive and get more visibility throughout the year. We have meetings that are happening next month. We've seen improved schedules in terms of shipping and commitment. We're trying to get the full visibility until the end of the year. We expect that situation to continue to improve throughout the year and to start sort of coming down towards Q4.

是的。好問題，邁克。所以讓我談談 - 所以我們繼續與大邁克會面。我們繼續與最大的供應商會面，以推動全年獲得更多知名度。我們將在下個月召開會議。我們已經看到運輸和承諾方面的時間表有所改進。我們正努力在今年年底之前獲得全面的知名度。我們預計這種情況將在全年繼續改善，並在第四季度開始有所下降。

In the meantime, I want to address the question that you raised in terms of the fact that we bought intentionally in Q4 on the open market, certain quantities because this visibility we're talking about has just started happening recently in the last 4 or 5 weeks. When we were sitting in our seats in Q3, Q4, looking forward and not having the clarity, we made a strategic decision that we will incur the extra cost because eventually it's going to burn off on our -- off our balance sheet and be invoiced. And we will actually secure supply assurance, more than worry about the margin at that point in time. Moving forward, there seems to be more optionality in terms of how we manage this, and we are hoping that it will continue to come down hopefully by the end of the year and we return to normal next year early.

與此同時，我想解決你提出的問題，即我們在第四季度在公開市場上有意購買了一定數量，因為我們正在談論的這種可見性最近才開始在過去的 4 或 5 年發生週。當我們在第 3 季度、第 4 季度坐在我們的座位上，展望未來但不清楚時，我們做出了一個戰略決定，我們將承擔額外成本，因為最終它會在我們的資產負債表上燒掉並開具發票.我們實際上將確保供應保證，而不是擔心那個時候的利潤率。展望未來，在我們如何管理這方面似乎有更多的選擇，我們希望到今年年底它會繼續下降，我們明年會提前恢復正常。

And we have reached the end of the question-and-answer session. And I'll turn the call over to Nabil Shabshab for closing remarks.

我們已經結束了問答環節。我會把電話轉給 Nabil Shabshab 作結束語。

Thank you. I'm pleased with the excellent progress that we have made in 2022 to manage and mitigate supply disruption react quickly to address macroeconomic headwinds while continuing to transform our business, drive commercial productivity and develop an innovation pipeline and clinical evidence. We believe that 2023 is an important year with the evolution of our commercial strategy, the launch of new products and continued work on our innovation pipeline, coupled with judicious management of our operating expenses. We see underlying customer demand, a promising horizon of market opportunities, and we are building a solid foundation for long-term sustainable growth and return to profitability.

謝謝。我很高興我們在 2022 年取得了出色的進展，以管理和緩解供應中斷，快速應對宏觀經濟逆風，同時繼續轉變我們的業務，提高商業生產力並開發創新管道和臨床證據。我們認為，2023 年是重要的一年，因為我們的商業戰略發生了變化，新產品的推出和創新管道的持續工作，以及我們對運營費用的明智管理。我們看到了潛在的客戶需求，充滿希望的市場機會，我們正在為長期可持續增長和恢復盈利奠定堅實的基礎。

As I conclude, I would like to thank our investors for your support and your interest in Inogen. I would also like to recognize and thank the Inogen team for their continued dedication and hard work. I'm extremely proud of our collective efforts to progress our business so that we can fulfil our purpose of improving patient life through respiratory care. I look forward to discussing more details about our growth strategy on Monday at our event in New York. Thank you so much. Have a good day.

最後，我要感謝我們的投資者對 Inogen 的支持和興趣。我還要承認並感謝 Inogen 團隊的持續奉獻和辛勤工作。我為我們為推動業務發展所做的集體努力感到非常自豪，這樣我們就可以實現通過呼吸護理改善患者生活的目標。我期待著在周一的紐約活動中討論有關我們增長戰略的更多細節。太感謝了。祝你有美好的一天。

And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，此時你們可以掛斷電話。感謝您的參與。