Inogen Inc (INGN) 2023 Q1 法說會逐字稿

Welcome to Inogen's First Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded today, May 4, 2023.

歡迎來到 Inogen 2023 年第一季度收益電話會議。 （操作員說明）提醒一下，本次會議將於 2023 年 5 月 4 日今天錄製。

I would now like to turn the call over to Agnes Lee, Senior Vice President of Investor Relations and Strategic Planning. Ma'am, the floor is yours.

我現在想把電話轉給投資者關係和戰略規劃高級副總裁 Agnes Lee。女士，地板是你的。

Thank you, Karen.

謝謝你，凱倫。

Hello, everyone, and thank you for participating in today's call. Joining me on the call today are President and CEO, Nabil Shabshab and CFO, Kristin Caltrider.

大家好，感謝您參加今天的電話會議。今天和我一起參加電話會議的有總裁兼首席執行官 Nabil Shabshab 和首席財務官 Kristin Caltrider。

Earlier today, Inogen released financial results for the first quarter of 2023. This earnings release is currently available in the Investor Relations section of the company's website, along with a supplemental financial package.

今天早些時候，Inogen 發布了 2023 年第一季度的財務業績。該收益發布目前可在公司網站的“投資者關係”部分獲得，並附有補充財務方案。

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 result in 2023, expectations related to a return to profitability in 2023, expectations regarding increasing productivity of our internal and external sales teams, progress of our strategic initiatives including innovation, our expectations regarding the market for our products, on our business and supply and demand for our products in both the short term and long term.

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、對提高內部和外部銷售團隊生產力的期望，包括創新在內的戰略舉措的進展，我們對產品市場、業務以及短期和長期產品供需的期望。

The forward-looking statements in this call are based on information currently available to us as of today's date, May 4, 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 SEC. Actual results may vary, and we 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 presentations in the Investor Relations section of the company's website. Please refer to these files for more detailed information.

本次電話會議中的前瞻性陳述基於截至今天，即 2023 年 5 月 4 日我們目前可獲得的信息。這些前瞻性陳述僅是預測，涉及風險和不確定性，這些風險和不確定性在我們最近的向美國證券交易委員會提交的定期報告。實際結果可能會有所不同，除法律要求外，我們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 financial 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 between U.S. GAAP and non-GAAP results are presented in tables within 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 財務措施採取的非 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 結果之間的對賬顯示在我們的收益發布中的表格中。

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 first quarter 2023 conference call.

謝謝，艾格尼絲。下午好，感謝您參加我們 2023 年第一季度的電話會議。

Our disciplined execution allowed us to make progress during the first quarter in support of our growth strategy and return to profitability. While our revenue was in line with the expectations, we have communicated during our Q4 2022 earnings call, our gross margin and EBITDA performance were above our internal expectations. We continue to leverage the investments we have already made to drive our commercial strategy, launch new products, progress the innovation efforts and clinical work and round up the capability that we have embarked on.

我們嚴格的執行使我們能夠在第一季度取得進展，支持我們的增長戰略並恢復盈利。雖然我們的收入符合預期，但我們在 2022 年第四季度財報電話會議上表示，我們的毛利率和 EBITDA 表現高於我們的內部預期。我們繼續利用我們已經進行的投資來推動我們的商業戰略，推出新產品，推進創新工作和臨床工作，並加強我們已經著手的能力。

In 2023, we remain focused on delivering low to mid-single-digit revenue growth and return to positive adjusted EBITDA by the fourth quarter. We are expecting the year to be an inflection point for Inogen as we set up for stronger top and bottom-line growth in the years ahead. On the supply side, our forward semiconductor buys during 2022 helped us cover demand for a significant portion of 2023, and based on the improvement we have seen so far in the regular supply channel, we feel that we will be able to meet demand for 2023.

到 2023 年，我們將繼續專注於實現中低個位數的收入增長，並在第四季度之前恢復正調整後的 EBITDA。我們預計今年將成為 Inogen 的轉折點，因為我們為未來幾年更強勁的收入和利潤增長做好了準備。在供應方面，我們在 2022 年的遠期半導體採購幫助我們滿足了 2023 年大部分時間的需求，並且根據我們迄今為止在常規供應渠道中看到的改善，我們認為我們將能夠滿足 2023 年的需求.

Before I provide an update on our commercial progress, I would first like to discuss some of the elements behind our strategy. As the leader in POC-based portable oxygen therapy, our vision entails patients and prescribers having wide access to the most appropriate therapy modality irrespective of the point of prescription or how patients might qualify for coverage for POCs. Our channel strategy was designed to improve our ability to serve patients at the point of diagnosis and prescription through Inogen and HME partners while refining our DTC model to meet the needs of patients who desire to switch to POC-based therapy later in their disease management journey.

在我提供有關我們商業進展的最新信息之前，我想先討論一下我們戰略背後的一些要素。作為基於 POC 的便攜式氧療領域的領導者，我們的願景是讓患者和開處方者能夠廣泛獲得最合適的治療方式，而不管處方點或患者如何有資格獲得 POC 的覆蓋。我們的渠道戰略旨在通過 Inogen 和 HME 合作夥伴提高我們在診斷和處方方面為患者提供服務的能力，同時改進我們的 DTC 模型以滿足希望在疾病管理旅程後期轉向基於 POC 療法的患者的需求.

In 2023, we look forward to seeing the continued evolution of our channel strategy into a patient-centric one agnostic to channel boundary, specifically in the U.S., to accelerate patient and prescriber adoption of Inogen's POC-based therapy, driving scale, predictability and profitability over time.

到 2023 年，我們期待看到我們的渠道戰略繼續演變為以患者為中心的渠道邊界不可知論者，特別是在美國，以加速患者和處方者採用 Inogen 基於 POC 的療法，推動規模、可預測性和盈利能力隨著時間的推移。

Now moving on to an update on our Q1 progress with respect to growth. Rental revenue continues to be a strong growth trajectory at the 1-year anniversary of our renewed focus on the prescriber channel. The execution behind our prescriber channel strategy has delivered double-digit growth -- double-digit increases in referrals and sales net productivity sequentially. In support of our rental channel, we have been securing coverage from more private payers in the U.S. In addition to our core CMS coverage, we recently added 2 large private health care payers. We now can cover the COPD patient population out of approximately 160 million privately-covered lives.

現在繼續更新我們第一季度在增長方面的進展。在我們重新關注處方渠道一周年之際，租金收入繼續保持強勁的增長軌跡。我們的處方渠道戰略背後的執行實現了兩位數的增長——推薦和銷售淨生產率連續兩位數增長。為了支持我們的租賃渠道，我們一直在獲得美國更多私人支付者的覆蓋。除了我們的核心 CMS 覆蓋外，我們最近還增加了 2 個大型私人醫療保健支付者。我們現在可以覆蓋大約 1.6 億私人覆蓋生命中的 COPD 患者群體。

Moving to B2B channels. We continue to monitor the overall market dynamic in the U.S. B2B channel where some of the larger HMEs have increased their focus on margin accretion, restructuring and capital expense management. Our strong and unique value proposition remains solid as Inogen's brand equity, device quality and best after-sale service come together to deliver optimized POC fleet deployment and competitive total cost of ownership for HMEs with high patient satisfaction.

轉向 B2B 渠道。我們繼續監測美國 B2B 渠道的整體市場動態，其中一些較大的 HME 更加關注利潤增長、重組和資本支出管理。我們強大而獨特的價值主張仍然穩固，因為 Inogen 的品牌資產、設備質量和最佳售後服務共同為 HME 提供優化的 POC 車隊部署和具有競爭力的總擁有成本，患者滿意度很高。

This has helped in adding new HME customers and expanding the base we serve while we manage competitive pressures and work towards lending into normal ordering pattern across the board. Given the low level of POC-based oxygen therapy penetration in the U.S., HME partnerships are essential to our strategy of reaching more patients with Inogen's leading POC and providing HMEs with a more competitive business model.

這有助於增加新的 HME 客戶並擴大我們服務的基礎，同時我們管理競爭壓力並努力全面進入正常訂購模式。鑑於美國基於 POC 的氧療滲透率較低，HME 合作夥伴關係對於我們通過 Inogen 領先的 POC 接觸更多患者並為 HME 提供更具競爭力的商業模式的戰略至關重要。

As for our international business-to-business, we have made solid progress after launching Rove 6 in Europe at the end of 2022 and have been granted reimbursement in Germany during Q1 2023. Additionally, we recently received confirmation of Rove 6 coverage in France and are awaiting the results to be published in the official gazette over the next few weeks. We are excited about securing these reimbursements slightly ahead of expectations and support of the rollout of Inogen and Rove 6 across Europe.

至於我們的國際企業對企業，我們在 2022 年底在歐洲推出 Rove 6 後取得了堅實的進展，並在 2023 年第一季度在德國獲得了報銷。此外，我們最近收到了法國和 Rove 6 覆蓋範圍的確認。正在等待未來幾週內在官方公報上公佈的結果。我們很高興能比預期和支持 Inogen 和 Rove 6 在歐洲推出略早地獲得這些報銷。

For our DTC business, we have remained focused on scaling the new disciplines in DTC as we work towards achieving the right growth and product productivity while optimizing our cost basis. This quarter, we made progress as we continue to institutionalize the new sales management discipline. As evidence of our progress, while we decreased the number of sales reps, Q1 2023 delivered solid sequential growth in the teens on a per rep basis for both units and revenue productivity.

對於我們的 DTC 業務，我們一直專注於擴展 DTC 的新學科，因為我們致力於實現正確的增長和產品生產力，同時優化我們的成本基礎。本季度，我們在繼續將新的銷售管理紀律制度化方面取得了進展。作為我們取得進展的證據，雖然我們減少了銷售代表的數量，但 2023 年第一季度在每個銷售代表的單位和收入生產力方面實現了穩定的連續增長。

Before I summarize, I would like to reiterate that in December 2022, Inogen received FDA clearance for Rove 4, and we are on track for an anticipated U.S. launch in the back half of 2023 as communicated previously. The launch of Rove 6 in Europe and our expected launch of Rove 4 in the U.S. are important steps as we commercialize the latest innovations in Inogen's POC portfolio. Additionally, we are very excited about the progress behind our ambition to serve a larger COPD population and broaden our portfolio to address respiratory needs across additional indications including [Vista], congestive heart failure and potentially hypercapnia.

在我總結之前，我想重申，在 2022 年 12 月，Inogen 獲得了 FDA 對 Rove 4 的批准，並且我們正按計劃於 2023 年下半年在美國推出，如前所述。在歐洲推出 Rove 6 以及我們預期在美國推出 Rove 4 是我們將 Inogen POC 產品組合中的最新創新商業化的重要步驟。此外，我們對為更多 COPD 人群提供服務並擴大我們的產品組合以解決其他適應症（包括 [Vista]、充血性心力衰竭和潛在的高碳酸血症）的呼吸需求所取得的進展感到非常興奮。

In summary, while remaining imminently focused on driving growth and delivering positive adjusted EBITDA by Q4 2023, we are also excited about the future where Inogen aims to expand beyond COPD and the new indications that are essential to managing respiratory health. We continue to see underlying demand for our offering and see a pathway to scalable and profitable growth as we advance our commercial, channel and innovation strategies.

總而言之，在繼續專注於推動增長和到 2023 年第四季度實現積極的調整後 EBITDA 的同時，我們也對 Inogen 旨在擴展到 COPD 以外的未來以及對管理呼吸系統健康至關重要的新適應症感到興奮。隨著我們推進商業、渠道和創新戰略，我們繼續看到對我們產品的潛在需求，並看到實現可擴展和盈利增長的途徑。

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.

謝謝你，Nabil，大家下午好。

Total revenue for the first quarter of 2023 was $72.2 million, in line with our internal expectations. Revenues decreased 10.2% year-over-year from the first quarter of 2022. The decrease was driven primarily by lower international sales and lower direct-to-consumer sales, partially offset by an increase in U.S. business-to-business sales and rental revenue. For the first quarter, foreign exchange had a negative 170 basis points impact on total revenue and a negative 460 basis points impact on international revenues. On a constant currency basis, first quarter total revenue decreased 8.5% from Q1 2022.

2023 年第一季度的總收入為 7220 萬美元，符合我們的內部預期。與 2022 年第一季度相比，收入同比下降 10.2%。下降的主要原因是國際銷售額下降和直接面向消費者的銷售額下降，部分被美國企業對企業銷售和租金收入的增長所抵消.第一季度，外匯對總收入產生了 170 個基點的負面影響，對國際收入產生了 460 個基點的負面影響。按固定匯率計算，第一季度總收入比 2022 年第一季度下降 8.5%。

Looking at first quarter revenue on a more detailed basis. Rental revenue increased 25.4% to $16.3 million in the first quarter of 2023 from $13 million in the first quarter of 2022. One year after we began investing in our prescriber initiative, it continues to bear fruit, resulting in continued growth in rental patients on service. Rental revenue was also positively impacted by higher Medicare reimbursement rates.

更詳細地查看第一季度收入。租金收入從 2022 年第一季度的 1300 萬美元增長 25.4% 至 2023 年第一季度的 1630 萬美元。在我們開始投資我們的處方計劃一年後，它繼續取得成果，導致服務的租賃患者持續增長.租金收入也受到更高的醫療保險報銷率的積極影響。

Domestic B2B revenue increased 146.7% to $12.6 million in the first quarter of 2023 compared with $5.1 million in the comparable period of 2022. It is important to note that the domestic business-to-business revenue was down considerably in Q1 '22 due to supply constraints that limited shipments to the channel. International B2B sales decreased 32.1% to $19 million in the first quarter of 2023 from $27.9 million in the comparable period of 2022. Last year, international sales were higher as we prioritized shipments to Europe due to the pending expiration of the EU MDD certificate in May of 2022. Direct-to-consumer sales decreased 29.2% to $24.3 million in the first quarter of 2023 from $34.4 million in the first quarter of 2022 driven primarily by lower volumes due to fewer inside sales representatives, partially offset by higher average selling prices.

2023 年第一季度國內 B2B 收入增長 146.7% 至 1260 萬美元，而 2022 年同期為 510 萬美元。需要注意的是，22 年第一季度國內 B2B 收入因供應大幅下降限制出貨到渠道的約束。國際 B2B 銷售額從 2022 年同期的 2790 萬美元下降 32.1% 至 2023 年第一季度的 1900 萬美元。去年，由於歐盟 MDD 證書將於 5 月到期，我們優先向歐洲發貨，因此國際銷售額較高2022 年。直接面向消費者的銷售額從 2022 年第一季度的 3440 萬美元下降 29.2% 至 2023 年第一季度的 2430 萬美元，這主要是由於內部銷售代表減少導致銷量下降，部分被平均售價上漲所抵消。

Now on to discuss our gross margins. Sales revenue gross margin was 39.2% in the first quarter of 2023, declining 220 basis points from the comparable period of 2022, driven primarily by channel mix with a higher volume of units sold through the business-to-business channel versus the direct-to-consumer channel. This was partially offset by lower labor and overhead costs and higher average selling prices. Rental revenue gross margin was 54.1% in the first quarter of 2023 versus 54.7% in the first quarter of 2022, a decline of 60 basis points. The margin compression was primarily driven by higher patient servicing costs, partially offset by higher Medicare reimbursement rates.

現在討論我們的毛利率。 2023 年第一季度銷售收入毛利率為 39.2%，比 2022 年同期下降 220 個基點，這主要是受渠道組合的推動，通過企業對企業渠道銷售的單位數量高於直銷渠道-消費者渠道。這部分被較低的勞動力和間接成本以及較高的平均售價所抵消。 2023 年第一季度租金收入毛利率為 54.1%，較 2022 年第一季度的 54.7% 下降了 60 個基點。利潤率壓縮主要是由於較高的患者服務成本，部分被較高的醫療保險報銷率所抵消。

Moving on to operating expense. In Q1, total operating expense increased to $52.6 million in the quarter compared to $48.6 million in the first quarter of 2022. The current quarter included restructuring and other related charges of $1.8 million. Like many other companies, we are taking steps in 2023 to mitigate the macroeconomic impact on our business and our profitability, including reducing operating expenses. Excluding restructuring charges, operating expenses increased to $50.8 million, primarily due to higher general and administrative costs.

繼續經營費用。在第一季度，總運營費用從 2022 年第一季度的 4860 萬美元增加到 5260 萬美元。本季度包括 180 萬美元的重組和其他相關費用。與許多其他公司一樣，我們將在 2023 年採取措施減輕宏觀經濟對我們業務和盈利能力的影響，包括減少運營費用。不包括重組費用，運營費用增加到 5080 萬美元，這主要是由於一般和行政費用增加。

Going into more detail on our expenses in the first quarter. We have continued to invest in research and development as we further our innovation pipeline, with total spend for the quarter of $5.3 million, roughly in line with the first quarter of 2022. Amortization of intangible assets declined in the period, partially offset by an increase in third-party and employee expenses related to product development activity. Sales and marketing expenses in the period were $28.4 million.

詳細介紹我們第一季度的支出。隨著我們進一步推進創新渠道，我們繼續投資於研發，本季度總支出為 530 萬美元，與 2022 年第一季度大致持平。無形資產攤銷在此期間有所下降，部分被增加所抵消與產品開發活動相關的第三方和員工費用。該期間的銷售和營銷費用為 2840 萬美元。

The $0.4 million increase in spending was primarily related to higher third-party fees, mostly offset by a decrease in media and advertising costs. And finally, we incurred $18.9 million for general and administrative expenses in Q1, representing a $3.7 million increase as compared to the prior period. This included a $1.8 million charge for restructuring and other related charges as well as an increase in personnel-related expenses and business development charges.

支出增加 40 萬美元主要與第三方費用增加有關，但大部分被媒體和廣告費用的減少所抵消。最後，我們在第一季度產生了 1890 萬美元的一般和管理費用，比上一期間增加了 370 萬美元。這包括 180 萬美元的重組費用和其他相關費用，以及與人事相關的費用和業務發展費用的增加。

In the first quarter of 2023, we reported a net loss of $20.3 million and a loss per diluted share of $0.88. On an adjusted basis, we reported a net loss of $14.5 million and an adjusted loss per diluted share of $0.63. Adjusted EBITDA was a negative $11.8 million.

2023 年第一季度，我們報告淨虧損 2030 萬美元，攤薄後每股虧損 0.88 美元。在調整後的基礎上，我們報告了 1450 萬美元的淨虧損和 0.63 美元的調整後攤薄每股虧損。調整後的 EBITDA 為負 1,180 萬美元。

Moving on to our balance sheet. As of March 31, 2023, we have cash, cash equivalents and marketable securities of $174.6 million with no debt outstanding. We continue to carry inventory of premium price components for semiconductor chips purchased on the open market but not yet sold in finished goods. These items reside on the balance sheet as inventory and is prepaid expense and other current assets. As of March 31, 2023, the value of premium components in our inventory and prepaid balances was $12.5 million.

轉到我們的資產負債表。截至 2023 年 3 月 31 日，我們擁有 1.746 億美元的現金、現金等價物和有價證券，沒有未償債務。我們繼續持有在公開市場上購買但尚未在成品中出售的半導體芯片的高價組件庫存。這些項目作為存貨存在於資產負債表上，是預付費用和其他流動資產。截至 2023 年 3 月 31 日，我們庫存和預付餘額中的高級組件價值為 1250 萬美元。

I will now turn to our financial outlook. As Nabil mentioned, we are reiterating our annual revenue guidance. We expect total company revenue for the full year 2023 to grow in the low to mid digits. In addition, as supply continues to improve and we deplete premium price components in the back half of 2023, we expect to see margin expansion as price increases remain, production volumes increase, and material costs are reduced. We remain focused on our return to profitability and anticipate reaching positive adjusted EBITDA by the fourth quarter of 2023.

我現在將談談我們的財務前景。正如 Nabil 提到的，我們重申了我們的年度收入指導。我們預計 2023 年全年公司總收入將以中低位數增長。此外，隨著供應持續改善以及我們在 2023 年下半年耗盡高價零部件，我們預計隨著價格繼續上漲、產量增加和材料成本降低，利潤率將擴大。我們仍然專注於盈利能力的恢復，並預計到 2023 年第四季度實現正的調整後 EBITDA。

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

因此，我們很樂意回答您的問題。

Ladies and gentlemen, the floor is now open for questions. (Operator Instructions) And we'll take our first question from Robbie Marcus from JPMorgan.

女士們，先生們，現在可以提問了。 （操作員說明）我們將從摩根大通的 Robbie Marcus 那裡回答我們的第一個問題。

This is actually Lily on for Robbie.

這實際上是羅比的莉莉。

Domestic B2B was a lot softer than what we were thinking, so can you talk a little bit about the drivers of that? Are you prioritizing the supply that you have elsewhere in the business? Or is there something else going on there? And how do you see that segment trending over the course of the year?

國內 B2B 比我們想像的要軟得多，所以你能談談其中的驅動因素嗎？您是否優先考慮業務中其他地方的供應？還是那裡發生了其他事情？您如何看待該細分市場在這一年中的趨勢？

Yes. Thank you, Lily, for the question. This is Nabil.

是的。謝謝你，莉莉，提出這個問題。這是納比爾。

So if you go back sequentially and you think about the messaging that we had, 2022 was part of the remediation efforts that we had in B2B. So we had pushed to really remediate the back orders that were in the system for an extended period of time, sometimes in the next couple of months. So there was a major push in the - towards the end of the year to be able to meet the demand, remediate those orders and focus our customers on the Inogen value proposition. So that's -- a little bit went into the quarter and led to a soft start.

因此，如果您按順序回顧並考慮我們的消息傳遞，2022 年是我們在 B2B 中進行的補救工作的一部分。因此，我們已經推動真正修復系統中長時間存在的延期交貨訂單，有時是在接下來的幾個月內。因此，在年底前大力推動能夠滿足需求、修復這些訂單並讓我們的客戶專注於 Inogen 價值主張。這就是 - 進入本季度並導致軟啟動。

As we said, there were some challenges in the B2B U.S.-specific channel in terms of our customers thinking a little bit about capital deployment, restructuring in terms of operating expenses. So we continue to work with them in terms of landing ordering where we need it to be. The start was a little bit softer, but we're very encouraged by the progress that we're making.

正如我們所說，在 B2B 美國特定渠道中，我們的客戶在考慮資本配置、運營支出方面的重組方面存在一些挑戰。因此，我們將繼續與他們合作，在我們需要的著陸順序方面進行合作。開始有點軟，但我們對我們正在取得的進展感到非常鼓舞。

Got it. That's helpful.

知道了。這很有幫助。

And just with the backdrop of the supply challenges, how should we be thinking about the cadence over the course of the year? Should we see this as being a more backloaded year as trends hopefully continue to improve? Or do you think we could see more normal seasonality in 2023?

在供應挑戰的背景下，我們應該如何考慮一年中的節奏？隨著趨勢有望繼續改善，我們是否應該將今年視為工作量更大的一年？還是您認為我們可以在 2023 年看到更正常的季節性？

Lily. So maybe let me start with also the other part of the message. And on the DTC side, we have said that we're going to take the first half of 2023 to be able to get back to the productivity that we need. So that is an indication that you're going to see a little bit different performance in the first half of 2023 with a relatively ramp in the back half of the year across all channels. But it's not supply-related. I just want to make sure that I stress that. We have enough supply to meet the demand. It's just the rollout of our channel strategy and the execution around this and the focus to not only land B2B where it needs to be, back to a normal ordering pattern, but getting DTC to direct productivity levels that we have planned. And we're making very good progress on in the first quarter, as we commented in our remarks earlier.

百合。所以也許讓我也從消息的另一部分開始。在 DTC 方面，我們已經說過，我們將在 2023 年上半年恢復到我們需要的生產力。因此，這表明您將在 2023 年上半年看到一些不同的表現，而下半年所有渠道的表現都將相對上升。但這與供應無關。我只是想確保我強調了這一點。我們有足夠的供應來滿足需求。這只是我們渠道戰略的推出和圍繞此的執行，重點不僅是在需要的地方登陸 B2B，回到正常的訂購模式，而且讓 DTC 達到我們計劃的直接生產力水平。正如我們在之前的評論中所評論的那樣，我們在第一季度取得了非常好的進展。

And we'll take our next question from Mike Matson from Needham & Co.

我們將從 Needham & Co 的 Mike Matson 那裡回答下一個問題。

Yes. I guess I'll start with the second quarter. So I understand you're giving kind of annual guidance, but I understand -- I also understand that like the first quarter, you're seeing that your own expectations, but unfortunately it didn't meet the analyst expectations. So is there any help you can give us in terms of modeling the second quarter revenue? Like do you expect it to be up, down, flat relative to last year?

是的。我想我將從第二季度開始。所以我知道你給出了某種年度指導，但我明白 - 我也明白就像第一季度一樣，你看到了你自己的期望，但不幸的是它沒有達到分析師的預期。那麼，在第二季度收入建模方面，您能給我們什麼幫助嗎？就像你預計它與去年相比會上升、下降還是持平？

Yes. Mike. It's Nabil.

是的。麥克風。是納比爾。

We're only going to make comments on the annual guidance for the time being. We can have a little bit more detailed conversations later on the calls. But for the time being, we're doubling down on 2 things. One is a low to mid-single-digit revenue growth and return to adjusted EBITDA positive by Q4 of the year. And so that's what we can comment on for the time being.

我們暫時只對年度指南發表評論。我們稍後可以在電話中進行更詳細的對話。但就目前而言，我們正在加倍努力做兩件事。一個是中低個位數的收入增長，並在今年第四季度恢復調整後的 EBITDA 為正。這就是我們暫時可以評論的內容。

Okay. Got it.

好的。知道了。

And then just your comments on not being supply constrained anymore. I just was wondering if you could clarify, are you implying as of today? Or does that mean that the revenue in the first quarter was really dictated by demand as opposed to supply?

然後只是您對不再受到供應限制的評論。我只是想知道你能否澄清一下，你是在暗示今天嗎？或者這是否意味著第一季度的收入真的是由需求而不是供應決定的？

Yes, so maybe 2-part answer to this.

是的，所以也許可以分為兩部分回答這個問題。

As we stand here today and look towards the end of 2023, we're comfortable between what we preorder and the commitments that our suppliers are meeting from the regular channel that we will not be supply constrained for the totality of the year, Mike. And the Q1 performance was not constrained from a supply perspective, just for complete transparency.

邁克，當我們今天站在這裡並展望 2023 年底時，我們對我們的預購和我們的供應商通過常規渠道做出的全年供應都不會受到限制的承諾感到滿意。而且第一季度的表現並沒有從供應的角度受到限制，只是為了完全透明。

Okay. All right.

好的。好的。

And I mean just given that, I mean, it seems like you've got a pretty big ramp to get to that mid-single-digit growth. And just your confidence level in being able to grow for the year?

我的意思是，考慮到這一點，我的意思是，你似乎有一個相當大的斜坡來實現中個位數的增長。以及您對今年能夠增長的信心水平？

Yes. Naturally, if you do the math like you're doing quickly on the call, there is a ramp in the back half of the year. I think I'm going to take it back to the fundamentals. We are seeing really good progress on the DTC productivity, strategy in terms of the discipline we're putting in place. We're making encouraging progress around B2B U.S. in terms of -- despite the challenges in the market dynamics, we're making progress because our value proposition remains very solid in terms of the components I listed on the call. .

是的。自然地，如果你像打電話時那樣快速計算，那麼下半年會有一個斜坡。我想我會把它帶回到基本面。我們看到 DTC 生產力、我們正在實施的紀律方面的戰略取得了非常好的進展。我們在美國 B2B 方面取得了令人鼓舞的進展——儘管市場動態面臨挑戰，但我們正在取得進展，因為就我在電話會議上列出的組成部分而言，我們的價值主張仍然非常穩固。 .

Also, international B2B is -- has been -- the demand has been steady and growing, so we're pleased with that. And then, of course, you saw the results on the prescriber channel that we're bound to continue to scale and drive forward with increased focus on acquiring new prescribers and also productivity within that channel.

此外，國際 B2B 是 - 一直 - 需求一直穩定且不斷增長，所以我們對此感到滿意。然後，當然，你看到了處方渠道的結果，我們一定會繼續擴大和推動，更加關注獲取新的處方者以及該渠道內的生產力。

So naturally, there's a steep back half of the year, but we're comfortable with where we stand in reiterating the overall annual guidance.

所以很自然地，今年下半年會有一個陡峭的下半年，但我們對重申整體年度指導的立場感到滿意。

And next, we'll go to Matthew Mishan from KeyBanc.

接下來，我們將訪問 KeyBanc 的 Matthew Mishan。

I -- just on the direct-to-consumer sales, you made a lot of changes to the commercial sales force. Do you think you've done this in enough time to really take advantage of, I guess, what your spring-summer, you're entering the seasonally strong period for when you would generate the most amount of your sales in that segment? And also, just kind of -- can you remind us what the lead time is between like point of contact and actually being able to close this out?

我——就直接面向消費者的銷售而言，您對商業銷售人員進行了很多改變。您是否認為您已經有足夠的時間來真正利用，我猜，您的春夏，您正在進入季節性旺盛的時期，以便您在該細分市場中產生最多的銷售額？而且，只是有點——你能提醒我們從聯繫點到實際能夠關閉它之間的準備時間是多少嗎？

Okay. So let me -- thank you, Matt. Let me start with the first part of the question.

好的。所以讓我——謝謝你，馬特。讓我從問題的第一部分開始。

I think typically, the seasonality starts ramping up around early April, sometimes late March, early April. I think we have made enough changes like you have for us to put the right disciplines in place. And maybe the best evidence to point to is despite the fact that we lower the number of salespeople we had -- in the teens, double digit and the teens grow per sales rep in terms of both productivity and revenue, which is very encouraging.

我認為通常情況下，季節性會在 4 月初左右開始增加，有時是 3 月底、4 月初。我認為我們已經像你們所做的那樣做出了足夠多的改變，以便我們制定正確的紀律。也許最好的證據是儘管我們減少了我們擁有的銷售人員數量——在青少年中，兩位數和青少年在生產力和收入方面都在增長，這是非常令人鼓舞的。

That says we have the right apparatus and the right team in place to meet the seasonality demand as well as we're continuing to improve. Every week, there is an update and review in terms of where are we from a productivity perspective, and we're encouraged by what we're seeing. So I don't see an issue from a seasonality and ability to capture the sales as the seasonality kicks in.

也就是說，我們擁有合適的設備和合適的團隊來滿足季節性需求，而且我們還在不斷改進。每週，我們都會從生產力的角度對我們的進展情況進行更新和審查，我們對所看到的情況感到鼓舞。因此，我認為季節性和在季節性開始時捕捉銷售的能力沒有問題。

Your second part of the question around lead time from point of contact. We typically do not comment on that, but like successful progression of an opportunity into the sales funnel into a close is typically in the, call it, 10 to 14 days typically. So if you're going to capture that patient, it has to happen within the 14 days of contract.

你的問題的第二部分是關於聯繫點的交貨時間。我們通常不會對此發表評論，但就像一個機會成功進入銷售漏斗到結束通常需要 10 到 14 天。所以如果你要抓到那個病人，它必須在合同的 14 天內發生。

And then just how important is it for you guys to reduce the volatility of sales on the B2B side? The swings have got -- I'm not sure if the swings are tough -- are difficult on your margins and difficult in your manufacturing. Is it -- is there a potential to kind of make it more ratable moving forward around those sales?

那麼減少 B2B 方面的銷售波動對你們來說有多重要？波動已經 - 我不確定波動是否艱難 - 在你的利潤率和製造方面都很困難。它 - 是否有可能讓它在這些銷售中變得更有吸引力？

Yes. So maybe let me go back to just one point for context. As we always say, there is a lot of volume to be rolled up in the market, just evidenced by the low penetration of POCs out of total modalities, and that is to be achieved both by us and by our HME partners.

是的。所以也許讓我回到一點來了解上下文。正如我們常說的那樣，市場上有大量的產品，POC 在所有模式中的滲透率很低就證明了這一點，這將由我們和我們的 HME 合作夥伴共同實現。

Let me start with us. The reason -- and this is sort of like a partial answer to your question. The reason we went to the prescribers, we want to be able to control part of our destiny moving forward and be able to make sure that we -- when I look at both the prescriber and the HME channel in terms of covering that upstream patients at the point of diagnosis and prescription, I'm progressing well. The part in my control fully is the one that we are very happy with the progress on. The part that is through my partnerships is the one that, as you said, is important for me. It continues to be part of our strategy, but we're working through a few headwinds in the interim.

讓我從我們開始。原因——這有點像對您問題的部分回答。我們去找處方醫生的原因是，我們希望能夠控制我們未來的部分命運，並能夠確保我們——當我從覆蓋上游患者的角度來看處方醫生和 HME 渠道時診斷和處方方面，我進展順利。我完全控制的部分是我們對進展感到非常滿意的部分。正如你所說，通過我的合作夥伴關係的部分對我來說很重要。它仍然是我們戰略的一部分，但在此期間我們正在努力克服一些不利因素。

With that said, if I look at the overall progress despite the challenges from a market perspective, we're happy in terms of the new customers we're adding and we're working with the customers that are in our base around some of the challenges depending on what they're facing.

話雖如此，如果我從市場的角度來看儘管存在挑戰但總體進展，我們對我們正在添加的新客戶感到高興，並且我們正在與我們基地的客戶合作挑戰取決於他們所面臨的情況。

(Operator Instructions) And we'll take our next question from Matthew Blackman from Stifel.

（操作員說明）我們將從 Stifel 的 Matthew Blackman 那裡回答下一個問題。

This is Colin on for Matt.

這是馬特的科林。

Just had a couple. Starting with DTC, I know you guys said productivity was improving throughout the quarter and those pilot study efforts you guys are putting in are progressing well either in absolute or relative to the plan. And to the extent you're willing, can you give us a sense of productivity levels entering the first quarter versus exiting the quarter? And frankly, now that we're nearly halfway through the second, where things stand right now?

剛生了一對。從 DTC 開始，我知道你們說整個季度的生產率都在提高，你們正在進行的試點研究工作在絕對或相對於計劃方面都取得了很好的進展。在您願意的範圍內，您能否讓我們了解進入第一季度與退出該季度的生產率水平？坦率地說，現在我們已經快過半了，現在情況如何？

I'm going to comment on the quarter itself because we're not going to make comments on Q2.

我將對本季度本身發表評論，因為我們不會對第二季度發表評論。

As I said in the prepared remarks, we have accomplished productivity per rep on the DTC side that are in the teens, so double digit in the teens. We can put a little bit more color to it later on the call, but this is very good progress compared to where we were before. And that productivity also is around the same level when I look at the prescriber channel, too. So there is very good progress and the encouraging signs that we are on the right track in terms of that envisioned DTC model, whereby we can drive performance and profitability at the same time by optimizing not only the number of salespeople, but also the advertising spend. It's starting to show the value of how we envisioned it and how we're executing around it diligently.

正如我在準備好的發言中所說的那樣，我們在 DTC 方面實現了每位代表的生產率，達到了十幾歲，所以達到了兩位數。稍後我們可以在電話會議上為其添加更多顏色，但與我們之前的情況相比，這是非常好的進步。當我查看處方渠道時，這種生產力也處於同一水平。因此，我們在設想的 DTC 模型方面取得了非常好的進展和令人鼓舞的跡象，表明我們走在了正確的軌道上，我們可以通過優化銷售人員數量和廣告支出來同時提高績效和盈利能力.它開始顯示我們如何設想它以及我們如何圍繞它努力執行的價值。

Okay.

好的。

One follow-up on the guidance. I was hoping you could decompose it a little bit from a growth standpoint. How much price is baked into the guide versus volume? You've got a bit of a U.S. tailwind with higher reimbursement. There could be some mix benefit from new products there. Any way to tease out the major components that roll into the full year guidance?

指導的一項後續行動。我希望你能從增長的角度對其進行分解。指南中包含多少價格與數量？你有一點美國的順風，報銷更高。那裡的新產品可能會帶來一些混合收益。有什麼方法可以梳理出全年指導中的主要組成部分嗎？

Yes, it's a good question, Colin. I'm going to say the price element is a mix in general because -- so one thing that we had not made the comment on yet is we took a price increase in DTC in April. Low single digits in April. We didn't take a price increase and other things. But as you can maybe interpret from our comments, in B2B, we are running certain interventions and promotional, like, support activities to be able to make sure that we land the orders where they need to be. So that's a net-net -- that guy versus the good guy on the other side.

是的，這是個好問題，科林。我要說價格因素通常是混合的，因為 - 我們還沒有發表評論的一件事是我們在 4 月份對 DTC 進行了價格上漲。 4 月份的個位數較低。我們沒有採取提價和其他措施。但正如您可能從我們的評論中解釋的那樣，在 B2B 中，我們正在進行某些干預和促銷活動，例如支持活動，以確保我們將訂單送到需要的地方。所以這是一個網絡——那個人與另一邊的好人。

Overall, pricing and ASP is trending where we expect it to be. Albeit a little bit behind the curve, but we're not very worried about us being able to recover.

總體而言，定價和 ASP 的趨勢符合我們的預期。儘管有點落後於曲線，但我們並不十分擔心我們能夠恢復。

(Operator Instructions)

（操作員說明）

Okay. If there are no questions, let me just make a few remarks in closing.

好的。如果沒有問題，讓我在結束時說幾句。

So as we look into the future of Inogen, this year will be an inflection point as we execute on our channel strategy, launch new products and set up for future scalable growth while focusing on returning to positive adjusted EBITDA by the fourth quarter. I'm pleased with the progress we have made across the commercial channels and geographies, securing access to our devices for a large patient -- larger patient population and continuing to build capabilities and processes that will support our plan to scale the business profitably in the years ahead.

因此，當我們展望 Inogen 的未來時，今年將是一個轉折點，因為我們將執行我們的渠道戰略，推出新產品並為未來的可擴展增長做好準備，同時專注於在第四季度恢復正調整後的 EBITDA。我對我們在商業渠道和地區取得的進展感到高興，確保大量患者能夠使用我們的設備——更多的患者群體，並繼續構建能力和流程，以支持我們在未來幾年。

As I conclude, I would like to thank our investors for your support and your interest in Inogen. I'm extremely proud of the Inogen team's collective efforts to progress our business so that we can fulfill our purpose of improving lives through respiratory care.

最後，我要感謝我們的投資者對 Inogen 的支持和興趣。我為 Inogen 團隊為推動我們的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生活的目標。

Thank you so much, and have a good day.

非常感謝，祝你有美好的一天。

Thank you. Ladies and gentlemen, this does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time, and have a great day.

謝謝。女士們，先生們，今天的電話會議到此結束。我們感謝您的參與。你可以在這個時候斷開你的線路，祝你有美好的一天。