BEVERLY, Mass.--(BUSINESS WIRE)--Inogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced financial results for the quarter ended September 30, 2026.
“I am excited to lead Inogen at an important inflection in the Company’s evolution,” said Andy Reding, President and Chief Executive Officer. “We have a strong foundation, including a talented team, a differentiated portfolio of respiratory solutions, and deep customer relationships. At the same time, we have meaningful opportunities to sharpen our focus, strengthen execution, and improve commercial and operational performance. We remain focused on building a simpler, more focused company that can deliver sustainable, profitable growth and create long-term value for our shareholders.”
Recent Business Highlights
- Announced the appointment of Andy Reding as President and Chief Executive Officer and member of the Board of Directors
- Completed the divestiture of the U.S. oxygen rental business on November 2, 2026, for total estimated cash consideration of up to $24.8 million, sharpening the Company’s commercial focus and establishing a long-term supply agreement that expands patient access to Inogen’s oxygen concentrators through a national distribution network
- Initiated a cost reduction program beginning in the fourth quarter of 2026 that is expected to generate approximately $20 million of annualized savings by the end of 2027
- Delivered GAAP total revenue from continuing operations of $77.2 million in the third quarter of 2026, reflecting the divestiture of the U.S. oxygen rental business
- Reported GAAP loss from continuing operations of $14.8 million in the third quarter of 2026 compared to $3.6 million in the prior-year period. Adjusted loss from continuing operations was $0.4 million in the third quarter of 2026 compared to adjusted earnings of $1.2 million in the prior-year period
- Increased the Company’s existing share repurchase program authorization by $15 million bringing the total authorization to $45 million and further enhancing Inogen’s ability to return capital to shareholders
- Announced the Board of Directors’ intention to submit proposals at the 2027 Annual Meeting of Stockholders to declassify the Board, with all directors to be elected annually, and eliminating supermajority voting requirements in the Company’s Certificate of Incorporation and Bylaws
Third Quarter 2026 Financial Results
GAAP total revenue in the third quarter of 2026 was $77.2 million, a decrease of 2.4% from $79.1 million in the prior-year period, or a decrease of 3.2% on a constant currency basis. Revenue growth in the U.S. of 3.8%, was driven by demand for our portable oxygen concentrators, or POCs, and new products and was partially offset by capital softness in international markets.
GAAP gross margin was 44.1% in the third quarter of 2026 compared to 45.7% in the prior-year period. Adjusted gross margin was 44.2% in the third quarter of 2026 compared to 45.9% in the prior-year period due to a change in mix driven by lower international sales which more than offset continued cost of revenue improvements.
GAAP loss from continuing operations was $14.8 million in the third quarter of 2026 compared to $3.6 million in the prior-year period. Adjusted loss from continuing operations was $0.4 million in the third quarter of 2026 compared to adjusted earnings from continuing operations of $1.2 million in the prior-year period.
GAAP net loss per diluted share from continuing operations of $0.56 compared to $0.13 in the prior-year period. Adjusted net loss per diluted share from continuing operations was $0.02 in the third quarter of 2026 compared to adjusted net earnings per diluted share from continuing operations of $0.04 in the prior-year period.
Cash, cash equivalents, marketable securities, and restricted cash were $97.7 million as of September 30, 2026, with no debt outstanding. The Company repurchased 1,786,850 shares of common stock for $11.2 million year-to-date under the share repurchase program announced in the first quarter of 2026.
With the divestiture of the rental business, the Company has classified the results of that business as discontinued operations for all periods presented. Unless otherwise noted, financial results, non-GAAP measures, and guidance in this press release reflect continuing operations only, and prior period amounts have been recast to conform to the current presentation. Reconciliations of gross margin, operating expense, operating loss, net loss / earnings, and net loss / earnings per diluted share for the three and nine months ended September 30, 2026 and 2025 are in the financial schedules that are a part of this press release. An explanation of these non-GAAP financial measures is also included below under the heading “Reconciliation of U.S. GAAP to Non-GAAP Financial Measures.”
Fourth Quarter and Full Year 2026 Financial Outlook
Due to the divestiture of the rental business, Inogen is now providing financial guidance from continuing operations. Inogen now expects fourth quarter 2026 revenue from continuing operations in the range of $65 million and $68 million.
For the full year 2026, Inogen now expects revenue from continuing operations in the range of $298 million and $301 million.
The Company expects an adjusted loss from continuing operations of $7 million to $8 million for full-year 2026.
The Company has not provided a reconciliation of forward-looking adjusted net loss to the most directly comparable GAAP measure because certain items that impact net loss are uncertain or outside the Company's control and cannot be reasonably predicted without unreasonable effort.
Corporate Governance Update
Inogen’s Board of Directors intends to submit proposals to stockholders at the Company’s 2027 Annual Meeting of Stockholders to (a) amend the Company’s Certificate of Incorporation to declassify the Board so that all directors are elected annually, and (b) eliminate the supermajority voting requirements in the Company’s Certificate of Incorporation and Bylaws. At the 2026 Annual Meeting on June 5, 2026, more than 99% of the votes cast for or against the Board’s declassification proposal were in favor. However, the proposal did not reach the affirmative vote of 66 2/3% of outstanding shares that the Company’s Certificate of Incorporation requires.
Quarterly Conference Call Information
On November 5, 2026, the Company will host a conference call at 5:00 p.m. Eastern Time / 2:00 p.m. Pacific Time.
Individuals interested in listening to the conference call may do so by dialing:
U.S. domestic callers (877) 841-3961
Non-U.S. callers (201) 689-8589
Please reference Inogen to join the call. A live audio webcast and archived recording of the conference call will be available to all interested parties through the News / Events page on the Inogen Investor Relations website. This webcast will also be archived on the website for six months.
A replay of the call will be available approximately three hours after the live webcast ends and will be accessible through November 12, 2026. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Conference ID: 13761255.
Inogen has used, and intends to continue to use, its Investor Relations website, http://investor.inogen.com/, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
About Inogen
Inogen, Inc. (Nasdaq: INGN) is a leading global medical technology company offering innovative respiratory products for use in the homecare setting. Inogen supports patient respiratory care by developing, manufacturing, and marketing innovative best-in-class respiratory therapy devices used to deliver care to patients suffering from chronic respiratory conditions. Inogen partners with patients, prescribers, home medical equipment providers, and distributors to make its respiratory therapy products widely available, allowing patients the chance to manage the impact of their disease.
For more information, please visit www.inogen.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this communication that are not historical facts, including, but not limited to, statements regarding Inogen’s future business plans, market opportunities, financial outlook, growth strategies, anticipated operational results, and guidance, are forward-looking statements. Words such as “aims,” “believes,” “anticipates,” “plans,” “expects,” “will,” “intends,” “potential,” “possible,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including but not limited to, risks and uncertainties relating to Inogen’s 2026 fourth quarter and full year financial guidance; its discontinued operations; market acceptance of its products; competition; its sales, marketing and distribution capabilities; its planned sales, marketing, and research and development activities; and risks associated with international operations. Information on these and additional risks, uncertainties, and other information affecting Inogen’s business operating results are contained in its Annual Report on Form 10-K for the period ended December 31, 2025, its Quarterly Report on Form 10-Q for the period ended September 30, 2026, and in its other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Inogen disclaims any obligation to update these forward-looking statements except as may be required by law.
Non-GAAP Financial Measures
Inogen has presented certain financial information in accordance with U.S. GAAP and also on a non-GAAP basis for the three and nine months ended September 30, 2026, and September 30, 2025. Management believes that these 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 these non-GAAP measures to compare Inogen’s performance relative to forecasts and strategic plans, to benchmark Inogen’s performance externally against competitors, and for certain compensation decisions. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Inogen's operating results as reported under U.S. GAAP. Inogen encourages investors to carefully consider its results under U.S. GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between U.S. GAAP and non-GAAP results are presented in the accompanying tables of this release.
Consolidated Statements of Comprehensive Loss
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Three months ended
| Nine months ended
| ||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||
Revenue | $ | 77,193 | $ | 79,090 | $ | 233,122 | $ | 226,732 | |||||||
Cost of revenue | 43,185 | 42,925 | 128,311 | 124,477 | |||||||||||
Gross profit | 34,008 | 36,165 | 104,811 | 102,255 | |||||||||||
Operating expense | |||||||||||||||
Research and development | 5,404 | 4,840 | 16,372 | 14,083 | |||||||||||
Sales and marketing | 18,885 | 20,629 | 60,372 | 61,250 | |||||||||||
General and administrative | 14,744 | 16,131 | 45,974 | 45,378 | |||||||||||
Impairment charge | 10,559 | — | 10,559 | — | |||||||||||
Total operating expense | 49,592 | 41,600 | 133,277 | 120,711 | |||||||||||
Loss from operations | (15,584 | ) | (5,435 | ) | (28,466 | ) | (18,456 | ) | |||||||
Other income | |||||||||||||||
Interest income, net | 870 | 1,070 | 2,611 | 3,222 | |||||||||||
Other income, net | 73 | 606 | 262 | 1,663 | |||||||||||
Total other income, net | 943 | 1,676 | 2,873 | 4,885 | |||||||||||
Loss from continuing operations before provision (benefit) for income taxes | (14,641 | ) | (3,759 | ) | (25,593 | ) | (13,571 | ) | |||||||
Provision (benefit) for income taxes | 153 | (146 | ) | (175 | ) | (396 | ) | ||||||||
Loss from continuing operations | (14,794 | ) | (3,613 | ) | (25,418 | ) | (13,175 | ) | |||||||
Loss from discontinued operations, net of tax | (1,361 | ) | (1,681 | ) | (2,911 | ) | (2,445 | ) | |||||||
Net loss | (16,155 | ) | (5,294 | ) | (28,329 | ) | (15,620 | ) | |||||||
Other comprehensive (loss) income, net of tax | |||||||||||||||
Change in foreign currency translation adjustment | (18 | ) | (16 | ) | (1,213 | ) | 5,765 | ||||||||
Change in net unrealized gains (losses) on foreign currency hedging | 31 | 1,442 | (22 | ) | 746 | ||||||||||
Less: reclassification adjustment for net (gains) losses included in net loss | (6 | ) | (652 | ) | 69 | (1,391 | ) | ||||||||
Total net change in unrealized (gains) losses on foreign currency hedging | 25 | 790 | 47 | (645 | ) | ||||||||||
Change in net unrealized (losses) gains on marketable securities | (67 | ) | 23 | (61 | ) | 65 | |||||||||
Total other comprehensive (loss) income, net of tax | (60 | ) | 797 | (1,227 | ) | 5,185 | |||||||||
Comprehensive loss | $ | (16,215 | ) | $ | (4,497 | ) | $ | (29,556 | ) | $ | (10,435 | ) | |||
Basic loss per share attributable to common stockholders: | |||||||||||||||
Continuing operations | $ | (0.56 | ) | $ | (0.13 | ) | $ | (0.94 | ) | $ | (0.50 | ) | |||
Discontinued operations | (0.05 | ) | (0.06 | ) | (0.11 | ) | (0.09 | ) | |||||||
Total basic loss per share | $ | (0.61 | ) | $ | (0.20 | ) | $ | (1.05 | ) | $ | (0.59 | ) | |||
Diluted loss per share attributable to common stockholders: | |||||||||||||||
Continuing operations | $ | (0.56 | ) | $ | (0.13 | ) | $ | (0.94 | ) | $ | (0.50 | ) | |||
Discontinued operations | (0.05 | ) | (0.06 | ) | (0.11 | ) | (0.09 | ) | |||||||
Total diluted loss per share | $ | (0.61 | ) | $ | (0.20 | ) | $ | (1.05 | ) | $ | (0.59 | ) | |||
Weighted average number of shares outstanding : | |||||||||||||||
Basic shares of common stock | 26,461,344 | 27,075,637 | 26,939,805 | 26,407,849 | |||||||||||
Diluted shares of common stock | 26,461,344 | 27,075,637 | 26,939,805 | 26,407,849 | |||||||||||
(1) | Reconciliations of net loss attributable to common stockholders basic and diluted can be found in Inogen’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 to be filed with the Securities and Exchange Commission. | |
(2) | Due to a net loss for the three and nine months ended September 30, 2026 and September 30, 2025, diluted loss per share is the same as basic. |
Consolidated Balance Sheets
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September 30,
| December 31,
| ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 81,844 | $ | 103,729 | |||
Marketable securities | 14,996 | 15,848 | |||||
Restricted cash | 870 | 1,289 | |||||
Accounts receivable, net | 48,614 | 34,138 | |||||
Inventories | 29,035 | 25,969 | |||||
Prepaid expenses and other current assets | 12,392 | 11,335 | |||||
Assets of discontinued operations | 20,574 | 32,290 | |||||
Total current assets | 208,325 | 224,598 | |||||
Property and equipment, net | 8,623 | 10,063 | |||||
Goodwill | - | 10,698 | |||||
Intangible assets, net | 26,077 | 30,763 | |||||
Operating lease right-of-use asset | 14,096 | 16,501 | |||||
Other assets | 7,789 | 6,002 | |||||
Total assets | $ | 264,910 | $ | 298,625 | |||
Liabilities and stockholders' equity | |||||||
Current liabilities | |||||||
Accounts payable and accrued expenses | $ | 40,684 | $ | 32,602 | |||
Accrued payroll | 11,931 | 9,397 | |||||
Warranty reserve - current | 9,969 | 10,116 | |||||
Operating lease liability - current | 3,258 | 3,163 | |||||
Deferred revenue - current | 4,423 | 3,217 | |||||
Income tax payable | — | 183 | |||||
Liabilities of discontinued operations | — | 4,857 | |||||
Total current liabilities | 70,265 | 63,535 | |||||
Long-term liabilities | |||||||
Warranty reserve - noncurrent | 16,939 | 18,194 | |||||
Operating lease liability - noncurrent | 11,675 | 14,313 | |||||
Deferred revenue - noncurrent | 2,592 | 3,603 | |||||
Deferred tax liability | 6,450 | 6,749 | |||||
Total liabilities | 107,921 | 106,394 | |||||
Stockholders' equity | |||||||
Common stock | 26 | 27 | |||||
Additional paid-in capital | 357,860 | 363,545 | |||||
Accumulated deficit | (203,913 | ) | (175,584 | ) | |||
Accumulated other comprehensive income | 3,016 | 4,243 | |||||
Total stockholders' equity | 156,989 | 192,231 | |||||
Total liabilities and stockholders' equity | $ | 264,910 | $ | 298,625 | |||
Condensed Consolidated Statements of Cash Flows
| |||||||
Nine months ended
| |||||||
2026 | 2025 | ||||||
Cash flows from operating activities | |||||||
Net loss | $ | (28,329 | ) | $ | (15,620 | ) | |
Loss from discontinued operations, net of tax | (2,911 | ) | (2,445 | ) | |||
Loss from continuing operations | (25,418 | ) | (13,175 | ) | |||
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities: | |||||||
Depreciation and amortization | 6,609 | 6,609 | |||||
Provision for sales revenue returns and doubtful accounts | 5,217 | 4,866 | |||||
Provision for inventory losses | 941 | 721 | |||||
Stock-based compensation expense | 5,417 | 6,123 | |||||
Impairment charge | 10,559 | — | |||||
Deferred income taxes | (72 | ) | 30 | ||||
Other | (117 | ) | 286 | ||||
Changes in operating assets and liabilities (1) | (16,746 | ) | (25,858 | ) | |||
Net cash used in operating activities of continuing operations | (13,610 | ) | (20,398 | ) | |||
Net cash provided by operating activities of discontinued operations | 5,401 | 10,125 | |||||
Net cash used in operating activities | (8,209 | ) | (10,273 | ) | |||
Cash flows from investing activities | |||||||
Purchases of available-for-sale securities | (20,878 | ) | (22,682 | ) | |||
Maturities of available-for-sale securities | 21,669 | 6,000 | |||||
Investment in property and equipment | (1,201 | ) | (1,544 | ) | |||
Net cash used in investing activities of continuing operations | (410 | ) | (18,226 | ) | |||
Net cash used in investing activities of discontinued operations | (2,504 | ) | (6,467 | ) | |||
Net cash used in investing activities | (2,914 | ) | (24,693 | ) | |||
Cash flows from financing activities | |||||||
Proceeds from employee stock purchases | 729 | 971 | |||||
Payment of employment taxes related to vesting of restricted stock units | (668 | ) | (634 | ) | |||
Repurchases of common stock | (11,247 | ) | — | ||||
Payments of accrued earnout | — | (3,178 | ) | ||||
Proceeds from issuance of common stock from securities purchase agreement | — | 27,210 | |||||
Net cash (used in) provided by financing activities | (11,186 | ) | 24,369 | ||||
Effect of exchange rates on cash | 5 | 939 | |||||
Net decrease in cash, cash equivalents, and restricted cash | $ | (22,304 | ) | $ | (9,658 | ) | |
(1) | Includes $9,822 of the operating activity portion of the earnout liability payment related to the Physio-Assist acquisition for the nine months ended September 30, 2025. |
Supplemental Financial Information
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Constant | ||||||||||||||||||||
Three months ended | Currency | |||||||||||||||||||
September 30, | Change 2026 vs. 2025 | Change (1) | ||||||||||||||||||
Revenue by geographic region | 2026 | 2025 | $ | % | % | |||||||||||||||
U.S. sales | $ | 42,249 | $ | 40,687 | $ | 1,562 | 3.8 | % | 3.8 | % | ||||||||||
International sales | 34,944 | 38,403 | (3,459 | ) | -9.0 | % | -10.4 | % | ||||||||||||
Total revenue | $ | 77,193 | $ | 79,090 | $ | (1,897 | ) | -2.4 | % | -3.2 | % | |||||||||
Additional financial measures | ||||||||||||||||||||
Portable units sold | 51,900 | 49,000 | ||||||||||||||||||
Constant | ||||||||||||||||||||
Nine months ended | Currency | |||||||||||||||||||
September 30, | Change 2026 vs. 2025 | Change (1) | ||||||||||||||||||
Revenue by geographic region | 2026 | 2025 | $ | % | % | |||||||||||||||
U.S. sales | $ | 119,257 | $ | 120,421 | $ | (1,164 | ) | -1.0 | % | -1.0 | % | |||||||||
International sales | 113,865 | 106,311 | 7,554 | 7.1 | % | 0.8 | % | |||||||||||||
Total revenue | $ | 233,122 | $ | 226,732 | $ | 6,390 | 2.8 | % | 0.1 | % | ||||||||||
Additional financial measures | ||||||||||||||||||||
Portable units sold | 151,500 | 138,400 | ||||||||||||||||||
(1) | Represents a non-GAAP financial measure |
Reconciliation of U.S. GAAP to Non-GAAP Financial Measures
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Three months ended September 30, 2026 | ||||||||||||||||||||||||||||||||
Non-GAAP Financial Metrics | Gross
| Research
| Sales and
| General and
| Impairment
| Loss from
| Loss from
| Diluted
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Financial Results (GAAP) | $ | 34,008 | $ | 5,404 | $ | 18,885 | $ | 14,744 | $ | 10,559 | $ | (15,584 | ) | $ | (14,794 | ) | $ | (0.56 | ) | |||||||||||||
Reported percent net sales | 44.1 | % | 7.0 | % | 24.5 | % | 19.1 | % | 13.7 | % | (20.2 | %) | (19.2 | %) | ||||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||
Amortization of intangibles | — | 868 | 310 | 57 | — | 1,235 | 1,235 | 0.05 | ||||||||||||||||||||||||
Stock-based compensation | 97 | 127 | 147 | 1,387 | — | 1,758 | 1,758 | 0.07 | ||||||||||||||||||||||||
Restructuring-related charges | — | — | — | 601 | — | 601 | 601 | 0.02 | ||||||||||||||||||||||||
Stockholder engagement and proxy defense costs (1) | — | — | — | 223 | — | 223 | 223 | 0.01 | ||||||||||||||||||||||||
Impairment charges | — | — | — | — | 10,559 | 10,559 | 10,559 | 0.40 | ||||||||||||||||||||||||
Income tax impact of adjustments (2) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Adjusted | $ | 34,105 | $ | 4,409 | $ | 18,428 | $ | 12,476 | $ | - | $ | (1,208 | ) | $ | (418 | ) | $ | (0.02 | ) | |||||||||||||
Adjusted percent net sales | 44.2 | % | 5.7 | % | 23.9 | % | 16.2 | % | 0.0 | % | (1.6 | %) | (0.5 | %) | ||||||||||||||||||
Three months ended September 30, 2025 | ||||||||||||||||||||||||||||||||
Non-GAAP Financial Metrics | Gross
| Research
| Sales and
| General and
| Impairment
| Loss from
| (Loss)
| Diluted
| ||||||||||||||||||||||||
Financial Results (GAAP) | $ | 36,165 | $ | 4,840 | $ | 20,629 | $ | 16,131 | $ | - | $ | (5,435 | ) | $ | (3,613 | ) | $ | (0.13 | ) | |||||||||||||
Reported percent net sales | 45.7 | % | 6.1 | % | 26.1 | % | 20.4 | % | 0.0 | % | (6.9 | %) | (4.6 | %) | ||||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||
Amortization of intangibles | — | 876 | 352 | 57 | — | 1,285 | 1,285 | 0.05 | ||||||||||||||||||||||||
Stock-based compensation | 135 | 72 | 171 | 1,357 | — | 1,735 | 1,735 | 0.06 | ||||||||||||||||||||||||
Legal settlement and expenses | — | — | — | 1,784 | — | 1,784 | 1,784 | 0.07 | ||||||||||||||||||||||||
Income tax impact of adjustments (2) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Adjusted | $ | 36,300 | $ | 3,892 | $ | 20,106 | $ | 12,933 | $ | - | $ | (631 | ) | $ | 1,191 | $ | 0.04 | |||||||||||||||
Adjusted percent net sales | 45.9 | % | 4.9 | % | 25.4 | % | 16.4 | % | 0.0 | % | (0.8 | %) | 1.5 | % | ||||||||||||||||||
Nine months ended September 30, 2026 | ||||||||||||||||||||||||||||||||
Non-GAAP Financial Metrics | Gross
| Research
| Sales and
| General and
| Impairment
| Loss from
| Loss from
| Diluted
| ||||||||||||||||||||||||
Financial Results (GAAP) | $ | 104,811 | $ | 16,372 | $ | 60,372 | $ | 45,974 | $ | 10,559 | $ | (28,466 | ) | $ | (25,418 | ) | $ | (0.94 | ) | |||||||||||||
Reported percent net sales | 45.0 | % | 7.0 | % | 25.9 | % | 19.7 | % | 13.7 | % | (12.2 | %) | (10.9 | %) | ||||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||
Amortization of intangibles | — | 2,633 | 978 | 171 | — | 3,782 | 3,782 | 0.14 | ||||||||||||||||||||||||
Stock-based compensation | 351 | 397 | 246 | 4,423 | — | 5,417 | 5,417 | 0.20 | ||||||||||||||||||||||||
Restructuring-related charges | — | — | — | 1,731 | — | 1,731 | 1,731 | 0.06 | ||||||||||||||||||||||||
Stockholder engagement and proxy defense costs (1) | — | — | — | 1,012 | — | 1,012 | 1,012 | 0.04 | ||||||||||||||||||||||||
Impairment charges | — | — | — | — | 10,559 | 10,559 | 10,559 | 0.39 | ||||||||||||||||||||||||
Income tax impact of adjustments (2) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Adjusted | $ | 105,162 | $ | 13,342 | $ | 59,148 | $ | 38,637 | $ | - | $ | (5,965 | ) | $ | (2,917 | ) | $ | (0.11 | ) | |||||||||||||
Adjusted percent net sales | 45.1 | % | 5.7 | % | 25.4 | % | 16.6 | % | 0.0 | % | (2.6 | %) | (1.3 | %) | ||||||||||||||||||
Nine months ended September 30, 2025 | ||||||||||||||||||||||||||||||||
Non-GAAP Financial Metrics | Gross
| Research
| Sales and
| General and
| Impairment
| Loss from
| Loss from
| Diluted
| ||||||||||||||||||||||||
Financial Results (GAAP) | $ | 102,255 | $ | 14,083 | $ | 61,250 | $ | 45,378 | $ | - | $ | (18,456 | ) | $ | (13,175 | ) | $ | (0.50 | ) | |||||||||||||
Reported percent net sales | 45.1 | % | 6.2 | % | 27.0 | % | 20.0 | % | 0.0 | % | (8.1 | %) | (5.8 | %) | ||||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||
Amortization of intangibles | — | 2,512 | 958 | 162 | — | 3,632 | 3,632 | 0.14 | ||||||||||||||||||||||||
Stock-based compensation | 431 | 236 | 548 | 4,908 | — | 6,123 | 6,123 | 0.23 | ||||||||||||||||||||||||
Legal settlement and expenses | — | — | — | 1,784 | — | 1,784 | 1,784 | 0.07 | ||||||||||||||||||||||||
Income tax impact of adjustments (2) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Adjusted | $ | 102,686 | $ | 11,335 | $ | 59,744 | $ | 38,524 | $ | - | $ | (6,917 | ) | $ | (1,636 | ) | $ | (0.06 | ) | |||||||||||||
Adjusted percent net sales | 45.3 | % | 5.0 | % | 26.4 | % | 17.0 | % | 0.0 | % | (3.1 | %) | (0.7 | %) | ||||||||||||||||||
(1) | Stockholder engagement and proxy defense costs include third-party advisory, legal, and other professional fees. | |
(2) | Income tax impact of adjustments represents the tax impact related to the non-GAAP adjustments listed above and reflects an effective tax rate of 0% for 2026 and 2025. |