Inogen Inc (INGN): restructuring charge — Inogen abandons TAV ventilator program, expects $53.4M asset write-down in Q4 2022

Inogen Inc

Ceased development of TAV technology from New Aera; estimates $53.4M loss on disposal of intangible assets.
Loss on inventory of $0.2-$0.3M, partially offset by $13.6-$13.7M decrease in earnout liability.
No significant future cash charges expected; disposal to be completed by Dec 31, 2022.
Decision based on lack of product compatibility, no Medicare reimbursement, and substantial additional investment needed.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Inogen Inc announced a impairment with charges of loss on asset disposal of its technology intangible assets of approximately $53.4 million and loss on inventory of $0.2 to $0.3 million affecting technology intangible assets related to Tidal Assist Ventilator (TAV) technology acquired from New Aera.

Type: impairment
Charge: loss on asset disposal of its technology intangible assets of approximately $53.4 million and loss on inventory of $0.2 to $0.3 million
Affected area: technology intangible assets related to Tidal Assist Ventilator (TAV) technology acquired from New Aera

Exact text from the filing

In connection with the Disposal Determination, the Company estimates it will incur a loss on asset disposal of its technology intangible assets of approximately $53.4 million and loss on inventory of $0.2 to $0.3 million, partially offset by a decrease in the fair value of the Company’s New Aera earnout liability of approximately $13.6 to $13.7 million.

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Source: SEC EDGAR

accession 0000950170-22-026958

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