Inogen Inc (INGN): M&A transaction — Inogen completes acquisition of Physio-Assist for ~$32M cash plus up to $13M earnout

Inogen Inc

Paid ~$32M cash at closing, subject to net debt adjustment; potential earnout up to $13M if FDA clearance within 4 years.
Physio-Assist's Simeox airway clearance device targets bronchiectasis; 400k-490k US patient population.
Simeox CE-marked, sold in Europe/Asia/Middle East; Inogen to pursue FDA submission.
Expected immaterial to 2023 revenue, immediately accretive to gross margin, accretive to adjusted earnings by 2027.
Recurring revenue from disposables in addition to capital sales per device.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Inogen Inc completed an acquisition involving Physio-Assist SAS for approximately $32,000,000 cash at closing subject to adjustment for the estimated net debt amount (closed 2023-09-14).

Action: acquisition
Counterparty: Physio-Assist SAS
Consideration: approximately $32,000,000 cash at closing subject to adjustment for the estimated net debt amount
Closing: 2023-09-14

Exact text from the filing

clearance technique) for patients suffering from obstructive respiratory diseases. Pursuant to the terms of the Share Purchase Agreement, Inogen paid the Sellers approximately $32,000,000 cash at closing subject to adjustment for the estimated net debt amount of Physio-Assist SAS (subject to potential adjustment after closing following confirmation of the actual

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Source: SEC EDGAR

accession 0000950170-23-048471

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