---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-048471"
form_type: "8-K"
ticker: "INGN"
cik: "0001294133"
company_name: "Inogen Inc"
filed_at: "2023-09-18T23:59:59+00:00"
generated_at: "2026-06-10T14:32:27.664555+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Inogen completes acquisition of Physio-Assist for ~$32M cash plus up to $13M earnout

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-23-048471
- form_type: 8-K
- ticker: INGN
- cik: 0001294133
- company_name: Inogen Inc
- filed_at: 2023-09-18T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1294133/000095017023048471/0000950170-23-048471-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1294133/000095017023048471/ingn-20230914.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-048471
- JSON: https://secwatch.observer/filing/0000950170-23-048471.json
- Plain text: https://secwatch.observer/filing/0000950170-23-048471.txt

## Key facts
- M&A Transactions
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1294133/000095017023048471/0000950170-23-048471-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.