In brief: Financial results, pharmacy acquisitions, Diabetes Awareness Month

GOLETA, Calif. - Inogen reported total revenue of $88.8 million for the third quarter of 2024, a 5.8% increase year over year, driven by higher demand and new customer gains across the domestic and international business-to-business channels.  

Those gains were partially offset by lower direct-to-consumer sales and rental revenue. 

“We continued to make significant progress on our strategic priorities in the third quarter,” said Kevin Smith, president and CEO. Our results demonstrate our team’s strong commercial and operational execution. “As we move into the fourth quarter, we remain focused on driving growth, continuing innovation, and advancing toward sustainable profitability.” 

Inogen also reported: 

• Total gross margin was 46.5% vs. 40.2% YOY 

• Total operating expense was $49.1 million, a 39% decrease YOY, attributable to a one-time goodwill impairment charge in the prior year 

• GAAP net loss of $6 million vs. $45.6 million YOY 

• Adjusted EBITDA of a positive $500,000 vs. Negative $5.5 million YOY 

• Cash, cash equivalents, marketable securities and restricted cash of $124.3 million, a $3 million increase sequentially 

The company now expects revenue for the full year 2024 to range from about $329 million to $331 million, representing about 4% to 5% growth YOY. 

Viemed ‘earns trust,’ sees growth 

LAFAYETTE, La. – Viemed Healthcare reported revenues of $58 million for the third quarter of 2024, an increase of 17.4% year over year and an increase of 5.5% sequentially. 

The company increased its ventilator patient count by 11% sequentially to 11,374 and increased its sleep therapy patient count by 11% sequentially to 19,478. 

“Viemed continues to earn a trusted place in the home with our high-touch, technology-enabled clinical approach to delivering complex respiratory care services,” said Casey Hoyt, CEO. “As a vital link between patients, providers and payers, we are demonstrating Viemed’s value in increasing patient satisfaction, improving compliance and reducing rehospitalizations. This valuable position is helping us increase the patient population that we can serve for non-invasive ventilation, sleep, staffing and other complementary services.” 

Other highlights: 

• Viemed increased its sleep resupply orders by 9.7% sequentially to 22,143. 

• The company maintains a cash balance of $11.3 million and an overall working capital balance of $11.3 million. Long term debt as of Sept. 30, 2024, amounted to $3.7 million and the company has $55.3 million available under existing credit facilities. 

• Viemed now expects to generate net revenues of approximately $59.7 million to $60.9 million during the fourth quarter of 2024. 

Insulet sees ‘robust’ Q3 

ACTON, Mass. – Insulet reported revenue of $543.9 million for the third quarter of 2023, an increase of 25.7%. Total Omnipod revenue was $533.6 million, an increase of 26.4%; of that, U.S. Omnipod revenue was $395.6 million and international Omnipod revenue was $138 million. “We continue to achieve significant milestones and robust revenue growth," said Jim Hollingshead, president and CEO. “Omnipod 5 is the first and only automated insulin delivery system in the U.S. for both Type 1 and Type 2 diabetes, following recent FDA clearance for the Type 2 label indication. Insulet leads the industry, and Omnipod 5 is revolutionizing diabetes care worldwide. I am proud of our team’s daily achievements in improving health outcomes and setting new standards in diabetes management.” Other strategic highlights: Insulet launched U.S. full market release of the Omnipod 5 App for iPhone and was named No. 1 insulin pump for new pump users in Europe. For the year ending Dec. 31, 2024, the company is raising its expected revenue growth to a range of 20% to 21%. 

InfuSystem sees ‘acceleration’ 

ROCHESTER HILLS, Mich. – InfuSystem Holdings reported revenue of $35.3 million for the third quarter of 2024, an increase of 11% year over year. Of that, Patient Services net revenue was $20.8 million and Device Solutions net revenue was $14.5 million. Adjusted EBITDA was $7.9 million, an increase of 15% year over year. “Our third quarter financial results reflect the forecasted acceleration in our business in the second half of the year,” said Rich Dilorio, CEO. “We saw significant growth in both our top- and bottom-line results, accompanied by strong cash flow. The record revenue of $35.3 million, which represents organic growth of 11% was driven by strong growth in our oncology and rental businesses, and ramping revenue in wound care third-party payer revenues.” During the quarter, InfuSystem entered into strategic partnerships with Smith+Nephew to distribute its negative pressure wound therapy system and Sanara Medtech to become the exclusive distributor of the Chemo Mouthpiece. 

OneroRx expands regional footprint 

TRENTON, Mo. – OneroRx, a leading regional provider of pharmacy and telepharmacy services, has acquired two EverCare Pharmacy locations in Princeton and Trenton, Mo., effective Nov. 1. The acquisition aligns with the company’s mission of keeping quality, affordable pharmacy care for those who need it most, it says. “This strategic growth reflects our ongoing commitment to ensure that small and rural communities have access to high-quality pharmacy services,” said Amy Mitchell, OneroRx regional president. “By broadening our reach, we are better positioned to meet the health care needs of these areas and continue our mission of providing exceptional care in rural communities. We are proud to be able to continue serving these communities alongside the local team that the EverCare patients know and love.” EverCare Pharmacy has offered essential health care services to northern Missouri communities for more than 14 years. It will now join the OneroRx’s 17 other community pharmacy locations, two specialty pharmacies, one long-term-care pharmacy and one DME company across Missouri, bringing the total number of locations for OneroRx to 67 across seven states. The Trenton and Princeton communities will continue to receive a variety of pharmacy services, including immunizations, local delivery, LTC services, medication synchronization and more. 
 
Citizens Memorial Hospital acquires Evans Drugs 
BOLIVAR, Mo. – Citizens Memorial Hospital is acquiring the Evans Drugs pharmacy locations in Bolivar and Buffalo, Mo., effective Dec. 1. “With the ever-changing landscape of independent retail pharmacies, CMH will provide great patient care and customer service in the Bolivar and Buffalo areas,” said Kevin McCullough, Pharm.D., owner of Evans Drugs. “Patients will have access to expanded pharmacy services that will help improve their overall health and well-being.” With the acquisition, CMH will have three retail pharmacies in Bolivar, Buffalo and Urbana (telepharmacy). CMH also operates a hospital pharmacy, which serves hospital patients, and the CMH Senior Pharmacy, which serves residents of long-term care facilities. "We have had a good relationship with Evans Drugs through the years, and we’re excited to welcome their Bolivar and Buffalo employees to CMH," said Michael Calhoun, CEO and executive director of CMH and CMH Foundation. “We already offer numerous health care services in Buffalo. The pharmacy addition will streamline access to medications for our many patients in Dallas County, making it easier for them to get the care they need close to home." Evans Drugs employs four pharmacy technicians and one pharmacist at both the Bolivar and Buffalo locations. CMH is offering employment to all 10 individuals. The Buffalo location will be renamed CMH Buffalo Community Pharmacy and will remain open at its current location. 

Insulet to mark National Diabetes Awareness month 

ACTON, Mass. – Insulet will recognize National Diabetes Awareness Month and World Diabetes Day with a series of activities in November. The company will sponsor the American Diabetes Association’s two-day community event Nov. 22 – 23 in Boston and will exhibit at the ADA Community Day of Access, which includes free health care screenings and more. “People with diabetes must make dozens of decisions every day to manage their condition, which can be incredibly stressful, overwhelming at times, and get in the way of enjoying life,” said Jim Hollingshead, president CEO. “This impact often extends to family members and caregivers, a burden the general public largely underappreciates. At Insulet, where many of us have personal connections to diabetes, we all get to do something special, improving lives through our important work.” Insulet will also sponsor “TypeCast: Life Between the Lines,” which is set to launch in November. Hosted by Omnipod Ambassador Natalie Balmain, TypeCast will share different stories and life experiences of people with diabetes from around the world, one of several podcasts that Insulet supports to raise awareness. Additionally, throughout the month the company’s employees will write notes of support and encouragement to recently diagnosed people (and their families), an effort that is being coordinated with Breakthrough T1D (formerly JDRF); and, for World Diabetes Day on Nov. 14, it will host fun, informative and interactive employee activities globally to share customer stories on various platforms to further raise awareness about diabetes. 

HME Home Health launches accessibility site 

RICHMOND, B.C. – HME Home Health has a newly redesigned accessibility website (www.hmeaccessibility.com/) that will allow users to complete online purchasing of stair lifts ramps, ceiling lifts and other accessibility products. “HME has always been a leader in the accessibility market,” said Robert Boscacci, CEO and co-founder. “Our new website allows for e-commerce accessibility purchasing and is one of the first in Canada.” HME Home Health has eight locations and more than 80,000 square feet of office and warehouse space in Richmond, Victoria, Surrey, Nanaimo, North Vancouver, Kelowna, and Sechelt. In September, the company was named to The Globe and Mail’s Canada’s Top Growing Companies list for the third year in a row. The company ranked No. 376 out of 416 on three-year revenue growth of 75%.  

PharmaSens adds two to board 

BIEL/BIENNE, Switzerland – PharmaSens, a developer of insulin patch pumps for people with diabetes, has appointed Robert A. Gabbay, MD, PhD, FACP and James L. Peterson to its board of directors. The Swiss company is developing an insulin delivery platform and is working to bring to patients the first all-in-one wearable patch device integrating both insulin delivery and continuous glucose sensing. "Welcoming Dr. Bob Gabbay and James Peterson to our board is a great honor and represents a significant milestone for PharmaSens as the company delves more deeply into the clinical research phase and looks to develop internationally," said Jean Patricot, chairman of the PharmaSens board. "Their expertise will strengthen our efforts to simplify diabetes management and expand access to insulin pump therapy for more people with diabetes." Gabbay recently stepped down as chief scientific and medical officer of the American Diabetes Association, where he led ADA’s efforts to drive discovery within the world of diabetes research, care and prevention. Peterson has extensive executive leadership experience in company growth, mergers and acquisitions, corporate fundraising, venture building, and the development of new businesses and technology. He was previously president and CEO of global health care company Haemonetics.