Inogen ‘disappointed’ in Q2 

GOLETA, Calif. - Inogen reported total revenue of $83.6 million for the second quarter of 2023, a 19% decrease compared to the prior year, as higher rental revenue and domestic business-to-business sales were more than offset by declines in direct-to-consumer sales and international B2B sales. 

It reported a net loss of $9.8 million vs. $3.4 million. 

“While disappointed in our second quarter performance, we remain focused on driving execution behind our commercial strategy to continue improving productivity in the direct-to-consumer channel, expanding our presence in the prescriber channel and managing volatility in the lower-margin business-to-business channels,” said Nabil Shabshab, president and CEO. “Importantly, we are making progress on improving Adjusted EBITDA, while making select investments, including innovation to organically expand our portfolio in service of new patients and indications beyond COPD. Additionally, the recent agreement to acquire Physio-Assist will allow Inogen to serve patients in need of airway clearance with a clinically differentiated product internationally and eventually in the US. We believe that continued execution behind our commercial and innovation strategies will provide a path to revenue growth in 2024 with a continued focus on a return to profitability.” 

As a result of its year-to-date performance and continued pressure in the business-to-business channels, Inogen now expects 2023 annual revenue of $315 million to $320 million and adjusted EBITDA loss of $20 million to $25 million for the full year.