Inogen makes ‘meaningful progress’ 

GOLETA, Calif. – Inogen reported total revenue increased 6.1% to $88.8 million for the second quarter, primarily driven by higher demand and new customers in international and domestic business-to-business sales.  

It reported a net loss of $5.59 million vs. a net loss of $9.83 million year over year. 

“I am proud of the performance of our team in the first half of 2024,” said Kevin Smith, president and CEO. “We have made meaningful progress on our strategic initiatives, driving top-line growth and advancing the profile of the business toward profitability. We will also continue to advance our innovation pipeline and look forward to delivering best-in-class products to more respiratory patients around the world.” 

Other highlights from the quarter: 

• Total gross margin was 48.1% in the second quarter of 2024 vs. 40.7% in the second quarter of 2023. The increase was driven primarily by lower premiums paid for components and favorable adjustments to reserves, partially offset by sales channel mix. 
• Total operating expense for the quarter was $49.8 million compared to $45.8 million in the second quarter of 2023, representing an increase of 8.7%. The increase was primarily due to higher personnel-related expenses. 
• Adjusted EBITDA was a positive $1.3 million in the second quarter of 2024 compared to a negative $3.2 million in the second quarter of 2023. 
• Cash, cash equivalents, marketable securities and restricted cash were $121.2 million as of June 30, 2024, and no debt outstanding. 

Inogen expects revenue for the full year 2024 to range from approximately $325 million to $330 million, which represents approximately 3% to 5% growth over the company’s prior year revenue.