Inogen remains focused on growth, innovation, profitability
By HME News Staff
Updated 3:51 PM CST, Thu November 7, 2024
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.
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