Inogen reports decreases, but plans for growth in 2024
By HME News Staff
Updated 9:18 AM CST, Wed February 28, 2024
GOLETA, Calif. – Inogen reported $75.9 million in revenue for the fourth quarter of 2023 compared to $88.1 million for the same period in 2022, primarily due to a decrease in domestic business-to-business sales and direct-to-consumer sales, partially offset by higher rental revenue.
The company reported $315.7 million in total revenue for full-year 2023 compared to $377.2 million in 2022, primarily due to declines in direct-to-consumer sales, as well as domestic and international business-to-business sales, partially offset by higher rental revenue.
“I am excited for the future of Inogen,” said Kevin Smith, president and CEO, who joined the company in November. “As we progress into 2024, we are focused on positioning the business for revenue growth and long-term profitability while advancing our innovation pipeline and working to bring Physio-Assist to the U.S. market. We have a strong management team with the recent additions of Grégoire Ramade as chief commercial officer and Michael Bourque as chief financial officer, and we are confident in our ability to deliver value for shareholders.”
Other financial results for the fourth quarter include:
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Total gross margin was 37.1% versus 33.5%.
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Adjusted EBITDA was a negative $17.3 million versus $10.6 million.
Other financial results for full-year 2023 include:
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Total gross margin was 40.1% versus 40.7%.
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Adjusted EBITDA was a negative $37.8 million versus $13.5 million.
For the first quarter of 2024, Inogen expects revenue of $73 million to $74 million, reflecting 1% to 3% growth.
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