Inogen reports double-digit increase in Q3
By HME News Staff
Updated 9:16 AM CDT, Wed November 2, 2022
GOLETA, Calif. – Inogen has reported total revenue of $105.4 million for the third quarter of 2022, a 13.2% increase compared to the same period last year.
Revenue increased primarily due to higher domestic business-to-business sales, as well as continued strength in the rental channel, partially offset by lower international business-to-business and direct-to-consumer sales
“I am pleased with the progress the team has made on our transformational journey,” said President and CEO Nabil Shabshab. “We fulfilled customer demand by overcoming supply chain challenges through extraordinary efforts, resulting in year-over-year double digit revenue growth. Our balance sheet remains strong and capable of driving our transformation. We are executing on our strategic initiatives, improving commercial productivity while building innovation programs that will enhance our ability to deliver sustainable long-term growth and profitability.”
Other financial results:
- Total gross margin was 40.6% vs. 51.2%.
- Total operating expense $53.1 million vs. $41.3 million.
- GAAP net loss was $9.5 million compared to GAAP net income of $12.2 million.
- Adjusted EBITDA was a negative $1.2 million vs. a positive $12.2 million.
- Cash and cash equivalents were $209.6 million as of Sept. 30, 2022, and no debt outstanding.
Inogen now projects revenue for the fourth quarter of 2022 to be in the range of approximately $87 million to $92 million, or approximately 14% to 20% growth year-over-year.
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