Inogen reports slight increase
By HME News Staff
Updated 8:36 AM CDT, Fri August 5, 2022
GOLETA, Calif. – Inogen reported total revenues of $103.4 million for the second quarter of 2022, a 1.8% increase compared to the same period in 2021 and a 28.6% increase compared to the prior quarter.
“We delivered solid performance in the quarter driven by our ability to fulfill customer demand, while effectively managing supply chain challenges and macro headwinds,” said Nabil Shabshab, Inogen’s president and CEO.
Other financial results:
- Adjusted EBITDA was $3.2 million during the second quarter of 2022 compared to $12.4 million the same period in 2021.
- Total gross margin was 44.7% vs. 49.6%, driven primarily by an increase in material prices and warranty costs, partially offset by higher average selling price and favorable sales channel mix.
- Total operating expense was $49.1 million vs. $38.7 million, an increase of 27.1%, primarily due to a non-cash decrease in the benefit from the change in fair value of the New Aera earnout liability and ongoing strategic investments required to position the company for long-term sustainable growth.
- GAAP net loss was $3.4 million compared to GAAP net income of $5.1 million during the second quarter of 2021.
- Adjusted EBITDA was $3.2 million vs. $12.4 million.
Inogen now projects revenue for the third quarter 2022 to be in the range of approximately $97 million to $100 million, or approximately 4% to 7% growth year-over-year.
Comments