Inogen’s domestic B2B sales rebound 

GOLETA, Calif. – Inogen reported revenue of $74 million for the fourth quarter of 2020, a 6.3% decrease compared to the same period in 2019, but domestic business-to-business sales were $24.2 million, a 17.9% increase. 

Rental revenue was $9.4 million, a 71.7% increase, and direct-to-consumer sales were $26.8 million, a 25.2% decrease. 

“While the COVID-19 pandemic continued to have a significant effect on our business in the fourth quarter of 2020, primarily in the direct-to-consumer and international business-to-business sales channels, we are pleased with the rebound in performance that we saw in our domestic business-to-business channel which exhibited double-digit growth in the fourth quarter of 2020 over the comparable period of the prior year,” said Inogen’s newly appointed President and Chief Executive Officer, Nabil Shabshab. “Additionally, our recent focus on the rental channel produced strong operating performance with rental revenue growing significantly in the fourth quarter of 2020 versus the comparable period in the prior year.” 

Inogen reported a net loss of $5.1 million for the fourth quarter of 2020 compared to a net loss of $1.38 million for the same period in 2019. 

The company reported revenue of $308.5 million for 2020 compared to $361.9 million for 2019, and a net loss of $5.8 million vs. a net income of $20.95 million. 

Inogen says it is unable to provide guidance for 2021 due to “unprecedented market uncertainties,” but the company did say that, like the fourth quarter, demand from HME providers has also increased so far in the first quarter of 2021 due to increased demand for POCs as hospital systems and stationary oxygen concentrator supply have been strained to keep up with the rapid increase in COVID-19 cases.