Inogen: ‘We continue to address higher costs’
By HME News Staff
Updated 8:46 AM CDT, Fri May 6, 2022
IGOLETA, Calif. – Inogen reported total revenue of $80.4 million for the first quarter of 2022, down 7.5% from the same period in 2021, primarily due to supply chain constraints.
The company says, however, that total revenue was up 5.2% sequentially from the fourth quarter of 2021.
Inogen reported revenue of $34.4 million for its domestic direct-to-consumer channel, up 12.2%; and revenue of $5.1 million for its domestic business-to-business channel, down 83.4%. It reported revenue of $13 million for its rental business, up 31.8%.
“We are pleased with our performance for the first quarter of 2022,” said Nabil Shabshab, president and CEO. “In spite of the current macro headwinds, we continue to effectively address higher costs and supply chain challenges. We have been nimble and decisive in our efforts to strategically manage inventory and meet most of the customer demand.”
Those efforts include implementing an additional price increase for the domestic DTC channel in March. Previously, the company implemented a price increase in the “low double-digit range” in September.
Inogen says it is not providing detailed financial guidance for full year 2022 due to ongoing uncertainty related to supply chain disruptions, the COVID-19 pandemic and the war in Ukraine.
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