Inogen: We’re ‘off to solid start’
By HME News Staff
Updated 9:22 AM CDT, Wed May 8, 2024
GOLETA, Calif. - Inogen reported total revenue increased 8.1% to $78 million in the first quarter of 2024, primarily driven by higher international and domestic business-to-business sales, partially offset by lower direct-to-consumer sales and rental revenue. We are pleased to be off to a solid start at Inogen in 2024,” said Kevin Smith, president and CEO. “Looking forward, we remain focused on positioning the business for revenue growth, improving our operating discipline to drive long-term profitability, and investing in our innovation pipeline to broaden our product portfolio. The performance in the quarter reflects the quality of the team we have in place, and we will continue executing against our strategic priorities, while strengthening our market leading position. I am excited for the future of Inogen.” Other financial highlights for the quarter include total gross margin of 44.1% vs. 42.6% year over year and adjusted EBITDA of negative $7.6 million vs. negative $11.8 million year over year. For the second quarter, Inogen expects to report total revenue in the range of $81 million to $84 million.
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