Today, Inogen, Inc. (Nasdaq: INGN), a leading medical technology company providing innovative respiratory solutions for homecare, unveiled its financial performance for the fourth quarter and full-year ending December 31, 2023.
Inogen, Inc. (Nasdaq: INGN), a leading provider of innovative respiratory products for homecare, shared its financial results for the fourth quarter and full-year ending December 31, 2023.
Kevin Smith, President and CEO, expressed optimism for Inogen’s future, emphasizing their focus on revenue growth, long-term profitability, and advancing their innovation pipeline, including the introduction of Physio-Assist to the U.S. market. Smith highlighted the recent additions of Grégoire Ramade as Chief Commercial Officer and Michael Bourque as Chief Financial Officer, reinforcing confidence in delivering shareholder value.
Fourth Quarter 2023 Highlights:
- Total revenue for the quarter was $75.9 million, compared to $88.1 million in Q4 2022, primarily due to declines in domestic business-to-business and direct-to-consumer sales, partially offset by increased rental revenue.
- Total gross margin improved to 37.1% from 33.5% in Q4 2022, driven by lower component and labor costs.
- Operating expenses decreased to $57.1 million from $88.0 million in Q4 2022, mainly due to prior-year loss on disposal of an intangible asset and certain one-time costs.
- GAAP net loss was $26.6 million, compared to $56.6 million in Q4 2022, with adjusted net loss of $19.4 million versus $13.0 million in Q4 2022.
- Adjusted EBITDA was a negative $17.3 million, compared to a negative $10.6 million in Q4 2022.
Full-Year 2023 Highlights:
- Total revenue was $315.7 million, compared to $377.2 million in 2022, primarily due to declines in direct-to-consumer and business-to-business sales, partially offset by increased rental revenue.
- Total gross margin was 40.1%, down from 40.7% in 2022, attributed to sales channel mix and higher servicing costs.
- Operating expenses were $236.1 million, compared to $238.8 million in 2022.
- GAAP net loss was $102.4 million, compared to $83.8 million in 2022, with adjusted net loss of $48.3 million versus $26.2 million in 2022.
- Adjusted EBITDA was a negative $37.8 million, compared to a negative $13.5 million in 2022.
For Q1 2024, Inogen anticipates revenue of $73 to $74 million, reflecting 1% to 3% growth compared to Q1 2023.
Inogen will release its financial results after the market closes on February 27, 2024, followed by a conference call at 2:00 pm PT / 5:00 pm ET on the same day.
