Business
Inogen Announces First Quarter 2023 Financial Results
Total Revenue of $72.2 Million In Line with Company Expectations Rental Revenue Year-over-Year Growth of 25% GOLETA, Calif.--(BUSINESS WIRE)-- Inogen, Inc.
About this update from Inogen, Inc
[{"type":"text","content":"\nTotal Revenue of $72.2 Million In Line with Company Expectations\n\n\nRental Revenue Year-over-Year Growth of 25%\n\n\n GOLETA, Calif.--(BUSINESS WIRE)--\nInogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced financial results for the quarter ended March 31, 2023.\n\n\nFirst Quarter 2023 Highlights\n\n\nAll comparisons are to the prior year period unless otherwise noted.\n\n\n\nReported total revenue of $72.2 million, in line with company expectations, reflecting a decrease of 10.2%; currency fluctuations accounted for 1.7% of the decrease.\n\n\n\nContinued progress on rental strategy led to a 25.4% increase in rental revenue, primarily due to higher rental patients on service and higher reimbursement rates.\n\n\n\nGAAP net loss of $20.3 million, adjusted net loss of $14.5 million and adjusted EBITDA was a loss of $11.8 million, all slightly better than company expectations.\n\n\n\nIncreased total covered lives to approximately 160 million with the recent additions of two large private healthcare payers in support of Inogen’s prescriber channel and overall rental strategy.\n\n\n\nNotified that we will be granted reimbursement in France for Rove 6.\n\n\n\n“First quarter revenue was in line with our internal expectations. We remain confident that our focus on revenue growth and disciplined execution will support our return to profitability and result in an anticipated positive adjusted EBITDA by Q4 2023,” said Nabil Shabshab, President and Chief Executive Officer. “We believe that 2023 is an inflection point for Inogen with continued successful execution on our channel strategy, further advancement of our innovation agenda, and focus on returning to profitability.”\n\n\nFirst Quarter 2023 Financial Results\n\n\nFirst quarter total revenue decreased 10.2% to $72.2 million from $80.4 million in the first quarter of 2022, primarily due to a decrease in direct-to-consumer sales and international business-to-business sales, partially offset by higher domestic business-to-business sales and higher rental revenue.\n\n\nTotal gross margin was 42.6% in the first quarter of 2023 versus 43.5% in the comparative period in 2022. The decline was driven primarily by channel mix, partially offset by improved manufacturing productivity and higher averag...