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Inogen Announces Fourth Quarter and Full Year 2019 Financial Results and Updates 2020 Guidance
GOLETA, Calif.--(BUSINESS WIRE)-- Inogen, Inc. (NASDAQ: INGN), a medical technology company offering innovative respiratory products for use in the homecare
About this update from Inogen, Inc
[{"type":"text","content":" GOLETA, Calif.--(BUSINESS WIRE)--\nInogen, Inc. (NASDAQ: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today reported financial results for the three-month and twelve-month periods ended December 31, 2019.\n\n\nFourth Quarter 2019 Highlights \n\n\n\nTotal revenue of $78.9 million\n\n\nInogen One G5® units accounted for over 40% of total unit volume in the period\n\n\nLimited launch of the Inogen Tidal Assist® Ventilator (TAV®) product in December 2019\n\n\nAs of December 31, 2019, the Company had 329 inside direct-to-consumer sales representatives and 17 outside physician sales representatives\n\n\n\nFull Year 2019 Highlights \n\n\n\nRecord total revenue of $361.9 million, up 1.1% versus 2018\n\n\nRecord units sold of 201,100, an increase of 1.3% versus 2018\n\n\nLaunch of the innovative Inogen One G5 portable oxygen concentrator\n\n\nAcquisition of New Aera to expand the Company’s product portfolio and addressable market\n\n\n\n“While 2019 was a challenging year, revenue increased 8.2% over the prior year, excluding the previously disclosed large national provider who buys through our private label partner, to whom sales decreased $20.4 million from the prior year, and excluding the $3.1 million foreign exchange impact,” said Chief Executive Officer, Scott Wilkinson. (See accompanying tables for reconciliation of GAAP and non-GAAP measures.)\n\n\n“In addition, we believe we took steps during 2019 to improve our operational execution and financial performance in 2020, including optimizing our direct-to-consumer salesforce, launching the Inogen One G5, and initiating our commercial plan for our newly acquired Tidal Assist Ventilator.” Mr. Wilkinson also added, “I want to reiterate our belief that the need and patient preference for our best-in-class portable oxygen concentrators remains strong and we believe that the market continues to be underpenetrated.”\n\n\nFourth Quarter 2019 Financial Results \n\n\nTotal revenue for the three months ended December 31, 2019 declined 8.8% to $78.9 million from $86.5 million in the same period in 2018. This was in line with the mid-point of our preliminary, unaudited revenue estimate provided on January 13, 2020. Results for each revenue channel were also in line with the preliminary, unaudited estimates previously provided. Dir...