Business
Inogen Announces Fourth Quarter and Full Year 2022 Financial Results
Fourth Quarter Year-over-Year Revenue Growth of 15.3% Full Year 2022 Year-over-Year Revenue Growth of 5.4% GOLETA, Calif.--(BUSINESS WIRE)-- Inogen, Inc.
About this update from Inogen, Inc
[{"type":"text","content":"\nFourth Quarter Year-over-Year Revenue Growth of 15.3%\n\nFull Year 2022 Year-over-Year Revenue Growth of 5.4% \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 fourth quarter and the full year ended December 31, 2022.\n\nFourth Quarter 2022 Highlights\n\nAll comparisons are to the prior year period unless otherwise noted.\n\n\nReported total revenue increased 15.3% to $88.1 million, on a constant currency basis total revenue for the quarter increased 17.7%.\n\n\nGAAP net loss of $56.6 million, adjusted net loss of $13.0 million, and adjusted EBITDA was a loss of $10.6 million. GAAP net loss included a one-time loss on disposal of intangible asset of $52.2 million and an offsetting reduction to the fair value of contingent liability of $13.7 million.\n\n\nCash and cash equivalents were $187.0 million as of December 31, 2022.\n\n\nFull Year 2022 Highlights\n\nAll comparisons are to the prior year period unless otherwise noted.\n\n\nReported total revenue increased 5.4% to $377.2 million, on a constant currency basis total revenue for the year increased 6.9%.\n\n\nContinued progress on our rental strategy led to a 22.5% increase in rental revenue, primarily due to higher rental patients on service, higher percentage of billable patients and higher reimbursement rates.\n\n\nGAAP net loss of $83.8 million, adjusted net loss of $26.2 million and adjusted EBITDA was a loss of $13.5 million. GAAP net loss included a one-time loss on disposal of intangible asset of $52.2 million and an offsetting reduction to fair value of contingent liability of $15.4 million.\n\n\nAchieved regulatory milestones and announced new products to be launched in 2023.\n\n\n“Despite the headwinds we faced in 2022, I am pleased with how our team successfully managed these challenges, while growing revenue and executing on our transformation,” said Nabil Shabshab, President and Chief Executive Officer. “We remain focused on our innovation pipeline to provide a foundation for growth along with judicious management of operating expenses to drive medium to long-term growth.”\n\nFourth Quarter 2022 Financial Results\n\nFourth quarter total revenue increased 15.3% to $88.1 million from $76.4 million in t...