Business
Inogen Announces Second Quarter 2020 Financial Results
– Q2 2020 Total Revenue of $71.7 million – GOLETA, Calif.--(BUSINESS WIRE)-- Inogen, Inc. (NASDAQ: INGN), a medical technology company offering innovative
About this update from Inogen, Inc
[{"type":"text","content":"\n– Q2 2020 Total Revenue of $71.7 million –\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 reported financial results for the three-month period ended June 30, 2020.\n\n\nSecond Quarter 2020 Highlights \n\n\n\nTotal revenue of $71.7 million, down 29.1% from the same period in 2019, primarily due to the impacts of the COVID-19 public health emergency (“PHE”)\n\n\nNet income of $2.6 million and Adjusted EBITDA of $10.0 million (see accompanying table for reconciliation of GAAP and non-GAAP measures)\n\n\nCash, cash equivalents, and marketable securities were $218.6 million with no debt outstanding as of June 30, 2020\n\n\n\n“The COVID-19 PHE had a meaningful impact on our business in the second quarter as we saw lower demand across all sales channels, which we believe was largely due to shelter-in-place orders, lower travel, and fewer new oxygen referrals due to limited physician office visits,” said Inogen’s President and Chief Executive Officer, Scott Wilkinson. “While we cannot predict the full impact of the COVID-19 PHE on our business, we saw increased patient interest in our products sequentially in May and June. In addition, we are seeing good results from our renewed focus on the rental market and its contribution to our growth and margins.”\n\n\nSecond Quarter 2020 Financial Results \n\n\nTotal revenue for the three months ended June 30, 2020 declined 29.1% to $71.7 million from $101.1 million in the same period in 2019.\n\n\nDomestic business-to-business sales decreased 27.3% to $21.6 million in the second quarter of 2020 from $29.7 million in the comparative period in 2019. This decrease was primarily driven by reduced demand from home medical equipment (“HME”) providers and resellers for portable oxygen concentrators (“POCs”). The Company believes this decreased demand was due to physician offices limiting patient interactions that traditionally have led to new oxygen patient referrals, lower retail sales, HME providers minimizing patient interactions in response to the COVID-19 PHE, which includes replacing existing oxygen patient setups with POCs, and providers focusing on supplying stationary oxygen concentrators with higher flow characteristics to treat COVID-19 patients. The Company be...