Inogen Announces Second Quarter 2022 Financial Results

About this update from Inogen, Inc

[{"type":"text","content":"\nRobust Sequential Revenue Growth Driven by Fulfilled Demand\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 June 30, 2022 and provided a business update.\n\nSecond Quarter 2022 Highlights\n\n\nReported total revenue was $103.4 million for the period ended June 30, 2022, representing a 1.8% increase from $101.6 million for the period ended June 30, 2021.\n\n\nOn a constant currency basis, total revenue for the period ended June 30, 2022, increased 3.6% from $101.6 million for the period ended June 30, 2021.\n\n\nTotal revenue also represented a 28.6% increase from $80.4 million for the period ended March 31, 2022.\n\n\nGAAP net loss of $3.4 million, adjusted net loss of $0.4 million, and adjusted EBITDA was a positive $3.2 million.\n\n\nStrong balance sheet and cash position.\n\n\n“We delivered solid performance in the quarter driven by our ability to fulfill customer demand, while effectively managing supply chain challenges and macro headwinds,” said Nabil Shabshab, Inogen’s President and Chief Executive Officer. “We are also seeing encouraging progress from our ongoing imperatives focused on strengthening the foundations of the company while simultaneously executing on our transformation. As we embark on the second half of the year, we are actively managing supply chain challenges, executing further on our strategic initiatives, and focusing on productivity to position us for long-term, sustainable growth and profitability. As a team, we are focused on our purpose of improving lives through respiratory care.”\n\nSecond Quarter 2022 Financial Results\n\nSecond quarter total revenue increased 1.8% to $103.4 million from $101.6 million in the second quarter of 2021, primarily driven by higher international sales and domestic rentals, partially offset by lower domestic business-to-business sales.\n\nTotal gross margin was 44.7% in the second quarter of 2022 versus 49.6% in the comparative period in 2021. The decline was driven primarily by an increase in material prices and warranty costs, partially offset by higher average selling price and favorable sales channel mix.\n\nTotal operating expense for the quarter was $49.1 million compared to $38.7 milli...

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