Inogen Announces Second Quarter 2023 Financial Results

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 announced financial results for the quarter ended June 30, 2023.\n\n\nSecond Quarter 2023 and Recent Business Highlights\n\n\nAll comparisons are to the prior year period unless otherwise noted.\n\n\n\nReported total revenue of $83.6 million, reflecting a decrease of 19.1%; currency fluctuations accounted for 0.6% of the decrease.\n\n\n\nGAAP net loss of $9.8 million, Adjusted net loss of $5.8 million and Adjusted EBITDA loss of $3.2 million.\n\n\n\nEntered into a share purchase agreement to acquire Physio-Assist to add a sizable, growing, and underserved airway clearance market opportunity in support of the strategy to become a multi-portfolio global respiratory care company.\n\n\n\nIntroduced Inogen® Rove 6™ in the United States, a portable oxygen concentrator now with an 8-year expected service life, further strengthening Inogen’s business-to-business and HME value proposition including a very competitive total cost of ownership.\n\n\n\n“While disappointed in our second quarter performance, we remain focused on driving execution behind our commercial strategy to continue improving productivity in the direct-to-consumer channel, expanding our presence in the prescriber channel and managing volatility in the lower-margin business-to-business channels,” said Nabil Shabshab, President and Chief Executive Officer. “Importantly, we are making progress on improving Adjusted EBITDA, while making select investments including innovation to organically expand our portfolio in service of new patients and indications beyond COPD. Additionally, the recent agreement to acquire Physio-Assist will allow Inogen to serve patients in need of airway clearance with a clinically differentiated product internationally and eventually in the US. We believe that continued execution behind our commercial and innovation strategies will provide a path to revenue growth in 2024 with a continued focus on a return to profitability.”\n\n\nSecond Quarter 2023 Financial Results\n\n\nSecond quarter total revenue decreased 19.1% to $83.6 million from $103.4 million in the second quarter of 2022, as higher rental revenue and domestic business-to business sales were more than offset by declines...

More updates from Inogen, Inc