Business
Inogen Announces Second Quarter 2024 Financial Results
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 announced financial results for the quarter ended June 30, 2024.\n\n\n“I am proud of the performance of our team in the first half of 2024. We have made meaningful progress on our strategic initiatives, driving top-line growth and advancing the profile of the business toward profitability,” said Kevin Smith, President and Chief Executive Officer. “We will also continue to advance our innovation pipeline and look forward to delivering best-in-class products to more respiratory patients around the world.”\n\n\nSecond Quarter 2024 Financial Results\n\n\nSecond quarter total revenue increased 6.1% to $88.8 million from $83.6 million in the second quarter of 2023, primarily driven by higher demand and new customers in international and domestic business-to-business sales, partially offset by lower direct-to-consumer sales and rental revenue.\n\n\nTotal gross margin was 48.1% in the second quarter of 2024 versus 40.7% in the comparative period in 2023. The increase was driven primarily by lower premiums paid for components and favorable adjustments to reserves, partially offset by sales channel mix.\n\n\nTotal operating expense for the quarter was $49.8 million compared to $45.8 million in the second quarter of 2023, representing an increase of 8.7%. The increase was primarily due to higher personnel-related expenses.\n\n\nGAAP net loss for the second quarter of 2024 was $5.6 million compared to GAAP net loss of $9.8 million in the second quarter of 2023. Adjusted net loss was $1.6 million compared to adjusted net loss of $5.8 million in the second quarter of 2023.\n\n\nAdjusted EBITDA was a positive $1.3 million in the second quarter of 2024 compared to a negative $3.2 million in the second quarter of 2023.\n\n\nCash, cash equivalents, marketable securities and restricted cash were $121.2 million as of June 30, 2024, and no debt outstanding.\n\n\nReconciliations of adjusted EBITDA and adjusted net loss for the three and six months ended June 30, 2024 and 2023 are provided in the financial schedules that are a part of this press release. An explanation of these non-GAAP financial measures is also included below under the heading “Reconciliation of U.S. GAAP to Oth...