Business
Inogen Announces Third Quarter 2020 Financial Results
– Q3 2020 Total Revenue of $74.3 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– Q3 2020 Total Revenue of $74.3 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 September 30, 2020.\n\nThird Quarter 2020 Highlights \n\n\nTotal revenue of $74.3 million, down 19.0% from the same period in 2019, primarily due to the impacts of the COVID-19 public health emergency (“PHE”)\n\n\nTotal revenue up sequentially from second quarter 2020 by 3.7%\n\n\nRental revenue of $7.5 million, up 40.1% from the same period in 2019\n\n\nNet loss of $1.7 million and Adjusted EBITDA of $4.6 million (see accompanying table for reconciliation of GAAP and non-GAAP measures)\n\n\nCash, cash equivalents, and marketable securities were $220.5 million with no debt outstanding as of September 30, 2020\n\n\n“The COVID-19 pandemic has had a significant impact worldwide and on our company in 2020, and it has continued to have a meaningful effect on our business throughout the third quarter due to a significant reduction in patient travel and activity outside of the home, reduced consumer confidence and physicians limiting patient interactions,” said Inogen’s President and Chief Executive Officer, Scott Wilkinson. “While these factors made for a challenging third quarter for our business, we saw total revenue grow sequentially from the second quarter of 2020. Furthermore, we saw strong growth in rental revenue in the third quarter, and we believe there is an opportunity to continue to drive oxygen rental setups given patient interest in our products.”\n\nThird Quarter 2020 Financial Results \n\nTotal revenue for the three months ended September 30, 2020 declined 19.0% to $74.3 million from $91.8 million in the same period in 2019. Total revenue in the third quarter of 2020 was up 3.7% sequentially compared to the second quarter of 2020\n\nDomestic business-to-business sales decreased 23.5% to $23.1 million in the third quarter of 2020 from $30.1 million in the comparative period in 2019. Domestic business-to-business sales in the third quarter of 2020 were up 6.9% sequentially compared to the second quarter of 2020. The decrease in domestic business-to-business sales in the third quarter of 2020 versus the comparative period in the prior year was p...