Business
Inogen Announces Third Quarter 2021 Financial Results
– Q3 2021 Total Revenue increased 25.3% from the same period in 2020 to $93.1 million – GOLETA, Calif.--(BUSINESS WIRE)-- Inogen, Inc. (NASDAQ: INGN), a
About this update from Inogen, Inc
[{"type":"text","content":"\n– Q3 2021 Total Revenue increased 25.3% from the same period in 2020 to $93.1 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 months ended September 30, 2021.\n\nThird Quarter 2021 Highlights\n\n\nTotal revenue of $93.1 million, up 25.3% from the same period in 2020\n\n\nDomestic direct-to-consumer revenue of $36.3 million, up 24.6% from the same period in 2020\n\n\nRental revenue of $12.1 million, up 61.3% from the same period in 2020\n\n\nSigned agreement with Ashfield Healthcare, LLC (contract sales organization) to enhance the Company’s go-to-market capabilities\n\n\n“I continue to be pleased with the sustained demand we are seeing for our market-leading portable oxygen concentrators, in spite of the challenging supply chain environment,” said Inogen’s President and Chief Executive Officer, Nabil Shabshab. “We are working diligently to source critical components and help provide patients with access to our products while navigating higher costs and supply chain constraints associated with the semiconductor chip shortage.”\n\nThird Quarter 2021 Financial Results\n\nTotal revenue for the three months ended September 30, 2021 increased 25.3% to $93.1 million from $74.3 million in the same period in 2020, primarily driven by sustained demand, improved average selling prices, and the reduced impact of the COVID-19 pandemic and related public health emergency (PHE). However, due to supply chain constraints, the Company was unable to fulfill some orders, particularly in its domestic business-to-business channel, where sales decreased 1.1% to $22.8 million compared to $23.1 million in the third quarter of 2020.\n\nInternational business-to-business sales in the third quarter of 2021 increased 49.7% (46.9% increase on a constant currency basis - see accompanying table for reconciliation of GAAP and non-GAAP measures) to $21.8 million compared to $14.6 million in the third quarter of 2020. The Company believes the increase was primarily driven by increased ambulation of patients in Europe and improving operational capacity of certain European respiratory assessment centers closer to normal levels, as improving COVID-19 vaccination rates enabled patients to...