Inogen, Inc. Reports Third Quarter 2024 Financial Results

Inogen Inc ( (INGN) ) has released its Q3 earnings. Here is a breakdown of the information Inogen Inc presented to its investors.

Inogen, Inc. is a global medical technology company specializing in innovative respiratory products, particularly portable oxygen concentrators, for use in the homecare sector. The company partners with various stakeholders to ensure that its products are accessible to patients needing long-term oxygen therapy.

Inogen has reported its financial results for the third quarter of 2024, showcasing solid progress on its strategic priorities. The company achieved a revenue increase and improved operational performance, reflecting strong commercial execution amidst a challenging market landscape.

The company’s total revenue for the quarter rose by 5.8% to $88.8 million, driven by significant growth in business-to-business sales domestically and internationally, although direct-to-consumer sales experienced a decline. Notably, Inogen’s gross margin improved to 46.5%, up from 40.2% in the previous year, largely due to reduced raw material costs. The operating expenses saw a substantial decrease, primarily due to the absence of a goodwill impairment charge that affected the previous year’s results. The GAAP net loss also narrowed significantly from $45.7 million last year to $6.0 million this quarter.

Additionally, Inogen reported an adjusted EBITDA of $0.5 million, marking a notable turnaround from a negative $5.5 million in the third quarter of 2023. The company’s cash reserves increased by $3.0 million, leaving them with $124.3 million in cash, cash equivalents, and marketable securities, and no outstanding debt.

Looking ahead, Inogen expects its full-year 2024 revenue to grow by approximately 4% to 5% compared to the previous year, indicating a positive trajectory towards achieving sustainable profitability as the company continues to focus on growth and innovation.