Inogen Announces Second Quarter 2023 Financial Results
Second Quarter 2023 and Recent Business Highlights
All comparisons are to the prior year period unless otherwise noted.
-
Reported total revenue of
, reflecting a decrease of$83.6 million 19.1% ; currency fluctuations accounted for0.6% of the decrease. -
GAAP net loss of
, Adjusted net loss of$9.8 million and Adjusted EBITDA loss of$5.8 million .$3.2 million - Entered 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.
-
Introduced 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.
“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.”
Second Quarter 2023 Financial Results
Second quarter total revenue decreased
Total gross margin was
Total operating expense, which includes acquisition and restructuring-related costs, was
GAAP net loss for the second quarter of 2023 was
Cash, cash equivalents and marketable securities were
A reconciliation of Adjusted EBITDA and Adjusted net loss for the three and six months ended June 30, 2023 and 2022 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
Financial Guidance
As a result of year-to-date performance and continued pressure in the business-to-business channels, Inogen now expects 2023 annual revenue of
Quarterly Conference Call Information
Inogen will issue second quarter 2023 financial results after the market closes on Monday, August 7, 2023. On the same day, the Company will host a conference call at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. Individuals interested in listening to the conference call may do so by dialing:
US domestic callers (877) 841-3961
Non-US callers (201) 689-8589
Please reference Inogen to join the call. To listen to a live webcast, please visit the Investor Relations section of Inogen's website at: http://investor.inogen.com/. This webcast will also be archived on the website for 6 months.
A replay of the call will be available approximately three hours after the live webcast ends and will be accessible through August 14, 2023. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Conference ID: 13739327.
Inogen has used, and intends to continue to use, its Investor Relations website, http://investor.inogen.com/, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. For more information, visit http://investor.inogen.com/.
About Inogen
Inogen, Inc. (Nasdaq: INGN) is a leading global medical technology company offering innovative respiratory products for use in the homecare setting. Inogen supports patient respiratory care by developing, manufacturing, and marketing innovative best-in-class portable oxygen concentrators used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions. Inogen partners with patients, prescribers, home medical equipment providers, and distributors to make its oxygen therapy products widely available allowing patients the chance to remain ambulatory while managing the impact of their disease.
For more information, please visit www.inogen.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, Inogen’s expectations for 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; broadening and diversifying our portfolio through innovation; our 2023 revenue and Adjusted EBITDA expectations. Any statements contained in this communication that are not statements of historical fact may be deemed to be forward-looking statements. Words such as “believes,” “anticipates,” “plans,” “expects,” “will,” “intends,” “potential,” “possible,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including but not limited to, risks arising from the possibility that Inogen will not realize anticipated revenue or expenses will not decrease; risks related to cost inflation; the risks our innovation pipeline will not produce meaningful results; risks related to our pending acquisition of Physio Assist including on expenses; the impact of changes in reimbursement rates and reimbursement and regulatory policies; and the possible loss of key employees, customers, or suppliers; the risk that expenses and costs will exceed Inogen’s expectations. Information on these and additional risks, uncertainties, and other information affecting Inogen’s business operating results are contained in its Annual Report on Form 10-K for the year ended December 31, 2022, and in its other filings with the Securities and Exchange Commission. Additional information will also be set forth in Inogen’s Quarterly Report on Form 10-Q for the period ended June 30, 2023, to be filed with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Inogen disclaims any obligation to update these forward-looking statements except as may be required by law.
Non-GAAP Financial Measures
Inogen has presented certain financial information in accordance with
Consolidated Statements of Comprehensive Loss |
||||||||||||||||
(unaudited) |
||||||||||||||||
(amounts in thousands, except share and per share amounts) |
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|
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Three months ended |
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Six months ended |
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June 30, |
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June 30, |
||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Revenue |
|
|
|
|
|
|
|
|
||||||||
Sales revenue |
|
$ |
68,343 |
|
|
$ |
89,291 |
|
|
$ |
124,230 |
|
|
$ |
156,693 |
|
Rental revenue |
|
|
15,292 |
|
|
|
14,085 |
|
|
|
31,567 |
|
|
|
27,068 |
|
Total revenue |
|
|
83,635 |
|
|
|
103,376 |
|
|
|
155,797 |
|
|
|
183,761 |
|
Cost of revenue |
|
|
|
|
|
|
|
|
||||||||
Cost of sales revenue |
|
|
42,028 |
|
|
|
50,661 |
|
|
|
75,992 |
|
|
|
90,161 |
|
Cost of rental revenue, including depreciation of |
|
|
7,563 |
|
|
|
6,457 |
|
|
|
15,028 |
|
|
|
12,336 |
|
Total cost of revenue |
|
|
49,591 |
|
|
|
57,118 |
|
|
|
91,020 |
|
|
|
102,497 |
|
Gross profit |
|
|
34,044 |
|
|
|
46,258 |
|
|
|
64,777 |
|
|
|
81,264 |
|
Operating expense |
|
|
|
|
|
|
|
|
||||||||
Research and development |
|
|
4,293 |
|
|
|
6,064 |
|
|
|
9,637 |
|
|
|
11,428 |
|
Sales and marketing |
|
|
26,906 |
|
|
|
30,388 |
|
|
|
55,347 |
|
|
|
58,427 |
|
General and administrative |
|
|
14,613 |
|
|
|
12,682 |
|
|
|
33,476 |
|
|
|
27,871 |
|
Total operating expense |
|
|
45,812 |
|
|
|
49,134 |
|
|
|
98,460 |
|
|
|
97,726 |
|
Loss from operations |
|
|
(11,768 |
) |
|
|
(2,876 |
) |
|
|
(33,683 |
) |
|
|
(16,462 |
) |
Other income (expense) |
|
|
|
|
|
|
|
|
||||||||
Interest income |
|
|
1,646 |
|
|
|
225 |
|
|
|
3,171 |
|
|
|
254 |
|
Other income (expense) |
|
|
337 |
|
|
|
(722 |
) |
|
|
574 |
|
|
|
(1,155 |
) |
Total other income (expense), net |
|
|
1,983 |
|
|
|
(497 |
) |
|
|
3,745 |
|
|
|
(901 |
) |
Loss before provision for income taxes |
|
|
(9,785 |
) |
|
|
(3,373 |
) |
|
|
(29,938 |
) |
|
|
(17,363 |
) |
Provision for income taxes |
|
|
41 |
|
|
|
69 |
|
|
|
237 |
|
|
|
293 |
|
Net loss |
|
$ |
(9,826 |
) |
|
$ |
(3,442 |
) |
|
$ |
(30,175 |
) |
|
$ |
(17,656 |
) |
Other comprehensive income (loss), net of tax |
|
|
|
|
|
|
|
|
||||||||
Change in foreign currency translation adjustment |
|
|
7 |
|
|
|
(634 |
) |
|
|
177 |
|
|
|
(837 |
) |
Change in net unrealized gains (losses) on foreign currency hedging |
|
|
7 |
|
|
|
(1,204 |
) |
|
|
7 |
|
|
|
(1,878 |
) |
Less: reclassification adjustment for net (gains) losses included in net income |
|
|
— |
|
|
|
606 |
|
|
|
— |
|
|
|
1,206 |
|
Total net change in unrealized gains (losses) on foreign currency hedging |
|
|
7 |
|
|
|
(598 |
) |
|
|
7 |
|
|
|
(672 |
) |
Change in net unrealized gains (losses) on marketable securities |
|
|
64 |
|
|
|
7 |
|
|
|
133 |
|
|
|
(1 |
) |
Total other comprehensive income (loss), net of tax |
|
|
78 |
|
|
|
(1,225 |
) |
|
|
317 |
|
|
|
(1,510 |
) |
Comprehensive loss |
|
$ |
(9,748 |
) |
|
$ |
(4,667 |
) |
|
$ |
(29,858 |
) |
|
$ |
(19,166 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Basic net loss per share attributable to common stockholders (1) |
|
$ |
(0.42 |
) |
|
$ |
(0.15 |
) |
|
$ |
(1.31 |
) |
|
$ |
(0.77 |
) |
Diluted net loss per share attributable to common stockholders (1) (2) |
|
$ |
(0.42 |
) |
|
$ |
(0.15 |
) |
|
$ |
(1.31 |
) |
|
$ |
(0.77 |
) |
Weighted-average number of shares used in calculating net loss per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
||||||||
Basic common shares |
|
|
23,146,117 |
|
|
|
22,845,040 |
|
|
|
23,078,244 |
|
|
|
22,799,981 |
|
Diluted common shares |
|
|
23,146,117 |
|
|
|
22,845,040 |
|
|
|
23,078,244 |
|
|
|
22,799,981 |
|
(1) |
Reconciliations of net loss attributable to common stockholders basic and diluted can be found in Inogen’s Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission. |
|
(2) |
Due to a net loss for the three and six months ended June 30, 2023 and June 30, 2022, diluted loss per share is the same as basic. |
Consolidated Balance Sheets |
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(unaudited) |
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(amounts in thousands) |
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|
June 30, |
|
December 31, |
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|
2023 |
|
2022 |
||||
Assets |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
167,687 |
|
|
$ |
187,014 |
|
Marketable securities |
|
|
2,459 |
|
|
|
— |
|
Accounts receivable, net |
|
|
51,135 |
|
|
|
62,725 |
|
Inventories, net |
|
|
30,744 |
|
|
|
34,093 |
|
Income tax receivable |
|
|
1,821 |
|
|
|
1,626 |
|
Prepaid expenses and other current assets |
|
|
15,377 |
|
|
|
19,187 |
|
Total current assets |
|
|
269,223 |
|
|
|
304,645 |
|
Property and equipment, net |
|
|
49,195 |
|
|
|
43,269 |
|
Goodwill |
|
|
32,889 |
|
|
|
32,852 |
|
Operating lease right-of-use asset |
|
|
20,267 |
|
|
|
21,653 |
|
Other assets |
|
|
2,777 |
|
|
|
2,622 |
|
Total assets |
|
$ |
374,351 |
|
|
$ |
405,041 |
|
Liabilities and stockholders' equity |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Accounts payable and accrued expenses |
|
$ |
27,612 |
|
|
$ |
33,974 |
|
Accrued payroll |
|
|
10,835 |
|
|
|
11,190 |
|
Warranty reserve - current |
|
|
8,602 |
|
|
|
7,790 |
|
Operating lease liability - current |
|
|
3,622 |
|
|
|
3,515 |
|
Deferred revenue - current |
|
|
8,696 |
|
|
|
8,880 |
|
Total current liabilities |
|
|
59,367 |
|
|
|
65,349 |
|
Warranty reserve - noncurrent |
|
|
12,596 |
|
|
|
12,123 |
|
Operating lease liability - noncurrent |
|
|
18,257 |
|
|
|
19,764 |
|
Deferred revenue - noncurrent |
|
|
9,352 |
|
|
|
10,399 |
|
Total liabilities |
|
|
99,572 |
|
|
|
107,635 |
|
Stockholders' equity |
|
|
|
|
||||
Common stock |
|
|
23 |
|
|
|
23 |
|
Additional paid-in capital |
|
|
319,357 |
|
|
|
312,126 |
|
Accumulated deficit |
|
|
(44,675 |
) |
|
|
(14,500 |
) |
Accumulated other comprehensive income (loss) |
|
|
74 |
|
|
|
(243 |
) |
Total stockholders' equity |
|
|
274,779 |
|
|
|
297,406 |
|
Total liabilities and stockholders' equity |
|
$ |
374,351 |
|
|
$ |
405,041 |
|
Condensed Consolidated Cash Flow |
||||||||
(unaudited) |
||||||||
(amounts in thousands) |
||||||||
|
|
|
|
|
||||
|
|
Six months ended June 30, |
||||||
|
|
2023 |
|
2022 |
||||
Cash flows from operating activities |
|
|
|
|
||||
Net loss |
|
$ |
(30,175 |
) |
|
$ |
(17,656 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
8,394 |
|
|
|
11,608 |
|
Loss on rental units and other assets |
|
|
2,138 |
|
|
|
1,466 |
|
Gain on sale of former rental assets |
|
|
(40 |
) |
|
|
(93 |
) |
Provision for sales revenue returns and doubtful accounts |
|
|
4,488 |
|
|
|
6,200 |
|
Provision for inventory losses |
|
|
989 |
|
|
|
1,552 |
|
Stock-based compensation expense |
|
|
6,705 |
|
|
|
5,685 |
|
Change in fair value of earnout liability |
|
|
— |
|
|
|
(1,411 |
) |
Changes in operating assets and liabilities |
|
|
5,230 |
|
|
|
(19,918 |
) |
Net cash used in operating activities |
|
|
(2,271 |
) |
|
|
(12,567 |
) |
Cash flows from investing activities |
|
|
|
|
||||
Purchases of available-for-sale securities |
|
|
(12,826 |
) |
|
|
— |
|
Maturities of available-for-sale securities |
|
|
10,500 |
|
|
|
9,988 |
|
Investment in intangible assets |
|
|
(494 |
) |
|
|
— |
|
Investment in property and equipment |
|
|
(3,116 |
) |
|
|
(2,236 |
) |
Production and purchase of rental equipment |
|
|
(11,810 |
) |
|
|
(7,083 |
) |
Proceeds from sale of former assets |
|
|
96 |
|
|
|
153 |
|
Net cash provided by (used in) investing activities |
|
|
(17,650 |
) |
|
|
822 |
|
Cash flows from financing activities |
|
|
|
|
||||
Proceeds from stock options exercised |
|
|
384 |
|
|
|
35 |
|
Proceeds from employee stock purchases |
|
|
630 |
|
|
|
915 |
|
Payment of employment taxes related to release of restricted stock |
|
|
(488 |
) |
|
|
(1,159 |
) |
Net cash provided by (used in) financing activities |
|
|
526 |
|
|
|
(209 |
) |
Effect of exchange rates on cash |
|
|
68 |
|
|
|
51 |
|
Net decrease in cash and cash equivalents |
|
$ |
(19,327 |
) |
|
$ |
(11,903 |
) |
Supplemental Financial Information |
|
|||||||||||||||
(unaudited) |
|
|||||||||||||||
(in thousands, except units and patients) |
|
|||||||||||||||
|
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|
|
|
|
|
|
|
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|
|
|
||||
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|
Three months ended |
|
|
Six months ended |
|
||||||||||
|
|
June 30, |
|
|
June 30, |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Revenue by region and category |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Business-to-business domestic sales |
|
$ |
18,272 |
|
|
$ |
11,212 |
|
|
$ |
30,857 |
|
|
$ |
16,313 |
|
Business-to-business international sales |
|
|
23,292 |
|
|
|
37,441 |
|
|
|
42,264 |
|
|
|
65,382 |
|
Direct-to-consumer domestic sales |
|
|
26,779 |
|
|
|
40,638 |
|
|
|
51,109 |
|
|
|
74,998 |
|
Direct-to-consumer domestic rentals |
|
|
15,292 |
|
|
|
14,085 |
|
|
|
31,567 |
|
|
|
27,068 |
|
Total revenue |
|
$ |
83,635 |
|
|
$ |
103,376 |
|
|
$ |
155,797 |
|
|
$ |
183,761 |
|
Additional financial measures |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Units sold |
|
|
34,100 |
|
|
|
42,400 |
|
|
|
61,000 |
|
|
|
72,800 |
|
Net rental patients as of period-end |
|
|
48,900 |
|
|
|
43,800 |
|
|
|
48,900 |
|
|
|
43,800 |
|
Reconciliation of |
||||||||||||||||
(unaudited) |
||||||||||||||||
(in thousands) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three months ended |
|
Six months ended |
||||||||||||
|
|
June 30, |
|
June 30, |
||||||||||||
Non-GAAP EBITDA and Adjusted EBITDA |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Net loss (GAAP) |
|
$ |
(9,826 |
) |
|
$ |
(3,442 |
) |
|
$ |
(30,175 |
) |
|
$ |
(17,656 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
||||||||
Interest income |
|
|
(1,646 |
) |
|
|
(225 |
) |
|
|
(3,171 |
) |
|
|
(254 |
) |
Provision for income taxes |
|
|
41 |
|
|
|
69 |
|
|
|
237 |
|
|
|
293 |
|
Depreciation and amortization |
|
|
4,308 |
|
|
|
5,848 |
|
|
|
8,394 |
|
|
|
11,608 |
|
EBITDA (non-GAAP) |
|
|
(7,123 |
) |
|
|
2,250 |
|
|
|
(24,715 |
) |
|
|
(6,009 |
) |
Stock-based compensation |
|
|
3,263 |
|
|
|
3,020 |
|
|
|
6,705 |
|
|
|
5,685 |
|
Acquisition-related expenses |
|
|
467 |
|
|
|
— |
|
|
|
1,021 |
|
|
|
— |
|
Restructuring-related and other charges (1) |
|
|
201 |
|
|
|
— |
|
|
|
2,010 |
|
|
|
— |
|
Change in fair value of earnout liability |
|
|
— |
|
|
|
(2,041 |
) |
|
|
— |
|
|
|
(1,411 |
) |
Adjusted EBITDA (non-GAAP) |
|
$ |
(3,192 |
) |
|
$ |
3,229 |
|
|
$ |
(14,979 |
) |
|
$ |
(1,735 |
) |
|
|
Three months ended June 30, |
||||||||||||||
|
|
Net Loss |
|
Diluted EPS |
||||||||||||
Non-GAAP Adjusted Net Loss and Diluted EPS |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Financial Results (GAAP) |
|
$ |
(9,826 |
) |
|
$ |
(3,442 |
) |
|
$ |
(0.42 |
) |
|
$ |
(0.15 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
||||||||
Amortization of intangibles |
|
|
53 |
|
|
|
2,150 |
|
|
|
|
|
||||
Stock-based compensation |
|
|
3,263 |
|
|
|
3,020 |
|
|
|
|
|
||||
Acquisition-related expenses |
|
|
467 |
|
|
|
— |
|
|
|
|
|
||||
Restructuring-related and other charges (1) |
|
|
201 |
|
|
|
— |
|
|
|
|
|
||||
Change in fair value of earnout liability |
|
|
— |
|
|
|
(2,041 |
) |
|
|
|
|
||||
Income tax impact of adjustments (2) |
|
|
— |
|
|
|
(53 |
) |
|
|
|
|
||||
Adjusted |
|
$ |
(5,842 |
) |
|
$ |
(366 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.02 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Six months ended June 30, |
||||||||||||||
|
|
Net Loss |
|
Diluted EPS |
||||||||||||
Non-GAAP Adjusted Net Loss and Diluted EPS |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Financial Results (GAAP) |
|
$ |
(30,175 |
) |
|
$ |
(17,656 |
) |
|
$ |
(1.31 |
) |
|
$ |
(0.77 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
||||||||
Amortization of intangibles |
|
|
79 |
|
|
|
4,297 |
|
|
|
|
|
||||
Stock-based compensation |
|
|
6,705 |
|
|
|
5,685 |
|
|
|
|
|
||||
Acquisition-related expenses |
|
|
1,021 |
|
|
|
— |
|
|
|
|
|
||||
Restructuring-related and other charges (1) |
|
|
2,010 |
|
|
|
— |
|
|
|
|
|
||||
Change in fair value of earnout liability |
|
|
— |
|
|
|
(1,411 |
) |
|
|
|
|
||||
Income tax impact of adjustments (2) |
|
|
— |
|
|
|
(146 |
) |
|
|
|
|
||||
Adjusted |
|
$ |
(20,360 |
) |
|
$ |
(9,231 |
) |
|
$ |
(0.88 |
) |
|
$ |
(0.40 |
) |
(1) |
Charges represent the costs associated with workforce reductions and associated costs and other restructuring-related activities. |
|
(2) |
Income tax impact of adjustments represents the tax impact related to the non-GAAP adjustments listed above and reflects an effective tax rate of |
|
|
|
|
|
|
|
Three months ended June 30, 2023 |
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change from Prior Period |
|
|||||||||||||
|
|
Three months ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
2022 |
|
|
2023 |
|
|
FX
|
|
|
Constant Currency Revenues |
|
|
As Reported |
|
|
Less FX
|
|
|
Constant Currency Revenues |
|
|||||||
Business-to-business domestic sales |
|
$ |
11,212 |
|
|
$ |
18,272 |
|
|
$ |
— |
|
|
$ |
18,272 |
|
|
|
63.0 |
% |
|
|
0.0 |
% |
|
|
63.0 |
% |
Business-to-business international sales |
|
|
36,835 |
|
|
|
23,292 |
|
|
|
106 |
|
|
|
23,398 |
|
|
|
-36.8 |
% |
|
|
0.3 |
% |
|
|
-36.5 |
% |
Direct-to-consumer domestic sales |
|
|
40,638 |
|
|
|
26,779 |
|
|
|
— |
|
|
|
26,779 |
|
|
|
-34.1 |
% |
|
|
0.0 |
% |
|
|
-34.1 |
% |
Direct-to-consumer domestic rentals |
|
|
14,085 |
|
|
|
15,292 |
|
|
|
— |
|
|
|
15,292 |
|
|
|
8.6 |
% |
|
|
0.0 |
% |
|
|
8.6 |
% |
Revenues, excluding hedging effect |
|
$ |
102,770 |
|
|
$ |
83,635 |
|
|
$ |
106 |
|
|
$ |
83,741 |
|
|
|
-18.6 |
% |
|
|
0.1 |
% |
|
|
-18.5 |
% |
Hedging gains |
|
|
606 |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
||||
Total Revenues (3) |
|
$ |
103,376 |
|
|
$ |
83,635 |
|
|
|
|
|
$ |
83,741 |
|
|
|
-19.1 |
% |
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
Six months ended June 30, 2023 |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change from Prior Period |
|
|||||||||||||
|
|
Six months ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
2022 |
|
|
2023 |
|
|
FX
|
|
|
Constant Currency Revenues |
|
|
As Reported |
|
|
Less FX
|
|
|
Constant Currency Revenues |
|
|||||||
Business-to-business domestic sales |
|
$ |
16,313 |
|
|
$ |
30,857 |
|
|
$ |
— |
|
|
$ |
30,857 |
|
|
|
89.2 |
% |
|
|
0.0 |
% |
|
|
89.2 |
% |
Business-to-business international sales |
|
|
64,176 |
|
|
|
42,264 |
|
|
|
966 |
|
|
|
43,230 |
|
|
|
-34.1 |
% |
|
|
1.5 |
% |
|
|
-32.6 |
% |
Direct-to-consumer domestic sales |
|
|
74,998 |
|
|
|
51,109 |
|
|
|
— |
|
|
|
51,109 |
|
|
|
-31.9 |
% |
|
|
0.0 |
% |
|
|
-31.9 |
% |
Direct-to-consumer domestic rentals |
|
|
27,068 |
|
|
|
31,567 |
|
|
|
— |
|
|
|
31,567 |
|
|
|
16.6 |
% |
|
|
0.0 |
% |
|
|
16.6 |
% |
Revenues, excluding hedging effect |
|
$ |
182,555 |
|
|
$ |
155,797 |
|
|
$ |
966 |
|
|
$ |
156,763 |
|
|
|
-14.7 |
% |
|
|
0.5 |
% |
|
|
-14.1 |
% |
Hedging gains |
|
|
1,206 |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
||||
Total Revenues (3) |
|
$ |
183,761 |
|
|
$ |
155,797 |
|
|
|
|
|
$ |
156,763 |
|
|
|
-15.2 |
% |
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) |
Total constant currency revenues of |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230807955739/en/
Agnes Lee
ir@inogen.net
Source: Inogen, Inc.