Inogen Announces Third Quarter 2024 Financial Results
Inogen (NASDAQ: INGN) reported Q3 2024 financial results with total revenue increasing 5.8% to $88.8 million from $84.0 million in Q3 2023. Gross margin improved to 46.5% from 40.2% year-over-year. Operating expenses decreased 39.0% to $49.1 million. The company reported a GAAP net loss of $6.0 million, improved from a $45.7 million loss in Q3 2023. Adjusted EBITDA turned positive at $0.5 million compared to negative $5.5 million last year. Cash position strengthened to $124.3 million with no debt. The company updated its full-year 2024 revenue guidance to $329-331 million, projecting 4-5% growth.
Inogen (NASDAQ: INGN) ha riportato i risultati finanziari del terzo trimestre del 2024, con un incremento del fatturato totale del 5.8% a 88.8 milioni di dollari rispetto a 84.0 milioni di dollari nel terzo trimestre del 2023. Il margine lordo è migliorato al 46.5% rispetto al 40.2% dell'anno precedente. Le spese operative sono diminuite del 39.0% a 49.1 milioni di dollari. L'azienda ha riportato una perdita netta GAAP di 6.0 milioni di dollari, migliorando rispetto a una perdita di 45.7 milioni di dollari nel terzo trimestre del 2023. L'EBITDA rettificato è diventato positivo a 0.5 milioni di dollari rispetto a una perdita di 5.5 milioni di dollari dell'anno scorso. La posizione di liquidità si è rafforzata a 124.3 milioni di dollari senza debiti. L'azienda ha aggiornato le previsioni di fatturato per l'intero anno 2024 a 329-331 milioni di dollari, con una previsione di crescita del 4-5%.
Inogen (NASDAQ: INGN) reportó los resultados financieros del tercer trimestre de 2024, con un incremento en los ingresos totales del 5.8% a 88.8 millones de dólares, en comparación con 84.0 millones de dólares en el tercer trimestre de 2023. El margen bruto mejoró al 46.5% desde el 40.2% del año anterior. Los gastos operativos disminuyeron un 39.0% a 49.1 millones de dólares. La compañía reportó una pérdida neta GAAP de 6.0 millones de dólares, mejorando de una pérdida de 45.7 millones de dólares en el tercer trimestre de 2023. El EBITDA ajustado se volvió positivo con 0.5 millones de dólares en comparación con una pérdida de 5.5 millones de dólares el año pasado. La posición de efectivo se fortaleció a 124.3 millones de dólares sin deudas. La compañía actualizó su guía de ingresos para el año completo 2024 a 329-331 millones de dólares, proyectando un crecimiento del 4-5%.
이노겐 (NASDAQ: INGN)은 2024년 3분기 재무 결과를 발표하며 총 수익이 5.8% 증가하여 8,880만 달러에 달했다고 보고했습니다. 이는 2023년 3분기의 8,400만 달러에 비해 증가한 것입니다. 총 마진은 작년 40.2%에서 46.5%로 개선되었습니다. 운영 비용은 39.0% 감소하여 4,910만 달러로 줄어들었습니다. 회사는 3분기 2023년의 4570만 달러 손실에서 개선된 600만 달러의 GAAP 순손실을 보고했습니다. 조정된 EBITDA는 작년 -550만 달러에서 긍정적인 50만 달러로 전환되었습니다. 현금 위치는 1억 2,430만 달러로 강화되었으며 채무는 없습니다. 회사는 전체 2024년 수익 전망을 3억 2,900-3억 3,100만 달러로 업데이트하며 4-5% 성장을 예상하고 있습니다.
Inogen (NASDAQ: INGN) a annoncé ses résultats financiers pour le troisième trimestre 2024, avec un chiffre d'affaires total en hausse de 5,8 % à 88,8 millions de dollars, contre 84,0 millions de dollars au troisième trimestre 2023. La marge brute a été améliorée à 46,5 % contre 40,2 % l'année précédente. Les dépenses d'exploitation ont diminué de 39,0 % pour atteindre 49,1 millions de dollars. L'entreprise a déclaré une perte nette GAAP de 6,0 millions de dollars, améliorant ainsi une perte de 45,7 millions de dollars au troisième trimestre 2023. L'EBITDA ajusté est devenu positif avec 0,5 million de dollars par rapport à une perte de 5,5 millions de dollars l'année dernière. La position de liquidités s'est renforcée à 124,3 millions de dollars sans dettes. L'entreprise a mis à jour ses prévisions de revenus pour l'année entière 2024 à 329-331 millions de dollars, projetant une croissance de 4-5 %.
Inogen (NASDAQ: INGN) hat die finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht, wobei der Gesamtumsatz um 5,8 % auf 88,8 Millionen USD gestiegen ist, verglichen mit 84,0 Millionen USD im 3. Quartal 2023. Die Bruttomarge verbesserte sich von 40,2 % auf 46,5 % im Jahresvergleich. Die Betriebskosten sanken um 39,0 % auf 49,1 Millionen USD. Das Unternehmen berichtete einen GAAP-Nettoverlust von 6,0 Millionen USD, was eine Verbesserung gegenüber einem Verlust von 45,7 Millionen USD im 3. Quartal 2023 darstellt. Das angepasste EBITDA wurde mit 0,5 Millionen USD positiv im Vergleich zu einem negativen Wert von 5,5 Millionen USD im letzten Jahr. Die Liquiditätsposition verbesserte sich auf 124,3 Millionen USD ohne Schulden. Das Unternehmen hat seine Umsatzprognose für das gesamte Jahr 2024 auf 329-331 Millionen USD aktualisiert und rechnet mit einem Wachstum von 4-5 %.
- Revenue increased 5.8% YoY to $88.8 million
- Gross margin improved significantly to 46.5% from 40.2%
- Operating expenses decreased 39.0% to $49.1 million
- Adjusted EBITDA turned positive at $0.5 million
- Strong cash position of $124.3 million with no debt
- GAAP net loss of $6.0 million in Q3 2024
- Lower direct-to-consumer sales and rental revenue
- Adjusted net loss of $2.6 million
Insights
The Q3 2024 results show mixed signals for Inogen. Revenue growth of
The company's strong cash position of
“We continued to make significant progress on our strategic priorities in the third quarter. Our results demonstrate our team’s strong commercial and operational execution,” said Kevin Smith, President and Chief Executive Officer. “As we move into the fourth quarter, we remain focused on driving growth, continuing innovation, and advancing towards sustainable profitability.”
Third Quarter 2024 Financial Results
Total revenue in the third quarter of 2024 increased
Total gross margin was
Total operating expense for the third quarter of 2024 was
GAAP net loss for the third quarter of 2024 was
Adjusted EBITDA was a positive
Cash, cash equivalents, marketable securities and restricted cash were
Reconciliations of adjusted EBITDA and adjusted net loss for the three and nine months ended September 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
2024 Financial Outlook
Inogen now expects revenue for the full year 2024 to range from approximately
Quarterly Conference Call Information
On Thursday, November 7, 2024 the Company will host a conference call at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss its third quarter 2024 financial results.
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. A live audio webcast and archived recording of the conference call will be available to all interested parties through the News / Events page on the Inogen Investor Relations website. 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 November 14, 2024. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Conference ID: 13749319.
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.
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, statements with respect to the business positioned for revenue growth and long-term profitability, advancing the innovation pipeline, and Inogen’s full year revenue 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 related to its announced management and organizational changes, and risks arising from the possibility that Inogen will not realize anticipated future financial performance or strategic goals. In addition, Inogen's business is subject to numerous additional risks and uncertainties, including, among others, risks relating to market acceptance of its products; competition; its sales, marketing and distribution capabilities; its planned sales, marketing, and research and development activities; interruptions or delays in the supply of components or materials for, or manufacturing of, its products; seasonal variations; unanticipated increases in costs or expenses; risks associated with international operations; and the possibility that Inogen will not realize anticipated revenue from recent or future technology acquisitions or that expenses and costs related thereto 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 period ended December 31, 2023, its Quarterly Report on Form 10-Q for the calendar quarter ended March 31, 2024 and in its other filings 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) |
|||||||||||||||
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenue |
|
|
|
|
|
|
|
||||||||
Sales revenue |
$ |
74,929 |
|
|
$ |
67,973 |
|
|
$ |
212,449 |
|
|
$ |
192,203 |
|
Rental revenue |
|
13,905 |
|
|
|
15,994 |
|
|
|
43,175 |
|
|
|
47,561 |
|
Total revenue |
|
88,834 |
|
|
|
83,967 |
|
|
|
255,624 |
|
|
|
239,764 |
|
Cost of revenue |
|
|
|
|
|
|
|
||||||||
Cost of sales revenue |
|
39,592 |
|
|
|
42,708 |
|
|
|
113,156 |
|
|
|
118,700 |
|
Cost of rental revenue, including depreciation of |
|
7,898 |
|
|
|
7,495 |
|
|
|
24,016 |
|
|
|
22,523 |
|
Total cost of revenue |
|
47,490 |
|
|
|
50,203 |
|
|
|
137,172 |
|
|
|
141,223 |
|
Gross profit |
|
41,344 |
|
|
|
33,764 |
|
|
|
118,452 |
|
|
|
98,541 |
|
Operating expense |
|
|
|
|
|
|
|
||||||||
Research and development |
|
3,518 |
|
|
|
4,489 |
|
|
|
15,712 |
|
|
|
14,126 |
|
Sales and marketing |
|
26,361 |
|
|
|
26,091 |
|
|
|
78,914 |
|
|
|
81,438 |
|
General and administrative |
|
19,257 |
|
|
|
17,011 |
|
|
|
54,956 |
|
|
|
50,487 |
|
Impairment charges |
|
— |
|
|
|
32,894 |
|
|
|
— |
|
|
|
32,894 |
|
Total operating expense |
|
49,136 |
|
|
|
80,485 |
|
|
|
149,582 |
|
|
|
178,945 |
|
Loss from operations |
|
(7,792 |
) |
|
|
(46,721 |
) |
|
|
(31,130 |
) |
|
|
(80,404 |
) |
Other income (expense) |
|
|
|
|
|
|
|
||||||||
Interest income, net |
|
1,041 |
|
|
|
1,801 |
|
|
|
3,777 |
|
|
|
4,972 |
|
Other income (expense) |
|
687 |
|
|
|
(398 |
) |
|
|
964 |
|
|
|
176 |
|
Total other income, net |
|
1,728 |
|
|
|
1,403 |
|
|
|
4,741 |
|
|
|
5,148 |
|
Loss before provision (benefit) for income taxes |
|
(6,064 |
) |
|
|
(45,318 |
) |
|
|
(26,389 |
) |
|
|
(75,256 |
) |
Provision (benefit) for income taxes |
|
(101 |
) |
|
|
401 |
|
|
|
(258 |
) |
|
|
638 |
|
Net loss |
|
(5,963 |
) |
|
|
(45,719 |
) |
|
|
(26,131 |
) |
|
|
(75,894 |
) |
Other comprehensive income (loss), net of tax |
|
|
|
|
|
|
|
||||||||
Change in foreign currency translation adjustment |
|
1,654 |
|
|
|
(752 |
) |
|
|
333 |
|
|
|
(575 |
) |
Change in net unrealized gains on foreign currency hedging |
|
— |
|
|
|
33 |
|
|
|
— |
|
|
|
40 |
|
Less: reclassification adjustment for net losses included in net loss |
|
— |
|
|
|
13 |
|
|
|
— |
|
|
|
13 |
|
Total net change in unrealized gains on foreign currency hedging |
|
— |
|
|
|
46 |
|
|
|
— |
|
|
|
53 |
|
Change in net unrealized gains on marketable securities |
|
203 |
|
|
|
49 |
|
|
|
161 |
|
|
|
182 |
|
Total other comprehensive income (loss), net of tax |
|
1,857 |
|
|
|
(657 |
) |
|
|
494 |
|
|
|
(340 |
) |
Comprehensive loss |
$ |
(4,106 |
) |
|
$ |
(46,376 |
) |
|
$ |
(25,637 |
) |
|
$ |
(76,234 |
) |
|
|
|
|
|
|
|
|
||||||||
Basic net loss per share attributable to common stockholders (1) |
$ |
(0.25 |
) |
|
$ |
(1.97 |
) |
|
$ |
(1.11 |
) |
|
$ |
(3.28 |
) |
Diluted net loss per share attributable to common stockholders (1) (2) |
$ |
(0.25 |
) |
|
$ |
(1.97 |
) |
|
$ |
(1.11 |
) |
|
$ |
(3.28 |
) |
Weighted average number of shares used in calculating net loss per share attributable to common stockholders: |
|
|
|
|
|
|
|
||||||||
Basic common shares |
|
23,751,168 |
|
|
|
23,231,217 |
|
|
|
23,589,836 |
|
|
|
23,129,795 |
|
Diluted common shares |
|
23,751,168 |
|
|
|
23,231,217 |
|
|
|
23,589,836 |
|
|
|
23,129,795 |
|
(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 nine months ended September 30, 2024 and September 30, 2023, diluted loss per share is the same as basic. |
Consolidated Balance Sheets (unaudited) (amounts in thousands, except share and per share amounts) |
|||||||
|
September 30, 2024 |
|
December 31, 2023 |
||||
Assets |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
105,690 |
|
|
$ |
125,492 |
|
Marketable securities |
|
14,973 |
|
|
|
2,979 |
|
Restricted cash |
|
3,591 |
|
|
|
— |
|
Accounts receivable, net |
|
34,233 |
|
|
|
42,241 |
|
Inventories, net |
|
23,320 |
|
|
|
21,840 |
|
Income tax receivable |
|
964 |
|
|
|
669 |
|
Prepaid expenses and other current assets |
|
9,783 |
|
|
|
13,846 |
|
Total current assets |
|
192,554 |
|
|
|
207,067 |
|
Property and equipment, net |
|
46,598 |
|
|
|
50,316 |
|
Goodwill |
|
10,170 |
|
|
|
10,057 |
|
Intangible assets, net |
|
33,762 |
|
|
|
34,591 |
|
Operating lease right-of-use asset |
|
19,017 |
|
|
|
20,338 |
|
Other assets |
|
4,071 |
|
|
|
3,825 |
|
Total assets |
$ |
306,172 |
|
|
$ |
326,194 |
|
Liabilities and stockholders' equity |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable and accrued expenses |
$ |
27,028 |
|
|
$ |
30,142 |
|
Accrued payroll |
|
14,285 |
|
|
|
11,066 |
|
Warranty reserve - current |
|
9,492 |
|
|
|
9,628 |
|
Operating lease liability - current |
|
2,777 |
|
|
|
3,653 |
|
Earnout liability |
|
11,830 |
|
|
|
10,000 |
|
Deferred revenue - current |
|
6,984 |
|
|
|
7,980 |
|
Income tax payable |
|
— |
|
|
|
27 |
|
Total current liabilities |
|
72,396 |
|
|
|
72,496 |
|
Long-term liabilities |
|
|
|
||||
Warranty reserve - noncurrent |
|
16,183 |
|
|
|
13,850 |
|
Operating lease liability - noncurrent |
|
17,370 |
|
|
|
18,270 |
|
Deferred revenue - noncurrent |
|
6,435 |
|
|
|
8,227 |
|
Deferred tax liability |
|
8,384 |
|
|
|
8,539 |
|
Total liabilities |
|
120,768 |
|
|
|
121,382 |
|
Stockholders' equity |
|
|
|
||||
Common stock |
|
24 |
|
|
|
23 |
|
Additional paid-in capital |
|
326,741 |
|
|
|
320,513 |
|
Accumulated deficit |
|
(143,080 |
) |
|
|
(116,949 |
) |
Accumulated other comprehensive income |
|
1,719 |
|
|
|
1,225 |
|
Total stockholders' equity |
|
185,404 |
|
|
|
204,812 |
|
Total liabilities and stockholders' equity |
$ |
306,172 |
|
|
$ |
326,194 |
|
Condensed Consolidated Cash Flow (unaudited) (amounts in thousands) |
|||||||
|
Nine months ended September 30, |
||||||
|
2024 |
|
2023 |
||||
Cash flows from operating activities |
|
|
|
||||
Net loss |
$ |
(26,131 |
) |
|
$ |
(75,894 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
||||
Depreciation and amortization |
|
15,924 |
|
|
|
13,008 |
|
Loss on rental units and other assets |
|
3,075 |
|
|
|
3,377 |
|
Gain on sale of former rental assets |
|
(164 |
) |
|
|
(58 |
) |
Provision for sales revenue returns and doubtful accounts |
|
9,397 |
|
|
|
7,075 |
|
Provision for inventory losses |
|
(243 |
) |
|
|
2,343 |
|
Loss on purchase commitments |
|
(334 |
) |
|
|
— |
|
Stock-based compensation expense |
|
5,704 |
|
|
|
8,484 |
|
Deferred income taxes |
|
(244 |
) |
|
|
— |
|
Change in fair value of earnout liability |
|
1,830 |
|
|
|
— |
|
Impairment charges |
|
— |
|
|
|
32,894 |
|
Changes in operating assets and liabilities |
|
118 |
|
|
|
8,685 |
|
Net cash provided by (used in) operating activities |
|
8,932 |
|
|
|
(86 |
) |
Cash flows from investing activities |
|
|
|
||||
Purchases of available-for-sale securities |
|
(32,333 |
) |
|
|
(23,750 |
) |
Maturities of available-for-sale securities |
|
20,500 |
|
|
|
10,500 |
|
Investment in intangible assets |
|
(2,090 |
) |
|
|
(494 |
) |
Investment in property and equipment |
|
(3,031 |
) |
|
|
(3,824 |
) |
Production and purchase of rental equipment |
|
(8,833 |
) |
|
|
(16,391 |
) |
Proceeds from sale of former assets |
|
272 |
|
|
|
149 |
|
Acquisition of business, net of cash acquired |
|
— |
|
|
|
(29,633 |
) |
Net cash used in investing activities |
|
(25,515 |
) |
|
|
(63,443 |
) |
Cash flows from financing activities |
|
|
|
||||
Proceeds from stock options exercised |
|
— |
|
|
|
384 |
|
Proceeds from employee stock purchases |
|
811 |
|
|
|
1,094 |
|
Payment of employment taxes related to release of restricted stock |
|
(286 |
) |
|
|
(504 |
) |
Net cash provided by financing activities |
|
525 |
|
|
|
974 |
|
Effect of exchange rates on cash |
|
(153 |
) |
|
|
149 |
|
Net decrease in cash, cash equivalents and restricted cash |
$ |
(16,211 |
) |
|
$ |
(62,406 |
) |
Supplemental Financial Information (unaudited) (in thousands, except units and patients) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
Constant |
||||||||||||
|
|
Three months ended |
|
|
|
|
|
Currency |
||||||||||||
|
|
September 30, |
|
Change 2024 vs. 2023 |
|
Change |
||||||||||||||
Revenue by region and category |
|
2024 |
|
2023 |
|
$ |
|
% |
|
% |
||||||||||
Business-to-business domestic sales |
|
$ |
23,352 |
|
$ |
17,288 |
|
$ |
6,064 |
|
|
|
35.1 |
% |
|
|
35.1 |
% |
||
Business-to-business international sales |
|
|
32,328 |
|
|
|
25,613 |
|
|
|
6,715 |
|
|
|
26.2 |
% |
|
|
26.9 |
% |
Direct-to-consumer domestic sales |
|
|
19,249 |
|
|
|
25,072 |
|
|
|
(5,823 |
) |
|
|
-23.2 |
% |
|
|
-23.2 |
% |
Direct-to-consumer domestic rentals |
|
|
13,905 |
|
|
|
15,994 |
|
|
|
(2,089 |
) |
|
|
-13.1 |
% |
|
|
-13.1 |
% |
Total revenue |
|
$ |
88,834 |
|
|
$ |
83,967 |
|
|
$ |
4,867 |
|
|
|
5.8 |
% |
|
|
6.0 |
% |
Additional financial measures |
|
|
|
|
|
|
|
|
|
|
||||||||||
Units Sold |
|
|
43,900 |
|
|
|
35,400 |
|
|
|
|
|
|
|
||||||
Net rental patients as of period-end |
|
|
51,400 |
|
|
|
51,900 |
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
Constant |
||||||||||||
|
|
Nine months ended |
|
|
|
Currency |
||||||||||||||
|
|
September 30, |
|
Change 2024 vs. 2023 |
|
Change |
||||||||||||||
Revenue by region and category |
|
2024 |
|
2023 |
|
$ |
|
% |
|
% |
||||||||||
Business-to-business domestic sales |
|
$ |
61,158 |
|
|
$ |
48,145 |
|
|
$ |
13,013 |
|
|
|
27.0 |
% |
|
|
27.0 |
% |
Business-to-business international sales |
|
|
88,894 |
|
|
|
67,877 |
|
|
|
21,017 |
|
|
|
31.0 |
% |
|
|
30.8 |
% |
Direct-to-consumer domestic sales |
|
|
62,397 |
|
|
|
76,181 |
|
|
|
(13,784 |
) |
|
|
-18.1 |
% |
|
|
-18.1 |
% |
Direct-to-consumer domestic rentals |
|
|
43,175 |
|
|
|
47,561 |
|
|
|
(4,386 |
) |
|
|
-9.2 |
% |
|
|
-9.2 |
% |
Total revenue |
|
$ |
255,624 |
|
|
$ |
239,764 |
|
|
$ |
15,860 |
|
|
|
6.6 |
% |
|
|
6.6 |
% |
Additional financial measures |
|
|
|
|
|
|
|
|
|
|
||||||||||
Units Sold |
|
|
119,100 |
|
|
|
96,400 |
|
|
|
|
|
|
|
||||||
Net rental patients as of period-end |
|
|
51,400 |
|
|
|
51,900 |
|
|
|
|
|
|
|
Reconciliation of (unaudited) (in thousands) |
||||||||||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||
Non-GAAP EBITDA and Adjusted EBITDA |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net loss (GAAP) |
|
$ |
(5,963 |
) |
|
$ |
(45,719 |
) |
|
$ |
(26,131 |
) |
|
$ |
(75,894 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
||||||||
Interest income, net |
|
|
(1,041 |
) |
|
|
(1,801 |
) |
|
|
(3,777 |
) |
|
|
(4,972 |
) |
Provision (benefit) for income taxes |
|
|
(101 |
) |
|
|
401 |
|
|
|
(258 |
) |
|
|
638 |
|
Depreciation and amortization |
|
|
5,314 |
|
|
|
4,614 |
|
|
|
15,924 |
|
|
|
13,008 |
|
EBITDA (non-GAAP) |
|
|
(1,791 |
) |
|
|
(42,505 |
) |
|
|
(14,242 |
) |
|
|
(67,220 |
) |
Stock-based compensation |
|
|
1,474 |
|
|
|
1,779 |
|
|
|
5,704 |
|
|
|
8,484 |
|
Acquisition-related expenses |
|
|
127 |
|
|
|
960 |
|
|
|
784 |
|
|
|
1,981 |
|
Restructuring-related and other charges |
|
|
— |
|
|
|
1,416 |
|
|
|
— |
|
|
|
3,426 |
|
Impairment charges |
|
|
— |
|
|
|
32,894 |
|
|
|
— |
|
|
|
32,894 |
|
Change in fair value of earnout liability |
|
|
650 |
|
|
|
— |
|
|
|
1,830 |
|
|
|
— |
|
Adjusted EBITDA (non-GAAP) |
|
$ |
460 |
|
|
$ |
(5,456 |
) |
|
$ |
(5,924 |
) |
|
$ |
(20,435 |
) |
|
|
Three months ended September 30, |
||||||||||||||
|
|
Net Loss |
|
Diluted EPS |
||||||||||||
Non-GAAP Adjusted Net Loss and Diluted EPS |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Financial Results (GAAP) |
|
$ |
(5,963 |
) |
|
$ |
(45,719 |
) |
|
$ |
(0.25 |
) |
|
$ |
(1.97 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
||||||||
Amortization of intangibles |
|
|
1,107 |
|
|
|
205 |
|
|
|
|
|
||||
Stock-based compensation |
|
|
1,474 |
|
|
|
1,779 |
|
|
|
|
|
||||
Acquisition-related expenses |
|
|
127 |
|
|
|
960 |
|
|
|
|
|
||||
Restructuring-related and other charges (1) |
|
|
— |
|
|
|
1,416 |
|
|
|
|
|
||||
Impairment charges |
|
|
— |
|
|
|
32,894 |
|
|
|
|
|
||||
Change in fair value of earnout liability |
|
|
650 |
|
|
|
— |
|
|
|
|
|
||||
Income tax impact of adjustments (2) |
|
|
— |
|
|
|
— |
|
|
|
|
|
||||
Adjusted |
|
$ |
(2,605 |
) |
|
$ |
(8,465 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.36 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Nine months ended September 30, |
||||||||||||||
|
|
Net Loss |
|
Diluted EPS |
||||||||||||
Non-GAAP Adjusted Net Loss and Diluted EPS |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Financial Results (GAAP) |
|
$ |
(26,131 |
) |
|
$ |
(75,894 |
) |
|
$ |
(1.11 |
) |
|
$ |
(3.28 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
||||||||
Amortization of intangibles |
|
|
3,227 |
|
|
|
284 |
|
|
|
|
|
||||
Stock-based compensation |
|
|
5,704 |
|
|
|
8,484 |
|
|
|
|
|
||||
Acquisition-related expenses |
|
|
784 |
|
|
|
1,981 |
|
|
|
|
|
||||
Restructuring-related and other charges (1) |
|
|
— |
|
|
|
3,426 |
|
|
|
|
|
||||
Impairment charges |
|
|
— |
|
|
|
32,894 |
|
|
|
|
|
||||
Change in fair value of earnout liability |
|
|
1,830 |
|
|
|
— |
|
|
|
|
|
||||
Income tax impact of adjustments (2) |
|
|
— |
|
|
|
— |
|
|
|
|
|
||||
Adjusted |
|
$ |
(14,586 |
) |
|
$ |
(28,825 |
) |
|
$ |
(0.62 |
) |
|
$ |
(1.25 |
) |
(1) |
Charges represent the costs associated with workforce reductions 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 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107332965/en/
Source: Inogen, Inc.
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