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Inogen Announces Third Quarter 2024 Financial Results

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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 %.

Positive
  • 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
Negative
  • 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 5.8% to $88.8 million demonstrates modest improvement, while gross margin expansion to 46.5% from 40.2% indicates better operational efficiency. The significant reduction in operating expenses by 39% is primarily due to a one-time factor. While adjusted EBITDA turned positive at $0.5 million (versus -$5.5 million in Q3 2023), the company still posted a net loss of $6.0 million.

The company's strong cash position of $124.3 million with no debt provides financial flexibility. However, the lowered full-year revenue guidance of $329-331 million suggests cautious growth expectations. The improvement in B2B channels offset by weaker direct-to-consumer performance indicates a shifting business mix that investors should monitor closely.

GOLETA, Calif.--(BUSINESS WIRE)-- Inogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced financial results for the quarter ended September 30, 2024.

“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 5.8% to $88.8 million from $84.0 million in the third quarter of 2023, primarily driven by higher demand and new customer gains across the domestic and international business-to-business channels, which were partially offset by lower direct-to-consumer sales and rental revenue.

Total gross margin was 46.5% in the third quarter of 2024 versus 40.2% in the comparative period in 2023. The increase was driven primarily by lower raw material costs, that were partially offset by sales channel mix.

Total operating expense for the third quarter of 2024 was $49.1 million compared to $80.5 million in the third quarter of 2023, representing a decline of 39.0%. The decline can be attributed to the one-time goodwill impairment charge in the prior year period.

GAAP net loss for the third quarter of 2024 was $6.0 million compared to $45.7 million in the third quarter of 2023. Adjusted net loss for the third quarter of 2024 was $2.6 million compared to $8.5 million in the third quarter of 2023.

Adjusted EBITDA was a positive $0.5 million in the third quarter of 2024 compared to a negative $5.5 million in the third quarter of 2023.

Cash, cash equivalents, marketable securities and restricted cash were $124.3 million as of September 30, 2024, an increase of $3.0 million from the second quarter of 2024, with no debt outstanding.

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 U.S. GAAP to Other Non-GAAP Financial Measures.”

2024 Financial Outlook

Inogen now expects revenue for the full year 2024 to range from approximately $329 million to $331 million, which represents approximately 4% to 5% growth over the Company’s prior year revenue.

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 U.S. GAAP and also on a non-GAAP basis for the three and nine months ended September 30, 2024, and September 30, 2023. Management believes that non-GAAP financial measures, taken in conjunction with U.S. GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of Inogen’s core operating results. Management uses non-GAAP measures to compare Inogen’s performance relative to forecasts and strategic plans, to benchmark Inogen’s performance externally against competitors, and for certain compensation decisions. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Inogen's operating results as reported under U.S. GAAP. Inogen encourages investors to carefully consider its results under U.S. GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between U.S. GAAP and non-GAAP results are presented in the accompanying tables of this release.

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 $3,247 and $3,364, for the three months ended and $9,554 and $9,680 for the nine months ended, respectively

 

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 U.S. GAAP to Other Non-GAAP Financial Measures

(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 0% for the three and nine months ended September 30, 2024 and 2023.

 

ir@inogen.net

Source: Inogen, Inc.

FAQ

What was Inogen's (INGN) revenue growth in Q3 2024?

Inogen's revenue grew 5.8% year-over-year to $88.8 million in Q3 2024, up from $84.0 million in Q3 2023.

What is Inogen's (INGN) full-year 2024 revenue guidance?

Inogen expects full-year 2024 revenue to range from $329 million to $331 million, representing approximately 4% to 5% growth over the prior year.

What was Inogen's (INGN) gross margin in Q3 2024?

Inogen's gross margin was 46.5% in Q3 2024, an improvement from 40.2% in Q3 2023.

How much cash does Inogen (INGN) have as of Q3 2024?

Inogen reported $124.3 million in cash, cash equivalents, marketable securities and restricted cash as of September 30, 2024, with no debt outstanding.

Inogen Inc

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Medical Devices
Orthopedic, Prosthetic & Surgical Appliances & Supplies
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