Inogen Inc. (Nasdaq: INGN) is expecting approximately 3% to 5% growth for 2024, the company said in an Aug. 6 earnings call that shared the company’s upward-trending financial results for the second quarter.
“I am proud of the performance of our team in the first half of 2024,” Inogen President/CEO Kevin R. Smith said on the call. “We have made meaningful progress on our strategic initiatives, driving top-line growth and advancing the profile of the business toward profitability. We will also continue to advance our innovation pipeline and look forward to delivering best-in-class products to more respiratory patients around the world.”
Higher demand and new customers drive growth
Inogen’s Q2 total revenue was up 6.1% to $88.8 million from $83.6 million reported for the second quarter last year. A news announcement after the earnings call credited the increased revenue to “higher demand and new customers in international and domestic business-to-business sales, partially offset by lower direct-to-consumer sales and rental revenue.”
Generally Accepted Accounting Principles (GAAP) net loss for Q2 was $5.6 million; in comparison, the net loss for 2023’s second quarter was $9.8 million.
The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was “a positive $1.3 million in the second quarter of 2024 compared to a negative $3.2 million in the second quarter of 2023,” the announcement added.
Inogen now expects revenue for the full year of 2024 to be between $325 million and $330 million, “which represents approximately 3% to 5% growth over the company’s prior year revenue,” the company said.
In addition to what Smith referred to as “strong commercial execution from our team worldwide,” the president/CEO said, “We have also now completed our executive leadership transition and are excited to move forward with the concrete team in place.”
Michael Bourque joined Inogen in March. Kevin P. Smith — not to be confused with the CEO/president — joined Inogen in July as its general counsel and executive vice president of business development.
Regarding strategic initiatives, Smith said, “We believe our differentiated POC [personal oxygen concentrator] offerings resonate with our customers, as Inogen offers the highest quality POCs, the lowest total cost to serve in a host of digital health and value-added services that make us an attractive partner.
“In addition, we saw a modest tailwind in our B2B channel related to our recent competitive exit from the market. This nicely complemented our base growth in the quarter, which overall was driven by our differentiated offerings and strong commercial execution.”
Smith presumably was referring to Philips Respironics, which entered a U.S. Food & Drug Administration consent degree in January.
