In This Article:
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Total Revenue: $88.8 million, a 6.1% increase year-over-year.
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Direct to Consumer Sales: Decreased 15.6% to $22.6 million.
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Domestic Business-to-Business Revenue: Increased 16.5% to $21.3 million.
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International Business-to-Business Revenue: Increased 31.1% to $30.5 million.
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Rental Revenue: Decreased 6.2% to $14.3 million.
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Total Gross Margin: 48.1%, an increase of 740 basis points.
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Sales Revenue Gross Margin: 48.5%, an increase of 1,000 basis points.
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Rental Revenue Gross Margin: 46.2%, a decline of 430 basis points.
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Operating Expense: Increased to $49.8 million, up 8.7% year-over-year.
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GAAP Net Loss: $5.6 million, with a loss per diluted share of $0.24.
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Adjusted Net Loss: $1.6 million, with an adjusted loss per diluted share of $0.07.
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Adjusted EBITDA: Positive $1.3 million, compared to a loss of $3.2 million in the prior year period.
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Cash and Equivalents: $121.2 million with no debt outstanding as of June 30, 2024.
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Full Year 2024 Revenue Expectation: $325 million to $330 million, reflecting 3% to 5% year-over-year growth.
Release Date: August 06, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Inogen Inc (NASDAQ:INGN) reported a 6% year-over-year revenue growth in the second quarter of 2024, reaching $89 million.
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The company achieved a 14% growth from the first quarter of 2024, indicating strong commercial execution.
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Inogen Inc (NASDAQ:INGN) saw significant growth in its business-to-business channels, both domestically and internationally.
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The company reported its first quarter of adjusted EBITDA profitability under the current CEO's tenure.
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Inogen Inc (NASDAQ:INGN) is making progress in its innovation pipeline, with plans to launch a new generation POC product in the latter half of the year.
Negative Points
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Direct-to-consumer sales decreased by 15.6% year-over-year, primarily due to lower representative headcount.
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Rental revenue declined by 6.2%, driven by lower average billing rates due to a mix shift to private payers.
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The company expects increased advertising costs due to the upcoming November elections, which could impact direct-to-consumer sales.
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Despite achieving adjusted EBITDA profitability, the company cautions that the path to durable profitability will not be linear.
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Inogen Inc (NASDAQ:INGN) anticipates headwinds in the second half of the year, including potential challenges in obtaining advertising slots due to the national election.
Q & A Highlights
Q: Can you provide some color on the sales force for the Direct-to-Consumer (DTC) channel and how productivity is expected to ramp up in 2024? A: Kevin Smith, CEO: The DTC sales force is currently in the range of 150 to 170 representatives. We are focused on increasing productivity within this channel and have implemented the patient-first pilot to streamline the process for patients to receive Inogen POCs. We are seeing positive traction and are comfortable with the current team size.