In This Article:
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Total Revenue: $88.8 million, a 5.8% increase year-over-year.
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Direct to Consumer Sales: Decreased 23.2% to $19.2 million.
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Domestic Business to Business Revenue: Increased 35.1% to $23.4 million.
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International Business to Business Revenue: Increased 26.2% to $32.3 million.
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Rental Revenue: Decreased 13.1% to $13.9 million.
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Total Gross Margin: 46.5%, an increase of 630 basis points.
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Sales Revenue Gross Margin: 47.2%, an increase of 1,000 basis points.
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Rental Revenue Gross Margin: 43.2%, a decline of 990 basis points.
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Total Operating Expense: Decreased to $49.1 million, a 39% decrease.
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GAAP Net Loss: $6 million, compared to a loss of $45.7 million in the prior year.
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Adjusted Net Loss: $2.6 million, compared to a loss of $8.5 million in the prior year.
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Adjusted EBITDA: Positive $0.5 million, compared to a loss of $5.5 million in the prior year.
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Cash and Equivalents: $124.3 million with no debt outstanding.
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Full Year 2024 Revenue Expectations: Raised to $329 million to $331 million, reflecting approximately 45% year-over-year growth.
Release Date: November 07, 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) achieved a 6% year-over-year revenue growth, reaching $89 million in total revenue for the third quarter of 2024.
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The company reported strong performance in its business-to-business channels, with over 20% year-over-year revenue growth for the second consecutive quarter.
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Inogen Inc (NASDAQ:INGN) generated $3 million of positive cash flow, marking the second consecutive quarter of positive cash flow.
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The company achieved a second consecutive quarter of adjusted EBITDA profitability, indicating progress towards long-term profitability.
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Inogen Inc (NASDAQ:INGN) launched the Rove 4, a new portable oxygen concentrator (POC) with advanced features, enhancing its innovation pipeline.
Negative Points
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Direct-to-consumer sales declined by 23.2% year-over-year, reflecting challenges in this sales channel.
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Rental revenue decreased by 13.1%, primarily due to lower average billing rates and a mix shift to private payers.
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The company continues to face rising advertising costs, particularly due to increased demand for TV spots ahead of the election.
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Inogen Inc (NASDAQ:INGN) expects to end the second half of 2024 with an adjusted EBITDA loss, despite recent profitability improvements.
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Foreign exchange had a negative impact on revenue, with a 20 basis points impact on total revenue and a 70 basis points impact on international revenue.