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
June 30, 2024.
“I am proud of the performance of our team in the first half of
2024. We have made meaningful progress on our strategic
initiatives, driving top-line growth and advancing the profile of
the business toward profitability,” said Kevin Smith, President and
Chief Executive Officer. “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.”
Second Quarter 2024 Financial Results
Second quarter total revenue increased 6.1% to $88.8 million
from $83.6 million in the second quarter of 2023, primarily driven
by higher demand and new customers in international and domestic
business-to-business sales, partially offset by lower
direct-to-consumer sales and rental revenue.
Total gross margin was 48.1% in the second quarter of 2024
versus 40.7% in the comparative period in 2023. The increase was
driven primarily by lower premiums paid for components and
favorable adjustments to reserves, partially offset by sales
channel mix.
Total operating expense for the quarter was $49.8 million
compared to $45.8 million in the second quarter of 2023,
representing an increase of 8.7%. The increase was primarily due to
higher personnel-related expenses.
GAAP net loss for the second quarter of 2024 was $5.6 million
compared to GAAP net loss of $9.8 million in the second quarter of
2023. Adjusted net loss was $1.6 million compared to adjusted net
loss of $5.8 million in the second quarter of 2023.
Adjusted 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.
Cash, cash equivalents, marketable securities and restricted
cash were $121.2 million as of June 30, 2024, and no debt
outstanding.
Reconciliations of adjusted EBITDA and adjusted net loss for the
three and six months ended June 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 expects revenue for the full year 2024 to range from
approximately $325 million to $330 million, which represents
approximately 3% to 5% growth over the Company’s prior year
revenue.
Quarterly Conference Call Information
On Tuesday, August 6, 2024 the Company will host a conference
call at 2:00 pm Pacific Time / 5:00 pm Eastern Time.
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 August
13, 2024. To access the replay, dial (877) 660-6853 or (201)
612-7415 and reference Conference ID: 13747098.
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 six
months ended June 30, 2024, and June 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. For future
periods, Inogen is unable to provide a reconciliation of non-GAAP
measures without unreasonable effort as a result of the uncertainty
regarding, and the potential variability of, the amounts of
interest income, interest expense, depreciation and amortization,
stock-based compensation, provision (benefit) for income taxes, and
certain other infrequently occurring items, such as
acquisition-related costs, that may be incurred in the future.
Consolidated Statements of
Comprehensive Loss
(unaudited)
(amounts in thousands, except
share and per share amounts)
Three months ended
Six months ended
June 30,
June 30,
2024
2023
2024
2023
Revenue
Sales revenue
$
74,425
$
68,343
$
137,520
$
124,230
Rental revenue
14,340
15,292
29,270
31,567
Total revenue
88,765
83,635
166,790
155,797
Cost of revenue
Cost of sales revenue
38,320
42,028
73,564
75,992
Cost of rental revenue, including
depreciation of $3,128 and $3,328 for the three months ended and
$6,307 and $6,316 for the six months ended, respectively
7,708
7,563
16,118
15,028
Total cost of revenue
46,028
49,591
89,682
91,020
Gross profit
42,737
34,044
77,108
64,777
Operating expense
Research and development
5,616
4,293
12,194
9,637
Sales and marketing
25,617
26,906
52,553
55,347
General and administrative
18,568
14,613
35,699
33,476
Total operating expense
49,801
45,812
100,446
98,460
Loss from operations
(7,064
)
(11,768
)
(23,338
)
(33,683
)
Other income (expense)
Interest income, net
1,333
1,646
2,736
3,171
Other income, net
134
337
277
574
Total other income, net
1,467
1,983
3,013
3,745
Loss before benefit for income
taxes
(5,597
)
(9,785
)
(20,325
)
(29,938
)
Provision (benefit) for income
taxes
(7
)
41
(157
)
237
Net loss
(5,590
)
(9,826
)
(20,168
)
(30,175
)
Other comprehensive income (loss), net
of tax
Change in foreign currency translation
adjustment
(286
)
7
(1,321
)
177
Change in net unrealized gains (losses) on
foreign currency hedging
—
7
—
7
Change in net unrealized gains (losses) on
marketable securities
(40
)
64
(42
)
133
Total other comprehensive income
(loss), net of tax
(326
)
78
(1,363
)
317
Comprehensive loss
$
(5,916
)
$
(9,748
)
$
(21,531
)
$
(29,858
)
Basic net loss per share attributable
to common stockholders (1)
$
(0.24
)
$
(0.42
)
$
(0.86
)
$
(1.31
)
Diluted net loss per share attributable
to common stockholders (1) (2)
$
(0.24
)
$
(0.42
)
$
(0.86
)
$
(1.31
)
Weighted-average number of shares used
in calculating net loss per share attributable to common
stockholders:
Basic common shares
23,614,970
23,146,117
23,508,284
23,078,244
Diluted common shares
23,614,970
23,146,117
23,508,284
23,078,244
(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 six months ended June 30,
2024 and June 30, 2023, diluted loss per share is the same as
basic.
Consolidated Balance
Sheets
(unaudited)
(amounts in thousands)
June 30,
December 31,
2024
2023
Assets
Current assets
Cash and cash equivalents
$
97,920
$
125,492
Marketable securities
19,767
2,979
Restricted cash
3,559
—
Accounts receivable, net
36,037
42,241
Inventories, net
24,048
21,840
Income tax receivable
1,050
669
Prepaid expenses and other current
assets
12,410
13,846
Total current assets
194,791
207,067
Property and equipment, net
47,022
50,316
Goodwill
9,764
10,057
Intangibles assets, net
33,585
34,591
Operating lease right-of-use asset
19,951
20,338
Other assets
3,806
3,825
Total assets
$
308,919
$
326,194
Liabilities and stockholders'
equity
Current liabilities
Accounts payable and accrued expenses
$
26,783
$
30,142
Accrued payroll
13,746
11,066
Warranty reserve - current
9,759
9,628
Operating lease liability - current
3,332
3,653
Earnout liability
11,180
10,000
Deferred revenue - current
7,385
7,980
Income tax payable
—
27
Total current liabilities
72,185
72,496
Warranty reserve - noncurrent
15,897
13,850
Operating lease liability - noncurrent
18,106
18,270
Deferred revenue - noncurrent
7,066
8,227
Deferred tax liability - noncurrent
8,070
8,539
Total liabilities
121,324
121,382
Stockholders' equity
Common stock
24
23
Additional paid-in capital
324,826
320,513
Accumulated deficit
(137,117
)
(116,949
)
Accumulated other comprehensive income
(loss)
(138
)
1,225
Total stockholders' equity
187,595
204,812
Total liabilities and stockholders'
equity
$
308,919
$
326,194
Condensed Consolidated Cash
Flow
(unaudited)
(amounts in thousands)
Six months ended June
30,
2024
2023
Cash flows from operating
activities
Net loss
$
(20,168
)
$
(30,175
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
10,610
8,394
Loss on rental units and other assets
2,158
2,138
Gain on sale of former rental assets
(63
)
(40
)
Provision for sales revenue returns and
doubtful accounts
4,615
4,488
Provision for inventory losses
74
989
Loss on purchase commitments
(68
)
—
Stock-based compensation expense
4,230
6,705
Deferred income taxes
(223
)
—
Change in fair value of earnout
liability
1,180
—
Changes in operating assets and
liabilities
(405
)
5,230
Net cash provided by (used in) operating
activities
1,940
(2,271
)
Cash flows from investing
activities
Purchases of available-for-sale
securities
(32,330
)
(12,826
)
Maturities of available-for-sale
securities
15,500
10,500
Investment in intangible assets
(2,090
)
(494
)
Investment in property and equipment
(1,360
)
(3,116
)
Production and purchase of rental
equipment
(5,651
)
(11,810
)
Proceeds from sale of former assets
111
96
Net cash used in investing activities
(25,820
)
(17,650
)
Cash flows from financing
activities
Proceeds from stock options exercised
—
384
Proceeds from employee stock purchases
370
630
Payment of employment taxes related to
release of restricted stock
(286
)
(488
)
Net cash provided by financing
activities
84
526
Effect of exchange rates on cash
(217
)
68
Net decrease in cash, cash equivalents
and restricted cash
$
(24,013
)
$
(19,327
)
Supplemental Financial
Information
(unaudited)
(in thousands, except units
and patients)
Three months ended June
30,
Change as reported
Constant Currency
Change
2024
2023
$
%
%
Revenue by region and category
Business-to-business domestic sales
$
21,287
$
18,272
$
3,015
16.5
%
16.5
%
Business-to-business international
sales
30,531
23,292
7,239
31.1
%
31.4
%
Direct-to-consumer domestic sales
22,607
26,779
(4,172
)
-15.6
%
-15.6
%
Direct-to-consumer domestic rentals
14,340
15,292
(952
)
-6.2
%
-6.2
%
Total revenue
$
88,765
$
83,635
$
5,130
6.1
%
6.2
%
Additional financial measures
Units sold
41,300
34,100
Net rental patients as of period-end
51,900
48,900
Six months ended June
30,
Change as reported
Constant Currency
Change
2024
2023
$
%
%
Revenue by region and category
Business-to-business domestic sales
$
37,806
$
30,857
$
6,949
22.5
%
22.5
%
Business-to-business international
sales
56,566
42,264
14,302
33.8
%
33.2
%
Direct-to-consumer domestic sales
43,148
51,109
(7,961
)
-15.6
%
-15.6
%
Direct-to-consumer domestic rentals
29,270
31,567
(2,297
)
-7.3
%
-7.3
%
Total revenue
$
166,790
$
155,797
$
10,993
7.1
%
6.9
%
Additional financial measures
Units sold
75,200
61,000
Net rental patients as of period-end
51,900
48,900
Reconciliation of U.S. GAAP to
Other Non-GAAP Financial Measures
(unaudited)
(in thousands)
Three months ended
Six months ended
June 30,
June 30,
Non-GAAP EBITDA and Adjusted
EBITDA
2024
2023
2024
2023
Net loss (GAAP)
$
(5,590
)
$
(9,826
)
$
(20,168
)
$
(30,175
)
Non-GAAP adjustments:
Interest income, net
(1,333
)
(1,646
)
(2,736
)
(3,171
)
Provision (benefit) for income taxes
(7
)
41
(157
)
237
Depreciation and amortization
5,345
4,308
10,610
8,394
EBITDA (non-GAAP)
(1,585
)
(7,123
)
(12,451
)
(24,715
)
Stock-based compensation
1,814
3,263
4,230
6,705
Acquisition-related expenses
419
467
657
1,021
Restructuring-related and other charges
(1)
—
201
—
2,010
Change in fair value of earnout
liability
610
—
1,180
—
Adjusted EBITDA (non-GAAP)
$
1,258
$
(3,192
)
$
(6,384
)
$
(14,979
)
Three months ended June
30,
Net Loss
Diluted EPS
Non-GAAP Adjusted Net Loss and Diluted
EPS
2024
2023
2024
2023
Financial Results (GAAP)
$
(5,590
)
$
(9,826
)
$
(0.24
)
$
(0.42
)
Non-GAAP adjustments:
Amortization of intangibles
1,188
53
Stock-based compensation
1,814
3,263
Acquisition-related expenses
419
467
Restructuring-related and other charges
(1)
—
201
Change in fair value of earnout
liability
610
—
Income tax impact of adjustments (2)
—
—
Adjusted
$
(1,559
)
$
(5,842
)
$
(0.07
)
$
(0.25
)
Six months ended June
30,
Net Loss
Diluted EPS
Non-GAAP Adjusted Net Loss and Diluted
EPS
2024
2023
2024
2023
Financial Results (GAAP)
$
(20,168
)
$
(30,175
)
$
(0.86
)
$
(1.31
)
Non-GAAP adjustments:
Amortization of intangibles
2,120
79
Stock-based compensation
4,230
6,705
Acquisition-related expenses
657
1,021
Restructuring-related and other charges
(1)
—
2,010
Change in fair value of earnout
liability
1,180
—
Income tax impact of adjustments (2)
—
—
Adjusted
$
(11,981
)
$
(20,360
)
$
(0.51
)
$
(0.88
)
(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 six months ended June
30, 2024 and 2023.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240806055307/en/
ir@inogen.net
Inogen (NASDAQ:INGN)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Inogen (NASDAQ:INGN)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024
