Inogen Announces Second Quarter 2023 Financial Results

GOLETA, Calif.--()--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, 2023.

Second Quarter 2023 and Recent Business Highlights

All comparisons are to the prior year period unless otherwise noted.

  • Reported total revenue of $83.6 million, reflecting a decrease of 19.1%; currency fluctuations accounted for 0.6% of the decrease.
  • GAAP net loss of $9.8 million, Adjusted net loss of $5.8 million and Adjusted EBITDA loss of $3.2 million.
  • Entered into a share purchase agreement to acquire Physio-Assist to add a sizable, growing, and underserved airway clearance market opportunity in support of the strategy to become a multi-portfolio global respiratory care company.
  • Introduced Inogen® Rove 6™ in the United States, a portable oxygen concentrator now with an 8-year expected service life, further strengthening Inogen’s business-to-business and HME value proposition including a very competitive total cost of ownership.

“While disappointed in our second quarter performance, we remain focused on driving execution behind our commercial strategy to continue improving productivity in the direct-to-consumer channel, expanding our presence in the prescriber channel and managing volatility in the lower-margin business-to-business channels,” said Nabil Shabshab, President and Chief Executive Officer. “Importantly, we are making progress on improving Adjusted EBITDA, while making select investments including innovation to organically expand our portfolio in service of new patients and indications beyond COPD. Additionally, the recent agreement to acquire Physio-Assist will allow Inogen to serve patients in need of airway clearance with a clinically differentiated product internationally and eventually in the US. We believe that continued execution behind our commercial and innovation strategies will provide a path to revenue growth in 2024 with a continued focus on a return to profitability.”

Second Quarter 2023 Financial Results

Second quarter total revenue decreased 19.1% to $83.6 million from $103.4 million in the second quarter of 2022, as higher rental revenue and domestic business-to business sales were more than offset by declines in direct-to-consumer sales and international B2B sales.

Total gross margin was 40.7% in the second quarter of 2023 versus 44.7% in the comparative period in 2022. Gross margin declined by 400 basis points as the benefit from lower component costs was more than offset by channel mix and lower average selling prices in the business-to-business segments, namely in the US.

Total operating expense, which includes acquisition and restructuring-related costs, was $45.8 million compared to $49.1 million in the second quarter of 2022, representing a decrease of 6.8%. Total operating expense, excluding one-time costs, declined 11.8% due to disciplined focus on aligning the company infrastructure with its strategy and careful cost management.

GAAP net loss for the second quarter of 2023 was $9.8 million compared to GAAP net loss of $3.4 million in the second quarter of 2022. Adjusted net loss was $5.8 million compared to Adjusted net loss of $0.4 million in the second quarter of 2022. Adjusted EBITDA was a negative $3.2 million in the second quarter of 2023 compared to a positive $3.2 million in the second quarter of 2022.

Cash, cash equivalents and marketable securities were $170.1 million as of June 30, 2023, and no debt outstanding.

A reconciliation of Adjusted EBITDA and Adjusted net loss for the three and six months ended June 30, 2023 and 2022 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.”

Financial Guidance

As a result of year-to-date performance and continued pressure in the business-to-business channels, Inogen now expects 2023 annual revenue of $315 million to $320 million and Adjusted EBITDA loss of $20 million to $25 million for the full year.

Quarterly Conference Call Information

Inogen will issue second quarter 2023 financial results after the market closes on Monday, August 7, 2023. On the same day, the Company will host a conference call at 1:30 p.m. Pacific Time / 4:30 p.m. 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. To listen to a live webcast, please visit the Investor Relations section of Inogen's website at: http://investor.inogen.com/. 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 14, 2023. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Conference ID: 13739327.

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. For more information, visit http://investor.inogen.com/.

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, Inogen’s expectations for improving productivity in the direct-to-consumer channel, expanding our presence in the prescriber channel and managing volatility in the lower-margin business-to-business channels; broadening and diversifying our portfolio through innovation; our 2023 revenue and Adjusted EBITDA 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 arising from the possibility that Inogen will not realize anticipated revenue or expenses will not decrease; risks related to cost inflation; the risks our innovation pipeline will not produce meaningful results; risks related to our pending acquisition of Physio Assist including on expenses; the impact of changes in reimbursement rates and reimbursement and regulatory policies; and the possible loss of key employees, customers, or suppliers; the risk that expenses and costs 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 year ended December 31, 2022, and in its other filings with the Securities and Exchange Commission. Additional information will also be set forth in Inogen’s Quarterly Report on Form 10-Q for the period ended June 30, 2023, to be filed 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, 2023, and June 30, 2022. 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 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,

 

 

2023

 

2022

 

2023

 

2022

Revenue

 

 

 

 

 

 

 

 

Sales revenue

 

$

68,343

 

 

$

89,291

 

 

$

124,230

 

 

$

156,693

 

Rental revenue

 

 

15,292

 

 

 

14,085

 

 

 

31,567

 

 

 

27,068

 

Total revenue

 

 

83,635

 

 

 

103,376

 

 

 

155,797

 

 

 

183,761

 

Cost of revenue

 

 

 

 

 

 

 

 

Cost of sales revenue

 

 

42,028

 

 

 

50,661

 

 

 

75,992

 

 

 

90,161

 

Cost of rental revenue, including depreciation of $3,238 and $2,720 for the three months ended and $6,316 and $5,358 for the six months ended, respectively

 

 

7,563

 

 

 

6,457

 

 

 

15,028

 

 

 

12,336

 

Total cost of revenue

 

 

49,591

 

 

 

57,118

 

 

 

91,020

 

 

 

102,497

 

Gross profit

 

 

34,044

 

 

 

46,258

 

 

 

64,777

 

 

 

81,264

 

Operating expense

 

 

 

 

 

 

 

 

Research and development

 

 

4,293

 

 

 

6,064

 

 

 

9,637

 

 

 

11,428

 

Sales and marketing

 

 

26,906

 

 

 

30,388

 

 

 

55,347

 

 

 

58,427

 

General and administrative

 

 

14,613

 

 

 

12,682

 

 

 

33,476

 

 

 

27,871

 

Total operating expense

 

 

45,812

 

 

 

49,134

 

 

 

98,460

 

 

 

97,726

 

Loss from operations

 

 

(11,768

)

 

 

(2,876

)

 

 

(33,683

)

 

 

(16,462

)

Other income (expense)

 

 

 

 

 

 

 

 

Interest income

 

 

1,646

 

 

 

225

 

 

 

3,171

 

 

 

254

 

Other income (expense)

 

 

337

 

 

 

(722

)

 

 

574

 

 

 

(1,155

)

Total other income (expense), net

 

 

1,983

 

 

 

(497

)

 

 

3,745

 

 

 

(901

)

Loss before provision for income taxes

 

 

(9,785

)

 

 

(3,373

)

 

 

(29,938

)

 

 

(17,363

)

Provision for income taxes

 

 

41

 

 

 

69

 

 

 

237

 

 

 

293

 

Net loss

 

$

(9,826

)

 

$

(3,442

)

 

$

(30,175

)

 

$

(17,656

)

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

Change in foreign currency translation adjustment

 

 

7

 

 

 

(634

)

 

 

177

 

 

 

(837

)

Change in net unrealized gains (losses) on foreign currency hedging

 

 

7

 

 

 

(1,204

)

 

 

7

 

 

 

(1,878

)

Less: reclassification adjustment for net (gains) losses included in net income

 

 

 

 

 

606

 

 

 

 

 

 

1,206

 

Total net change in unrealized gains (losses) on foreign currency hedging

 

 

7

 

 

 

(598

)

 

 

7

 

 

 

(672

)

Change in net unrealized gains (losses) on marketable securities

 

 

64

 

 

 

7

 

 

 

133

 

 

 

(1

)

Total other comprehensive income (loss), net of tax

 

 

78

 

 

 

(1,225

)

 

 

317

 

 

 

(1,510

)

Comprehensive loss

 

$

(9,748

)

 

$

(4,667

)

 

$

(29,858

)

 

$

(19,166

)

 

 

 

 

 

 

 

 

 

Basic net loss per share attributable to common stockholders (1)

 

$

(0.42

)

 

$

(0.15

)

 

$

(1.31

)

 

$

(0.77

)

Diluted net loss per share attributable to common stockholders (1) (2)

 

$

(0.42

)

 

$

(0.15

)

 

$

(1.31

)

 

$

(0.77

)

Weighted-average number of shares used in calculating net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

 

Basic common shares

 

 

23,146,117

 

 

 

22,845,040

 

 

 

23,078,244

 

 

 

22,799,981

 

Diluted common shares

 

 

23,146,117

 

 

 

22,845,040

 

 

 

23,078,244

 

 

 

22,799,981

 

(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, 2023 and June 30, 2022, diluted loss per share is the same as basic.

Consolidated Balance Sheets

(unaudited)

(amounts in thousands)

 

 

 

 

 

 

 

June 30,

 

December 31,

 

 

2023

 

2022

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

167,687

 

 

$

187,014

 

Marketable securities

 

 

2,459

 

 

 

 

Accounts receivable, net

 

 

51,135

 

 

 

62,725

 

Inventories, net

 

 

30,744

 

 

 

34,093

 

Income tax receivable

 

 

1,821

 

 

 

1,626

 

Prepaid expenses and other current assets

 

 

15,377

 

 

 

19,187

 

Total current assets

 

 

269,223

 

 

 

304,645

 

Property and equipment, net

 

 

49,195

 

 

 

43,269

 

Goodwill

 

 

32,889

 

 

 

32,852

 

Operating lease right-of-use asset

 

 

20,267

 

 

 

21,653

 

Other assets

 

 

2,777

 

 

 

2,622

 

Total assets

 

$

374,351

 

 

$

405,041

 

Liabilities and stockholders' equity

 

 

 

 

Current liabilities

 

 

 

 

Accounts payable and accrued expenses

 

$

27,612

 

 

$

33,974

 

Accrued payroll

 

 

10,835

 

 

 

11,190

 

Warranty reserve - current

 

 

8,602

 

 

 

7,790

 

Operating lease liability - current

 

 

3,622

 

 

 

3,515

 

Deferred revenue - current

 

 

8,696

 

 

 

8,880

 

Total current liabilities

 

 

59,367

 

 

 

65,349

 

Warranty reserve - noncurrent

 

 

12,596

 

 

 

12,123

 

Operating lease liability - noncurrent

 

 

18,257

 

 

 

19,764

 

Deferred revenue - noncurrent

 

 

9,352

 

 

 

10,399

 

Total liabilities

 

 

99,572

 

 

 

107,635

 

Stockholders' equity

 

 

 

 

Common stock

 

 

23

 

 

 

23

 

Additional paid-in capital

 

 

319,357

 

 

 

312,126

 

Accumulated deficit

 

 

(44,675

)

 

 

(14,500

)

Accumulated other comprehensive income (loss)

 

 

74

 

 

 

(243

)

Total stockholders' equity

 

 

274,779

 

 

 

297,406

 

Total liabilities and stockholders' equity

 

$

374,351

 

 

$

405,041

 

Condensed Consolidated Cash Flow

(unaudited)

(amounts in thousands)

 

 

 

 

 

 

 

Six months ended June 30,

 

 

2023

 

2022

Cash flows from operating activities

 

 

 

 

Net loss

 

$

(30,175

)

 

$

(17,656

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

Depreciation and amortization

 

 

8,394

 

 

 

11,608

 

Loss on rental units and other assets

 

 

2,138

 

 

 

1,466

 

Gain on sale of former rental assets

 

 

(40

)

 

 

(93

)

Provision for sales revenue returns and doubtful accounts

 

 

4,488

 

 

 

6,200

 

Provision for inventory losses

 

 

989

 

 

 

1,552

 

Stock-based compensation expense

 

 

6,705

 

 

 

5,685

 

Change in fair value of earnout liability

 

 

 

 

 

(1,411

)

Changes in operating assets and liabilities

 

 

5,230

 

 

 

(19,918

)

Net cash used in operating activities

 

 

(2,271

)

 

 

(12,567

)

Cash flows from investing activities

 

 

 

 

Purchases of available-for-sale securities

 

 

(12,826

)

 

 

 

Maturities of available-for-sale securities

 

 

10,500

 

 

 

9,988

 

Investment in intangible assets

 

 

(494

)

 

 

 

Investment in property and equipment

 

 

(3,116

)

 

 

(2,236

)

Production and purchase of rental equipment

 

 

(11,810

)

 

 

(7,083

)

Proceeds from sale of former assets

 

 

96

 

 

 

153

 

Net cash provided by (used in) investing activities

 

 

(17,650

)

 

 

822

 

Cash flows from financing activities

 

 

 

 

Proceeds from stock options exercised

 

 

384

 

 

 

35

 

Proceeds from employee stock purchases

 

 

630

 

 

 

915

 

Payment of employment taxes related to release of restricted stock

 

 

(488

)

 

 

(1,159

)

Net cash provided by (used in) financing activities

 

 

526

 

 

 

(209

)

Effect of exchange rates on cash

 

 

68

 

 

 

51

 

Net decrease in cash and cash equivalents

 

$

(19,327

)

 

$

(11,903

)

Supplemental Financial Information

 

(unaudited)

 

(in thousands, except units and patients)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

Six months ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue by region and category

 

 

 

 

 

 

 

 

 

 

 

 

Business-to-business domestic sales

 

$

18,272

 

 

$

11,212

 

 

$

30,857

 

 

$

16,313

 

Business-to-business international sales

 

 

23,292

 

 

 

37,441

 

 

 

42,264

 

 

 

65,382

 

Direct-to-consumer domestic sales

 

 

26,779

 

 

 

40,638

 

 

 

51,109

 

 

 

74,998

 

Direct-to-consumer domestic rentals

 

 

15,292

 

 

 

14,085

 

 

 

31,567

 

 

 

27,068

 

Total revenue

 

$

83,635

 

 

$

103,376

 

 

$

155,797

 

 

$

183,761

 

Additional financial measures

 

 

 

 

 

 

 

 

 

 

 

 

Units sold

 

 

34,100

 

 

 

42,400

 

 

 

61,000

 

 

 

72,800

 

Net rental patients as of period-end

 

 

48,900

 

 

 

43,800

 

 

 

48,900

 

 

 

43,800

 

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

 

2023

 

2022

 

2023

 

2022

Net loss (GAAP)

 

$

(9,826

)

 

$

(3,442

)

 

$

(30,175

)

 

$

(17,656

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Interest income

 

 

(1,646

)

 

 

(225

)

 

 

(3,171

)

 

 

(254

)

Provision for income taxes

 

 

41

 

 

 

69

 

 

 

237

 

 

 

293

 

Depreciation and amortization

 

 

4,308

 

 

 

5,848

 

 

 

8,394

 

 

 

11,608

 

EBITDA (non-GAAP)

 

 

(7,123

)

 

 

2,250

 

 

 

(24,715

)

 

 

(6,009

)

Stock-based compensation

 

 

3,263

 

 

 

3,020

 

 

 

6,705

 

 

 

5,685

 

Acquisition-related expenses

 

 

467

 

 

 

 

 

 

1,021

 

 

 

 

Restructuring-related and other charges (1)

 

 

201

 

 

 

 

 

 

2,010

 

 

 

 

Change in fair value of earnout liability

 

 

 

 

 

(2,041

)

 

 

 

 

 

(1,411

)

Adjusted EBITDA (non-GAAP)

 

$

(3,192

)

 

$

3,229

 

 

$

(14,979

)

 

$

(1,735

)

 

 

Three months ended June 30,

 

 

Net Loss

 

Diluted EPS

Non-GAAP Adjusted Net Loss and Diluted EPS

 

2023

 

2022

 

2023

 

2022

Financial Results (GAAP)

 

$

(9,826

)

 

$

(3,442

)

 

$

(0.42

)

 

$

(0.15

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Amortization of intangibles

 

 

53

 

 

 

2,150

 

 

 

 

 

Stock-based compensation

 

 

3,263

 

 

 

3,020

 

 

 

 

 

Acquisition-related expenses

 

 

467

 

 

 

 

 

 

 

 

Restructuring-related and other charges (1)

 

 

201

 

 

 

 

 

 

 

 

Change in fair value of earnout liability

 

 

 

 

 

(2,041

)

 

 

 

 

Income tax impact of adjustments (2)

 

 

 

 

 

(53

)

 

 

 

 

Adjusted

 

$

(5,842

)

 

$

(366

)

 

$

(0.25

)

 

$

(0.02

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30,

 

 

Net Loss

 

Diluted EPS

Non-GAAP Adjusted Net Loss and Diluted EPS

 

2023

 

2022

 

2023

 

2022

Financial Results (GAAP)

 

$

(30,175

)

 

$

(17,656

)

 

$

(1.31

)

 

$

(0.77

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Amortization of intangibles

 

 

79

 

 

 

4,297

 

 

 

 

 

Stock-based compensation

 

 

6,705

 

 

 

5,685

 

 

 

 

 

Acquisition-related expenses

 

 

1,021

 

 

 

 

 

 

 

 

Restructuring-related and other charges (1)

 

 

2,010

 

 

 

 

 

 

 

 

Change in fair value of earnout liability

 

 

 

 

 

(1,411

)

 

 

 

 

Income tax impact of adjustments (2)

 

 

 

 

 

(146

)

 

 

 

 

Adjusted

 

$

(20,360

)

 

$

(9,231

)

 

$

(0.88

)

 

$

(0.40

)

(1)

Charges represent the costs associated with workforce reductions and associated costs 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 2023 and -1.7% for 2022, which is due to the recording of a valuation allowance.

 

 

 

 

 

 

 

Three months ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% Change from Prior Period

 

 

 

Three months ended
June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

 

2023

 

 

FX
Effect

 

 

Constant Currency Revenues

 

 

As Reported

 

 

Less FX
Effect

 

 

Constant Currency Revenues

 

Business-to-business domestic sales

 

$

11,212

 

 

$

18,272

 

 

$

 

 

$

18,272

 

 

 

63.0

%

 

 

0.0

%

 

 

63.0

%

Business-to-business international sales

 

 

36,835

 

 

 

23,292

 

 

 

106

 

 

 

23,398

 

 

 

-36.8

%

 

 

0.3

%

 

 

-36.5

%

Direct-to-consumer domestic sales

 

 

40,638

 

 

 

26,779

 

 

 

 

 

 

26,779

 

 

 

-34.1

%

 

 

0.0

%

 

 

-34.1

%

Direct-to-consumer domestic rentals

 

 

14,085

 

 

 

15,292

 

 

 

 

 

 

15,292

 

 

 

8.6

%

 

 

0.0

%

 

 

8.6

%

Revenues, excluding hedging effect

 

$

102,770

 

 

$

83,635

 

 

$

106

 

 

$

83,741

 

 

 

-18.6

%

 

 

0.1

%

 

 

-18.5

%

Hedging gains

 

 

606

 

 

 

-

 

 

 

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Total Revenues (3)

 

$

103,376

 

 

$

83,635

 

 

 

 

 

$

83,741

 

 

 

-19.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% Change from Prior Period

 

 

 

Six months ended
June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

 

2023

 

 

FX
Effect

 

 

Constant Currency Revenues

 

 

As Reported

 

 

Less FX
Effect

 

 

Constant Currency Revenues

 

Business-to-business domestic sales

 

$

16,313

 

 

$

30,857

 

 

$

 

 

$

30,857

 

 

 

89.2

%

 

 

0.0

%

 

 

89.2

%

Business-to-business international sales

 

 

64,176

 

 

 

42,264

 

 

 

966

 

 

 

43,230

 

 

 

-34.1

%

 

 

1.5

%

 

 

-32.6

%

Direct-to-consumer domestic sales

 

 

74,998

 

 

 

51,109

 

 

 

 

 

 

51,109

 

 

 

-31.9

%

 

 

0.0

%

 

 

-31.9

%

Direct-to-consumer domestic rentals

 

 

27,068

 

 

 

31,567

 

 

 

 

 

 

31,567

 

 

 

16.6

%

 

 

0.0

%

 

 

16.6

%

Revenues, excluding hedging effect

 

$

182,555

 

 

$

155,797

 

 

$

966

 

 

$

156,763

 

 

 

-14.7

%

 

 

0.5

%

 

 

-14.1

%

Hedging gains

 

 

1,206

 

 

 

-

 

 

 

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Total Revenues (3)

 

$

183,761

 

 

$

155,797

 

 

 

 

 

$

156,763

 

 

 

-15.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3)

Total constant currency revenues of $83,741 for the three months ended June 30, 2023 decreased $19,029 compared to $102,770 in revenues, excluding hedging effect for the three months ended June 30, 2022. Total constant currency revenues of $156,763 for the six months ended June 30, 2023 decreased $25,792 compared to $182,555 in revenues, excluding hedging effect for the six months ended June 30, 2022.

 

Contacts

Agnes Lee
ir@inogen.net

Release Summary

Inogen Announces Second Quarter 2023 Financial Results

Contacts

Agnes Lee
ir@inogen.net