Inogen: ‘2023 is an inflection point’
By HME News Staff
Updated 8:55 AM CDT, Fri May 5, 2023
GOLETA, Calif. – Inogen has reported total revenue of $72.2 million for the first quarter of 2023, in line with company expectations, reflecting a 10.2% decrease compared to the same period last year. It reported a net loss of $20.3 million vs. a net loss of $14.21 million. Adjusted EBITDA was a loss of $11.8 million, slightly better than company expectations. “First quarter revenue was in line with our internal expectations. We remain confident that our focus on revenue growth and disciplined execution will support our return to profitability and result in an anticipated positive adjusted EBITDA by Q4 2023,” said Nabil Shabshab, president and CEO. “We believe that 2023 is an inflection point for Inogen with continued successful execution on our channel strategy, further advancement of our innovation agenda, and focus on returning to profitability.” Inogen reported continued progress on its rental strategy with a 25.4% increase in that channel, primarily due to higher rental patients on service and higher reimbursement rates. The company says it increased total covered lives to about 160 million with the recent additions of two large private health care payers in support of its prescriber channel and overall rental strategy.
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