Mobility lifts sales at Invacare; Inogen, BioScrip see revenue increases

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Wednesday, August 8, 2018

ELYRIA, Ohio – Invacare reported net sales of $246.2 million for the second quarter of 2018 compared to $233.5 million for the same period last year, about a 5.4% increase. It reported a net loss of $16.5 million vs. $23.5 million. For North America HME, Invacare reported net sales of $79.9 million for the second quarter of 2018 compared to $77.7 million for the same period last year, a 2.8% increase or 2.3% on a constant currency basis. The company credits mobility and seating products for driving the increase. “We are pleased that the NA/HME segment realized constant currency net sales growth of 2.3% compared to 2Q17,” said Matt Monaghan, chairman, president and CEO. “This is the fourth consecutive quarter of constant currency flat to positive sales growth in this segment, driven by a greater than 10% increase in sales of mobility and seating products. The growth in our mobility and seating product category reflects the competitiveness of our products and our alignment with our provider customers and end users.”

Inogen increases revenues, income

GOLETA, Calif. – Inogen reported total revenues of $97.2 million for the second quarter of 2018, a 51.6% increase compared to the same period last year. It reported a net income of $14.6 million vs. $8.3 million. Inogen says direct-to-consumer sales increased 74.3% in the quarter compared to the same period last year, driven by increased sales rep headcount and additional consumer advertising; and domestic business-to-business sales increased 55.7%, driven by continued strong demand from the company’s private label partner and traditional HME providers. Inogen says it has increased the number of employees that it plans to hire in Cleveland, where it has a new office, to 500, two-thirds of which it expects to be sales reps. It originally planned to hire 240 employees. The company also says it is increasing its revenue guidance for 2018 to $340 million to $350 million, up from $310 million to $320 million; and its net income guidance range to $45 million to $48 million, up from $38 million to $41 million.

BioScrip sees improvements

DENVER – BioScrip reported net revenues of $175.8 million for the second quarter of 2018 compared to $168.6 million for the same period last year. Net loss from continuing operations was $15.1 million, a $14 million improvement. Adjusted EBITDA was $11.4 million, a 14% increase, driven in part by a $3 million reduction in operating expenses, reflecting ASC 606 pro forma adjustments. “We remain increasingly confident that BioScrip can achieve at least $75 million in adjusted EBITDA in 2019 and are positioning the company for revitalized longer-term revenue growth and enhanced profitability through key initiatives in sales force productivity, revenue cycle management, procurement and managed care relationships,” said CEO Dan Greenleaf in a press release.