Inogen acknowledges 'challenging year'
By HME News Staff
Updated Wed February 26, 2020
GOLETA, Calif. - Inogen reported revenue of $78.9 million for the fourth quarter of 2019 compared to $86.5 million for the same period in 2018, an 8.8% decrease.
It reported a net loss of $1.4 million vs. a net income of $10 million.
For the full year, Inogen reported revenue of $361.9 million compared to $358.1 million in 2018, a 1.1% increase; and net income of $21 million vs. $51.8 million, a 59% decrease.
“While 2019 was a challenging year, revenue increased 8.2% over the prior year, excluding the previously disclosed large national provider who buys through our private label partner, to whom sales decreased $20.4 million from the prior year, and excluding the $3.1 million foreign exchange impact,” said CEO Scott Wilkinson.
Broken down, Inogen's domestic business-to-business sales saw an 18.9% decrease to $20.6 million in the fourth quarter of 2019 compared to the same period in 2018, and direct-to-consumer sales saw a 2.8% decrease to $35.8 million.
Among the highlights for the quarter, according to Inogen: Inogen One G5 units accounted for more than 40% of total unit volume and the company ran a limited launch of the Inogen Tidal Assist Ventilator.
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