Inogen sees significant growth in rental revenues
By HME News Staff
Updated 10:10 AM CDT, Wed May 5, 2021
GOLETA, Calif. – Inogen reported total revenues of $86.9 million for the first quarter of 2021, a 1.8% decrease from the same period last year, primarily due to the impacts of the COVID-19 pandemic, the company says.
It reported a net loss of $732,000 vs. a net loss of $1.59 million.
“While the COVID-19 pandemic continued to have an impact on our business in the first quarter of 2021, we saw sequential growth in all four channels, and sequential growth of 17.5% in total revenue for the reported quarter,” said Nabil Shabshab, president and CEO. “Additionally, our focus on the rental channel continues to produce strong operating performance with rental revenue growing significantly in the first quarter of 2021 versus the comparable period in the prior year.”
Inogen reported rental revenue of $9.9 million for the first quarter, an 84.2% increase compared to the same period last year, primarily due to increased patients on service, higher billable patients as a percent of total patients on service, and higher Medicare reimbursement rates. It reported direct-to-consumer sales were $30.6 million, a 13.8% decrease.
Inogen says it is still unable to provide guidance for the full year 2021 due to uncertainties related to the pandemic. The company did say that it expects all sales channels to increase in the second quarter of 2021 compared to the same period last year, with the largest percentage growth expected in rentals.
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