Tag: Inogen

GOLETA, Calif. - Inogen saw sequential improvements in its financial results from the second to third quarters, but company officials aren't confident that will continue into the fourth quarter due to rising numbers of COVID-19 across the United States and Europe. Inogen reported that total revenues in the third quarter were $74.3 million, a 19% decrease year over year but a 3.7% increase sequentially. Its domestic business-to-business sales were $23.1 million, a 23.5% decrease year over year but...

GOLETA, Calif. - Inogen reported total revenue of $74.3 million for the third quarter of 2020, a 19.1% decrease from the same period in 2019, primarily due to the impacts of the COVID-19 pandemic. It reported a net income of $1.7 million vs. $6.9 million. “The COVID-19 pandemic has had a significant impact worldwide and on our company in 2020, and it has continued to have a meaningful effect on our business throughout the third quarter due to a significant reduction in patient travel and activity...

YARMOUTH, Maine - The COVID-19 pandemic has hit home that providers need to go from being HMEs to HMAs—home medical advisors, said Invacare's Matthew Monaghan during last week's HME News Business Summit. “It's less of a focus on E for equipment and more on service and trust,” said Monaghan, chairman, president, CEO of Invacare. “For the next 18 months, it's really about going beyond equipment and being that trusted care advisor.” Monaghan, a panelist for the session...

GOLETA, Calif. - Inogen's rental revenues saved the day in a second quarter where its direct-to-consumer and business-to-business sales struggled due to the COVID-19 pandemic. The company reported that rental revenues increased 16.9% to $6.1 million in the second quarter ended June 30, 2020, compared to the same period in 2019, in part due to a conscious decision to redirect more of its marketing leads to rental setups. “Overall, that business did show improvements, and that's good sign,”...

GOLETA, Calif. - Inogen reported $71.7 million in total revenue for the second quarter, a 29.1% decrease compared to the same period in 2019. It reported net income of $2.6 million vs. $10.2 million. “The COVID-19 PHE had a meaningful impact on our business in the second quarter as we saw lower demand across all sales channels, which we believe was largely due to shelter-in-place orders, lower travel, and fewer new oxygen referrals due to limited physician office visits,” said Scott Wilkinson,...

GOLETA, Calif. - Inogen CEO and President Scott Wilkinson has announced he will retire before the end of 2021. Wilkinson joined Inogen in 2005. “After 15 years with the company, I believe now is the right time to begin the transition to the next phase of leadership,” said Wilkinson. “I intend to work closely with the board to help identify, recruit and successfully integrate a new CEO.” Inogen has begun the process of identifying a successor. “On behalf of the board,...

GOLETA, Cailf. — Inogen saw an 8.9% drop in its direct-to-consumer sales in the first quarter of 2020 vs. 2019, with consumers not traveling and, therefore, not needing portable oxygen concentrators.The impact of the coronavirus pandemic is continuing into the second quarter, as well, with the company reporting a 25% decrease in DTC sales in April.“Typically, we would expect to see order volume increase going into the second quarter, which is seasonally stronger for us,” said Ali...

GOLETA, Calif. - Inogen reported total revenue of $88.5 million for the first quarter of 2020, a 1.9% decrease from the same period last year. It reported a net loss of $1.6 million vs. net income of $5.3 million. Inogen reported domestic-to-domestic business sales increased 5.7% to $27.6 million, primarily due to increased HME provider demand in response to the coronavirus pandemic. It reported direct-to-consumer sales declined 8.9% to $35.5 million, primarily due to an about 15% reduction in average...

GOLETA, Calif. - Following Inogen's multiple years of high revenue growth, the fourth quarter of 2019 represented a “slowdown,” acknowledges CEO Scott Wilkinson.The company 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. “We are assessing our organization from both a commercial and operational perspective to identify how...

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...