Inogen Announces Third Quarter 2023 Financial Results

GOLETA, Calif.--()--Inogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced financial results for the quarter ended September 30, 2023.

Third Quarter 2023 and Recent Business Highlights

  • Reported total revenue of $84.0 million, reflecting a decrease of 20.3% from the third quarter of 2022.
  • Completed acquisition of Physio-Assist SAS, expanding Inogen’s global respiratory care presence by addressing a sizeable, growing, and underserved airway clearance market opportunity.

“We have continued to improve on executing our commercial strategy while addressing headwinds that we have faced this year. We are excited to start integrating Simeox into our product portfolio in international markets, expanding our respiratory portfolio and the patient population we serve,” said Nabil Shabshab, President and Chief Executive Officer. “Moving forward, we remain focused on returning to revenue growth, driving efficiencies in the business, and advancing the development of our innovation pipeline.”

Third Quarter 2023 Financial Results

Third quarter total revenue decreased 20.3% to $84.0 million from $105.4 million in the third quarter of 2022. Strong growth in rental and international business-to-business sales was more than offset by lower domestic business-to-business sales and lower direct to consumer revenue as the Company focuses on optimizing commercial investments and driving sales representative productivity.

Total gross margin was 40.2% in the third quarter of 2023 versus 40.6% in the third quarter of 2022. Gross margin declined by 40 basis points as the benefit from lower premium-priced components was more than offset by an increase in warranty costs.

Total operating expense, including acquisition and restructuring-related costs as well as one-time non-cash impairment charges of $32.9 million, was $80.5 million compared to $53.1 million in the third quarter of 2022, representing an increase of 51.6%. Total operating expense, excluding one-time costs, declined 10.4% due to the disciplined focus on aligning the Company’s infrastructure with its commercial strategy and ongoing cost management.

Due to the one-time non-cash impairment charges of $32.9 million, the GAAP net loss for the third quarter of 2023 was $45.7 million compared to GAAP net loss of $9.5 million in the third quarter of 2022. Adjusted net loss was $8.5 million compared to Adjusted net loss of $4.1 million in the third quarter of 2022.

Adjusted EBITDA was a loss of $5.5 million in the third quarter of 2023 compared to a loss of $1.2 million in the third quarter of 2022.

Cash, cash equivalents and marketable securities as of September 30, 2023, and after the closing of the Physio-Assist acquisition, were $138.0 million, and the Company had no debt outstanding.

A reconciliation of Adjusted EBITDA and Adjusted net loss for the three and nine months ended September 30, 2023, and 2022 are provided in the financial schedules that are a part of this press release. An explanation of these non-GAAP financial measures is also included below under the heading “Reconciliation of U.S. GAAP to Other Non-GAAP Financial Measures.”

Financial Guidance

Inogen continues to expect 2023 revenue of $315 million to $320 million. Inogen now expects an Adjusted EBITDA loss of approximately $27 million for the full year, inclusive of investments in the Company’s Simeox airway clearance portfolio (Physio-Assist).

Quarterly Conference Call Information

Inogen will host a conference call at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time on Tuesday, November 7, 2023 to discuss its third quarter 2023 financial results. Individuals interested in listening to the conference call may do so by dialing:

US domestic callers (877) 841-3961
Non-US callers (201) 689-8589

Please reference Inogen to join the call. To listen to a live webcast, please visit the Investor Relations section of Inogen's website at: http://investor.inogen.com/. This webcast will also be archived on the website for 6 months.

A replay of the call will be available approximately three hours after the live webcast ends and will be accessible through November 14, 2023. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Conference ID: 13740970.

Inogen has used, and intends to continue to use, its Investor Relations website, http://investor.inogen.com/, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. For more information, visit http://investor.inogen.com/.

About Inogen

Inogen, Inc. (Nasdaq: INGN) is a leading global medical technology company offering innovative respiratory products for use in the homecare setting. Inogen supports patient respiratory care by developing, manufacturing, and marketing innovative best-in-class portable oxygen concentrators used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions. Inogen partners with patients, prescribers, home medical equipment providers, and distributors to make its oxygen therapy products widely available allowing patients the chance to remain ambulatory while managing the impact of their disease.

For more information, please visit www.inogen.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, Inogen’s expectations of returning to revenue growth, driving efficiencies in the business, and advancing the development of our innovation pipeline; and revenue and Adjusted EBITDA 2023 expectations. Any statements contained in this communication that are not statements of historical fact may be deemed to be forward-looking statements. Words such as “believes,” “anticipates,” “plans,” “expects,” “will,” “intends,” “potential,” “possible,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including but not limited to, risks arising from the possibility that Inogen will not realize anticipated revenue or expenses will not decrease; risks related to cost inflation; the risks our innovation pipeline will not produce meaningful results; risks related to our acquisition of Physio-Assist including on expenses; the impact of changes in reimbursement rates and reimbursement and regulatory policies; and the possible loss of key employees, customers, or suppliers; the risk that expenses and costs will exceed Inogen’s expectations. Information on these and additional risks, uncertainties, and other information affecting Inogen’s business operating results are contained in its Annual Report on Form 10-K for the year ended December 31, 2022, and in its other filings with the Securities and Exchange Commission. Additional information will also be set forth in Inogen’s Quarterly Report on Form 10-Q for the period ended September 30, 2023, to be filed with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Inogen disclaims any obligation to update these forward-looking statements except as may be required by law.

Non-GAAP Financial Measures

Inogen has presented certain financial information in accordance with U.S. GAAP and also on a non-GAAP basis for the three and nine months ended September 30, 2023, and September 30, 2022. Management believes that non-GAAP financial measures, taken in conjunction with U.S. GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of Inogen’s core operating results. Management uses non-GAAP measures to compare Inogen’s performance relative to forecasts and strategic plans, to benchmark Inogen’s performance externally against competitors, and for certain compensation decisions. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Inogen's operating results as reported under U.S. GAAP. Inogen encourages investors to carefully consider its results under U.S. GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between U.S. GAAP and non-GAAP results are presented in the accompanying tables of this release. For future periods, Inogen is unable to provide a reconciliation of non-GAAP measures without unreasonable effort as a result of the uncertainty regarding, and the potential variability of, the amounts of interest income, interest expense, depreciation and amortization, stock-based compensation, provision for income taxes, and certain other infrequently occurring items, such as impairment charges and acquisition-related costs, that may be incurred in the future.

Consolidated Statements of Comprehensive Loss

(unaudited)

(amounts in thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

 

 

September 30,

 

September 30,

 

 

2023

 

2022

 

2023

 

2022

Revenue

 

 

 

 

 

 

 

 

Sales revenue

 

$

67,973

 

 

$

90,672

 

 

$

192,203

 

 

$

247,365

 

Rental revenue

 

 

15,994

 

 

 

14,717

 

 

 

47,561

 

 

 

41,785

 

Total revenue

 

 

83,967

 

 

 

105,389

 

 

 

239,764

 

 

 

289,150

 

Cost of revenue

 

 

 

 

 

 

 

 

Cost of sales revenue

 

 

42,708

 

 

 

55,891

 

 

 

118,700

 

 

 

146,052

 

Cost of rental revenue, including depreciation of $3,364 and $2,795 for the three months ended and $9,680 and $8,153 for the nine months ended, respectively

 

 

7,495

 

 

 

6,700

 

 

 

22,523

 

 

 

19,036

 

Total cost of revenue

 

 

50,203

 

 

 

62,591

 

 

 

141,223

 

 

 

165,088

 

Gross profit

 

 

33,764

 

 

 

42,798

 

 

 

98,541

 

 

 

124,062

 

Operating expense

 

 

 

 

 

 

 

 

Research and development

 

 

4,489

 

 

 

4,581

 

 

 

14,126

 

 

 

16,009

 

Sales and marketing

 

 

26,091

 

 

 

33,734

 

 

 

81,438

 

 

 

92,161

 

General and administrative

 

 

17,011

 

 

 

14,775

 

 

 

50,487

 

 

 

42,646

 

Impairment charges

 

 

32,894

 

 

 

 

 

 

32,894

 

 

 

 

Total operating expense

 

 

80,485

 

 

 

53,090

 

 

 

178,945

 

 

 

150,816

 

Loss from operations

 

 

(46,721

)

 

 

(10,292

)

 

 

(80,404

)

 

 

(26,754

)

Other income (expense)

 

 

 

 

 

 

 

 

Interest income, net

 

 

1,801

 

 

 

868

 

 

 

4,972

 

 

 

1,122

 

Other income (expense)

 

 

(398

)

 

 

(12

)

 

 

176

 

 

 

(1,167

)

Total other income (expense), net

 

 

1,403

 

 

 

856

 

 

 

5,148

 

 

 

(45

)

Loss before provision for income taxes

 

 

(45,318

)

 

 

(9,436

)

 

 

(75,256

)

 

 

(26,799

)

Provision for income taxes

 

 

401

 

 

 

70

 

 

 

638

 

 

 

363

 

Net loss

 

$

(45,719

)

 

$

(9,506

)

 

$

(75,894

)

 

$

(27,162

)

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

Change in foreign currency translation adjustment

 

 

(752

)

 

 

(616

)

 

 

(575

)

 

 

(1,453

)

Change in net unrealized gains (losses) on foreign currency hedging

 

 

33

 

 

 

209

 

 

 

40

 

 

 

(1,669

)

Less: reclassification adjustment for net losses included in net income

 

 

13

 

 

 

 

 

 

13

 

 

 

1,206

 

Total net change in unrealized gains (losses) on foreign currency hedging

 

 

46

 

 

 

209

 

 

 

53

 

 

 

(463

)

Change in net unrealized gains on marketable securities

 

 

49

 

 

 

17

 

 

 

182

 

 

 

16

 

Total other comprehensive loss, net of tax

 

 

(657

)

 

 

(390

)

 

 

(340

)

 

 

(1,900

)

Comprehensive loss

 

$

(46,376

)

 

$

(9,896

)

 

$

(76,234

)

 

$

(29,062

)

 

 

 

 

 

 

 

 

 

Basic net loss per share attributable to common stockholders (1)

 

$

(1.97

)

 

$

(0.42

)

 

$

(3.28

)

 

$

(1.19

)

Diluted net loss per share attributable to common stockholders (1) (2)

 

$

(1.97

)

 

$

(0.42

)

 

$

(3.28

)

 

$

(1.19

)

Weighted-average number of shares used in calculating net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

 

Basic common shares

 

 

23,231,217

 

 

 

22,882,333

 

 

 

23,129,795

 

 

 

22,827,733

 

Diluted common shares

 

 

23,231,217

 

 

 

22,882,333

 

 

 

23,129,795

 

 

 

22,827,733

 

(1)

Reconciliations of net loss attributable to common stockholders basic and diluted can be found in Inogen’s Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission.

(2)

Due to a net loss for the three and nine months ended September 30, 2023 and September 30, 2022, diluted loss per share is the same as basic.

Consolidated Balance Sheets

(unaudited)

(amounts in thousands)

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 

2023

 

2022

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

124,608

 

 

$

187,014

 

Marketable securities

 

 

13,432

 

 

 

 

Accounts receivable, net

 

 

48,380

 

 

 

62,725

 

Inventories, net

 

 

24,015

 

 

 

34,093

 

Income tax receivable

 

 

470

 

 

 

1,626

 

Prepaid expenses and other current assets

 

 

14,363

 

 

 

19,187

 

Total current assets

 

 

225,268

 

 

 

304,645

 

Property and equipment, net

 

 

49,525

 

 

 

43,269

 

Goodwill

 

 

9,869

 

 

 

32,852

 

Intangibles and other non-current assets

 

 

34,067

 

 

 

177

 

Operating lease right-of-use asset

 

 

21,184

 

 

 

21,653

 

Other assets

 

 

3,783

 

 

 

2,445

 

Total assets

 

$

343,696

 

 

$

405,041

 

 

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

Current liabilities

 

 

 

 

Accounts payable and accrued expenses

 

$

30,413

 

 

$

33,974

 

Accrued payroll

 

 

8,369

 

 

 

11,190

 

Warranty reserve - current

 

 

9,027

 

 

 

7,790

 

Operating lease liability - current

 

 

3,894

 

 

 

3,515

 

Deferred revenue - current

 

 

8,479

 

 

 

8,880

 

Income tax payable

 

 

200

 

 

 

 

Total current liabilities

 

 

60,382

 

 

 

65,349

 

Warranty reserve - noncurrent

 

 

13,329

 

 

 

12,123

 

Operating lease liability - noncurrent

 

 

18,873

 

 

 

19,764

 

Earnout liability - noncurrent

 

 

3,178

 

 

 

 

Deferred revenue - noncurrent

 

 

8,883

 

 

 

10,399

 

Deferred tax liability - noncurrent

 

 

8,421

 

 

 

 

Total liabilities

 

 

113,066

 

 

 

107,635

 

Stockholders' equity

 

 

 

 

Common stock

 

 

23

 

 

 

23

 

Additional paid-in capital

 

 

321,584

 

 

 

312,126

 

Accumulated deficit

 

 

(90,394

)

 

 

(14,500

)

Accumulated other comprehensive loss

 

 

(583

)

 

 

(243

)

Total stockholders' equity

 

 

230,630

 

 

 

297,406

 

Total liabilities and stockholders' equity

 

$

343,696

 

 

$

405,041

 

Condensed Consolidated Cash Flow

(unaudited)

(amounts in thousands)

 

 

 

 

 

 

 

Nine months ended September 30,

 

 

2023

 

2022

Cash flows from operating activities

 

 

 

 

Net loss

 

$

(75,894

)

 

$

(27,162

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

Depreciation and amortization

 

 

13,008

 

 

 

17,536

 

Loss on rental units and other assets

 

 

3,377

 

 

 

2,488

 

Gain on sale of former rental assets

 

 

(58

)

 

 

(93

)

Provision for sales revenue returns and doubtful accounts

 

 

7,075

 

 

 

10,816

 

Provision for inventory losses

 

 

2,343

 

 

 

2,060

 

Stock-based compensation expense

 

 

8,484

 

 

 

9,185

 

Change in fair value of earnout liability

 

 

 

 

 

(1,699

)

Impairment charges

 

 

32,894

 

 

 

 

Changes in operating assets and liabilities

 

 

8,685

 

 

 

(35,181

)

Net cash used in operating activities

 

 

(86

)

 

 

(22,050

)

Cash flows from investing activities

 

 

 

 

Maturities of available-for-sale securities

 

 

10,500

 

 

 

10,005

 

Purchases of available-for-sale securities

 

 

(23,750

)

 

 

 

Investment in intangible assets

 

 

(494

)

 

 

 

Investment in property and equipment

 

 

(3,824

)

 

 

(2,770

)

Production and purchase of rental equipment

 

 

(16,391

)

 

 

(11,320

)

Proceeds from sale of former assets

 

 

149

 

 

 

152

 

Acquisition of business, net of cash acquired

 

 

(29,633

)

 

 

 

Net cash used in investing activities

 

 

(63,443

)

 

 

(3,933

)

Cash flows from financing activities

 

 

 

 

Proceeds from stock options exercised

 

 

384

 

 

 

35

 

Proceeds from employee stock purchases

 

 

1,094

 

 

 

1,691

 

Payment of employment taxes related to release of restricted stock

 

 

(504

)

 

 

(1,234

)

Net cash provided by financing activities

 

 

974

 

 

 

492

 

Effect of exchange rates on cash

 

 

149

 

 

 

(400

)

Net decrease in cash and cash equivalents

 

$

(62,406

)

 

$

(25,891

)

Supplemental Financial Information

(unaudited)

(in thousands, except units and patients)

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

 

 

September 30,

 

September 30,

 

 

2023

 

2022

 

2023

 

2022

Revenue by region and category

 

 

 

 

 

 

 

 

Business-to-business domestic sales

 

$

17,288

 

$

42,546

 

$

48,145

 

$

58,859

Business-to-business international sales

 

 

25,613

 

 

 

15,078

 

 

 

67,877

 

 

 

80,460

 

Direct-to-consumer domestic sales

 

 

25,072

 

 

 

33,048

 

 

 

76,181

 

 

 

108,046

 

Direct-to-consumer domestic rentals

 

 

15,994

 

 

 

14,717

 

 

 

47,561

 

 

 

41,785

 

Total revenue

 

$

83,967

 

 

$

105,389

 

 

$

239,764

 

 

$

289,150

 

Additional financial measures

 

 

 

 

 

 

 

 

Units sold

 

 

35,400

 

 

 

54,200

 

 

 

96,400

 

 

 

127,000

 

Net rental patients as of period-end

 

 

51,900

 

 

 

44,600

 

 

 

51,900

 

 

 

44,600

 

Reconciliation of U.S. GAAP to Other Non-GAAP Financial Measures

(unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

 

 

September 30,

 

September 30,

Non-GAAP EBITDA and Adjusted EBITDA

 

2023

 

2022

 

2023

 

2022

Net loss (GAAP)

 

$

(45,719

)

 

$

(9,506

)

 

$

(75,894

)

 

$

(27,162

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Interest income, net

 

 

(1,801

)

 

 

(868

)

 

 

(4,972

)

 

 

(1,122

)

Provision for income taxes

 

 

401

 

 

 

70

 

 

 

638

 

 

 

363

 

Depreciation and amortization

 

 

4,614

 

 

 

5,928

 

 

 

13,008

 

 

 

17,536

 

EBITDA (non-GAAP)

 

 

(42,505

)

 

 

(4,376

)

 

 

(67,220

)

 

 

(10,385

)

Stock-based compensation

 

 

1,779

 

 

 

3,500

 

 

 

8,484

 

 

 

9,185

 

Acquisition-related expenses

 

 

960

 

 

 

 

 

 

1,981

 

 

 

 

Restructuring-related and other charges (1)

 

 

1,416

 

 

 

 

 

 

3,426

 

 

 

 

Impairment charges

 

 

32,894

 

 

 

 

 

 

32,894

 

 

 

 

Change in fair value of earnout liability

 

 

 

 

 

(288

)

 

 

 

 

 

(1,699

)

Adjusted EBITDA (non-GAAP)

 

$

(5,456

)

 

$

(1,164

)

 

$

(20,435

)

 

$

(2,899

)

 

 

Three months ended September 30,

 

 

Net Loss

 

Diluted EPS

Non-GAAP Adjusted Net Loss and Diluted EPS

 

2023

 

2022

 

2023

 

2022

Financial Results (GAAP)

 

$

(45,719

)

 

$

(9,506

)

 

$

(1.97

)

 

$

(0.42

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Amortization of intangibles

 

 

205

 

 

 

2,150

 

 

 

 

 

Stock-based compensation

 

 

1,779

 

 

 

3,500

 

 

 

 

 

Acquisition-related expenses

 

 

960

 

 

 

 

 

 

 

 

Restructuring-related and other charges (1)

 

 

1,416

 

 

 

 

 

 

 

 

Impairment charges

 

 

32,894

 

 

 

 

 

 

 

 

Change in fair value of earnout liability

 

 

 

 

 

(288

)

 

 

 

 

Income tax impact of adjustments (2)

 

 

 

 

 

 

 

 

 

 

Adjusted

 

$

(8,465

)

 

$

(4,144

)

 

$

(0.36

)

 

$

(0.18

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30,

 

 

Net Loss

 

Diluted EPS

Non-GAAP Adjusted Net Loss and Diluted EPS

 

2023

 

2022

 

2023

 

2022

Financial Results (GAAP)

 

$

(75,894

)

 

$

(27,162

)

 

$

(3.28

)

 

$

(1.19

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Amortization of intangibles

 

 

284

 

 

 

6,447

 

 

 

 

 

Stock-based compensation

 

 

8,484

 

 

 

9,185

 

 

 

 

 

Acquisition-related expenses

 

 

1,981

 

 

 

 

 

 

 

 

Restructuring-related and other charges (1)

 

 

3,426

 

 

 

 

 

 

 

 

Impairment charges

 

 

32,894

 

 

 

 

 

 

 

 

Change in fair value of earnout liability

 

 

 

 

 

(1,699

)

 

 

 

 

Income tax impact of adjustments (2)

 

 

 

 

 

 

 

 

 

 

Adjusted

 

$

(28,825

)

 

$

(13,229

)

 

$

(1.25

)

 

$

(0.58

)

(1)

Charges represent the costs associated with workforce reductions and associated costs and other restructuring-related activities.

(2)

Income tax impact of adjustments represents the tax impact related to the non-GAAP adjustments listed above and reflects an effective tax rate of 0% for 2023 and 2022.

 

 

 

 

 

 

 

 

Three months ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% Change from Prior Period

 

 

 

Three months ended
September 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

 

2023

 

 

FX
Effect

 

 

Constant
Currency
Revenues

 

 

As
Reported

 

 

Less FX
Effect

 

 

Constant
Currency
Revenues

 

Business-to-business domestic sales

 

$

42,546

 

 

$

17,288

 

 

$

 

 

$

17,288

 

 

 

-59.4

%

 

 

0.0

%

 

 

-59.4

%

Business-to-business international sales

 

 

15,078

 

 

 

25,600

 

 

 

(1,181

)

 

 

24,419

 

 

 

69.8

%

 

 

-7.8

%

 

 

62.0

%

Direct-to-consumer domestic sales

 

 

33,048

 

 

 

25,072

 

 

 

 

 

 

25,072

 

 

 

-24.1

%

 

 

0.0

%

 

 

-24.1

%

Direct-to-consumer domestic rentals

 

 

14,717

 

 

 

15,994

 

 

 

 

 

 

15,994

 

 

 

8.7

%

 

 

0.0

%

 

 

8.7

%

Revenues, excluding hedging effect

 

$

105,389

 

 

$

83,954

 

 

$

(1,181

)

 

$

82,773

 

 

 

-20.3

%

 

 

-1.2

%

 

 

-21.5

%

Hedging gains

 

 

 

 

 

13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues (3)

 

$

105,389

 

 

$

83,967

 

 

 

 

 

$

82,773

 

 

 

-20.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% Change from Prior Period

 

 

 

Nine months ended
September 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

 

2023

 

 

FX
Effect

 

 

Constant
Currency
Revenues

 

 

As
Reported

 

 

Less FX
Effect

 

 

Constant
Currency
Revenues

 

Business-to-business domestic sales

 

$

58,859

 

 

$

48,145

 

 

$

 

 

$

48,145

 

 

 

-18.2

%

 

 

0.0

%

 

 

-18.2

%

Business-to-business international sales

 

 

79,254

 

 

 

67,864

 

 

 

(215

)

 

 

67,649

 

 

 

-14.4

%

 

 

-0.2

%

 

 

-14.6

%

Direct-to-consumer domestic sales

 

 

108,046

 

 

 

76,181

 

 

 

 

 

 

76,181

 

 

 

-29.5

%

 

 

0.0

%

 

 

-29.5

%

Direct-to-consumer domestic rentals

 

 

41,785

 

 

 

47,561

 

 

 

 

 

 

47,561

 

 

 

13.8

%

 

 

0.0

%

 

 

13.8

%

Revenues, excluding hedging effect

 

$

287,944

 

 

$

239,751

 

 

$

(215

)

 

$

239,536

 

 

 

-16.7

%

 

 

-0.1

%

 

 

-16.8

%

Hedging gains

 

 

1,206

 

 

 

13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues (3)

 

$

289,150

 

 

$

239,764

 

 

 

 

 

$

239,536

 

 

 

-17.1

%

 

 

 

 

 

 

(3)

Total constant currency revenues of $82,773 for the three months ended September 30, 2023 decreased $22,616 compared to $105,389 in revenues, excluding hedging effect for the three months ended September 30, 2022. Total constant currency revenues of $239,536 for the nine months ended September 30, 2023 decreased $48,408 compared to $287,944 in revenues, excluding hedging effect for the nine months ended September 30, 2022.

 

Contacts

ir@inogen.net

Contacts

ir@inogen.net