Inogen sees lower demand for POCs

Wednesday, August 5, 2020

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, president and CEO of Inogen. “While we can’t predict the full impact of the COVID-19 PHE on our business, we saw increased patient interest in our products sequentially in May and June. In addition, we are seeing good results from our renewed focus on the rental market and its contribution to our growth and margins.” Inogen reported domestic business-to-business sales decreased 27.3% to $21.6 million in the second quarter, and direct-to-consumer sales decreased 30.9% to $30.2 million in the quarter. The company reported that rental revenue, however, increased 16.9% to $6.1 million in the second quarter.