Inogen stresses sequential growth

 - 
Thursday, November 5, 2020

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 outside of the home, reduced consumer confidence and physicians limiting patient interactions,” said Scott Wilkinson, Inogen’s president and CEO. “While these factors made for a challenging third quarter for our business, we saw total revenue grow sequentially from the second quarter of 2020. Furthermore, we saw strong growth in rental revenue in the third quarter, and we believe there is an opportunity to continue to drive oxygen rental setups give patient interest in our products.” Broken down, direct-to-consumer sales were $29.2 million in the second quarter, a 22.7% decrease compared to same period in 2019; and rental revenues were $7.5 million, a 40.1% increase. Overall, domestic business-to-business sales were $23.1 million in the second quarter, a 23.5% decrease.