Q1 2024 Inogen Inc Earnings Call Transcript
Key Points
- Inogen Inc (INGN) reported a total revenue of $78 million for Q1 2024, marking an 8% year-over-year growth.
- The company saw a significant increase in international and domestic business-to-business sales due to higher volumes from existing and new customers.
- Inogen Inc (INGN) is benefiting from a modest tailwind following a competitor's exit from the U.S. home respiratory market, positioning them to potentially capture additional market share.
- Gross margin improved by 150 basis points from the previous year, primarily due to lower average cost of components.
- Inogen Inc (INGN) has a strong balance sheet with $119.8 million in cash, cash equivalents, and marketable securities, and no debt outstanding.
- Direct to consumer sales decreased by 15.6% to $20.5 million from $24.3 million in the prior period, driven by a lower representative headcount.
- Rental revenue declined by 8.3% to $14.9 million from $16.3 million in the prior period, mainly due to a mix of lower private payer reimbursement rates and higher rental revenue adjustments.
- Rental revenue gross margin declined by 1,040 basis points, primarily due to lower net revenue per patient and an unfavorable mix shift from Medicare to private payers.
- Inogen Inc (INGN) reported a GAAP net loss of $14.6 million and a loss per diluted share of $0.62 for Q1 2024.
- Adjusted EBITDA was a loss of $7.6 million, although this was an improvement from a loss of $11.8 million in the prior year period.
Welcome to Inogen's First-Quarter 2024 earnings conference call. At this time, all participants are in a listen only mode. Following management's prepared remarks, we will hold a question and answer session question. (Operator Instructions) as a reminder, this conference is being recorded today, May 7, 2024.
I would now like to turn the call over to Ryan Peterson, Investor Relations. Please go ahead.
Thank you, all for participating in today's call. And joining me are President and CEO, Kevin Smith, and CFO, Mike Bourque.
Earlier today, Inogen released financial results for the first quarter of 2024. This earnings release is available in the Investor Relations section of the company's website along with a supplemental financial package. As a reminder, the information presented today will include forward-looking statements including, without limitation, statements about our growth prospects and strategy for 2024 and beyond.
Expectations related to our financial results for Q2
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