Q3 2024 Inogen Inc Earnings Call Transcript
Key Points
- Inogen Inc (INGN) achieved a 6% year-over-year revenue growth, reaching $89 million in total revenue for the third quarter of 2024.
- The company reported strong performance in its business-to-business channels, with over 20% year-over-year revenue growth for the second consecutive quarter.
- Inogen Inc (INGN) generated $3 million of positive cash flow, marking the second consecutive quarter of positive cash flow.
- The company achieved a second consecutive quarter of adjusted EBITDA profitability, indicating progress towards long-term profitability.
- Inogen Inc (INGN) launched the Rove 4, a new portable oxygen concentrator (POC) with advanced features, enhancing its innovation pipeline.
- Direct-to-consumer sales declined by 23.2% year-over-year, reflecting challenges in this sales channel.
- Rental revenue decreased by 13.1%, primarily due to lower average billing rates and a mix shift to private payers.
- The company continues to face rising advertising costs, particularly due to increased demand for TV spots ahead of the election.
- Inogen Inc (INGN) expects to end the second half of 2024 with an adjusted EBITDA loss, despite recent profitability improvements.
- Foreign exchange had a negative impact on revenue, with a 20 basis points impact on total revenue and a 70 basis points impact on international revenue.
Welcome to Inogen's third-quarter, 2024 earnings conference call. (Operator Instructions)
As a reminder, this conference is being recorded today, November 7, 2024. I would now like to turn the call over to Ryan Peterson, Investor Relations.
Thank you all for participating in today's call. Joining me are President and CEO, Kevin Smith; and CFO, Mike Bourque. Earlier today, Inogen released financial results for the third 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 the full-year 2024 progress of our strategic initiatives including innovation, our expectations regarding the market for our products on our business and supply and demand for our
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