Inogen(INGN)2024-11-07 21:10Revenue Performance - Total revenue for Q3 2024 increased by 5.8% to 84.0 million in Q3 2023, driven by higher demand and new customer gains [2]. - For the full year 2024, revenue is expected to range from approximately 331 million, representing a growth of about 4% to 5% over the previous year [6]. - Total revenue for the three months ended September 30, 2024 was 83,967,000 in the same period of 2023 [16]. - Sales revenue for Q3 2024 was 68.0 million in Q3 2023, while rental revenue decreased to 16.0 million [13]. Profitability and Loss - GAAP net loss for Q3 2024 was 45.7 million in Q3 2023 [4]. - The company reported a basic net loss per share of 1.97 in Q3 2023 [13]. - Comprehensive loss for Q3 2024 was 46.4 million in Q3 2023 [13]. - Net loss for the nine months ended September 30, 2024 was 75,894,000 for the same period in 2023 [15]. - The company reported a GAAP net loss of 75,894 in 2023 [19]. - Non-GAAP adjusted net loss was 28,825 in 2023 [19]. - Diluted EPS for 2024 was (3.28) in 2023 [19]. Cost Management - Total gross margin improved to 46.5% in Q3 2024, up from 40.2% in Q3 2023, primarily due to lower raw material costs [3]. - Total operating expenses decreased by 39.0% to 80.5 million in Q3 2023, largely due to a one-time goodwill impairment charge in the prior year [3]. - Adjusted EBITDA was positive at 5.5 million in Q3 2023 [4]. - Adjusted EBITDA for the three months ended September 30, 2024 was 5,456,000 in the same period of 2023 [17]. Sales Breakdown - Business-to-business domestic sales increased by 35.1% to 17,288,000 in 2023 [16]. - The company reported a significant increase in business-to-business international sales, which rose by 26.2% to 25,613,000 in 2023 [16]. - Direct-to-consumer domestic sales decreased by 23.2% to 25,072,000 in 2023 [16]. - Units sold increased from 35,400 in the three months ended September 30, 2023 to 43,900 in the same period of 2024, a growth of approximately 23.5% [16]. Cash and Assets - Cash, cash equivalents, marketable securities, and restricted cash totaled 3.0 million from Q2 2024, with no debt outstanding [5]. - Cash and cash equivalents decreased from 105,690,000 as of September 30, 2024, a decline of approximately 15.8% [14]. - Total assets decreased from 306,172,000 as of September 30, 2024, a decline of approximately 6.1% [14]. - Total current liabilities remained relatively stable, decreasing slightly from 72,396,000 as of September 30, 2024 [14]. Other Financial Metrics - Amortization of intangibles increased to 284 in 2023 [19]. - Stock-based compensation decreased to 8,484 in 2023 [19]. - Acquisition-related expenses were 1,981 in 2023 [19]. - Restructuring-related charges were 32,894 in 2023, with no impairment charges reported in 2024 [19]. - The change in fair value of earnout liability was $1,830 in 2024, with no corresponding figure in 2023 [19]. - The effective tax rate for the adjustments was 0% [19].