Inogen(INGN)2024-11-07 21:10Revenue Performance - Total revenue for Q3 2024 increased by 5.8% to $88.8 million from $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 $329 million to $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 $88,834,000, representing a 5.8% increase compared to $83,967,000 in the same period of 2023 [16]. - Sales revenue for Q3 2024 was $74.9 million, up from $68.0 million in Q3 2023, while rental revenue decreased to $13.9 million from $16.0 million [13]. Profitability and Loss - GAAP net loss for Q3 2024 was $6.0 million, significantly reduced from $45.7 million in Q3 2023 [4]. - The company reported a basic net loss per share of $0.25 for Q3 2024, compared to $1.97 in Q3 2023 [13]. - Comprehensive loss for Q3 2024 was $4.1 million, a significant improvement from $46.4 million in Q3 2023 [13]. - Net loss for the nine months ended September 30, 2024 was $26,131,000, significantly improved from a net loss of $75,894,000 for the same period in 2023 [15]. - The company reported a GAAP net loss of $26,131 for the nine months ended September 30, 2024, compared to a loss of $75,894 in 2023 [19]. - Non-GAAP adjusted net loss was $14,586 for the nine months ended September 30, 2024, down from $28,825 in 2023 [19]. - Diluted EPS for 2024 was $(1.11), compared to $(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 $49.1 million in Q3 2024 compared 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 $0.5 million in Q3 2024, compared to a negative $5.5 million in Q3 2023 [4]. - Adjusted EBITDA for the three months ended September 30, 2024 was $460,000, compared to an adjusted EBITDA loss of $5,456,000 in the same period of 2023 [17]. Sales Breakdown - Business-to-business domestic sales increased by 35.1% to $23,352,000 for the three months ended September 30, 2024, compared 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 $32,328,000 for the three months ended September 30, 2024, compared to $25,613,000 in 2023 [16]. - Direct-to-consumer domestic sales decreased by 23.2% to $19,249,000 for the three months ended September 30, 2024, down from $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 $124.3 million as of September 30, 2024, an increase of $3.0 million from Q2 2024, with no debt outstanding [5]. - Cash and cash equivalents decreased from $125,492,000 as of December 31, 2023 to $105,690,000 as of September 30, 2024, a decline of approximately 15.8% [14]. - Total assets decreased from $326,194,000 in December 31, 2023 to $306,172,000 as of September 30, 2024, a decline of approximately 6.1% [14]. - Total current liabilities remained relatively stable, decreasing slightly from $72,496,000 in December 31, 2023 to $72,396,000 as of September 30, 2024 [14]. Other Financial Metrics - Amortization of intangibles increased to $3,227 in 2024 from $284 in 2023 [19]. - Stock-based compensation decreased to $5,704 in 2024 from $8,484 in 2023 [19]. - Acquisition-related expenses were $784 in 2024, down from $1,981 in 2023 [19]. - Restructuring-related charges were $3,426 in 2023, with no corresponding charge in 2024 [19]. - Impairment 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].