The following is a summary of the Inogen, Inc. (INGN) Q1 2024 Earnings Call Transcript:
Financial Performance:
Inogen's Q1 2024 total revenue reached $78 million, driven by higher business-to-business sales both domestically and internationally.
Direct-to-consumer sales, however, decreased by 15.6%.
Total gross margin increased to 44.1%, due to a lower average cost of components.
The company reported a GAAP net loss of $14.6 million and an adjusted EBITDA loss of $7.6 million but holds $119.8 million in cash, cash equivalents and marketable securities with zero debt outstanding.
Business Progress:
Inogen has identified three main strategic goals: driving top-line growth, advancing the path to profitability, and expanding on their innovation pipeline.
The company is prepared to take advantage of U.S. market opportunities following a competitor's temporary exit.
Hospitals have been targeted as an addition to individual practitioners for their rental business.
Expansion plans for Physio-Assist are underway in the U.S., with ongoing discussions noted with the FDA.
Inogen is also working towards leveraging the hospital channel for market expansion and improving their business-to-consumer team's productivity following a period of integration and expansion.
More details: Inogen IR
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