Inogen Q2 Earnings Beat Estimates, Revenues Rise Y/Y
Inogen, Inc. (NASDAQ: INGN) incurred an adjusted loss per share of 7 cents for the second quarter of 2024, narrower than the adjusted loss per share of 25 cents in the year-ago period. The Zacks Consensus Estimate was pegged at a loss of 54 cents per share.
GAAP loss per share for the quarter was 24 cents, better than the year-earlier loss of 42 cents per share.
Revenues in Detail
Inogen registered revenues of $88.8 million for the second quarter, up 6.1% year over year. The figure beat the Zacks Consensus Estimate by 7.8%.
At constant exchange rate (CER), total revenues for the reported quarter increased 6.2%.
Per management, the year-over-year uptick in the top line was primarily driven by higher international and domestic business-to-business sales. However, this was partially offset by lower direct-to-consumer sales and rental revenues.
Segmental Details
Inogen derives revenues from two sources — rental and sales.
Rental revenues for the reported quarter grossed $14.3 million, down 6.5% from the year-ago period, both on a reported basis and at CER. Per management, the decrease resulted from a higher mix of lower private payer reimbursement rates and higher rental revenue adjustments.
Sales revenues were $74.4 million, up 8.9% from the prior-year quarter.
Revenues by Region & Category
Domestic business-to-business sales for second-quarter 2024 amounted to $21.3 million, up 16.5% on a year-over-year basis.
International business-to-business sales for the reported quarter amounted to $30.5 million, up 31.1% year over year on a reported basis …
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