Inogen (INGN) Tops Q2 EPS by 20c, Revenues Miss

Inogen (NASDAQ: INGN) reported Q2 EPS of $0.12, $0.20 better than the analyst estimate of ($0.08). Revenue for the quarter came in at $71.7 million versus the consensus estimate of $79.96 million.

Second Quarter 2020 Highlights

• Total revenue of $71.7 million, down 29.1% from the same period in 2019, primarily due to the impacts of the COVID-19 public health emergency (“PHE”)
• Net income of $2.6 million and Adjusted EBITDA of $10.0 million (see accompanying table for reconciliation of GAAP and non-GAAP measures)
• Cash, cash equivalents, and marketable securities were $218.6 million with no debt outstanding as of June 30, 2020

“The COVID-19 PHE had a meaningful impact on our business in the second quarter as we saw lower demand across all sales channels, which we believe was largely due to shelter-in-place orders, lower travel, and fewer new oxygen referrals due to limited physician office visits,” said Inogen’s President and Chief Executive Officer, Scott Wilkinson. “While we cannot predict the full impact of the COVID-19 PHE on our business, we saw increased patient interest in our products sequentially in May and June. In addition, we are seeing good results from our renewed focus on the rental market and its contribution to our growth and margins.”

For earnings history and earnings-related data on Inogen (INGN) click here.

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