Inogen stock pops after earnings beat
By Julia Staley
Special to the Business Times
Inogen, the Goleta-based developer of portable oxygen concentrators, saw its shares increase by 44.67% after its second-quarter earnings announcement on Aug. 6.
The day after the earnings announcement, shares were valued at $11.08. Share value has continued to increase with shares valued at $12.49 on Aug. 13.
Inogen delivered a second-quarter revenue increase of $88.8 million, exceeding analyst estimates by 7.6%.
This is a 6.1% revenue increase from $83.6 million during the same quarter in 2023 thanks to higher demand and new international and domestic customer acquisition.
Its second-quarter reported revenue is 7.8% higher than the Zacks Consensus Estimate of $82.34 million.
Inogen’s net loss reached $5.59 million, narrowed by 43% during the same quarter in 2023 which saw a $9.8 million net loss.
Adjusted net loss was $1.6 million compared to adjusted net loss of $5.8 million during the second quarter of 2023.
Total gross margin was 48.1% compared to 40.7% in the same quarter in 2023.
Lower premiums paid for product components and favorable adjustments to reserves helped drive this increase.
Significantly, Inogen’s second-quarter earnings per share announcement exceeded analyst expectations by 55.56%.
Its second-quarter loss per share was 24 cents, more favorable than the analyst’s estimated loss of 54 cents per share.
The company saw a 42 cents loss per share during the same quarter a year prior.
The company’s adjusted EBITDA was $1.3 million compared to a loss of $3.2 million year-over-year.
“This is an exciting milestone and a meaningful step in the right direction,” CEO Kevin Smith said during the company’s earnings call.
“But please note our path to durable profitability will not necessarily be linear, as we will continue to invest thoughtfully in support of growth. Over time, we do see a pathway to sustainable adjusted EBITDA profitability with our current innovation pipeline and product portfolio.”
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