Inogen, a Goleta-based medical technology company that produces a portable oxygen concentrator, reported a net loss of $1.7 million and missed revenue estimates in its third quarter financial report.
The company saw an almost 20% drop in total revenue from its position a year before, which it attributed to COVID-19. While the company’s rental revenue is up more than 40% from the third quarter of 2019, domestic and international business-to-business sales have both dropped more than 20%. Direct-to-consumer sales also decreased by 22.7%.
“The COVID-19 pandemic has had a significant impact worldwide and on our company in 2020, and it has continued to have a meaningful effect on our business throughout the third quarter due to a significant reduction in patient travel and activity outside of the home, reduced consumer confidence and physicians limiting patient interactions,” Inogen President and CEO Scott Wilkinson said in the company’s Nov. 4 earnings release.
Inogen recorded a loss per diluted common share of 8 cents. It ended the trading day up 2.25%, to finish at $29.94 a share.
The pandemic is making it difficult for the company to project out how its finances will be affected moving forward, but it expects increased operating expenses through the rest of 2020 and into 2021.