Inogen, a medical device company specializing in portable oxygen concentrators, saw a slight dip in revenue in the first quarter of 2021, but shrinking losses and continued growth in its new focus area of device rentals.
The Goleta company reported its first quarter earnings after the markets closed May 4, and highlighted revenue for the quarter of $86.9 million. That was down 1.8% from the same period in 2020, primarily due to the impacts of the COVID-19 pandemic, the company said in a news release.
The company’s net loss was down slightly, however, at $700,000 in the first quarter of 2021, compared to a loss of $1.5 million in the same quarter a year earlier.
Part of that could be attributed to the company’s continued and shifted focus to rentals as a result of the pandemic. Inogen Chief Financial Officer Ali Bauerlein told the Business Times in April that it would focus on providing rentals to hospitals after the success it saw in that market in 2020.
Rental revenue in the first quarter of 2021 was up 84.2% from the same quarter of 2020, to $9.9 million.
Inogen’s stock closed at $67.09 on May 4. Shares were up 4.3% in after-hours trading after the earnings announcement, with the stock price hitting $70 a share.
Domestic business-to-business sales were up 11.6% to $30.7, million which the company attributed to greater demand for its oxygen concentrators for COVID-19 patients upon hospital discharge, partially offset by lower reseller demand.
International business sales were down 21.7% to $15.5 million, while direct-to-consumer sales were down 13.8% to $30.6 million.