Inogen shares drop after company reports net loss
Shares of Goleta-based Inogen dropped 7.8% on Nov. 2, after the company reported earnings for the third quarter of 2022 with growing revenue but a net loss higher than last year’s.
Inogen, a maker of portable oxygen containers, reported a net loss of $9.5 million, or 42 cents per share, down from a net income of $12 million, or 54 cents per share, for the same quarter last year.
Adjusted for one-time losses, Inogen had a net loss of $4.1 million, or 18 cents per share. Though that is down from earnings of 53 cents per share last year, it was still enough to beat analysts’ expectations. Zacks Consensus Estimate, which tracks analysts covering the company, had projected a net loss of 41 cents for the quarter for Inogen.
Revenue was also up for Inogen in the third quarter, as the company generated $105.4 million for the quarter ended Sept. 30, up 13.2% from the same quarter a year earlier.
Rental revenue was up slightly for the company, from $12.1 million to $14.7 million, but the company’s sales revenue saw a higher bump, from $80.9 millon to $90.6 million.
Inogen said it expects revenue to be between $87 and $92 million in the fourth quarter, which would represent 14% to 20% growth rate from the year-ago quarter.
“I am pleased with the progress the team has made on our transformational journey. We fulfilled customer demand by overcoming supply chain challenges through extraordinary efforts, resulting in year-over-year double digit revenue growth,” Nabil Shabshab, Inogen’s president and CEO, said in a news release. “Our balance sheet remains strong and capable of driving our transformation. We are executing on our strategic initiatives, improving commercial productivity while building innovation programs that will enhance our ability to deliver sustainable long-term growth and profitability.”
Inogen shares finished the trading day Nov. 2 down 7.8%, to close at $21.36. For the year, Inogen shares are down 37%.
The company finished the quarter with cash and cash equivalents worth $209.6 million.