July 15, 2024
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Inogen replaces CEO days after earnings miss


Goleta-based Inogen has appointed a new chief executive, the company announced on Nov. 13.

Kevin Smith, most recently the CEO at Sirtex Medical Limited, a global manufacturer of interventional treatment solutions, was named Inogen’s new CEO effective immediately, succeeding Nabil Shabshab.

Shabshab only occupied the role for a little over two years, taking over in February of 2021. He had succeeded longtime chief executive Scott Wilkinson, who retired after 16 years at the job.

“I am honored to join Inogen, a company with a strong brand, global reach, and purpose-led vision. I believe Inogen has a solid foundation, with leading products, and significant potential to make innovative respiratory solutions the standard of care to improve patient health,” Smith said in a press release.

According to a press release, Smith brings more than 20 years of commercial leadership experience in the medical device industry, including respiratory care and durable medical equipment.

Inogen is a producer of portable oxygen containers, but has struggled as of late. 

The replacement comes six days after Inogen missed analysts expectations for the third quarter.

In its latest earnings report, Inogen reported revenue worth just $84 million, the third straight quarter of declining revenue, this time representing a year-over-year decrease of 20.3%.

The company also suffered a net loss of $45.7 million in the third quarter of 2023, $36.2 million higher than in the third quarter of 2022. 

Adjusted for one-time losses, Inogen still had a net loss of $8.5 million, or 36 cents per share, worse than analysts expectations of a loss of 23 cents per share, according to FactSet.

In a press release, Inogen also stated that in light of the transition, the company will no

longer attend the Stifel 2023 Healthcare Conference and the Piper Sandler 35thAnnual Healthcare Conference taking place later in November.

Inogen shares, which hit an all-time low on Oct. 27 hitting $4.21 a share, saw no movement during the trading day Nov. 13, closing at $4.86. Year-to-date, Inogen shares are down 76%.

email: jmercado@pacbiztimes.com