DENVER, Colo., 07 August, 2024 (247marketnews.com) – (Nasdaq:INGN) are discussed in this article.
Inogen Inc. demonstrated remarkable stock market performance with a significant 36.09% increase, opening at $9.90 and trading currently at $11.09, well above the previous closing price of $8.15. This surge indicates heightened investor confidence, likely driven by positive news or earnings reports, as evidenced by a substantial trading volume of 1.0M, surpassing the average. Market indicators reflect a bullish trend, though investors are advised to monitor resistance levels and the sustainability of this upward momentum.
Meanwhile, Inogen, Inc., a leader in respiratory solutions for homecare, reported strong financial results for Q2 2024. The company’s revenue grew by 6.1%, reaching $88.8 million, up from $83.6 million in the same period last year. President and CEO Kevin Smith expressed pride in the company’s strategic progress and revenue growth, emphasizing efforts to push profitability and advance their innovation pipeline.
Key achievements for Q2 2024 include a rise in total revenue to $88.8 million driven by higher demand in international and domestic business-to-business sales. The gross margin improved significantly to 48.1%, attributed to lower component costs and favorable reserve adjustments. There was an increase in operational expenses to $49.8 million, largely due to personnel-related costs. The company also made significant strides in reducing its GAAP net loss to $5.6 million from $9.8 million in Q2 2023, and its adjusted net loss to $1.6 million from $5.8 million. Additionally, Inogen achieved a positive adjusted EBITDA of $1.3 million, a notable recovery from a negative $3.2 million the previous year.
Looking ahead, Inogen projects its full-year 2024 revenue to be between $325 million and $330 million, representing a growth rate of 3% to 5% compared to 2023. A conference call to discuss these financial results and future prospects will be held on August 6, 2024, at 2:00 pm Pacific Time / 5:00 pm Eastern Time, with details available on the company’s Investor Relations website.
As the company strengthens its financial stance and innovation drive, Inogen aims to solidify its leadership in the respiratory care market, continuing to support patients globally with advanced homecare respiratory solutions.
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