Inogen Reports Q2 2024 Financial Results

August 7, 2024

DENVER, Colo., Aug 07, 2024 (247marketnews.com)- Inogen, Inc. (Nasdaq: INGN) reported its second quarter 2024 financial results, which included a 6% increase in second quarter total revenue to $88.8 million from $83.6 million for the second quarter of 2023, total gross margin grew to 48.1% in the second quarter of 2024 compared to 40.7% for the second quarter of 2023, and adjusted EBITDA turned positive, $1.3 million, compared to a $3.2 million loss in the second quarter of 2023.

Cash, cash equivalents, marketable securities and restricted cash were $121.2 million as of June 30, 2024, and no debt outstanding.

Kevin Smith, Inogen’s President and CEO, commented, “I am proud of the performance of our team in the first half of 2024. We have made meaningful progress on our strategic initiatives, driving top-line growth and advancing the profile of the business toward profitability.

“We will also continue to advance our innovation pipeline and look forward to delivering best-in-class products to more respiratory patients around the world.”

Inogen is forecasting full year 2024 revenue to grow 3-5%, to approximately $325 million to $330 million.

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