Inogen Announces Preliminary, Unaudited Full Year and Fourth Quarter 2019 Revenue Results

Inogen, Inc. (NASDAQ: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today reported preliminary unaudited revenue results for the three-month and twelve-month periods ended December 31, 2019.

Preliminary Unaudited Revenue Summary:

• Total full year 2019 revenue is expected to be in the range of $361.4 to $362.4 million based on preliminary, unaudited financial data, up 0.9% to 1.2% from 2018
• Total fourth quarter 2019 revenue is expected to be in the range of $78.4 to $79.4 million based on preliminary, unaudited financial data, down 8.2% to 9.4% from the same period in 2018

“We believe that portable oxygen concentrators will become the standard of care for oxygen therapy patients worldwide over time, and we believe we can return to solid growth in 2020. However, we had softer than expected demand primarily in our direct-to-consumer and international channels in the fourth quarter of 2019, and we also had some manufacturing challenges that contributed to unshipped orders as of December 31, 2019,” said Scott Wilkinson, Inogen’s President and Chief Executive Officer. “The introduction of the Inogen One G5 product continues to have strong adoption across all of our channels, and we believe this will be our dominant product purchased in 2020 which should, at scale, improve our cost position while also differentiating us from our competition.”

Preliminary, Unaudited Fourth Quarter 2019 Revenue

Total preliminary, unaudited revenue for the three months ended December 31, 2019 declined to approximately $78.9 million at the mid-point of the range from $86.5 million in the same period in 2018. The Company experienced some manufacturing challenges in the fourth quarter of 2019, which led to certain booked orders not shipped in the same quarter as the scheduled shipment date, primarily in domestic business-to-business orders. The primary driver of these delayed shipments was certain component part shortages, which are also expected to impact the first quarter of 2020. In the fourth quarter of 2019, the Inogen One G5 is expected to represent over 40% of total units sold and over 55% of domestic units sold, continuing to show strong customer demand for the Company’s latest product.