Inogen reported a decline in total revenue for the fourth quarter of 2019, with decreases in direct-to-consumer, domestic business-to-business, and international business-to-business sales. The company experienced an operating loss and a net loss for the quarter, with a decrease in total gross margin. However, the company is maintaining its full year 2020 total revenue guidance.
Total revenue decreased by 8.8% to $78.9 million compared to the same period in 2018.
Direct-to-consumer sales declined by 2.8% to $35.8 million.
The company reported an operating loss of $5.3 million, compared to an operating income of $4.8 million in the same period in 2018.
Net loss was $1.4 million, compared to net income of $10.0 million in the fourth quarter of 2018.
Inogen is maintaining its full year 2020 total revenue guidance range provided on January 13, 2020 of $385 to $400 million, representing growth of 6.4% to 10.5% versus 2019 full year results. The Company is reducing its full year 2020 GAAP net income guidance range to $14 to $18 million from the range of $25 to $27 million provided on November 5, 2019, compared to 2019 GAAP net income of $21.0 million. Inogen is lowering its guidance range for full year 2020 Adjusted EBITDA to $44 to $50 million from the range of $56 to $58 million provided on November 5, 2019, compared to 2019 Adjusted EBITDA of $43.3 million.
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