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Dec 31, 2020
Inogen Q4 2020 Earnings Report
Inogen's revenue decreased due to the impacts of the COVID-19 pandemic, but rental revenue increased.
Key Takeaways
Inogen reported a decrease in total revenue for Q4 2020, primarily due to the COVID-19 pandemic's impact on direct-to-consumer and international business-to-business sales channels. However, the company saw a rebound in domestic business-to-business sales and strong growth in rental revenue.
Total revenue decreased by 6.3% to $74.0 million compared to the same period in 2019.
Domestic business-to-business sales increased by 17.9% to $24.2 million compared to the same period in 2019.
Rental revenue increased by 71.7% to $9.4 million compared to the same period in 2019.
Net loss was $5.1 million.
Revenue by Segment
Forward Guidance
Due to unprecedented market uncertainties, the Company is unable to provide guidance for the full year 2021.
Positive Outlook
- Demand has increased so far in the first quarter of 2021 from the Company’s domestic HME partners in part, due to increased demand for POCs as hospital systems and stationary oxygen concentrator supply have been strained to keep up with the rapid increase in COVID-19 cases.
- The Company expects its domestic business-to-business sales to increase in the first quarter of 2021 versus the comparative period in the prior year.
- The Company expects its rental revenue to grow in the first quarter of 2021 compared to the same period in the prior year due to increased patients on service, higher billable patients as a percent of total patients on service, and higher average reimbursement rates.
- The Company believes it is prudent to make investments to support its strategy to focus on rentals at the onset-of-care.
- The Company plans to invest to expand its physician sales force and to build the infrastructure to enable it to offer physicians the necessary solutions to better serve their patients’ needs.
Challenges Ahead
- Given the uncertain scope and duration of the COVID-19 pandemic, the Company is unable to estimate the impact on its financial results, including revenue, net income or loss, and Adjusted EBITDA estimates for such period.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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