Shares of Inogen (INGN), a medical technology company, that primarily develops, manufactures, and markets portable oxygen concentrators, are plunging after reporting third quarter results after the close of trading Tuesday night. THIRD QUARTER BEAT: The company reported Q3 EPS of 73c on revenue of $95.3M. Analysts were expecting EPS of 52c on revenue of $90.9M. Direct-to-consumer sales rose 66.3% over the same period in 2017, primarily due to increased sales representative headcount and additional consumer advertising. Domestic business-to-business sales grew 32.0% over the same period in 2017, primarily driven by continued adoption by traditional home medical equipment providers and internet resellers. GUIDANCE LIGHT: Inogen said it sees 2018 revenue $345M-$355M against estimates of $349.9M. The company also reduced its guidance range for FY18 adjusted EBITDA to $60M-$62M, down from $65M-$69M, representing growth of 18.0%-22.0% versus FY17 results due to continued sales and marketing investments expected in Q4 of 2018. The company is also providing a guidance range for FY19 adjusted EBITDA of $67M-$71M, representing 9.8%-16.4% growth over the FY18 guidance mid-point of $61M. Inogen expects FY19 operating income to be $46M-$50M, representing 27.8%-38.9% growth over the FY18 guidance mid-point of $36M, primarily due to continued sales and marketing investments expected in FY19. PRICE ACTION: Shares of Inogen are down more than 19% to $156.44 in afternoon trading.
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