Revenue: Full-year revenue declined to $315.7 million in 2023 from $377.2 million in 2022.
Net Loss: GAAP net loss widened to $102.4 million for the full year, compared to $83.8 million in the previous year.
Gross Margin: Gross margin slightly decreased to 40.1% in 2023 from 40.7% in 2022.
Operating Expenses: Total operating expenses slightly decreased to $236.1 million in 2023 from $238.8 million in 2022.
Adjusted EBITDA: Negative adjusted EBITDA of $37.8 million for 2023, compared to negative $13.5 million in 2022.
Liquidity: Cash, cash equivalents, and marketable securities stood at $128.5 million as of December 31, 2023, with no debt.
Outlook: Inogen expects revenue of $73 to $74 million for the first quarter of 2024, indicating a slight growth compared to the first quarter of 2023.
On February 27, 2024, Inogen Inc (NASDAQ:INGN), a leading medical technology company specializing in portable oxygen concentrators, released its 8-K filing, detailing its financial performance for the fourth quarter and full-year ended December 31, 2023. The company reported a decrease in total revenue for the year, primarily due to declines in direct-to-consumer and business-to-business sales, though this was partially offset by higher rental revenue.
Financial Performance and Challenges
Inogen's total revenue for the fourth quarter was $75.9 million, a decrease from $88.1 million in the same period of the previous year. The company attributed the decline to a decrease in domestic business-to-business sales and direct-to-consumer sales. Despite this, Inogen managed to improve its total gross margin to 37.1% in the fourth quarter of 2023, up from 33.5% in the comparative period in 2022, thanks to lower premiums paid for components and reduced labor and overhead costs.
However, the company's GAAP net loss for the fourth quarter of 2023 was $26.6 million, compared to a GAAP net loss of $56.6 million in the fourth quarter of 2022. The adjusted net loss for the fourth quarter of 2023 was $19.4 million, compared to an adjusted net loss of $13.0 million in the fourth quarter of 2022. The negative adjusted EBITDA of $17.3 million in the fourth quarter of 2023, compared to a negative $10.6 million in the fourth quarter of 2022, reflects ongoing challenges in profitability.
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