Inogen (Nasdaq:INGN) this week posted third-quarter results that beat the overall consensus on Wall Street.
The Goleta, California-based respiratory care company reported a loss of $9.5 million, or -42¢ per share, on sales of $105.4 million for the three months ended Sept. 30, for a sales growth of 13.19% compared with Q3 2021.
Adjusted to exclude one-time items, earnings per share were -18¢, 24¢ ahead of The Street where analysts were looking for sales of $97.72 million.
“I am pleased with the progress the team has made on our transformational journey. We fulfilled customer demand by overcoming supply chain challenges through extraordinary efforts, resulting in year-over-year double-digit revenue growth,” CEO Nail Shabshab said in a news release. “Our balance sheet remains strong and capable of driving our transformation. We are executing on our strategic initiatives, improving commercial productivity while building innovation programs that will enhance our ability to deliver sustainable long-term growth and profitability.”
Inogen projects revenue for the fourth quarter to be in the range of $87 million to $92 million to represent 14% to 20% growth year-over-year.
Shares in INGN were down 5.95% to $21.80 apiece in mid-morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1.2%.