The Goleta, Calif.-based home oxygen generator maker posted losses of -$1.4 million, or -6¢ per share, on sales of $78.9 million for the three months ended Dec. 31, 2019, sliding into losses after posting profits of $10.1 million in this quarter last year on a sales decline of 8.8%.
Adjusted to exclude one-time items, losses per share were also -6¢, 16¢ behind Wall Street, where analysts were looking for sales of $78.5 million.
“We believe we took steps during 2019 to improve our operational execution and financial performance in 2020, including optimizing our direct-to-consumer salesforce, launching the Inogen One G5, and initiating our commercial plan for our newly acquired Tidal Assist Ventilator,” Inogen CEO Scott Wilkinson said in a news release. “I want to reiterate our belief that the need and patient preference for our best-in-class portable oxygen concentrators remains strong and we believe that the market continues to be underpenetrated.”
Inogen reduced its full-year 2020 GAAP net income guidance range to $14 million to $18 million, down from the previous range of $25 million to $27 million, and set its sales guidance for between $385 million and $400 million.
INGN shares were up 16.7% at $48.99 per share in midday trading today.