Inogen (NSDQ:INGN) shares ticked up today on fourth-quarter results that came up shy of the consensus forecast.
INGN shares were up 6.9% at $32.01 per share in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1.1%.
The Goleta, California-based maker of home oxygen therapy devices posted losses of $22.9 million, or $1.01 per share, on sales of $76.4 million for the three months ended Dec. 31, 2021, for a large bottom-line slide deeper into the red on sales growth of 3.3%.
Inogen’s losses per share of $1.01 came in 30¢ behind projections on Wall Street, where analysts were looking for sales of $76.6 million.
“Over the past year, our team has made steady progress to advance our overall strategy, working to expand our sales footprint in the prescriber channel and implement initiatives aimed at driving productivity of our overall commercial operations,” Inogen President and CEO Nabil Shabshab said in a news release. “We have been nimble and decisive in looking to meet steady customer demand in the face of significant supply chain headwinds, including semiconductor availability and the resulting cost impact.
“At the same time, we are focused on investing in the business to strengthen our clinical research and R&D capabilities and commercial strategies that will position us for long-term, sustainable growth and profitability in the years to come.”
Due to potential COVID-19 and supply chain-related issues, Inogen did not provide a detailed guidance range for 2022, but confirmed that it expects year-over-year revenue growth to be in the mid-single-digit range compared to 2021.