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Inogen, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in sales revenue to $74,929,000 from $67,973,000 in the same quarter the previous year. The increase is attributed to higher demand and new customers in domestic and international business-to-business sales.
Rental revenue for the quarter decreased to $13,905,000 from $15,994,000 in the previous year, primarily due to a higher mix of lower private-payor reimbursement rates.
Cost of sales revenue decreased to $39,592,000 from $42,708,000, reflecting a reduction in premiums paid for raw material components.
Gross profit for sales revenue increased to $35,337,000 from $25,265,000, while gross profit for rental revenue decreased to $6,007,000 from $8,499,000, due to a shift towards private-payor reimbursement.
Research and development expenses decreased to $3,518,000 from $4,489,000, primarily due to a reduction in product development costs.
Sales and marketing expenses slightly increased to $26,361,000 from $26,091,000, with increases in personnel-related expenses and media costs offset by decreases in consulting fees.
General and administrative expenses rose to $19,257,000 from $17,011,000, driven by increased personnel-related expenses and bad debt expense.
Net loss for the quarter was $5,963,000, a significant improvement from $45,719,000 in the previous year, primarily due to the absence of goodwill impairment charges.
Cash provided by operating activities was $8,932,000, while cash used in investing activities was $25,515,000, primarily for rental equipment and marketable securities.
Inogen reported cash and cash equivalents of $105,690,000 as of September 30, 2024, with marketable securities of $14,973,000.
The company continues to focus on expanding its product offerings and increasing sales productivity, while managing cost structures and market risks.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Inogen Inc quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.