Inogen (NASDAQ: INGN) reported Q1 EPS of ($0.07), $0.03 better than the analyst estimate of ($0.10). Revenue for the quarter came in at $88.5 million versus the consensus estimate of $82.33 million.

First Quarter 2020 Highlights

• Total revenue of $88.5 million, down 1.9% from the same period in 2019
• Domestic business-to-business sales of $27.6 million, up 5.7% from same period in 2019
• Net loss of $1.6 million and Adjusted EBITDA of $4.1 million (see accompanying table for reconciliation of GAAP and non-GAAP measures)
• Withdraws 2020 guidance due to uncertainty around impact of the COVID-19 public health emergency (PHE) on its business
• Cash and cash equivalents were $208.4 million and no debt outstanding as of March 31, 2020

“As a global leader in portable oxygen therapy, Inogen is working hard to meet the needs of oxygen therapy patients worldwide, including those suffering from COVID-19 during this unprecedented time,” said Inogen’s President and Chief Executive Officer, Scott Wilkinson. “It is our mission to improve the freedom and independence of respiratory patients, and we intend to help as many patients as possible during this difficult time.”

Financial Outlook for 2020

Inogen is withdrawing its previously announced full year 2020 guidance issued on February 25, 2020 as the Company is unable to estimate the scope, duration, and impact of the COVID-19 PHE for full year 2020. The Company believes it could continue to see a decline in sales in its direct-to-consumer channel until patient mobility and consumer confidence increases. The Company also believes the increase in demand that it experienced for its products in the first quarter in its business-to-business channels due to the COVID-19 PHE may be limited or demand may decline in the future as new COPD patient referrals could decline as physician offices are limiting patient interactions. Given the increased uncertainty around the scope, duration, and impact of the COVID-19 PHE as well as revenue mix between direct-to-consumer and business-to-business channels, Inogen cannot estimate the overall impact to its operations and financial results, which could be material. Due to these uncertainties, the Company is implementing cost savings by delaying certain personnel hires and reducing advertising spend, while also increasing rental setups to improve lead utilization.

For earnings history and earnings-related data on Inogen (INGN) click here.