Inogen (NASDAQ: INGN) reported Q3 EPS of ($0.08), $0.06 worse than the analyst estimate of ($0.02). Revenue for the quarter came in at $74.3 million versus the consensus estimate of $76.06 million.

Third Quarter 2020 Highlights

• Total revenue of $74.3 million, down 19.0% from the same period in 2019, primarily due to the impacts of the COVID-19 public health emergency (“PHE”)
• Total revenue up sequentially from second quarter 2020 by 3.7%
• Rental revenue of $7.5 million, up 40.1% from the same period in 2019
• Net loss of $1.7 million and Adjusted EBITDA of $4.6 million (see accompanying table for reconciliation of GAAP and non-GAAP measures)
• Cash, cash equivalents, and marketable securities were $220.5 million with no debt outstanding as of September 30, 2020

“The COVID-19 pandemic has had a significant impact worldwide and on our company in 2020, and it has continued to have a meaningful effect on our business throughout the third quarter due to a significant reduction in patient travel and activity outside of the home, reduced consumer confidence and physicians limiting patient interactions,” said Inogen’s President and Chief Executive Officer, Scott Wilkinson. “While these factors made for a challenging third quarter for our business, we saw total revenue grow sequentially from the second quarter of 2020. Furthermore, we saw strong growth in rental revenue in the third quarter, and we believe there is an opportunity to continue to drive oxygen rental setups given patient interest in our products.”

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