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Inogen (INGN) Q4 Earnings and Revenues Surpass Estimates
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Inogen, Inc. (INGN - Free Report) reported fourth-quarter 2020 loss per share of 23 cents, narrower than the Zacks Consensus Estimate of a loss of 28 cents. Notably, the company had reported loss per share of 6 cents in the year-ago quarter.
For the full-year 2020, the company reported loss per share of 27 cents, narrower than the Zacks Consensus Estimate of a loss of 31 cents. However, the company had reported earnings per share (EPS) of 94 cents in the year-ago period.
Revenue Details
Revenues of this company amounted to $73.9 million, which beat the Zacks Consensus Estimate by 6.9%. However, the top line declined 6.3% on a year-over-year basis primarily due to the impact of the COVID-19 pandemic.
For the full-year 2020, the company reported $308.5 million, down 14.8% from 2019. The figure surpassed the consensus mark by 1.6%.
Segmental Details
Rental revenues grossed $9.4 million, up 71.7% from the year-ago period.
Sales revenues were $64.6 million, down 12%.
Revenues by Region & Category
Business-to-business revenues in the United States amounted to $24.2 million, up 17.9% on a year-over-year basis. Per management, unfulfilled orders in fourth-quarter 2019 and higher demand for portable oxygen concentrators (“POCs”) contributed to the upside.
Internationally, this segment reported revenues of $13.6 million, down 20.4% year over year and 23.8% at constant currency. Per management, the decline was mainly led by resurgence of COVID-19 cases during the fourth quarter, leading to additional lockdowns in many European countries, and lowering of operating capacity of certain European respiratory assessment centers.
Direct-to-consumer revenues fell 25.2% year over year to $26.8 million in the quarter. Sales declined due to the impact of the COVID-19 pandemic on consumer travel and mobility, lower consumer confidence, and around 6% decline in average inside sales representative headcount and higher focus of its time on new rental setups.
Margins
In the fourth quarter, gross profit was $34.1 million, up 0.4% year over year. Gross margin came in at 46%, up a 310 basis points (bps).
Total operating costs were $39.6 million, up 0.9%.
Loss from operations in the quarter was $5.5 million wider than the year-ago quarter’s loss of $5.3 million.
Cash Position
The company exited the fourth quarter with cash and cash equivalents of $211.9 million, compared with $213.9 million at the end of the third quarter.
Guidance
Due to the uncertainty around the impact and scope of the COVID-19 pandemic on its business, the company has not issued full-year 2021 guidance.
Wrapping Up
Inogen ended the fourth quarter on a strong note. Increase in business-to-business revenues during the quarter is encouraging. Expansion in gross margin is a positive. Moreover, the company witnessed growth in revenues within its Rental segment in the fourth quarter.
However, the company reported decline in direct-to-consumer revenues in the quarter under review. Additionally, operating loss is a concern.
Hologic reported first-quarter fiscal 2021 adjusted EPS of $2.86, which surpassed the Zacks Consensus Estimate by 33.6%.
Abbott reported fourth-quarter 2020 adjusted EPS of $1.45, which beat the Zacks Consensus Estimate by 6.6%. Fourth-quarter worldwide sales of $10.7 billion outpaced the consensus mark by 7.9%.
AngioDynamics reported second-quarter fiscal 2021 adjusted EPS of a penny against the Zacks Consensus Estimate of a loss per share of 2 cents. Revenues of $72.8 million beat the consensus mark by 8%.
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Inogen (INGN) Q4 Earnings and Revenues Surpass Estimates
Inogen, Inc. (INGN - Free Report) reported fourth-quarter 2020 loss per share of 23 cents, narrower than the Zacks Consensus Estimate of a loss of 28 cents. Notably, the company had reported loss per share of 6 cents in the year-ago quarter.
For the full-year 2020, the company reported loss per share of 27 cents, narrower than the Zacks Consensus Estimate of a loss of 31 cents. However, the company had reported earnings per share (EPS) of 94 cents in the year-ago period.
Revenue Details
Revenues of this company amounted to $73.9 million, which beat the Zacks Consensus Estimate by 6.9%. However, the top line declined 6.3% on a year-over-year basis primarily due to the impact of the COVID-19 pandemic.
Inogen, Inc Price, Consensus and EPS Surprise
Inogen, Inc price-consensus-eps-surprise-chart | Inogen, Inc Quote
For the full-year 2020, the company reported $308.5 million, down 14.8% from 2019. The figure surpassed the consensus mark by 1.6%.
Segmental Details
Rental revenues grossed $9.4 million, up 71.7% from the year-ago period.
Sales revenues were $64.6 million, down 12%.
Revenues by Region & Category
Business-to-business revenues in the United States amounted to $24.2 million, up 17.9% on a year-over-year basis. Per management, unfulfilled orders in fourth-quarter 2019 and higher demand for portable oxygen concentrators (“POCs”) contributed to the upside.
Internationally, this segment reported revenues of $13.6 million, down 20.4% year over year and 23.8% at constant currency. Per management, the decline was mainly led by resurgence of COVID-19 cases during the fourth quarter, leading to additional lockdowns in many European countries, and lowering of operating capacity of certain European respiratory assessment centers.
Direct-to-consumer revenues fell 25.2% year over year to $26.8 million in the quarter. Sales declined due to the impact of the COVID-19 pandemic on consumer travel and mobility, lower consumer confidence, and around 6% decline in average inside sales representative headcount and higher focus of its time on new rental setups.
Margins
In the fourth quarter, gross profit was $34.1 million, up 0.4% year over year. Gross margin came in at 46%, up a 310 basis points (bps).
Total operating costs were $39.6 million, up 0.9%.
Loss from operations in the quarter was $5.5 million wider than the year-ago quarter’s loss of $5.3 million.
Cash Position
The company exited the fourth quarter with cash and cash equivalents of $211.9 million, compared with $213.9 million at the end of the third quarter.
Guidance
Due to the uncertainty around the impact and scope of the COVID-19 pandemic on its business, the company has not issued full-year 2021 guidance.
Wrapping Up
Inogen ended the fourth quarter on a strong note. Increase in business-to-business revenues during the quarter is encouraging. Expansion in gross margin is a positive. Moreover, the company witnessed growth in revenues within its Rental segment in the fourth quarter.
However, the company reported decline in direct-to-consumer revenues in the quarter under review. Additionally, operating loss is a concern.
Zacks Rank
Inogen currently carries a Zacks Rank #3 (Hold).
Earnings of Other MedTech Majors at a Glance
Some better-ranked stocks in the broader medical space that have already announced their quarterly results are Hologic, Inc. (HOLX - Free Report) , Abbott Laboratories (ABT - Free Report) and AngioDynamics, Inc. (ANGO - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Hologic reported first-quarter fiscal 2021 adjusted EPS of $2.86, which surpassed the Zacks Consensus Estimate by 33.6%.
Abbott reported fourth-quarter 2020 adjusted EPS of $1.45, which beat the Zacks Consensus Estimate by 6.6%. Fourth-quarter worldwide sales of $10.7 billion outpaced the consensus mark by 7.9%.
AngioDynamics reported second-quarter fiscal 2021 adjusted EPS of a penny against the Zacks Consensus Estimate of a loss per share of 2 cents. Revenues of $72.8 million beat the consensus mark by 8%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.
Click here for the 4 trades >>