Inogen (NSDQ:INGN) posted first-quarter results yesterday that beat the overall consensus on Wall Street.
The Goleta, Calif.-based company reported losses of -$732,000, or -3¢ per share, on sales of $86.932 million for the three months ended March 31, for a sales loss of -1.76% compared with Q1 2020.
Earnings per share were -3¢, 22¢ ahead of The Street, where analysts were looking for sales of $79.39 million.
“While the COVID-19 pandemic continued to have an impact on our business in the first quarter of 2021, we saw sequential growth in all four channels, and sequential growth of 17.5% in total revenue for the reported quarter,” president and CEO Nabil Shabshab said in a news release. “Additionally, our focus on the rental channel continues to produce strong operating performance with rental revenue growing significantly in the first quarter of 2021 versus the comparable period in the prior year. We continue to be focused on creating long-term value by increasing patient access to our products, enhancing physician advocacy, and driving product innovation.”
Due to the uncertainties related to the COVID-19 pandemic, Inogen is not providing a full-year 2021 guidance.
Shares in INGN were down -1.66% to $67.09 apiece at market close yesterday and were at a standstill in pre-market today.