Inogen (Nasdaq:INGN) shares are down today — a day after releasing Q2 results that beat the consensus forecast.
The Goleta, California–based respiratory care company posted losses of $3.4 million, or 15¢ per share, on sales of $103.4 million for the three months ended June 30, 2022, for a bottom-line slide into the red on sales growth of 1.8%.
Adjusted to exclude one-time items, losses per share were 2¢, 25¢ ahead of Wall Street, where analysts were looking for sales of $100.7 million.
“We delivered solid performance in the quarter driven by our ability to fulfill customer demand, while effectively managing supply chain challenges and macro headwinds,” Inogen President and CEO Nabil Shabshab said in a news release. “We are also seeing encouraging progress from our ongoing imperatives focused on strengthening the foundations of the company while simultaneously executing on our transformation. As we embark on the second half of the year, we are actively managing supply chain challenges, executing further on our strategic initiatives, and focusing on productivity to position us for long-term, sustainable growth and profitability.”
Inogen projects full-year 2022 revenues to come between $97 million and $100 million, representing approximately 4% to 7% growth year-over-year.
Shares of INGN were down more than 4% to $27.31 apiece in morning trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down slightly.