Inogen Q3 revenue rises 13.2% to $105.4M but swings to GAAP net loss of $9.5M

Third quarter total revenue increased 13.2% to $105.4 million from $93.1 million in the third quarter of 2021, primarily driven by higher domestic business-to-business sales, as well as continued strength in the rental channel, partially offset by lower international business-to-business and direct-to-consumer sales. Total gross margin was 40.6% in the third quarter of 2022 versus 51.2% in the comparative period in 2021. The decline was driven primarily by increased material costs and unfavorable sales channel mix, partially offset by higher average selling prices. Total operating expense for the quarter was $53.1 million compared to $41.3 million in the third quarter of 2021, representing an increase of 28.5%. The increased spend was primarily due to ongoing strategic investments required to position the Company for long-term sustainable growth. Additionally, there was a non-cash decrease in the benefit from the change in fair value of the New Aera earnout liability. GAAP net loss for

On October 27, 2022, the Board of Directors (the “Board”) of the Company, acting upon the recommendation of the Nominating and Governance Committee of the Board, amended and restated the Company’s amended and restated bylaws, effective immediately.