Inogen, a Goleta-based maker of direct-to-consumer respiratory products, beat analyst estimates for revenue when the company released third quarter earnings on Nov. 10.
Revenues were up 38.7 percent from $29.4 million during the third quarter of last year to $40.8 million this year. Analysts had predicted revenues of $37 million. Inogen also reported adjusted earnings per share of 13 cents, hitting estimates from investment research firm Zacks on the nose.
Sales revenue jumped 50.6 percent from $19.4 million to $29.2 million, while rental revenue increased 15.7 percent from $9.97 million to $11.5 million.
According to Zacks, analysts are eagerly awaiting the new upgraded Inogen One G3. According to Inogen, the Inogen One G3 will be quieter and cost less to develop than previous models.
Inogen is also developing a new, smaller oxygen concentrator called the Inogen One G4. Development of that product should be complete by the end of 2015 and launch during the second quarter of 2016.
Yearly revenue forecasts were also raised from $145-$149 million to $150-$153 million.
Despite the guidance, Inogen shares traded down 80 cents to $45.73 at 11:32 a.m. PST on Wednesday.
• Contact Philip Joens at [email protected].