Inogen shares soar after reporting revenues up 40 percent
Inogen shares ended the day up 17 percent March 15 after the Goleta-based maker of direct-to-consumer respiratory products reported strong quarterly and annual earnings March 14.
The company’s revenues increased about 40 percent during the fourth quarter and 2015 fiscal year because of strong business-to-business sales.
In after-hours trading March 14, the stock shot up from a close of $35.34 and quickly hit $38. Shares started trading March 15 at $39.49 and closed the day at $41.35.
“Demand for all of our oxygen concentrators remained strong and exceeded our expectations,” said CEO Raymond Huggenberger in a quarterly earnings call March 14.
Chief Financial Officer Ali Bauerlein said during the earnings call that the company’s financial performance remained strong.
“We saw better than expected revenues in a historically seasonal fourth quarter,” Bauerlein said.
Fourth quarter revenues increased 38.9 percent from $29.1 million in 2014 to $40.4 million in 2015. Net income increased from $1.5 million to $3.86 million during the same period. Earnings per share increased from 7 cents to 19 cents during the quarter.
In 2015, Inogen revenues increased from $112.5 million in 2014 to $159 million. Net income increased from $6.8 million in 2014 to $11.6 million in 2015. Earnings per share increased in 2015 from 30 cents to 56 cents per share.
Increased sales by new staff members also resulted in unexpected sales increases, the company said.
Chief Operating Officer Scott Wilkinson said the Food and Drug Administration conducted a routine inspection of Inogen’s California facility in March 2016 and found no problems.
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