Inogen revenues increased 24 percent and profits increased 48 percent, the company said when it released second quarter earnings results Aug. 4
Revenues for the Goleta-based maker of direct-to-consumer respiratory products increased 24 percent from $44 million during the second quarter of 2015 to $54.57 million in 2016, beating analyst revenue estimates of $52.44, million according to S&P Capital IQ. Net income also increased 48 percent from $3.46 million last year to $5.14 million this year.
The company attributed the quarter to strong domestic sales of its oxygen concentrators. Sales revenue jumped 40 percent during the quarter from $32.4 million in 2015 to $45.6 million in 2016. The company also said its business-to-business sector saw sales increase 61 percent over last year’s second quarter.
“Our Inogen One G4 launch is off to a solid start and we expect U.S. sales of this product to ramp up in the second half of the year,” said Inogen CEO Raymond Huggenberger in a news release. “We also plan on increasing the battery life for our Inogen One G3 by year-end 2016.”
Inogen also increased its revenue guidance for the year to a range of $190 million to $194 million, up from previous estimates of $187 million to $191 million. The company also increased net income estimates slightly up to a range of $12.5 million to $14.5 million from previous estimates of $12 million to $14 million.
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