February 22, 2024
Loading...
You are here:  Home  >  Banking & Finance  >  Tri-County Public Companies  >  Earnings  >  Current Article

Inogen’s second quarter revenues, profits way up

IN THIS ARTICLE

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.

• Contact Philip Joens at pjoens@pacbiztimes.com.