Inogen sales, profits soar in third quarter
Inogen revenues, profits and earnings per share were up for the third quarter, the company announced Nov. 3.
Inogen, a Goleta-based manufacturer of direct-to-consumer respiratory products, said revenues increased 33 percent during the quarter from $40.7 million during the same quarter last year to $54.4 million in 2016, which topped analyst revenue estimates of $47.9 million, according to S&P Capital IQ.
Profits increased 28 percent from $2.7 million million in 2015 to $3.5 million in 2016. The company also posted earnings per share of 17 cents, a slight increase over earnings of 14 cents per share in 2015 and four cents higher than analyst estimates of 13 cents per share, according to S&P Capital IQ.
Inogen attributed the earnings growth in part due to an 81 percent increase in units sold. In the past, Inogen relied heavily on rentals of its at-home oxygen concentrators.
The company also increased its revenue guidance for the year to a range of $194 million to $198 million, up from a previous range of $190 million to $194 million.
• Contact Philip Joens at pjoens@pacbiztimes.com.
