Inogen reports huge increase in net income
Inogen, a maker of portable oxygen concentrators based in Goleta, announced a 77 percent increase in net income Feb. 28 on fourth quarter revenues of $50.9 million.
Sales revenues grew 47.2 percent over the same quarter in 2015, to $42.6 million. Net income for the quarter was $5.3 million, bringing the company up to $20.5 million for the full fiscal year or 97 cents per diluted share.
Inogen products sold during the quarter rose 60.7 percent to 23,300 units. Operating expenses grew 21.6 percent to $74.4 million year-over year.
In the earnings statement, the company updated its outlook for 2017, predicting revenues between $233 million and $239 million and net income of $21 million-$23 million, up from a previously reported $16 million-$18 million.
It had cash and cash equivalents of $91.9 million with outstanding liabilities of $214 million for the quarter ended Dec. 31.
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