Goleta-based Inogen, an oxygen concentrator company, reported a $5.9 million profit for the first quarter of 2017, up from $2.5 million in the first quarter of 2016, according to an earnings report May 9.
The company reported $52.5 million in revenue, up 22.1 percent from the same period in 2016. Sales revenue was at $46 million, up 40.1 percent.
The company sold a total of 25,600 units, an increase of 8,600.
“We are off to a solid start to 2017 with our first quarter results continuing to reflect the strong demand for our innovative oxygen concentrators,” said CEO Scott Wilkinson. “We experienced particular strength in our domestic business-to-business sales channel, where revenues grew 84.2 percent over the same period in 2016.”
The company reported $20.2 million in operating expenses, which included research and development costs of $1.3 million in the first quarter of 2017. Sales and marketing expenses were $10.5 million in the first quarter of 2017, up from $9.0 million in the year prior, largely because of new hires and increased marketing costs.
“We continue to execute on our strategic initiatives and remain focused on increasing adoption of our best-in-class product offerings across all of our channels,” Wilkinson said. “This month we acquired one of our European distributors, MedSupport Systems B.V., to deepen our international customer relationships and provide improved customer service and repair services to our European customers from this Netherlands facility. We also remain on track to secure a facility in Ohio to support growth in our domestic direct-to-consumer sales efforts.”
Inogen shares closed May 9 down 44 cents at $83.77.
• Contact Joshua Molina at [email protected]