Inogen net income up 11.3 percent for second quarter
Net income at Inogen rose 11.3 percent for the second quarter to $8.3 million, after a 17.5 percent bump in its revenues to $64.1 million.
The Goleta-based portable oxygen concentrator maker sold 32,400 units during the quarter ended June 30, up nearly 30 percent from the same period in 2016. Earnings per share rose slightly to 38 cents.
The quarter was a busy one for the company. The acquisition of a new European distributor in May and the approval for its Inogen One G4 product in Europe drove momentum, CEO Scott Wilkinson said in a news release Aug. 3. It also announced its expansion into a new Ohio location and created a new customer support system in June.
“The second quarter of 2017 was a strong quarter for us, particularly in our domestic business-to-business and direct-to-consumer channels, and we are proud of our success in driving demand for our innovative oxygen concentrators,” Wilkinson said.
Inogen increased its full-year revenue guidance, stating that it expected revenues at least 17.8 percent higher than the previous year at $239 million-$243 million. It expects net income in the range of $25 million to $27 million, or 21.8 percent to 31.6 percent higher than 2016.
The company had cash and cash equivalents of $144.7 million and $32.2 million in current liabilities. Shares ended the day up 1.75 percent to $98.19.
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