Inogen finishes strong
GOLETA, Calif. – Inogen reported revenues of $40.4 million for the fourth quarter of 2015, up 38.9% over the same period in 2014. Net income was $3.9 million, a 154% increase. The POC maker reported revenues of $159 million for all of 2015, up 41.3% compared to 2014. Net income was $11.6 million, a 69.7% increase. “Our domestic business-to-business sales channel was once again our fastest growing channel with fourth quarter year-over-year growth of 81.5% in 2015, primarily due to strong demand from a private label partner and resellers,” said CEO Ray Huggenberger. “Increased sales force headcount and productivity drove growth in our direct-to-consumer sales channel, which saw a fourth quarter year-over-year increase of 79.5% in 2015.” Inogen also updated its financial guidance for 2016, saying revenue is expected to range from $187 million to $191 million, representing year-over-year growth of 17.6% to 20.1%. This compares to previous guidance of $177 million to $183 million. It expects the headwind from Medicare’s competitive bidding program to be 2.5% to 3.5% in 2016. “In the year ahead, we plan to advance our leadership position in the portable oxygen concentrator market by continuing to add sales staff and introduce additional innovative products,” Huggenberger said.