Inogen posts ‘notable’ financial results
GOLETA, Cailf. – Inogen reported total revenues of $43 million for the first quarter of 2016, a 27.4% increase over the same period last year. Net income was $2.4 million, a 50.4% increase. “Our strong results in the quarter were notable, given that the first quarter is traditionally weaker based on historical seasonality trends,” stated CEO Ray Huggenberger. “We are well positioned to deliver on our 2016 corporate objectives.” Drilling down, domestic business-to-business sales grew 61.2%, representing the fastest growth channel in the first quarter, primarily due to increasing private label sales. Direct-to-consumer sales grew 52.4%, primarily due to an increased sales headcount and increased marketing spend. Inogen also confirmed 2016 revenue guidance of $187 million to $191 million, representing year-over-year growth of 17.6% to 20.1%. It believes net income will come in at $12 million to $14 million, representing 3.6% to 20.8% growth over 2015.