Inogen earnings reflect ‘strong demand’
GOLETA, Calif. – Inogen reported double-digit increases in sales and revenues for first quarter of 2015—a “solid start,” says Ray Huggenberger, president and CEO.
For the quarter ended March 31, Inogen reported total revenues of $33.8 million, a 42.8% increase compared to the same quarter in 2014. Sales were $23 million, a 55.1% increase.
“Our first quarter results continue to reflect the strong demand we are seeing in the market, particularly in our domestic and international business-to-business sales channels, where revenues grew 70.7% and 88.9%, respectively, over the same period in 2014," said Huggenberger in a release.
Direct-to-consumer sales grew 25.9% over the same quarter in 2014, while direct-to-consumer rentals grew 22%.
“We are also making significant progress on our strategy to drive growth through the expansion of our domestic direct-to-consumer sales force additions, physician referral networks, private payer contracts, and our continuous product innovation," said Huggenberger.
• Adjusted EBITDA was $6.4 million, an increase of 46.7% over the same period in 2014.
• Operating expense was $13.5 million, compared to $10.4 million in 2014.
• Inogen completed the move of its manufacturing and shipping operations to its new facility in Richardson, Texas.