Inogen raises revenue guidance
GOLETA, Calif. – Inogen has reported double-digit increases in total revenues and net income for the second quarter ended June 30, 2016.
The company reported total revenues of $54.6 million for the quarter, a 23.9% increase compared to the same period last year. It reported a net income of $5.1 million, a 48.7% increase.
“Our strong results in the second quarter of 2016 reflect exceptional performance in our domestic business-to-business sales channel, which demonstrated 61.3% revenue growth over the same period in 2015,” said Ray Huggenberger, CEO. “This was primarily due to traditional home medical equipment provider purchases and continued strong private label demand for our portable oxygen concentrators.”
Direct-to-consumer sales saw 38.5% revenue growth in the second quarter of this year compared to the same period last year, primarily due to increased sales headcount and increased marketing expenses to drive consumer awareness.
Inogen has increased its 2016 revenue guidance to a range of $190 million to $194 million, representing year-over-year growth of 19.5% to 22%. Previously, it provided guidance of $187 million to $191 million.