‘Momentum’ drives Inogen earnings
GOLETA, Calif. – Inogen capped off another successful quarter, with total revenues nudging a 50% increase, the company said in an earnings call Tuesday.
For the third quarter 2014, ended Sept. 30, revenues were $29.4 million, a 48.6% increase compared to $29.4 million during the same quarter in 2013.
Sales revenues were $19.4 million for the quarter, a 60.1% increase over $12.1 million in 2013. Of that, direct-to-consumer sales were $7.1 million; domestic business-to-business sales were $5.5 million; and international sales were $6.8 million.
Rental revenues were also up, to $10 million for quarter, an increase of 30.4% over $7.6 million during the same quarter in 2013.
President and CEO Raymond Huggenberger said he was pleased with the results.
“I am encouraged by the strong momentum of our business model,” he said in a release. “Inogen is the only manufacturer currently offering a portable oxygen concentrator directly to consumers in the United States, and our patient-centric programs have ben successful in driving strong demand and brand awareness.”