GOLETA, Calif.--(BUSINESS WIRE)--Inogen, Inc. (NASDAQ: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today reported financial results for the three-month period ended March 31, 2017.
First Quarter 2017 Highlights
- Total revenue of $52.5 million, up 22.1% over the same period in 2016
- Sales revenue of $46.0 million, up 40.1% over the same period in 2016
- Rental revenue of $6.5 million, down 35.8% from the same period in 2016
- Net income of $5.9 million, reflecting a 135.3% increase over the same period in 2016 and an 11.3% return on revenue
- Adjusted EBITDA of $10.9 million, representing 34.0% growth over the same period in 2016 and a 20.7% return on revenue (see accompanying table for reconciliation of GAAP and non-GAAP measures)
- Total units sold were 25,600, an increase of 8,600 or 50.6%, over the same period in 2016, reflecting the continued strong consumer demand for the Company’s products across all sales channels
“We are off to solid start to 2017 with our first quarter results continuing to reflect the strong demand for our innovative oxygen concentrators. We experienced particular strength in our domestic business-to-business sales channel, where revenues grew 84.2% over the same period in 2016,” said Chief Executive Officer, Scott Wilkinson. “We continue to execute on our strategic initiatives and remain focused on increasing adoption of our best-in-class product offerings across all of our channels. This month we acquired one of our European distributors, MedSupport Systems B.V., to deepen our international customer relationships and provide improved customer service and repair services to our European customers from this Netherlands facility. We also remain on track to secure a facility in Ohio to support growth in our domestic direct-to-consumer sales efforts.”
