Inogen repeats double-digit increase
By HME News Staff
Updated Wed August 13, 2014
Inogen repeats double-digit increase
GOLETA, Calif. - Inogen increased total revenues 50.8% in the second quarter of 2014, the company reported this week.
For the three months ended June 30, revenues were $30.4 million compared to $20.2 million for the same period in 2013.
Sales revenues were $20.5 million, a 60.5% increase compared to the $12.8 million for the same period last year. Total units sold were 9,200, an increase of 67.3%.
Rental revenues also increased, although that growth was offset by reimbursement cuts related to Medicare's competitive bidding program. Rental revenues were $9.9 million for the second quarter, up from $7.4 million in 2013.
"We are very encouraged with the level of productivity and traction we've seen throughout the first half of this year,” said President and CEO Raymond Huggenberger in a release. "We intend to continue to execute on our strategy to both raise awareness of our oxygen-therapy products and leverage the investments made in sales and marketing to drive demand. We also plan to increase our go-to-market resources to drive future growth and prepare for additional activities, such as the commercial launch of our Inogen At Home product later this year."
Inogen received FDA 501(k) clearance for the Inogen at Home in June.
The manufacturer increased total revenues 50.1% in the first quarter of this year.
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