Inogen sees triple-digit increase in net sales
By HME News Staff
Updated Wed May 10, 2017
GOLETA, Calif. - Inogen reported total revenues of $52.5 million for the first quarter of 2017, an increase of 22% over the same period last year, and net income of $5.9 million, a 135.3% increase. “We are off to a solid start to 2017,” said Scott Wilkinson, CEO. “We experienced particular strength in our domestic business to business sales channel, where revenues grew 84.2% over the same period in 2016.” Inogen included in its earnings report the news that it has acquired one of its European distributors, MedSupport Systems B.V., to deepen its international presence and provide improved customer service and repair services from the company's facility in the Netherlands. Inogen also said it is on track to secure a facility in Ohio to support growth in its domestic direct-to-consumer sales efforts. Looking ahead, Inogen maintains its 2017 revenue guidance of $233 million to $239 million, representing year-over-year growth of 14.9% to 17.8%. It is increasing its full year net income and adjusted net income guidance to $22 million to $24 million, representing 7.2% to 17% growth.
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