Inogen, Inc. Announces Reimbursement for Inogen One G3 in France
Sep 9 14
Inogen, Inc. announced that the Inogen One G3 portable oxygen concentrator has received coverage for reimbursement within France. The Department of Social Affairs and Health in France has added the Inogen One G3 to its list of reimbursable oxygen therapy products and services. Inogen One G3 is classified under long-term oxygen therapy for ambulation and requires a physician prescription. Inogen One G2 portable oxygen concentrator received similar coverage in France in mid-2013.
Inogen, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Year 2014
Aug 12 14
Inogen, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, total revenue rose 50.8% to $30.4 million, from $20.2 million in same period in 2013. Sales revenue was $20.5 million, up from $12.8 million, a 60.5% increase from the 2013 period, due to the growth in its direct-to-consumer sales and its business-to-business sales worldwide. Adjusted EBITDA was $7.4 million, up 68.4% from $4.41 million for the same period in the prior year and representing a 24.4% return on revenue, demonstrating substantial cost leverage across sales and marketing, research and development, and general and administrative expenses. Net income was $2.3 million, or $0.11 per diluted common share on a pro-forma non-GAAP basis, compared with $2.0 million, or $0.12 per diluted common share on a pro-forma non-GAAP basis, in the same period in 2013. Income from operations was $3.96 million compared to $2.39 million a year ago. Income before provision for income taxes was $3.78 million compared to $3.04 million a year ago. Net income was $2.3 million, or $0.11 per diluted common share on GAAP basis compared with $1.96 million, or $0.00 per diluted common share on GAAP basis, in the same period in 2013.
For the six months, total revenue rose 50.5% to $54.0 million, from $35.9 million in the first-half of 2013. Sales revenue was $35.3 million, up from $21.6 million, a 63.2% increase from the first six months of 2013. Net income was $3.2 million compared to $2.69 million a year ago. Diluted earnings per share attributable to common stockholders was $0.11 on GAAP basis, or $0.16 per diluted common share on a pro-forma non-GAAP basis compared to $2.98 on GAAP basis and $0.17 on Non-GAAP basis a year ago. Income from operations was $5.51 million compared to $3.03 million a year ago. Income before provision for income taxes was $5.24 million compared to $2.80 million a year ago. Adjusted EBITDA was $11.78 million compared to $6.94 million a year ago.
The company provided earnings guidance for the year 2014. The company expects similar sales seasonality as it has seen historically, where patient demand is the high in the second quarter. The company projects total revenue for 2014 to be in the range of $102.0 to $106.0 million, an increase of 35.2% to 40.5% over 2013 revenue. This compares to the previous revenue expectation of $92.0 to $96.0 million which was provided on May 13, 2014. Adjusted EBITDA is projected to be in the range of $19.0 to $20.5 million which is updated from the previous range of $18.0 to $19.5 million. Net income is projected to be in the range of $4.5 to $5.5 million, which is updated from the previous guidance of $4.0 to $5.0 million.
Inogen, Inc. Announces Board Changes
Aug 7 14
Inogen, Inc. announced that Heather D. Rider has been elected to its Board of Directors, effective immediately. In addition, Ms. Rider was appointed to the Board's Compensation, Nominating and Governance Committee replacing Benjamin Anderson-Ray who has joined the Board's Audit Committee, effective immediately. She will serve as a Class I director, with a term expiring at the annual meeting of stockholders to be held in 2015. Ms. Rider fills the vacancy created by the resignation of Charles Larsen. Mr. Larsen has served as a member of Inogen's Board since 2006.