Inogen, Inc. (INGN) has reported an 135.30 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $5.93 million, or $0.27 a share in the quarter, compared with $2.52 million, or $0.12 a share for the same period last year. On an adjusted basis, net profit for the quarter was $5.93 million, when compared with $2.52 million in the last year period.
Revenue during the quarter grew 22.12 percent to $52.50 million from $42.99 million in the previous year period. Gross margin for the quarter contracted 46 basis points over the previous year period to 49.04 percent. Total expenses were 89.39 percent of quarterly revenues, down from 92.38 percent for the same period last year. This has led to an improvement of 299 basis points in operating margin to 10.61 percent.
Operating income for the quarter was $5.57 million, compared with $3.28 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $10.87 million compared with $8.12 million in the prior year period. At the same time, adjusted EBITDA margin improved 183 basis points in the quarter to 20.71 percent from 18.88 percent in the last year period.
"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."
For fiscal year 2017, Inogen, Inc. projects revenue to be in the range of $233 million to $239 million. It expects net income to be in the range of $22 million to $24 million. It forecasts adjusted net income to be in the range of $22 million to $24 million for the same period.
Working capital increases sharply
Inogen, Inc. has recorded an increase in the working capital over the last year. It stood at $151.21 million as at Mar. 31, 2017, up 51.31 percent or $51.28 million from $99.94 million on Mar. 31, 2016. Current ratio was at 6.98 as on Mar. 31, 2017, up from 5.16 on Mar. 31, 2016.
Days sales outstanding went down to 46 days for the quarter compared with 51 days for the same period last year.
Days inventory outstanding has decreased to 23 days for the quarter compared with 40 days for the previous year period.
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