Inogen, Inc. (INGN) has reported a 36.34 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $5.26 million, or $0.25 a share in the quarter, compared with $3.86 million, or $0.19 a share for the same period last year. On an adjusted basis, net profit for the quarter was $5.26 million, when compared with $2.84 million in the last year period.
Revenue during the quarter grew 25.73 percent to $50.85 million from $40.45 million in the previous year period. Gross margin for the quarter contracted 99 basis points over the previous year period to 48.55 percent. Total expenses were 87.86 percent of quarterly revenues, down from 91.41 percent for the same period last year. This has led to an improvement of 355 basis points in operating margin to 12.14 percent.
Operating income for the quarter was $6.17 million, compared with $3.47 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $10.92 million compared with $8.13 million in the prior year period. At the same time, adjusted EBITDA margin improved 139 basis points in the quarter to 21.48 percent from 20.09 percent in the last year period.
"We've once again seen solid revenue growth led by continued strong adoption by home medical equipment providers turning to portable oxygen concentrators," said chief executive officer Raymond Huggenberger. "We continue to demonstrate that we are not only providing the best in class portable oxygen concentrators to our patients, but also helping our business-to-business customers improve their cost basis in the face of a challenging reimbursement climate."
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 $21 million to $23 million. It forecasts adjusted net income to be in the range of $21 million to $23 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 $138.70 million as at Dec. 31, 2016, up 49.41 percent or $45.87 million from $92.83 million on Dec. 31, 2015. Current ratio was at 7.07 as on Dec. 31, 2016, up from 5.22 on Dec. 31, 2015.
Days sales outstanding went up to 28 days for the quarter compared with 25 days for the same period last year.
Days inventory outstanding has increased to 25 days for the quarter compared with 19 days for the previous year period.
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