Inogen Inc (INGN) has reported a 28.15 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $3.46 million, or $0.16 a share in the quarter, compared with $2.70 million, or $0.13 a share for the same period last year. On an adjusted basis, net profit for the quarter was $3.46 million, when compared with $2.14 million in the last year period.
Revenue during the quarter surged 33.46 percent to $54.42 million from $40.78 million in the previous year period. Gross margin for the quarter contracted 134 basis points over the previous year period to 46.17 percent. Total expenses were 90.08 percent of quarterly revenues, down from 90.89 percent for the same period last year. This has led to an improvement of 81 basis points in operating margin to 9.92 percent.
Operating income for the quarter was $5.40 million, compared with $3.71 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $10.76 million compared with $8.23 million in the prior year period. At the same time, adjusted EBITDA margin contracted 42 basis points in the quarter to 19.77 percent from 20.18 percent in the last year period.
"We are very pleased with sales growth and execution across our business-to-business and direct-to-consumer channels this quarter, indicating increasing demand and adoption of our portable oxygen concentrators," said Chief Executive Officer Raymond Huggenberger. "Given these year-to-date results, we are raising 2016 revenue guidance to $194 to $198 million and providing 2017 revenue guidance of $230 to $236 million as the conversion to portable oxygen concentrators continues."
For fiscal year 2016, Inogen Inc projects revenue to be in the range of $194 million to $198 million. Inogen Inc expects net income to be in the range of $12.50 million to $14.50 million and forecasts adjusted net income to be in the range of $12.50 million to $14.50 million.
Working capital increases sharply
Inogen Inc has recorded an increase in the working capital over the last year. It stood at $127.85 million as at Sep. 30, 2016, up 39.57 percent or $36.25 million from $91.60 million on Sep. 30, 2015. Current ratio was at 5.23 as on Sep. 30, 2016, up from 5.01 on Sep. 30, 2015.
Days sales outstanding went down to 49 days for the quarter compared with 56 days for the same period last year.
Days inventory outstanding has decreased to 26 days for the quarter compared with 40 days for the previous year period.
Debt comes down significantly
Inogen Inc has recorded a decline in total debt over the last one year. It stood at $0.08 million as on Sep. 30, 2016, down 79.54 percent or $0.31 million from $0.39 million on Sep. 30, 2015. Total debt was 0.04 percent of total assets as on Sep. 30, 2016, compared with 0.25 percent on Sep. 30, 2015. Interest coverage ratio improved to 5,397 for the quarter from 742.80 for the same period last year.
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