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Business

Inogen of Goleta Announces Fourth Quarter, 2014 Financial Results

Inogen Inc., a Goleta-based medical technology company offering innovative respiratory products for use in the home-care setting, on Monday reported financial results for the three and 12 months ended Dec. 31, 2014.

Fourth Quarter 2014 Financial Highlights

» Total revenue of $29.1 million, up 47.3 percent over the same period in 2013

» Sales revenue of $18.4 million, up 64.9 percent over the same period in 2013

» Rental revenue of $10.8 million, up 24.7 percent over the same period in 2013

» Adjusted EBITDA of $5.0 million, representing 54.9 percent growth over the same period in 2013 and a 17 percent return on revenue

2014 Financial Highlights

» Total revenue of $112.5 million, up 49.2 percent versus 2013

» Sales revenue of $73.1 million, up 62.8 percent versus 2013

» Rental revenue of $39.4 million, up 29.2 percent versus 2013

» Adjusted EBITDA of $24.0 million, representing 78.3 percent growth versus 2013 and a 21.3 percent return on revenue

"We achieved another solid quarter of revenue growth, which provided a strong finish to 2014. Our revenue results exceeded our guidance for the year, largely due to stronger than anticipated growth in our domestic and international business-to-business sales channels in the fourth quarter," President/CEO Raymond Huggenberger said. "2014 was a transformational year for Inogen and I am proud of our team and the results we achieved. As the only oxygen concentrator manufacturer that currently employs a direct-to-consumer sales and marketing strategy in the U.S., we were successful in increasing patient demand and brand awareness for Inogen solutions.

"As we enter 2015, we have multiple avenues with the potential to drive our growth including the continued expansion of our direct-to-consumer and physician referral networks, increasing adoption across our domestic and international business-to-business channels, additional private payor contracts, and new product development."

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