Inogen, a Goleta-based medical device company specializing in portable oxygen concentrators, is starting to see its core business come back from the pandemic, and the company has seen double-digit year-over-year growth. ‘other profit and revenue in the second quarter. financial results, published August 4.
The company more than doubled its net income for the quarter ended June 30. Inogen reported net income of $ 5.1 million, or 22 cents per diluted share, in the second quarter of 2021, a 103% increase from the same quarter a year ago when it made 2.5 million dollars, or 12 cents per diluted share.
Revenue was also up sharply, with Inogen reporting sales of $ 101.6 million, up 42.1% from the same period in 2020.
“We are satisfied with the resumption of our core business. Demand and average selling prices for portable oxygen concentrators have increased mainly due to increased consumer confidence and higher COVID-19 vaccination rates, leading to an increase in patient walking in the second quarter of 2021, ” Inogen CEO Nabil Shabshab said in a press release.
The company’s shares, however, fell after the results were released. It was trading at around $ 76 after normal business hours on August 4 after closing at $ 82.26.
Shabshab added that current semiconductor shortages could affect the company’s ability to provide customers with additional batteries and oxygen concentrators in the future.
“As a result, we expect revenue growth constraints and an increase in cost of goods sold per unit from the third quarter of 2021 compared to the first half of 2021, until the availability of chips increases,” Shabshab said.
Rental revenue also continues to be a driving force for Inogen, with rentals increasing 85.2% to $ 11.3 million.
Domestic direct-to-consumer revenue was $ 40.9 million, up 35.6% from the same period in 2020, while international business-to-business sales in the second quarter of 2021 increased by 57.3% , to reach $ 21.3 million.
Inogen ended the quarter with cash, cash equivalents and marketable securities valued at $ 250 million with no debt outstanding as of June 30.