Inogen, Inc. Engages Deloitte & Touche LLP to Replace BDO USA, LLP as its Registered Independent Public Accounting Firm
Aug 20 15
On August 17, 2015, the audit committee of the board of directors of Inogen, Inc. approved the dismissal of BDO USA, LLP (BDO), as the independent registered public accounting firm previously engaged to audit the Company's financial statements, effective immediately. Also, effective August 19, 2015, the audit committee engaged Deloitte & Touche LLP as the company's registered independent public accounting firm, effective immediately. The audit committee participated in and approved the decision to engage Deloitte.
Inogen, Inc. Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Revises Earnings Guidance for the Full Year of 2015
Aug 11 15
Inogen, Inc. announced unaudited earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported total revenues of $44,029,000 compared with $30,393,000 for the same period a year ago. Income from operations was $5,345,000 compared with $3,963,000 for the same period a year ago. Income before provision for income taxes was $5,314,000 compared with $3,776,000 for the same period a year ago. Net income was $3,459,000 or $0.17 per diluted share compared with $2,286,000 or $0.11 per diluted share for the same period a year ago. Adjusted EBITDA was $9,567,000 compared with $7,430,000 for the same period a year ago. Pro-forma net income was $3,459,000 or $0.17 per diluted share compared with $2,286,000 or $0.11 per diluted share for the same period a year ago.
For the six months, the company reported total revenues of $77,781,000 compared with $54,026,000 for the same period a year ago. Income from operations was $7,863,000 compared with $5,512,000 for the same period a year ago. Income before provision for income taxes was $7,732,000 compared with $5,241,000 for the same period a year ago. Net income was $5,031,000 or $0.24 per diluted share compared with $3,174,000 or $0.11 per diluted share for the same period a year ago. Adjusted EBITDA was $15,942,000 compared with $11,775,000 for the same period a year ago. Pro-forma net income was $5,031,000 or $0.24 per diluted share compared with $3,174,000 or $0.16 per diluted share for the same period a year ago.
The company revised earnings guidance for the full year of 2015. Inogen is increasing its 2015 revenue guidance to a range of $145 to $149 million, which represents year-over-year growth of 28.8% to 32.4%. This compares to the previous revenue expectation of $133 to $137 million. This increase in guidance is associated with better than expected business-to-business revenue worldwide. The Company typically sees the high revenue seasonality in the second quarter of the year when patients are more likely to travel and as a result purchase or rent its products. The company is increasing its 2015 Adjusted EBITDA estimate to a range of $29 to $32 million, representing an increase of 21.1% to 33.6% over 2014. This is updated from prior guidance of $27 to $30 million. Net income for 2015 is currently expected to be in the range of $8.5 to $10 million, representing an approximate increase of 24.5% to 46.5% over 2014. This is updated from a prior range of $8 to $9.5 million. The one-time general and administrative operating expenses of $1.8 million associated with the audit committee investigation are included in this guidance, and all expenses were incurred during the six-month period ended June 30, 2015. The company continues to expect an effective tax rate in 2015 of approximately 35%. The company confirms its expectation of net positive cash flow for 2015 with no additional equity capital required to meet its current plan.
Inogen, Inc. Appoints R. Scott Greer to the Board of Directors
Aug 6 15
Inogen, Inc. announced that R. Scott Greer has been appointed as an independent director to its Board of Directors, effective August 3, 2015. In addition, Mr. Greer was appointed to the Board's Audit Committee. He will serve as a Class I director, with a term expiring at the annual meeting of stockholders to be held on October 14, 2015. Mr. Greer fills the vacancy created by the resignation of Timothy Petersen. Mr. Petersen had served as a member of Inogen's Board since 2010. In addition to serving as Inogen's Chairman of the Board from 2005 to 2007, most recently he was Chairman of the Board of Ablexis from 2010 to 2015.