Inogen (INGN) stock popped late Tuesday after the medical technology player beat quarterly expectations and issued an estimate-topping 2018 sales outlook.
XLate on the stock market today, Inogen stock jumped 5.5% after ending the regular trading session down 0.2% to 213.26. Inogen has a best-possible Composite Rating of 99. Six of 118 stocks in Investor's Business Daily's Medical-Products industry group have ratings of 99. The group itself is ranked third out of 197 industry groups tracked.
For the second quarter, Inogen's sales advanced 51.6% to $97.2 million, topping the average of analysts polled by Zacks Investment Research for $82 million. Net income of 65 cents a share grew 71.1% to beat views for 44 cents.
Growth In U.S.
The company makes oxygen-delivering equipment. The best growth in the period came from direct-to-consumer sales in the U.S., which increased 74.3% to $38.3 million. Direct-to-consumer rentals, on the other hand, declined 13.7% to about $5.3 million.
Business-to-business sales in the U.S. grew 55.7% to $32.9 million. Internationally, business-to-business sales increased 39.1% to about $20.8 million.
For the year, Inogen predicts sales of $340 million to $350 million. The low end of the outlook easily beats analyst estimates for $322 million. The medtech firm expects sales directly to consumers to be its fastest growing channel with rental revenue likely to decline 10%.
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The post This Top-Rated Medtech Just Crushed Second-Quarter Views appeared first on Investor's Business Daily.
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