With Gross Profits Increase and a 63% Gross Margin of Sales
YUCAIPA, Calif., Oct. 26, 2009 (GLOBE NEWSWIRE) -- Ingen Technologies, Inc. (Pink Sheets:IGNT - News), a leading global Medical Device Manufacturer focused on the $4B Respiratory market with their Oxyview products for the growing aging population and emerging markets for Home (DME), Hospital and Aviation industries announced today that the company has reported an increase in first quarter sales for 2009 as compared to the same quarter in 2008. Gross profits represented 63% gross margins.
Ingen reported gross sales of $106,483 in the quarter ended August 31, 2009. This represented an increase from sales of $987 in the quarter ended August 31, 2008. The sales were further sparked by the introduction of an "all-in-one" Oxyview Nasal Cannula unit that includes a cannula with the Oxyview flow meter included. Additional capital also enabled the company to increase its advertising and marketing of the Oxyview products. Ingen anticipates that sales of Oxyview will increase from the current quarter's sales as the company expands its sales channels. The total cost of sales was $38,804 in the quarter ended August 31, 2009 and the gross profit was $67,679 (a gross margin of 63.6%).
"We are seeing the initial results of the introduction of our Oxyview Nasal Cannula. There is still hard work ahead of us, and our management is focused on distribution and sales. Our immediate focus being ISO certification and CE Mark requirements that we will complete in late December-2009. Between now and then we are closing distribution for export of our products, and reorganizing our domestic distribution. The home oxygen patients are the bulk of our sales at this time, and this is a good indication that they want and need this product. We expect an increased response for our new Oxyview Nasal Cannula upon its introduction to the annual Chest Physicians meeting at the end of this month, along with Medical and Arab Health conventions in the near future. Targeting these respiratory physicians, management and home oxygen suppliers will increase sales significantly," stated Scott R. Sand, Chief Executive Officer and Chairman of the Board
http://www.pinksheets.com/otciq/ajax/showFinancialReportById.pdf?id=25242
www.ingen-tech.com
About Ingen: Ingen is an established medical device manufacturer with an emerging new medical product line for the respiratory market worth an estimated $4 billion in the U.S., and $8 billion globally. The company introduced Oxyview into the respiratory market in late 2007 after securing U.S. and Foreign Patents and successful licensing with the Food & Drug Administration, and has commenced domestic and global distribution with manufacture representative organizations, and OEM partners. In 2009, the company introduced the new Oxyview Nasal Cannula for adult, children and infants. In addition to selling its respiratory products within the global medical industry, the company is selling the same products within other industries that include aviation, automotive, emergency response, military and government transportation. The company holds a Device Manufacturing License with the State of California, Department of Public Health, Food and Drug Branch as it manufacturers all of its respiratory products in the United States. There are 32 million U.S. patients with Chronic Obstructive Pulmonary Disease (COPD), and 600 million patients worldwide. Ingen Technologies is now the largest manufacturer of in-line gravity-independent oxygen flow meters.
The Ingen Technologies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2472
Safe Harbor for Forward-Looking Statements: This news release includes forward-looking statements. While these statements are made to convey to the public the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the company at this time, actual results may differ materially from those described. The company's operations and business prospects are always subject to risk and uncertainties. Important factors that may cause actual results to differ are and will be set forth in the company's periodic filings with the U.S. Securities and Exchange Commission.
Monday, October 26, 2009
Subscribe to:
Post Comments (Atom)
Disclaimer
Average Joe's Picks is an independent electronic medium, which provides industry data and information on publicly traded companies for the use of our readers. Furthermore, the provided data should not be used as the sole basis for making any investment decision. The individual investor's own due diligence is of the utmost importance and highly recommended.
No comments:
Post a Comment