Ingen Technologies (IGNT) Set to Expand and Grow Sales
Ingen Technologies, Inc. (IGNT), an emerging medical device maker in the same industry as companies like Bovie Medical Corporation (BVX) and Hansen Medical, Inc. (HNSN), has an innovative product line that it expects to expand abroad and into new government markets.
Ingen Technologies, Inc. (IGNT) is an FDA-registered medical device manufacturer of Oxyview and Oxyview Nasal Cannula products designed for the growing respiratory patient market in the USA and abroad. The company’s technology provides assurance and safety to millions of home oxygen patients and hospitalized patients that are required to use supplementary oxygen.
An Innovative Product Line
Ingen Technologies’ flagship Oxyview is a pneumatic real-time oxygen flow meter for use with oxygen cylinders, concentrators and other oxygen delivery systems. Moreover, the device requires no batteries and can be used to assure and measure oxygen flow rate.
The company’s Oxyview Nasal Cannula build upon this technology by incorporating it into a nasal cannula. Available for the same price as a traditional cannula, the device provides assurance and confirms oxygen flow rate and equipment function.
Finally, Ingen Technologies’ I-Pulse Oximeter is a small, compact, simple, and reliable device that is used to check a patient’s blood-oxygen saturation level and pulse rate. This can help hospitals greatly enhance patient care, with its numerous features.
A Growing Domestic Market
Domestically, Ingen has seen interest from hospital based facilities for both its Oxyview Nasal Cannula and new Oxyview I-Pulse Oximeter. The company also signed a supply agreement with Amsino International, which reaches 400 organizations including Baxter and Cardinal Health, to manufacture its products at a reduced cost and expand its presence in the market.
From a marketing standpoint, the company recently purchased an advertising insert into the COPD Foundation’s new magazine that targets 20,000-30,000 lung specialists that include physicians, respiratory therapists, nurse practitioners and other lung specialists. Investors are hoping that these efforts will help to further grow sales.
Meanwhile, the company also engaged KGMA Business Solutions to assist it in building government distribution channels. While it can take anywhere from 3-6 months to get the GSA certification necessary to drive government distribution channels and grow sales, investors are hoping that this will help drive top-line results in 2010 and beyond.
International Sales Expansion Effort
Ingen is also working to distribute its products internationally through several new agreements. To this end, it has invested a significant amount of time and money into its final ISO 13485 Certification that is scheduled to be completed on March 3, 2010. Once it receives this certification, it expects to begin selling the products in a number of countries around the world.
In fact, Ingen has already received backlogged orders from Australia, China, Canada, and various other European countries for approximately 60,000 Oxyview units valued at $200,000. During the year, the company expects its export sales to exceed $10 million, with further grow over the coming years, as its products continue to gain acceptance around the world.
Conclusion
In the end, Ingen remains well-positioned to grow in 2010 and beyond with a new marketing effort, along with programs designed to expand into government markets and internationally. Furthermore, all of these efforts are taking place in the near-term, giving investors a great catalyst for shares to rise over the coming months.
Going forward, the company expects that its Oxyview Nasal Cannula will bring in $10 million in revenues, while its Oxyview I-Pulse Oximeter will drive an additional $1 million in 2010. At the same time, the company has already paid $2.3 million in debt and expects to reduce its entire balance due to note holders by March of 2010.
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