Full Press Release Details
Inogen Announces Second Quarter 2025 Financial Results
Delivered strong top-line results; raising full year 2025 revenue expectations
GOLETA, Calif., August 7, 2025 -- Inogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced financial results for the quarter ended June 30, 2025.
-Achieved second quarter 2025 revenue of $92.3 million, a year-over-year increase of 4.0%, marking the sixth consecutive quarter of mid-single-digit percentage growth.
-Reported GAAP net loss of $4.2 million and adjusted net loss of $0.7 million.
-Delivered adjusted EBITDA of $2.1 million, the second consecutive quarter of positive adjusted EBITDA.
-Generated $4.4 million in operating cash flow in the second quarter of 2025, strengthening quarter-end cash, cash equivalents, marketable securities and restricted cash to $123.7 million.
-Introduced Voxi 5, a new stationary oxygen concentrator (SOC) designed to improve access to quality oxygen therapy for long-term care patients in the U.S., further expanding the portfolio.
-Launched Inogen Patient Portal, designed to empower patients with seamless self-service to manage insurance details, order accessories and access to on-demand support tools.
We are executing a compelling turnaround strategy, delivering six consecutive quarters of mid-single-digit revenue growth and two quarters of positive adjusted EBITDA, said Kevin Smith, President and Chief Executive Officer. Our 4% year-over-year revenue growth in the second quarter reflects the strength of our commercial execution and operational enhancements. Given our strong first-half performance, we are raising full-year revenue guidance. We remain confident in our long-term value creation strategy as we continue to drive innovation and position Inogen as a leader in comprehensive respiratory care.
Second Quarter 2025 Financial Results
Total revenue in the second quarter of 2025 was $92.3 million, an increase of 4.0% from the prior-year period, as a result of continued higher demand from international and domestic business-to-business customers. This increase was partially offset by lower direct-to-consumer and rental revenue.
Total gross margin in the second quarter of 2025 was 44.8% compared to 48.1% in the prior-year period, primarily the result of increased business-to-business sales as a percentage of total revenue.
Total operating expense in the second quarter of 2025 was $47.5 million, a decrease of 4.7% from $49.8 million in the prior-year period, primarily due to a one-time bad debt expense in the prior year.
GAAP net loss in the second quarter of 2025 was $4.2 million compared to $5.6 million in the prior-year period, while adjusted net loss in the second quarter of 2025 was $0.7 million, an improvement of $0.9 million from adjusted net loss of $1.6 million in the prior-year period.
Adjusted EBITDA in the second quarter of 2025 was $2.1 million compared to $1.3 million in the prior-year period.
Cash, cash equivalents, marketable securities, and restricted cash were $123.7 million as of June 30, 2025, with no debt outstanding.
Reconciliations of adjusted EBITDA and adjusted net loss for the three months ended June 30, 2025 and 2024 are provided in the financial schedules that are a part of this press release. An explanation of these non-GAAP financial measures is also included below under the heading Reconciliation of U.S. GAAP to Non-GAAP Financial Measures.
Full Year and Third Quarter 2025 Financial Outlook
For the full year 2025, Inogen now expects reported revenue in the range of $354 million to $357 million, reflecting approximately 6% growth at the midpoint of the range, relative to the Company's 2024 revenue, and now expects to reach Adjusted EBITDA breakeven.
For the third quarter of 2025, Inogen expects reported revenue in the range of $91 million to $93 million, reflecting approximately 4% year-over-year growth at the midpoint of the range, relative to the Company's third quarter 2024 revenue.
Quarterly Conference Call Information
On August 7, 2025, the Company will host a conference call at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time.
Individuals interested in listening to the conference call may do so by dialing:
US domestic callers (877) 841-3961
Non-US callers (201) 689-8589
Please reference Inogen to join the call. A live audio webcast and archived recording of the conference call will be available to all interested parties through the News / Events page on the Inogen Investor Relations website. This webcast will also be archived on the website for 6 months.
A replay of the call will be available approximately three hours after the live webcast ends and will be accessible through August 14, 2025. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Conference ID: 13754157.
Inogen has used, and intends to continue to use, its Investor Relations website, http://investor.inogen.com/, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Inogen, Inc. (Nasdaq: INGN) is a leading global medical technology company offering innovative respiratory products for use in the homecare setting. Inogen supports patient respiratory care by developing, manufacturing, and marketing innovative best-in-class respiratory therapy devices used to deliver care to patients suffering from chronic respiratory conditions. Inogen partners with patients, prescribers, home medical equipment providers, and distributors to make its respiratory therapy products widely available, allowing patients the chance to manage the impact of their disease.
For more information, please visit www.inogen.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this communication that are not historical facts, including, but not limited to, statements regarding Inogen's future business plans, market opportunities, financial outlook, growth strategies, and anticipated operational results, are forward-looking statements. Words such as aims, believes, anticipates, plans, expects, will, intends, potential, possible, and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including but not limited to, risks and uncertainties relating to Inogen's third quarter and full year financial guidance; market acceptance of its products; competition; its sales, marketing and distribution capabilities; its planned sales, marketing, and research and development activities; and risks associated with international operations. Information on these and additional risks, uncertainties, and other information affecting Inogen's business operating results are contained in its Annual Report on Form 10-K for the period ended December 31, 2024, and in its other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Inogen disclaims any obligation to update these forward-looking statements except as may be required by law.
Non-GAAP Financial Measures
Inogen has presented certain financial information in accordance with U.S. GAAP and also on a non-GAAP basis for the three and six months ended June 30, 2025, and June 30, 2024, including EBITDA; adjusted EBITDA; adjusted operating expense; adjusted loss from operations; adjusted net loss; and adjusted diluted EPS. Management believes that non-GAAP financial measures, taken in conjunction with U.S. GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of Inogen's core operating results. Management uses non-GAAP measures to compare Inogen's performance relative to forecasts and strategic plans, to benchmark Inogen's performance externally against competitors, and for certain compensation decisions. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Inogen's operating results as reported under U.S. GAAP. Inogen encourages investors to carefully consider its results under U.S. GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between U.S. GAAP and non-GAAP results are presented in the accompanying tables of this release.
Consolidated Statements of Comprehensive Loss
(amounts in thousands, except share and per share amounts)
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | |||||||||||||||
| Sales revenue | $ | 79,172 | $ | 74,425 | $ | 147,642 | $ | 137,520 | |||||||
| Rental revenue | 13,105 | 14,340 | 26,915 | 29,270 | |||||||||||
| Total revenue | 92,277 | 88,765 | 174,557 | 166,790 | |||||||||||
| Cost of revenue | |||||||||||||||
| Cost of sales revenue | 43,469 | 38,320 | 81,552 | 73,564 | |||||||||||
| Cost of rental revenue, including depreciation of $3,017 and $3,128, for the three months ended and $6,051 and $6,307 for the six months ended, respectively | 7,467 | 7,708 | 15,292 | 16,118 | |||||||||||
| Total cost of revenue | 50,936 | 46,028 | 96,844 | 89,682 | |||||||||||
| Gross profit | 41,341 | 42,737 | 77,713 | 77,108 | |||||||||||
| Operating expense | |||||||||||||||
| Research and development | 5,209 | 5,616 | 9,243 | 12,194 | |||||||||||
| Sales and marketing | 25,390 | 25,617 | 49,147 | 52,553 | |||||||||||
| General and administrative | 16,871 | 18,568 | 33,108 | 35,699 | |||||||||||
| Total operating expense | 47,470 | 49,801 | 91,498 | 100,446 | |||||||||||
| Loss from operations | (6,129 | ) | (7,064 | ) | (13,785 | ) | (23,338 | ) | |||||||
| Other income (expense) | |||||||||||||||
| Interest income, net | 1,123 | 1,333 | 2,152 | 2,736 | |||||||||||
| Other income, net | 701 | 134 | 1,057 | 277 | |||||||||||
| Total other income, net | 1,824 | 1,467 | 3,209 | 3,013 | |||||||||||
| Loss before benefit for income taxes | (4,305 | ) | (5,597 | ) | (10,576 | ) | (20,325 | ) | |||||||
| Benefit for income taxes | (153 | ) | (7 | ) | (250 | ) | (157 | ) | |||||||
| Net loss | (4,152 | ) | (5,590 | ) | (10,326 | ) | (20,168 | ) | |||||||
| Other comprehensive income (loss), net of tax | |||||||||||||||
| Change in foreign currency translation adjustment | 3,926 | (286 | ) | 5,781 | (1,321 | ) | |||||||||
| Change in net unrealized gains (losses) on foreign currency hedging | 36 | (696 | ) | ||||||||||||
| Less: reclassification adjustment for net losses included in net loss | (606 | ) | (739 | ) | |||||||||||
| Total net change in unrealized losses on foreign currency hedging | (570 | ) | (1,435 | ) | |||||||||||
| Change in net unrealized gains (losses) on marketable securities | 42 | (40 | ) | 42 | (42 | ) | |||||||||
| Total other comprehensive income (loss), net of tax | 3,398 | (326 | ) | 4,388 | (1,363 | ) | |||||||||
| Comprehensive loss | $ | (754 | ) | $ | (5,916 | ) | $ | (5,938 | ) | $ | (21,531 | ) | |||
| Basic net loss per share attributable to common stockholders (1) | $ | (0.15 | ) | $ | (0.24 | ) | $ | (0.40 | ) | $ | (0.86 | ) | |||
| Diluted net loss per share attributable to common stockholders (1) (2) | $ | (0.15 | ) | $ | (0.24 | ) | $ | (0.40 | ) | $ | (0.86 | ) | |||
| Weighted average number of shares used in calculating net loss per share attributable to common stockholders: | |||||||||||||||
| Basic shares of common stock | 26,962,465 | 23,614,970 | 26,068,421 | 23,508,284 | |||||||||||
| Diluted shares of common stock | 26,962,465 | 23,614,970 | 26,068,421 | 23,508,284 |
(1) Reconciliations of net loss attributable to common stockholders (basic and diluted) can be found in Inogen's Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission.
(2) Due to a net loss for the three and six months ended June 30, 2025 and June 30, 2024, diluted loss per share is the same as basic.
Consolidated Balance Sheets
(amounts in thousands, except share and per share amounts)
| June 30, 2025 | December 31, 2024 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 103,685 | $ | 113,795 | |||
| Marketable securities | 18,745 | ||||||
| Restricted cash | 1,272 | 3,620 | |||||
| Accounts receivable, net | 38,592 | 29,563 | |||||
| Inventories, net | 24,313 | 24,812 | |||||
| Income tax receivable | 538 | ||||||
| Prepaid expenses and other current assets | 16,514 | 13,123 | |||||
| Total current assets | 203,121 | 185,451 | |||||
| Property and equipment, net | 40,171 | 44,400 | |||||
| Goodwill | 10,700 | 9,465 | |||||
| Intangible assets, net | 33,359 | 30,493 | |||||
| Operating lease right-of-use asset | 17,982 | 18,295 | |||||
| Other assets | 6,707 | 8,081 | |||||
| Total assets | $ | 312,040 | $ | 296,185 | |||
| Liabilities and stockholders' equity | |||||||
| Current liabilities | |||||||
| Accounts payable and accrued expenses | $ | 35,144 | $ | 27,153 | |||
| Accrued payroll | 12,847 | 17,189 | |||||
| Warranty reserve - current | 9,739 | 9,736 | |||||
| Operating lease liability - current | 3,082 | 2,812 | |||||
| Earnout liability | 13,000 | ||||||
| Deferred revenue - current | 6,256 | 6,654 | |||||
| Income tax payable | 142 | ||||||
| Total current liabilities | 67,068 | 76,686 | |||||
| Long-term liabilities | |||||||
| Warranty reserve - noncurrent | 16,985 | 16,350 | |||||
| Operating lease liability - noncurrent | 15,955 | 16,594 | |||||
| Deferred revenue - noncurrent | 4,591 | 5,747 | |||||
| Deferred tax liability | 7,950 | 6,948 | |||||
| Total liabilities | 112,549 | 122,325 | |||||
| Stockholders' equity | |||||||
| Common stock | 27 | 24 | |||||
| Additional paid-in capital | 359,740 | 328,174 | |||||
| Accumulated deficit | (163,163 | ) | (152,837 | ) | |||
| Accumulated other comprehensive income (loss) | 2,887 | (1,501 | ) | ||||
| Total stockholders' equity | 199,491 | 173,860 | |||||
| Total liabilities and stockholders' equity | $ | 312,040 | $ | 296,185 |
Condensed Consolidated Cash Flow
(amounts in thousands, except share and per share amounts)
| Six months ended June 30, | |||||||
| 2025 | 2024 | ||||||
| Cash flows from operating activities | |||||||
| Net loss | $ | (10,326 | ) | $ | (20,168 | ) | |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||
| Depreciation and amortization | 10,405 | 10,610 | |||||
| Loss on rental units and other assets | 1,655 | 2,158 | |||||
| Gain on sale of former rental assets | (63 | ) | |||||
| Provision for sales revenue returns and doubtful accounts | 3,248 | 4,615 | |||||
| Provision for inventory losses | 447 | 74 | |||||
| Loss on purchase commitments | 267 | (68 | ) | ||||
| Stock-based compensation expense | 4,440 | 4,230 | |||||
| Deferred income taxes | 80 | (223 | ) | ||||
| Change in fair value of earnout liability | 1,180 | ||||||
| Changes in operating assets and liabilities (1) | (22,656 | ) | (405 | ) | |||
| Net cash provided by (used in) operating activities | (12,440 | ) | 1,940 | ||||
| Cash flows from investing activities | |||||||
| Purchases of available-for-sale securities | (18,703 | ) | (32,330 | ) | |||
| Maturities of available-for-sale securities | 15,500 | ||||||
| Investment in property and equipment | (976 | ) | (1,360 | ) | |||
| Production and purchase of rental equipment | (4,932 | ) | (5,651 | ) | |||
| Proceeds from sale of former assets | 111 | ||||||
| Net cash used in investing activities | (24,611 | ) | (25,820 | ) | |||
| Cash flows from financing activities | |||||||
| Proceeds from employee stock purchases | 489 | 370 | |||||
| Payment of employment taxes related to release of restricted stock | (570 | ) | (286 | ) | |||
| Payments of accrued earnout | (3,178 | ) | |||||
| Proceeds from issuance of common stock from securities purchase agreement | 27,210 | ||||||
| Net cash provided by financing activities | 23,951 | 84 | |||||
| Effect of exchange rates on cash | 642 | (217 | ) | ||||
| Net decrease in cash, cash equivalents and restricted cash | $ | (12,458 | ) | $ | (24,013 | ) | |
| (1) Includes $9,822 of the operating activity portion of the earnout liability payment related to the Physio-Assist acquisition. |
Supplemental Financial Information
(amounts in thousands, except units and patients)
| Constant | ||||||||||||||||||||
| Three months ended | Currency | |||||||||||||||||||
| June 30, | Change 2025 vs. 2024 | Change | ||||||||||||||||||
| Revenue by region and category | 2025 | 2024 | $ | % | % | |||||||||||||||
| Business-to-business domestic sales | $ | 25,406 | $ | 21,287 | $ | 4,119 | 19.3 | % | 19.3 | % | ||||||||||
| Business-to-business international sales | 35,923 | 30,531 | 5,392 | 17.7 | % | 17.8 | % | |||||||||||||
| Direct-to-consumer domestic sales | 17,843 | 22,607 | (4,764 | ) | -21.1 | % | -21.1 | % | ||||||||||||
| Direct-to-consumer domestic rentals | 13,105 | 14,340 | (1,235 | ) | -8.6 | % | -8.6 | % | ||||||||||||
| Total revenue | $ | 92,277 | $ | 88,765 | $ | 3,512 | 4.0 | % | 4.0 | % | ||||||||||
| Additional financial measures | ||||||||||||||||||||
| Units Sold | 49,000 | 41,300 | ||||||||||||||||||
| Net rental patients as of period-end | 50,400 | 51,900 | ||||||||||||||||||
| Constant | ||||||||||||||||||||
| Six months ended | Currency | |||||||||||||||||||
| June 30, | Change 2025 vs. 2024 | Change | ||||||||||||||||||
| Revenue by region and category | 2025 | 2024 | $ | % | % | |||||||||||||||
| Business-to-business domestic sales | $ | 46,860 | $ | 37,806 | $ | 9,054 | 23.9 | % | 23.9 | % | ||||||||||
| Business-to-business international sales | 67,908 | 56,566 | 11,342 | 20.1 | % | 22.4 | % | |||||||||||||
| Direct-to-consumer domestic sales | 32,874 | 43,148 | (10,274 | ) | -23.8 | % | -23.8 | % | ||||||||||||
| Direct-to-consumer domestic rentals | 26,915 | 29,270 | (2,355 | ) | -8.0 | % | -8.0 | % | ||||||||||||
| Total revenue | $ | 174,557 | $ | 166,790 | $ | 7,767 | 4.7 | % | 5.0 | % | ||||||||||
| Additional financial measures | ||||||||||||||||||||
| Units Sold | 92,000 | 75,200 | ||||||||||||||||||
| Net rental patients as of period-end | 50,400 | 51,900 |
Reconciliation of U.S. GAAP to Non-GAAP Financial Measures
(amounts in thousands, except per share amounts)
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| Non-GAAP EBITDA and Adjusted EBITDA | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net loss (GAAP) | $ | (4,152 | ) | $ | (5,590 | ) | $ | (10,326 | ) | $ | (20,168 | ) | ||||
| Non-GAAP adjustments: | ||||||||||||||||
| Interest income, net | (1,123 | ) | (1,333 | ) | (2,152 | ) | (2,736 | ) | ||||||||
| Benefit for income taxes | (153 | ) | (7 | ) | (250 | ) | (157 | ) | ||||||||
| Depreciation and amortization | 5,216 | 5,345 | 10,405 | 10,610 | ||||||||||||
| EBITDA (non-GAAP) | (212 | ) | (1,585 | ) | (2,323 | ) | (12,451 | ) | ||||||||
| Stock-based compensation | 2,293 | 1,814 | 4,440 | 4,230 | ||||||||||||
| Acquisition-related expenses | 419 | 657 | ||||||||||||||
| Change in fair value of earnout liability | 610 | 1,180 | ||||||||||||||
| Adjusted EBITDA (non-GAAP) | $ | 2,081 | $ | 1,258 | $ | 2,117 | $ | (6,384 | ) |
| Three months ended June 30, | ||||||||||||||||||||||||||||||||
| Operating Expense | Loss from Operations | Net Loss | Diluted EPS | |||||||||||||||||||||||||||||
| Non-GAAP Financial Metrics | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||
| Financial Results (GAAP) | $ | 47,470 | $ | 49,801 | $ | (6,129 | ) | $ | (7,064 | ) | $ | (4,152 | ) | $ | (5,590 | ) | $ | (0.15 | ) | $ | (0.24 | ) | ||||||||||
| Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||
| Amortization of intangibles | 1,209 | 1,188 | 1,209 | 1,188 | 1,209 | 1,188 | ||||||||||||||||||||||||||
| Stock-based compensation | 2,293 | 1,814 | 2,293 | 1,814 | 2,293 | 1,814 | ||||||||||||||||||||||||||
| Acquisition-related expenses | 419 | 419 | 419 | |||||||||||||||||||||||||||||
| Change in fair value of earnout liability | 610 | 610 | 610 | |||||||||||||||||||||||||||||
| Income tax impact of adjustments (1) | ||||||||||||||||||||||||||||||||
| Adjusted | $ | 43,968 | $ | 45,770 | $ | (2,627 | ) | $ | (3,033 | ) | $ | (650 | ) | $ | (1,559 | ) | $ | (0.02 | ) | $ | (0.07 | ) | ||||||||||
| Six months ended June 30, | ||||||||||||||||||||||||||||||||
| Operating Expense | Loss from Operations | Net Loss | Diluted EPS | |||||||||||||||||||||||||||||
| Non-GAAP Financial Metrics | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||
| Financial Results (GAAP) | $ | 91,498 | $ | 100,446 | $ | (13,785 | ) | $ | (23,338 | ) | $ | (10,326 | ) | $ | (20,168 | ) | $ | (0.40 | ) | $ | (0.86 | ) | ||||||||||
| Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||
| Amortization of intangibles | 2,348 | 2,120 | 2,348 | 2,120 | 2,348 | 2,120 | ||||||||||||||||||||||||||
| Stock-based compensation | 4,440 | 4,230 | 4,440 | 4,230 | 4,440 | 4,230 | ||||||||||||||||||||||||||
| Acquisition-related expenses | 657 | 657 | 657 | |||||||||||||||||||||||||||||
| Change in fair value of earnout liability | 1,180 | 1,180 | 1,180 | |||||||||||||||||||||||||||||
| Income tax impact of adjustments (1) | ||||||||||||||||||||||||||||||||
| Adjusted | $ | 84,710 | $ | 92,259 | $ | (6,997 | ) | $ | (15,151 | ) | $ | (3,538 | ) | $ | (11,981 | ) | $ | (0.14 | ) | $ | (0.51 | ) |
(1) Income tax impact of adjustments represents the tax impact related to the non-GAAP adjustments listed above and reflects an effective tax rate of 0% for 2025 and 2024.