Inogen Announces Second Quarter 2025 Financial Results

About this update from Inogen, Inc

Delivered strong top-line results; raising full year 2025 revenue expectations GOLETA, Calif. --(BUSINESS WIRE)-- 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 . Recent Highlights 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. About Inogen 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 (unaudited) (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 (unaudited) (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 (unaudited) (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 (unaudited) (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 (unaudited) (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. 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