Inogen credits discipline in year-over-year improvements

BEVERLY, Mass. – Inogen reported total revenue of $81.7 million for the fourth quarter of 2025, a 2% increase compared to the same period last year, primarily driven by higher growth in international portable oxygen concentrator (POC) sales (14.8%), partially offset by lower U.S. sales and U.S. rentals.

Other Q4 financial results: 

• Total gross margin was 43.1% in the fourth quarter of 2025, a decrease from 45.3% in the prior-year period, primarily the result of channel mix. 

• Total operating loss was $9.3 million, an improvement of 18.3% from a loss of $11.4 million in the prior-year period, primarily due to material cost reductions, operational efficiencies, and an increase in international sales. 

• GAAP net loss for the fourth quarter of 2025 was $7.1 million, an improvement of 27.0% compared to $9.8 million in the prior-year period. Adjusted net loss for the fourth quarter of 2025 was $4.0 million, an improvement of 30.4% from adjusted net loss of $5.8 million in the prior-year period. 

• Adjusted EBITDA was negative $1.7 million in the fourth quarter of 2025, an improvement of 52.8% compared to negative $3.6 million in the prior-year period. 

• Cash, cash equivalents, marketable securities, and restricted cash were $120.9 million as of December 31, 2025, with no debt outstanding. 

Inogen reported total revenue of $348.7 million for full-year 2025, a 3.9% increase compared to the prior year, primarily driven by higher growth in international POC sales of 18.4%, partially offset by lower U.S. sales and U.S. rentals. 

Other full-year financial results: 

• Total gross margin of 44.2% in the full year 2025 decreased from 46.1% in the comparable period in 2024, primarily the result of changing channel mix from higher POC sales to business customers. 

• Total operating loss was $30.2 million in the full year 2025, an improvement of 29.0% from a loss of $42.5 million in the full year of 2024, primarily due to material cost reductions, operational efficiencies, and an increase in international sales. 

• GAAP net loss for the full year 2025 was $22.7 million, an improvement of 36.6% compared to GAAP net loss of $35.9 million for the full year 2024. Adjusted net loss for the full year 2025 was $8.0 million, an improvement of 60.6% from adjusted net loss of $20.4 million in the full year 2024. 

• Adjusted EBITDA was positive $2.7 million for the full year 2025, an improvement of 128.4% compared to negative $9.5 million for the full year 2024. 

President and CEO commentary 

“In 2025, we made significant progress toward our long-term profitability goals while strengthening our product portfolio and improving the fundamentals of our business,” said Kevin Smith. “Our disciplined operational efficiency contributed to a substantial year-over-year improvement in adjusted EBITDA, culminating in a positive result for the first time since 2021. Our strong balance sheet with no debt, puts us in a strong position to accelerate innovation, enhance customer engagement, and drive portfolio expansion in 2026 and beyond. We believe these strategic achievements create a solid foundation for future growth and value creation for our shareholders.” 

Q1 and full-year 2026 outlook 

Inogen expects reported revenue for the first quarter of 2026 to be in line with the first quarter of 2025, due to channel mix and lower expected U.S. rentals driven by reimbursement mix and reduced patients on service. 

For full-year 2026, the company expects reported revenue in the range of $366 million to $373 million, reflecting about 6% growth at the midpoint of the range relative to the company’s 2025 revenue. 

$30M share repurchase program 

On the same day as its earnings release, Inogen announced that its board of directors has authorized a share repurchase program for up to $30 million of its outstanding common stock. 

“This authorization reflects our confidence in Inogen’s strategy, progress towards profitability goals, and long-term growth trajectory,” Smith said. “With a strong, debt-free balance sheet, we view this program as providing additional flexibility to deploy capital to support continued investment in innovation and portfolio expansion while enhancing shareholder value.” 

The repurchase program will be financed through cash flow and existing cash reserves and is not expected to affect Inogen’s capacity to pursue further growth initiatives. Authorization for the program will expire upon either Dec. 31, 2027, or once the maximum authorized dollar amount has been utilized, whichever occurs first.