Inogen: ‘We are executing a turnaround’ 

GOLETA, Calif. – Inogen reported revenue of $92.3 million for the second quarter of 2025, a 4% increase compared to the same period last year. This marks the company’s sixth consecutive quarter of mid-single-digit percentage growth.  

Other financial results from the quarter: 

• 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. 

Inogen also highlighted that it: 

• 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. 

‘A compelling turnaround strategy’ 

“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 CEO. “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.” 

Future outlook: 

• For the full year 2025, Inogen now expects reported revenue in the range of $354 million to $357 million, reflecting about 6% growth at the midpoint 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.