Inogen: ‘We are making great progress’

GOLETA, Calif. – Inogen reported total revenue of $82.3 million for the first quarter of 2025, a 5.5% increase compared to the same period last year, due to higher demand from international and domestic business-to-business customers. 

The company reported a net loss of $6.2 million compared to a net loss of $14.6 million. 

“Inogen’s strong first quarter financial results underscore our success in driving improved commercial and operational execution,” said Kevin Smith, president and CEO. “We are making great progress and remain committed to positioning the company for sustainable growth and profitability, while creating value for all stakeholders.” 

Other Q1 financial results: 

• Total gross margin was 44.2%, an improvement of 15 basis points compared to 44.1% in the prior-year period, driven primarily by lower warranty expense, partially offset by the impact of channel and customer mix. 

• Total operating expense was $44.0 million, a decrease of 13.1% from $50.6 million in the prior-year period, primarily due to lower consulting expenses. 

• Adjusted EBITDA was a positive $0.04 million compared to negative $7.6 million in the prior-year period. 

• Cash, cash equivalents and restricted cash were $122.5 million as of March 31, 2025, with no debt outstanding. 

For the full year 2025, Inogen continues to expect reported revenue in the range of $352 million to $355 million, reflecting 5% to 6% growth relative to the company’s 2024 revenue, and expects to approach adjusted EBITDA breakeven. 

For the second quarter of 2025, Inogen expects reported revenue in the range of $89 million to $91 million, reflecting flat to approximately 3% growth, relative to the company’s second quarter 2024 revenue.