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Inogen Inc

Inogen Announces First Quarter 2025 Financial Results

GOLETA, Calif.--(BUSINESS WIRE)--May 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 March 31, 2025.

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

First Quarter 2025 Financial Results

Total revenue in the first quarter of 2025 was $82.3 million, an increase of 5.5% from the prior-year period, or 7.1% at constant currency rates, as a result of 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 first quarter of 2025 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 in the first quarter of 2025 was $44.0 million, a decrease of 13.1% from $50.6 million in the prior-year period, primarily due to lower consulting expenses.

GAAP net loss in the first quarter of 2025 was $6.2 million compared to $14.6 million in the prior-year period, while adjusted net loss in the first quarter of 2025 was $2.9 million, an improvement of $7.5 million from the adjusted net loss of $10.4 million in the prior-year period.

Adjusted EBITDA in the first quarter of 2025 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.

Reconciliations of adjusted EBITDA and adjusted net loss for the three months ended March 31, 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 2025 and Second Quarter Financial Outlook

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.

Quarterly Conference Call Information

On May 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 May 14, 2025. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Conference ID: 13752582.

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 the potential benefits of Inogen’s collaboration with Yuwell; 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, including: percentage revenue growth in constant currency; adjusted operating expense; adjusted EBITDA; 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
March 31,

 

2025

 

2024

Revenue

 

 

 

Sales revenue

$

68,470

 

 

$

63,095

 

Rental revenue

 

13,810

 

 

 

14,930

 

Total revenue

 

82,280

 

 

 

78,025

 

Cost of revenue

 

 

 

Cost of sales revenue

 

38,083

 

 

 

35,244

 

Cost of rental revenue, including depreciation of $3,034 and $3,179, respectively

 

7,825

 

 

 

8,410

 

Total cost of revenue

 

45,908

 

 

 

43,654

 

Gross profit

 

36,372

 

 

 

34,371

 

Operating expense

 

 

 

Research and development

 

4,034

 

 

 

6,578

 

Sales and marketing

 

23,757

 

 

 

26,936

 

General and administrative

 

16,237

 

 

 

17,131

 

Total operating expense

 

44,028

 

 

 

50,645

 

Loss from operations

 

(7,656

)

 

 

(16,274

)

Other income (expense)

 

 

 

Interest income, net

 

1,029

 

 

 

1,403

 

Other income

 

356

 

 

 

143

 

Total other income, net

 

1,385

 

 

 

1,546

 

Loss before benefit for income taxes

 

(6,271

)

 

 

(14,728

)

Benefit for income taxes

 

(97

)

 

 

(150

)

Net loss

 

(6,174

)

 

 

(14,578

)

Other comprehensive income (loss), net of tax

 

 

 

Change in foreign currency translation adjustment

 

1,855

 

 

 

(1,035

)

Change in net unrealized losses on foreign currency hedging

 

(732

)

 

 

—

 

Less: reclassification adjustment for net losses included in net loss

 

(133

)

 

 

—

 

Total net change in unrealized losses on foreign currency hedging

 

(865

)

 

 

—

 

Change in net unrealized losses on marketable securities

 

—

 

 

 

(2

)

Total other comprehensive income (loss), net of tax

 

990

 

 

 

(1,037

)

Comprehensive loss

$

(5,184

)

 

$

(15,615

)

 

 

 

 

Basic net loss per share attributable to common stockholders (1)

$

(0.25

)

 

$

(0.62

)

Diluted net loss per share attributable to common stockholders (1) (2)

$

(0.25

)

 

$

(0.62

)

Weighted average number of shares used in calculating net loss per share attributable to common stockholders:

 

 

 

Basic shares of common stock

 

25,164,444

 

 

 

23,401,598

 

Diluted shares of common stock

 

25,164,444

 

 

 

23,401,598

 

(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 months ended March 31, 2025 and March 31, 2024, diluted loss per share is the same as basic.

Consolidated Balance Sheets

(unaudited)

(amounts in thousands, except share and per share amounts)

 

 

March 31,
2025

 

December 31,
2024

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

118,893

 

 

$

113,795

 

Restricted cash

 

3,646

 

 

 

3,620

 

Accounts receivable, net

 

36,623

 

 

 

29,563

 

Inventories, net

 

26,273

 

 

 

24,812

 

Income tax receivable

 

—

 

 

 

538

 

Prepaid expenses and other current assets

 

15,273

 

 

 

13,123

 

Total current assets

 

200,708

 

 

 

185,451

 

Property and equipment, net

 

41,099

 

 

 

44,400

 

Goodwill

 

9,860

 

 

 

9,465

 

Intangible assets, net

 

31,607

 

 

 

30,493

 

Operating lease right-of-use asset

 

18,120

 

 

 

18,295

 

Other assets

 

7,018

 

 

 

8,081

 

Total assets

$

308,412

 

 

$

296,185

 

Liabilities and stockholders' equity

 

 

 

Current liabilities

 

 

 

Accounts payable and accrued expenses

$

35,925

 

 

$

27,153

 

Accrued payroll

 

10,513

 

 

 

17,189

 

Warranty reserve - current

 

9,658

 

 

 

9,736

 

Operating lease liability - current

 

2,945

 

 

 

2,812

 

Earnout liability

 

—

 

 

 

13,000

 

Deferred revenue - current

 

6,410

 

 

 

6,654

 

Income tax payable

 

—

 

 

 

142

 

Total current liabilities

 

65,451

 

 

 

76,686

 

Long-term liabilities

 

 

 

Warranty reserve - noncurrent

 

16,226

 

 

 

16,350

 

Operating lease liability - noncurrent

 

16,267

 

 

 

16,594

 

Deferred revenue - noncurrent

 

5,107

 

 

 

5,747

 

Deferred tax liability

 

7,409

 

 

 

6,948

 

Total liabilities

 

110,460

 

 

 

122,325

 

Stockholders' equity

 

 

 

Common stock

 

27

 

 

 

24

 

Additional paid-in capital

 

357,447

 

 

 

328,174

 

Accumulated deficit

 

(159,011

)

 

 

(152,837

)

Accumulated other comprehensive loss

 

(511

)

 

 

(1,501

)

Total stockholders' equity

 

197,952

 

 

 

173,860

 

Total liabilities and stockholders' equity

$

308,412

 

 

$

296,185

 

Condensed Consolidated Cash Flow

(unaudited)

(amounts in thousands, except share and per share amounts)

 

 

Three months ended
March 31,

 

2025

 

2024

Cash flows from operating activities

 

 

 

Net loss

$

(6,174

)

 

$

(14,578

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

Depreciation and amortization

 

5,189

 

 

 

5,265

 

Loss on rental units and other assets

 

925

 

 

 

1,162

 

Gain on sale of former rental assets

 

—

 

 

 

(38

)

Provision for sales revenue returns and doubtful accounts

 

1,714

 

 

 

2,164

 

Provision for inventory losses

 

166

 

 

 

(53

)

Loss on purchase commitments

 

65

 

 

 

—

 

Stock-based compensation expense

 

2,147

 

 

 

2,416

 

Deferred income taxes

 

457

 

 

 

(201

)

Change in fair value of earnout liability

 

—

 

 

 

570

 

Changes in operating assets and liabilities

 

(21,279

)

 

 

(1,456

)

Net cash used in operating activities

 

(16,790

)

 

 

(4,749

)

Cash flows from investing activities

 

 

 

Purchases of available-for-sale securities

 

—

 

 

 

(12,384

)

Maturities of available-for-sale securities

 

—

 

 

 

3,000

 

Investment in property and equipment

 

(292

)

 

 

(1,310

)

Production and purchase of rental equipment

 

(1,746

)

 

 

(2,820

)

Proceeds from sale of former assets

 

—

 

 

 

70

 

Net cash used in investing activities

 

(2,038

)

 

 

(13,444

)

Cash flows from financing activities

 

 

 

Proceeds from employee stock purchases

 

489

 

 

 

370

 

Payment of employment taxes related to release of restricted stock

 

(570

)

 

 

(85

)

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

 

 

 

285

 

Effect of exchange rates on cash

 

1

 

 

 

(140

)

Net increase (decrease) in cash, cash equivalents and restricted cash

$

5,124

 

 

$

(18,048

)

Supplemental Financial Information

(unaudited)

(amounts in thousands, except units and patients)

 

 

 

 

 

 

 

 

 

 

 

 

Constant

 

 

 

Three months ended

 

 

 

 

 

 

 

Currency

 

 

 

March 31,

 

 

Change 2025 vs. 2024

 

 

Change

 

Revenue by region and category

 

2025

 

 

2024

 

 

$

 

%

 

 

%

 

Business-to-business domestic sales

 

$

21,454

 

 

$

16,519

 

 

$

4,935

 

 

 

29.9

%

 

 

29.9

%

Business-to-business international sales

 

 

31,985

 

 

 

26,035

 

 

 

5,950

 

 

 

22.9

%

 

 

27.9

%

Direct-to-consumer domestic sales

 

 

15,031

 

 

 

20,541

 

 

 

(5,510

)

 

 

-26.8

%

 

 

-26.8

%

Direct-to-consumer domestic rentals

 

 

13,810

 

 

 

14,930

 

 

 

(1,120

)

 

 

-7.5

%

 

 

-7.5

%

Total revenue

 

$

82,280

 

 

$

78,025

 

 

$

4,255

 

 

 

5.5

%

 

 

7.1

%

Additional financial measures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Units Sold

 

 

43,000

 

 

 

33,900

 

 

 

 

 

 

 

 

 

Net rental patients as of period-end

 

 

50,400

 

 

 

51,800

 

 

 

 

 

 

 

 

 

Reconciliation of U.S. GAAP to Non-GAAP Financial Measures

(unaudited)

(amounts in thousands, except per share amounts)

 

 

 

Three months ended
March 31,

Non-GAAP EBITDA and Adjusted EBITDA

 

2025

 

2024

Net loss (GAAP)

 

$

(6,174

)

 

$

(14,578

)

Non-GAAP adjustments:

 

 

 

 

Interest income, net

 

 

(1,029

)

 

 

(1,403

)

Benefit for income taxes

 

 

(97

)

 

 

(150

)

Depreciation and amortization

 

 

5,189

 

 

 

5,265

 

EBITDA (non-GAAP)

 

 

(2,111

)

 

 

(10,866

)

Stock-based compensation

 

 

2,147

 

 

 

2,416

 

Acquisition-related expenses

 

 

—

 

 

 

238

 

Change in fair value of earnout liability

 

 

—

 

 

 

570

 

Adjusted EBITDA (non-GAAP)

 

$

36

 

 

$

(7,642

)

 

 

Three months ended March 31,

 

 

Operating Expense

 

 

Loss from
Operations

 

Net Loss

 

Diluted EPS

Non-GAAP Financial Metrics

 

2025

 

2024

 

 

2025

 

2024

 

2025

 

2024

 

2025

 

2024

Financial Results (GAAP)

 

$

44,028

 

$

50,645

 

 

$

(7,656

)

 

$

(16,274

)

 

$

(6,174

)

 

$

(14,578

)

 

$

(0.25

)

 

$

(0.62

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangibles

 

 

1,139

 

 

932

 

 

 

1,139

 

 

 

932

 

 

 

1,139

 

 

 

932

 

 

 

 

 

Stock-based compensation

 

 

2,147

 

 

2,416

 

 

 

2,147

 

 

 

2,416

 

 

 

2,147

 

 

 

2,416

 

 

 

 

 

Acquisition-related expenses

 

 

—

 

 

238

 

 

 

—

 

 

 

238

 

 

 

—

 

 

 

238

 

 

 

 

 

Change in fair value of earnout liability

 

 

—

 

 

570

 

 

 

—

 

 

 

570

 

 

 

—

 

 

 

570

 

 

 

 

 

Income tax impact of adjustments (1)

 

 

—

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

Adjusted

 

$

40,742

 

$

46,489

 

 

$

(4,370

)

 

$

(12,118

)

 

$

(2,888

)

 

$

(10,422

)

 

$

(0.11

)

 

$

(0.45

)

(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.

 

ir@inogen.net

Source: Inogen, Inc.