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    Inogen Announces First Quarter 2025 Financial Results

    5/7/25 4:05:00 PM ET
    $INGN
    Industrial Specialties
    Health Care
    Get the next $INGN alert in real time by email

    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.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250507557633/en/

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    8/8/2023$15.00 → $8.00Overweight → Neutral
    JP Morgan
    7/14/2023Buy → Hold
    Needham
    1/17/2023Outperform → Mkt Perform
    William Blair
    12/9/2021$47.00Hold → Buy
    Needham
    11/8/2021$70.00 → $40.00Hold
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    • SEC Form SD filed by Inogen Inc

      SD - Inogen Inc (0001294133) (Filer)

      5/29/25 4:43:27 PM ET
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    • SEC Form S-8 filed by Inogen Inc

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      5/20/25 4:27:39 PM ET
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    • Inogen Inc filed SEC Form 8-K: Leadership Update, Submission of Matters to a Vote of Security Holders, Financial Statements and Exhibits

      8-K - Inogen Inc (0001294133) (Filer)

      5/19/25 4:38:34 PM ET
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    Insider Trading

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    • Director Boehnlein Glenn S was granted 30,612 shares, increasing direct ownership by 66% to 76,885 units (SEC Form 4)

      4 - Inogen Inc (0001294133) (Issuer)

      5/19/25 8:53:23 AM ET
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    • Director Rider Heather D. was granted 30,612 shares, increasing direct ownership by 53% to 88,201 units (SEC Form 4)

      4 - Inogen Inc (0001294133) (Issuer)

      5/16/25 7:42:08 PM ET
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    • Director Sahney Mira Kirti was granted 30,612 shares, increasing direct ownership by 336% to 39,724 units (SEC Form 4)

      4 - Inogen Inc (0001294133) (Issuer)

      5/16/25 7:41:29 PM ET
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      Industrial Specialties
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