Inogen Announces First Quarter 2025 Financial Results

GOLETA, California—Inogen, Inc., a medical technology company offering 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 CEO. “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.

Full Year 2025 & 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.