Inogen, Inc. (INGN) News

Inogen Announces Participation in the KeyBanc Virtual Life Sciences & MedTech Investor Forum

Thu, 05 Mar 2026 09:15:00 -0500

BEVERLY, Mass.--(BUSINESS WIRE)-- Inogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced that Kevin Smith, President and Chief Executive Officer, will participate in a virtual fireside chat at the KeyBanc Virtual Life Sciences & MedTech Investor Forum on Tuesday, March 17, 2026 at 3:00 p.m. Eastern Time.

A live audio webcast and archived recording of the presentation will be available to all interested parties through the News / Events page on the Inogen Investor Relations website.

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 Inogen’s 2026 first quarter and full year financial guidance; 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, 2025, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260305082551/en/

ir@inogen.net

Source: Inogen, Inc.

Inogen Announces Fourth Quarter and Full Year 2025 Financial Results and Provides 2026 Financial Outlook

Tue, 24 Feb 2026 16:05:00 -0500

Delivered full year revenue growth of approximately 4%

Significantly improved profitability with 2025 net loss of $22.7 million and positive adjusted EBITDA of $2.7 million

Well-positioned to accelerate expected 2026 revenue growth and profitability

BEVERLY, Mass.--(BUSINESS WIRE)-- Inogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced financial results for the fourth quarter and the full year ended December 31, 2025 and provided 2026 guidance for the first quarter and full year.

“In 2025, we made significant progress toward our long-term profitability goals while strengthening our product portfolio and improving the fundamentals of our business. Our disciplined operational efficiency contributed to a substantial year-over-year improvement in adjusted EBITDA, culminating in a positive result for the first time since 2021,” said Kevin Smith, President and Chief Executive Officer. “Our strong balance sheet with no debt, puts us in a strong position to accelerate innovation, enhance customer engagement, and drive portfolio expansion in 2026 and beyond. We believe these strategic achievements create a solid foundation for future growth and value creation for our shareholders.”

Highlights

Introduced two new products in the United States to diversify the portfolio with the Voxi 5, a stationary oxygen concentrator, and Aurora masks for continuous positive airway pressure (CPAP), designed for obstructive sleep apnea (OSA);
Initiated a limited market release of the Simeox airway clearance device in the United States to support reimbursement and advance commercialization efforts;
Launched Inogen patient portal to enhance digital health and to empower patients with seamless self-service to manage insurance requirements, streamline accessories ordering and access to support tools;
Announced strategic collaboration with Yuwell Medical to broaden Inogen’s product portfolio, strengthen its innovation pipeline through joint research and development, and accelerate the brand’s entry into China;
Authorized a $30.0 million share repurchase program to return value to shareholders based on the strength of our balance sheet, with year-end cash, cash equivalents, marketable securities, and restricted cash, of $120.9 million, with no debt outstanding.

Fourth Quarter 2025 Financial Results

In the fourth quarter of 2025, the Company made changes to its product revenue categories to provide investors with more meaningful trends in its business and strategic direction. The Company will now report product revenues in the following categories: U.S. sales, international sales, and U.S. rentals.

Total revenue in the fourth quarter of 2025 was $81.7 million, an increase of 2.0% from the prior-year period, primarily driven by higher growth in international portable oxygen concentrator, or POC, sales of 14.8%, partially offset by lower U.S. sales and U.S. rentals.

Total gross margin was 43.1% in the fourth quarter of 2025, a decrease from 45.3% in the prior-year period, primarily the result of channel mix.

Total operating loss was $9.3 million, an improvement of 18.3% from a loss of $11.4 million in the prior-year period, primarily due to material cost reductions, operational efficiencies, and an increase in international sales.

GAAP net loss for the fourth quarter of 2025 was $7.1 million, an improvement of 27.0% compared to $9.8 million in the prior-year period. Adjusted net loss for the fourth quarter of 2025 was $4.0 million, an improvement of 30.4% from adjusted net loss of $5.8 million in the prior-year period.

Adjusted EBITDA was negative $1.7 million in the fourth quarter of 2025, an improvement of 52.8% compared to negative $3.6 million in the prior-year period.

Cash, cash equivalents, marketable securities, and restricted cash were $120.9 million as of December 31, 2025, with no debt outstanding.

Full Year 2025 Financial Results

Total revenue in the full year 2025 increased 3.9% to $348.7 million from $335.7 million in the prior year, primarily driven by higher growth in international POC sales of 18.4%, partially offset by lower U.S. sales and U.S. rentals.

Total gross margin of 44.2% in the full year 2025 decreased from 46.1% in the comparable period in 2024, primarily the result of changing channel mix from higher POC sales to business customers.

Total operating loss was $30.2 million in the full year 2025, an improvement of 29.0% from a loss of $42.5 million in the full year of 2024, primarily due to material cost reductions, operational efficiencies, and an increase in international sales.

GAAP net loss for the full year 2025 was $22.7 million, an improvement of 36.6% compared to GAAP net loss of $35.9 million for the full year 2024. Adjusted net loss for the full year 2025 was $8.0 million, an improvement of 60.6% from adjusted net loss of $20.4 million in the full year 2024.

Adjusted EBITDA was positive $2.7 million for the full year 2025, an improvement of 128.4% compared to negative $9.5 million for the full year 2024.

Reconciliations of adjusted EBITDA and adjusted net loss for the three and twelve months ended December 31, 2025 and 2024 are 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.”

First Quarter and Full Year 2026 Financial Outlook

Inogen expects first quarter 2026 reported revenue to be in line with first quarter 2025, due to channel mix and lower expected U.S. rentals revenue driven by reimbursement mix and reduced patients on service.

For the full year 2026, Inogen expects reported revenue in the range of $366 million to $373 million, reflecting approximately 6% growth at the midpoint of the range relative to the Company’s 2025 revenue.

The Company remains committed to driving positive Adjusted EBITDA improvement in 2026.

Quarterly Conference Call Information

On February 24, 2026, 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 March 3, 2026. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Conference ID: 13757405.

About Inogen

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 Inogen’s 2026 first quarter and full year financial guidance; 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 for the three and twelve months ended December 31, 2025, and December 31, 2024. Management believes that these 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 these 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						Twelve months ended
	December 31,						December 31,
	2025			2024			2025			2024
Revenue
Sales revenue	$	68,572		$	66,307		$	295,304		$	278,756
Rental revenue		13,149			13,774			53,364			56,949
Total revenue		81,721			80,081			348,668			335,705
Cost of revenue
Cost of sales revenue		39,360			35,499			163,837			148,655
Cost of rental revenue, including depreciation of $2,783 and $3,038, for the three months ended and $11,798 and $12,592 for the twelve months ended, respectively		7,125			8,293			30,566			32,309
Total cost of revenue		46,485			43,792			194,403			180,964
Gross profit		35,236			36,289			154,265			154,741
Operating expense
Research and development		5,316			5,898			19,399			21,610
Sales and marketing		23,106			24,155			97,692			103,069
General and administrative		16,120			17,622			67,381			72,578
Total operating expense		44,542			47,675			184,472			197,257
Loss from operations		(9,306	)		(11,386	)		(30,207	)		(42,516	)
Other income (expense)
Interest income, net		1,163			1,413			4,385			5,190
Other income (expense)		780			(114	)		2,443			850
Total other income, net		1,943			1,299			6,828			6,040
Loss before benefit for income taxes		(7,363	)		(10,087	)		(23,379	)		(36,476	)
Benefit for income taxes		(236	)		(330	)		(632	)		(588	)
Net loss		(7,127	)		(9,757	)		(22,747	)		(35,888	)
Other comprehensive income (loss), net of tax
Change in foreign currency translation adjustment		(43	)		(2,923	)		5,722			(2,590	)
Change in net unrealized gains (losses) on foreign currency hedging		1,224			(324	)		1,970			(324	)
Less: reclassification adjustment for net (losses) gains included in net loss		(579	)		324			(1,970	)		324
Total net change in unrealized gains on foreign currency hedging		645			—			—			—
Change in net unrealized (losses) gains on marketable securities		(43	)		(297	)		22			(136	)
Total other comprehensive income (loss), net of tax		559			(3,220	)		5,744			(2,726	)
Comprehensive loss	$	(6,568	)	$	(12,977	)	$	(17,003	)	$	(38,614	)

Basic net loss per share attributable to common stockholders⁽¹⁾	$	(0.26	)	$	(0.41	)	$	(0.86	)	$	(1.52	)
Diluted net loss per share attributable to common stockholders^{(1) (2)}	$	(0.26	)	$	(0.41	)	$	(0.86	)	$	(1.52	)
Weighted average number of shares used in calculating net loss per share attributable to common stockholders:
Basic shares of common stock		27,176,742			23,846,666			26,601,652			23,654,395
Diluted shares of common stock		27,176,742			23,846,666			26,601,652			23,654,395

(1) Reconciliations of net loss attributable to common stockholders basic and diluted can be found in Inogen’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 to be filed with the Securities and Exchange Commission.
(2) Due to a net loss for the three and twelve months ended December 31, 2025 and December 31, 2024, diluted loss per share is the same as basic.

Consolidated Balance Sheets (unaudited) *(amounts in thousands)*

	December 31,			December 31,
	2025			2024
Assets
Current assets
Cash and cash equivalents	$	103,729		$	113,795
Marketable securities		15,848			—
Restricted cash		1,289			3,620
Accounts receivable, net		38,863			29,563
Inventories		25,969			24,812
Prepaid expenses and other current assets		12,601			13,661
Total current assets		198,299			185,451
Property and equipment, net		36,362			44,400
Goodwill		10,698			9,465
Intangible assets, net		30,763			30,493
Operating lease right-of-use asset		16,501			18,295
Other assets		6,002			8,081
Total assets	$	298,625		$	296,185
Liabilities and stockholders' equity
Current liabilities
Accounts payable and accrued expenses	$	33,941		$	27,153
Accrued payroll		10,629			17,189
Warranty reserve - current		10,116			9,736
Operating lease liability - current		3,163			2,812
Earnout liability		—			13,000
Deferred revenue - current		5,503			6,654
Income tax payable		183			142
Total current liabilities		63,535			76,686
Long-term liabilities
Warranty reserve - noncurrent		18,194			16,350
Operating lease liability - noncurrent		14,313			16,594
Deferred revenue - noncurrent		3,603			5,747
Deferred tax liability		6,749			6,948
Total liabilities		106,394			122,325
Stockholders' equity
Common stock		27			24
Additional paid-in capital		363,545			328,174
Accumulated deficit		(175,584	)		(152,837	)
Accumulated other comprehensive income (loss)		4,243			(1,501	)
Total stockholders' equity		192,231			173,860
Total liabilities and stockholders' equity	$	298,625		$	296,185

Condensed Consolidated Cash Flow (unaudited) *(amounts in thousands)*

	Years Ended December 31,
	2025			2024
Cash flows from operating activities
Net loss	$	(22,747	)	$	(35,888	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		20,659			21,004
Loss on rental units and other assets		3,208			4,535
Loss (gain) on sale of former rental assets		57			(165	)
Provision for sales revenue returns and doubtful accounts		6,351			10,890
Provision for inventory losses		822			233
Loss on purchase commitments		433			448
Stock-based compensation expense		8,014			7,397
Deferred income taxes		(1,100	)		(1,150	)
Change in fair value of earnout liability		—			3,000
Changes in operating assets and liabilities⁽¹⁾		(26,913	)		(4,390	)
Net cash (used in) provided by operating activities		(11,216	)		5,914
Cash flows from investing activities
Purchases of available-for-sale securities		(29,829	)		(32,657	)
Maturities of available-for-sale securities		14,003			35,500
Investment in intangible assets		—			(2,090	)
Investment in property and equipment		(2,523	)		(3,360	)
Production and purchase of rental equipment		(7,860	)		(11,643	)
Proceeds from sale of former assets		—			275
Net cash used in investing activities		(26,209	)		(13,975	)
Cash flows from financing activities
Proceeds from employee stock purchases		971			811
Payment of employment taxes related to release of restricted stock		(821	)		(546	)
Payments of accrued earnout		(3,178	)		—
Proceeds from issuance of common stock from securities purchase agreement		27,210			—
Net cash provided by financing activities		24,182			265
Effect of exchange rates on cash		846			(281	)
Net decrease in cash, cash equivalents and restricted cash	$	(12,397	)	$	(8,077	)

(1) Includes $9,822 of the operating activity portion of the earnout liability payment related to the Physio-Assist acquisition.

Supplemental Financial Information (unaudited) *(in thousands, except units and patients)*

	Three months ended December 31,				Change 2025 vs. 2024						Constant Currency Change
Revenue by geographic region	2025		2024		$			%			%
U.S. sales	$	36,055	$	37,994	$	(1,939	)		-5.1	%		-5.1	%
International sales		32,517		28,313		4,204			14.8	%		12.5	%
U.S. rentals		13,149		13,774		(625	)		-4.5	%		-4.5	%
Total revenue	$	81,721	$	80,081	$	1,640			2.0	%		1.2	%
Additional financial measures
Units Sold		46,300		38,400					20.6	%
Net rental patients as of period-end		49,000		51,000


	Twelve months ended December 31,				Change 2025 vs. 2024						Constant Currency Change
Revenue by geographic region	2025		2024		$			%			%
U.S. sales	$	156,476	$	161,549	$	(5,073	)		-3.1	%		-3.1	%
International sales		138,828		117,207		21,621			18.4	%		18.1	%
U.S. rentals		53,364		56,949		(3,585	)		-6.3	%		-6.3	%
Total revenue	$	348,668	$	335,705	$	12,963			3.9	%		3.7	%
Additional financial measures
Units Sold		189,400		157,500					20.3	%
Net rental patients as of period-end		49,000		51,000

Reconciliation of U.S. GAAP to Non-GAAP Financial Measures (unaudited) *(in thousands, except per share amounts)*

	Three months ended						Twelve months ended
	December 31,						December 31,
Non-GAAP EBITDA and Adjusted EBITDA	2025			2024			2025			2024
Net loss (GAAP)	$	(7,127	)	$	(9,757	)	$	(22,747	)	$	(35,888	)
Non-GAAP adjustments:
Interest income, net		(1,163	)		(1,413	)		(4,385	)		(5,190	)
Benefit for income taxes		(236	)		(330	)		(632	)		(588	)
Depreciation and amortization		5,035			5,080			20,659			21,004
EBITDA (non-GAAP)		(3,491	)		(6,420	)		(7,105	)		(20,662	)
Stock-based compensation		1,811			1,693			8,014			7,397
Acquisition-related expenses		—			—			—			784
Change in fair value of earnout liability		—			1,170			—			3,000
Legal and settlement expenses		—			—			1,784			—
Adjusted EBITDA (non-GAAP)	$	(1,680	)	$	(3,557	)	$	2,693		$	(9,481	)

	Three months ended December 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)	$	44,542	$	47,675	$	(9,306	)	$	(11,386	)	$	(7,127	)	$	(9,757	)	$	(0.26	)	$	(0.41	)
Non-GAAP adjustments:
Amortization of intangibles		1,287		1,103		1,287			1,103			1,287			1,103			0.05			0.05
Stock-based compensation		1,811		1,693		1,811			1,693			1,811			1,693			0.07			0.07
Change in fair value of earnout liability		—		1,170		—			1,170			—			1,170			—			0.05
Income tax impact of adjustments ⁽¹⁾		—		—		—			—			—			—			—			—
Adjusted	$	41,444	$	43,709	$	(6,208	)	$	(7,420	)	$	(4,029	)	$	(5,791	)	$	(0.15	)	$	(0.24	)


	Twelve months ended December 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)	$	184,472	$	197,257	$	(30,207	)	$	(42,516	)	$	(22,747	)	$	(35,888	)	$	(0.86	)	$	(1.52	)
Non-GAAP adjustments:
Amortization of intangibles		4,920		4,330		4,920			4,330			4,920			4,330			0.18			0.18
Stock-based compensation		8,014		7,397		8,014			7,397			8,014			7,397			0.30			0.31
Acquisition-related expenses		—		784		—			784			—			784			—			0.03
Change in fair value of earnout liability		—		3,000		—			3,000			—			3,000			—			0.13
Legal and settlement expenses		1,784		—		1,784			—			1,784			—			0.07			—
Income tax impact of adjustments ⁽¹⁾		—		—		—			—			—			—			—			—
Adjusted	$	169,754	$	181,746	$	(15,489	)	$	(27,005	)	$	(8,029	)	$	(20,377	)	$	(0.30	)	$	(0.86	)

(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/20260224328939/en/

ir@inogen.net

Source: Inogen, Inc.

Inogen Announces $30 Million Share Repurchase Program

Tue, 24 Feb 2026 16:00:00 -0500

BEVERLY, Mass.--(BUSINESS WIRE)-- Inogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced that its Board of Directors has authorized a share repurchase program for up to $30 million of its outstanding common stock.

“This authorization reflects our confidence in Inogen’s strategy, progress towards profitability goals, and long-term growth trajectory,” said Kevin Smith, President and Chief Executive Officer. “With a strong, debt-free balance sheet, we view this program as providing additional flexibility to deploy capital to support continued investment in innovation and portfolio expansion while enhancing shareholder value.”

The repurchase program will be financed through cash flow and existing cash reserves and is not expected to affect Inogen’s capacity to pursue further growth initiatives. Authorization for the program will expire upon either December 31, 2027, or once the maximum authorized dollar amount has been utilized, whichever occurs first. The Company is under no obligation to purchase a specific number of shares, and the program may be suspended or terminated at any time.

About Inogen

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 Inogen’s share repurchase program; 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260224755355/en/

ir@inogen.net

Source: Inogen, Inc.

Inogen Announces Preliminary Revenue Results for Fourth Quarter and Full-Year 2025

Mon, 12 Jan 2026 08:30:00 -0500

Inogen to Announce Fourth Quarter and Full Year 2025 Financial Results on February 24, 2026

GOLETA, Calif.--(BUSINESS WIRE)-- Inogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced preliminary, unaudited revenue results for the quarter and year ended December 31, 2025.

The Company estimates preliminary, unaudited total revenue in the fourth quarter of 2025 to be approximately $82 million, representing year-over-year growth of approximately 2%. Full year 2025 total preliminary, unaudited revenue is expected to be approximately $349 million, representing year-over-year growth of approximately 4%.

For the full year 2025, the Company expects to achieve positive Adjusted EBITDA, reflecting its continued commitment to financial discipline and effective cost management.

“While fourth quarter results continued to reflect strong performance in our business-to-business channels, we experienced a shift in the timing of a few large customer orders into the first half of 2026. Although this delay relative to expectations is disappointing, our full year results continued to make meaningful progress in executing our business turnaround,” said Kevin Smith, President and Chief Executive Officer. “Highlights for the full year include positive revenue growth, advancing toward profitability, and expanding the innovation pipeline with launches of the Voxi 5 stationary oxygen concentrator and Aurora Masks for Obstructive Sleep Apnea patients in the U.S. The Inogen team remains confident in our ability to drive growth acceleration and profitability into 2026, and we look forward to sharing additional details and 2026 financial guidance during our February earnings call.”

Quarterly Conference Call Information

On February 24, 2026, 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

About Inogen

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,” “expectation,” “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 Inogen’s financial guidance; 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260112813958/en/

ir@inogen.net

Source: Inogen, Inc.

Inogen Announces the Launch of Aurora CPAP Masks for Obstructive Sleep Apnea in the United States

Wed, 07 Jan 2026 08:30:00 -0500

Expansion Aligns with Innovation and Growth Strategy

GOLETA, Calif.--(BUSINESS WIRE)-- Inogen, Inc. (Nasdaq: INGN), a leading medical technology company specializing in innovative respiratory products for homecare use, today announced the launch of Aurora CPAP masks, a new product within the expanding Inogen portfolio. Aurora’s introduction marks a significant milestone in Inogen’s strategy to expand its respiratory care portfolio and now bring quality, high-performing masks to patients indicated for obstructive sleep apnea (OSA).

Strategic Positioning and Market Opportunity

Engineered for superior comfort, reliability, and usability, Aurora Masks establishes Inogen’s presence in the growing sleep-therapy market and expands Inogen’s addressable market opportunity. The company intends to leverage its existing distribution channels and partnerships to bring Aurora CPAP masks to customers and strengthen relationships with providers.

“The launch of Aurora CPAP masks represents a pivotal step in Inogen’s evolution towards expanding into a broad home care respiratory solutions company and our entry into the sleep apnea market,” said Kevin Smith, President and Chief Executive Officer. “With Aurora Masks, we are bringing the same patient-centric innovation that defines our respiratory solutions to a new category, delivering comfort, performance, and reliability. We see Aurora Masks as a growth catalyst that reinforces our commitment to leading in patient outcomes in home respiratory care.”

Aurora Masks launch is supported by a patient-use study, in which the majority of patients reported being highly satisfied with the Aurora masks¹.

The Aurora Mask portfolio—which includes the F1 Full Face, N1 Nasal Cushion, and P1 Nasal Pillows—is specifically designed to meet the diverse needs of most patients using CPAP devices. Aurora Masks provide options for different facial structures and therapy needs, promoting patient-focused care and encouraging consistent use in sleep and respiratory therapy.

Key Features

High-Quality Headgear: features a triple-material design with ultrasonic edge sealing technology, promoting comfort and durability.
Comfortable Cushion Design: Medical-grade rebound silicone cushion is soft, airtight, and hypoallergenic – designed to reduce facial pressure and improve patient fit and comfort.
Quiet Honeycomb Vent Design: Promotes a peaceful sleep environment for users and partners.
Simple Maintenance: Easy to assemble, disassemble, and clean for everyday convenience.
Universal Compatibility: Works seamlessly with most CPAP devices.
FDA 510(k) Cleared: Meets rigorous safety and performance standards.

Aurora CPAP masks are now offered through certified partners. For further details, please visit Inogen.com/Products.

¹AMG CPAP Mask Trial Study, August 2025: 30-day study involving 140 patients undergoing CPAP therapy for at least six months, with usage of at least five nights per week and a minimum of four hours per night.

About Inogen

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260107107874/en/

ir@inogen.net

Source: Inogen, Inc.

Inogen Announces Third Quarter 2025 Financial Results

Wed, 05 Nov 2025 07:30:00 -0500

Delivered seventh consecutive quarter of mid-single-digit revenue growth

Reiterating full-year revenue guidance

Recent Highlights

$92.4 million revenue, a year-over-year increase of 4.0%, marking the seventh consecutive quarter of mid-single-digit percentage growth
GAAP net loss of $5.3 million and adjusted net loss of $0.5 million compared to prior year GAAP net loss of $6.0 million and adjusted net loss of $2.6 million
$2.3 million adjusted EBITDA, the third consecutive quarter of positive adjusted EBITDA
$2.2 million in positive operating cash flow, strengthening quarter-end cash, cash equivalents, marketable securities and restricted cash to $124.5 million
Reiterates full year revenue outlook of $354 million to $357 million and raises adjusted EBITDA guidance to approximately $2 million
Initiated a limited market release of the Simeox airway clearance device in the United States

"We continue to make meaningful progress, driving consistent mid-single-digit revenue growth, operational improvements, and strong adjusted EBITDA," said Kevin Smith, President and Chief Executive Officer. "This quarter’s results reflect the strength of our commercial strategies, financial discipline, and commitment to delivering innovative solutions. Looking forward, we remain focused on building long-term value for our shareholders by advancing Inogen’s leadership in respiratory care."

Third Quarter 2025 Financial Results

Total revenue in the third quarter of 2025 was $92.4 million, an increase of 4.0% from the prior-year period, as a result of continued 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 third quarter of 2025 was 44.7% compared to 46.5% in the prior-year period, primarily the result of increased business-to-business sales as a percentage of total revenue.

Total operating expense in the third quarter of 2025 was $48.4 million, a decrease of 1.4% from $49.1 million in the prior-year period, reflecting ongoing cost management efforts.

GAAP net loss for the third quarter of 2025 was $5.3 million including one-time legal and settlement expenses of $1.8 million, compared to $6.0 million in the prior-year period. Adjusted net loss in the third quarter of 2025 was $0.5 million, compared to adjusted net loss of $2.6 million in the prior-year period.

Adjusted EBITDA in the third quarter of 2025 was $2.3 million compared to $0.5 million in the prior-year period.

Cash, cash equivalents, marketable securities, and restricted cash were $124.5 million as of September 30, 2025, with no debt outstanding.

Reconciliations of adjusted EBITDA and adjusted net loss for the three and nine months ended September 30, 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 and Fourth Quarter 2025 Financial Outlook

For the full year 2025, Inogen is reiterating its reported revenue outlook in the range of $354 million to $357 million, reflecting approximately 6% growth at the midpoint, when compared to the Company’s 2024 revenue, and is raising Adjusted EBITDA expectations to be approximately $2 million.

For the fourth quarter of 2025, Inogen expects reported revenue in the range of $87 million to $90 million, reflecting approximately 10% year-over-year growth at the midpoint of the range, compared to the Company’s fourth quarter 2024 revenue.

Quarterly Conference Call Information

On November 5, 2025, the Company will host a conference call at 5:30 a.m. Pacific Time / 8:30 a.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

A replay of the call will be available approximately three hours after the live webcast ends and will be accessible through November 12, 2025. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Conference ID: 13755676.

About Inogen

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 Inogen’s fourth quarter and full year financial guidance; 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 for the three and nine months ended September 30, 2025, and September 30, 2024, including EBITDA; adjusted EBITDA; adjusted operating expense; 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. For future periods, Inogen is unable to provide a reconciliation of non-GAAP measures without unreasonable effort as a result of the uncertainty regarding, and the potential variability of, the amounts of interest income, interest expense, depreciation and amortization, stock-based compensation, provision or benefit for income taxes, and certain other infrequently occurring items, such as acquisition-related costs, that may be incurred in the future.

Consolidated Statements of Comprehensive Loss (unaudited) *(amounts in thousands, except share and per share amounts)*

	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
Revenue
Sales revenue	$	79,090		$	74,929		$	226,732		$	212,449
Rental revenue		13,300			13,905			40,215			43,175
Total revenue		92,390			88,834			266,947			255,624
Cost of revenue
Cost of sales revenue		42,925			39,592			124,477			113,156
Cost of rental revenue, including depreciation of $2,964 and $3,247, for the three months ended and $9,015 and $9,554 for the nine months ended, respectively		8,149			7,898			23,441			24,016
Total cost of revenue		51,074			47,490			147,918			137,172
Gross profit		41,316			41,344			119,029			118,452
Operating expense
Research and development		4,840			3,518			14,083			15,712
Sales and marketing		25,439			26,361			74,586			78,914
General and administrative		18,153			19,257			51,261			54,956
Total operating expense		48,432			49,136			139,930			149,582
Loss from operations		(7,116	)		(7,792	)		(20,901	)		(31,130	)
Other income (expense)
Interest income, net		1,070			1,041			3,222			3,777
Other income, net		606			687			1,663			964
Total other income, net		1,676			1,728			4,885			4,741
Loss before benefit for income taxes		(5,440	)		(6,064	)		(16,016	)		(26,389	)
Benefit for income taxes		(146	)		(101	)		(396	)		(258	)
Net loss		(5,294	)		(5,963	)		(15,620	)		(26,131	)
Other comprehensive income (loss), net of tax
Change in foreign currency translation adjustment		(16	)		1,654			5,765			333
Change in net unrealized gains on foreign currency hedging		1,442			—			746			—
Less: reclassification adjustment for net losses included in net loss		(652	)		—			(1,391	)		—
Total net change in unrealized gains (losses) on foreign currency hedging		790			—			(645	)		—
Change in net unrealized gains on marketable securities		23			203			65			161
Total other comprehensive income, net of tax		797			1,857			5,185			494
Comprehensive loss	$	(4,497	)	$	(4,106	)	$	(10,435	)	$	(25,637	)

Basic net loss per share attributable to common stockholders⁽¹⁾	$	(0.20	)	$	(0.25	)	$	(0.59	)	$	(1.11	)
Diluted net loss per share attributable to common stockholders ^{(1) (2)}	$	(0.20	)	$	(0.25	)	$	(0.59	)	$	(1.11	)
Weighted average number of shares used in calculating net loss per share attributable to common stockholders:
Basic shares of common stock		27,075,637			23,751,168			26,407,849			23,589,836
Diluted shares of common stock		27,075,637			23,751,168			26,407,849			23,589,836

⁽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 and nine months ended September 30, 2025 and September 30, 2024, diluted loss per share is the same as basic.

Consolidated Balance Sheets (unaudited) *(amounts in thousands, except share and per share amounts)*

	September 30, 2025			December 31, 2024
Assets
Current assets
Cash and cash equivalents	$	106,476		$	113,795
Marketable securities		16,747			—
Restricted cash		1,281			3,620
Accounts receivable, net		40,374			29,563
Inventories, net		25,075			24,812
Prepaid expenses and other current assets		13,762			13,661
Total current assets		203,715			185,451
Property and equipment, net		37,331			44,400
Goodwill		10,695			9,465
Intangible assets, net		32,049			30,493
Operating lease right-of-use asset		17,199			18,295
Other assets		6,020			8,081
Total assets	$	307,009		$	296,185
Liabilities and stockholders' equity
Current liabilities
Accounts payable and accrued expenses	$	34,207		$	27,153
Accrued payroll		11,860			17,189
Warranty reserve - current		9,785			9,736
Operating lease liability - current		3,122			2,812
Earnout liability		—			13,000
Deferred revenue - current		5,970			6,654
Income tax payable		—			142
Total current liabilities		64,944			76,686
Long-term liabilities
Warranty reserve - noncurrent		17,816			16,350
Operating lease liability - noncurrent		15,099			16,594
Deferred revenue - noncurrent		4,081			5,747
Deferred tax liability		7,894			6,948
Total liabilities		109,834			122,325
Stockholders' equity
Common stock		27			24
Additional paid-in capital		361,921			328,174
Accumulated deficit		(168,457	)		(152,837	)
Accumulated other comprehensive income (loss)		3,684			(1,501	)
Total stockholders' equity		197,175			173,860
Total liabilities and stockholders' equity	$	307,009		$	296,185

Condensed Consolidated Cash Flow (unaudited) *(amounts in thousands, except share and per share amounts)*

	Nine months ended September 30,
	2025			2024
Cash flows from operating activities
Net loss	$	(15,620	)	$	(26,131	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		15,624			15,924
Loss on rental units and other assets		2,693			3,075
Gain on sale of former rental assets		—			(164	)
Provision for sales revenue returns and doubtful accounts		4,866			9,397
Provision for inventory losses		721			(243	)
Loss on purchase commitments		344			(334	)
Stock-based compensation expense		6,203			5,704
Deferred income taxes		30			(244	)
Change in fair value of earnout liability		—			1,830
Changes in operating assets and liabilities ⁽¹⁾		(25,134	)		118
Net cash provided by (used in) operating activities		(10,273	)		8,932
Cash flows from investing activities
Purchases of available-for-sale securities		(22,682	)		(32,333	)
Maturities of available-for-sale securities		6,000			20,500
Investment in intangible assets		—			(2,090	)
Investment in property and equipment		(1,544	)		(3,031	)
Production and purchase of rental equipment		(6,467	)		(8,833	)
Proceeds from sale of former assets		—			272
Net cash used in investing activities		(24,693	)		(25,515	)
Cash flows from financing activities
Proceeds from employee stock purchases		971			811
Payment of employment taxes related to release of restricted stock		(634	)		(286	)
Payments of accrued earnout		(3,178	)		—
Proceeds from issuance of common stock from securities purchase agreement		27,210			—
Net cash provided by financing activities		24,369			525
Effect of exchange rates on cash		939			(153	)
Net decrease in cash, cash equivalents and restricted cash	$	(9,658	)	$	(16,211	)

⁽¹⁾

Includes $9,822 of the operating activity portion of the earnout liability payment related to the Physio-Assist acquisition.

Supplemental Financial Information (unaudited) *(amounts in thousands, except units and patients)*

											Constant
	Three months ended										Currency
	September 30,				Change 2025 vs. 2024						Change
Revenue by region and category	2025		2024		$			%			%
Business-to-business domestic sales	$	24,884	$	23,352	$	1,532			6.6	%		6.6	%
Business-to-business international sales		38,403		32,328		6,075			18.8	%		15.3	%
Direct-to-consumer domestic sales		15,803		19,249		(3,446	)		-17.9	%		-17.9	%
Direct-to-consumer domestic rentals		13,300		13,905		(605	)		-4.4	%		-4.4	%
Total revenue	$	92,390	$	88,834	$	3,556			4.0	%		2.7	%
Additional financial measures
Units Sold		51,100		43,900
Net rental patients as of period-end		50,000		51,400

											Constant
	Nine months ended										Currency
	September 30,				Change 2025 vs. 2024						Change
Revenue by region and category	2025		2024		$			%			%
Business-to-business domestic sales	$	71,744	$	61,158	$	10,586			17.3	%		17.3	%
Business-to-business international sales		106,311		88,894		17,417			19.6	%		19.9	%
Direct-to-consumer domestic sales		48,677		62,397		(13,720	)		-22.0	%		-22.0	%
Direct-to-consumer domestic rentals		40,215		43,175		(2,960	)		-6.9	%		-6.9	%
Total revenue	$	266,947	$	255,624	$	11,323			4.4	%		4.5	%
Additional financial measures
Units Sold		143,100		119,100
Net rental patients as of period-end		50,000		51,400

Reconciliation of U.S. GAAP to Non-GAAP Financial Measures (unaudited) *(amounts in thousands, except per share amounts)*

	Three months ended September 30,						Nine months ended September 30,
Non-GAAP EBITDA and Adjusted EBITDA	2025			2024			2025			2024
Net loss (GAAP)	$	(5,294	)	$	(5,963	)	$	(15,620	)	$	(26,131	)
Non-GAAP adjustments:
Interest income, net		(1,070	)		(1,041	)		(3,222	)		(3,777	)
Benefit for income taxes		(146	)		(101	)		(396	)		(258	)
Depreciation and amortization		5,219			5,314			15,624			15,924
EBITDA (non-GAAP)		(1,291	)		(1,791	)		(3,614	)		(14,242	)
Stock-based compensation		1,763			1,474			6,203			5,704
Acquisition-related expenses		—			127			—			784
Change in fair value of earnout liability		—			650			—			1,830
Legal and settlement expenses		1,784			—			1,784			—
Adjusted EBITDA (non-GAAP)	$	2,256		$	460		$	4,373		$	(5,924	)

	Three months ended September 30,
	Operating Expense				Loss from Operations						Net Loss						Diluted EPS
Non-GAAP Financial Metrics	2025		2024		2025			2024			2025			2024			2025			2024
Financial Results (GAAP)	$	48,432	$	49,136	$	(7,116	)	$	(7,792	)	$	(5,294	)	$	(5,963	)	$	(0.20	)	$	(0.25	)
Non-GAAP adjustments:
Amortization of intangibles		1,285		1,107		1,285			1,107			1,285			1,107			0.05			0.05
Stock-based compensation		1,763		1,474		1,763			1,474			1,763			1,474			0.07			0.06
Acquisition-related expenses		—		127		—			127			—			127			—			0.01
Change in fair value of earnout liability		—		650		—			650			—			650			—			0.03
Legal and settlement expenses		1,784		—		1,784			—			1,784			—			0.07			—
Income tax impact of adjustments ⁽¹⁾		—		—		—			—			—			—			—			—
Adjusted	$	43,600	$	45,778	$	(2,284	)	$	(4,434	)	$	(462	)	$	(2,605	)	$	(0.02	)	$	(0.11	)


	Nine months ended September 30,
	Operating Expense				Loss from Operations						Net Loss						Diluted EPS
Non-GAAP Financial Metrics	2025		2024		2025			2024			2025			2024			2025			2024
Financial Results (GAAP)	$	139,930	$	149,582	$	(20,901	)	$	(31,130	)	$	(15,620	)	$	(26,131	)	$	(0.59	)	$	(1.11	)
Non-GAAP adjustments:
Amortization of intangibles		3,633		3,227		3,633			3,227			3,633			3,227			0.14			0.14
Stock-based compensation		6,203		5,704		6,203			5,704			6,203			5,704			0.23			0.24
Acquisition-related expenses		—		784		—			784			—			784			—			0.03
Change in fair value of earnout liability		—		1,830		—			1,830			—			1,830			—			0.08
Legal and settlement expenses		1,784		—		1,784			—			1,784			—			0.07			—
Income tax impact of adjustments ⁽¹⁾		—		—		—			—			—			—			—			—
Adjusted	$	128,310	$	138,037	$	(9,281	)	$	(19,585	)	$	(4,000	)	$	(14,586	)	$	(0.15	)	$	(0.62	)

⁽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/20251105832834/en/

ir@inogen.net

Source: Inogen, Inc.

Inogen to Report Third Quarter 2025 Financial Results on November 5, 2025

Wed, 15 Oct 2025 08:30:00 -0400

GOLETA, Calif.--(BUSINESS WIRE)-- Inogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced that it will report third quarter 2025 financial results before the market opens on Wednesday, November 5, 2025. On the same day, the Company will host a conference call at 5:30 a.m. PT / 8:30 a.m. ET.

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

About Inogen

For more information, please visit www.inogen.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251015518896/en/

ir@inogen.net

Source: Inogen, Inc.

Inogen Announces the Appointment of Naga Rameswamy as Chief Technology Officer

Thu, 25 Sep 2025 16:05:00 -0400

GOLETA, Calif.--(BUSINESS WIRE)-- Inogen, Inc. (Nasdaq: INGN), a leading medical technology company offering innovative respiratory products for use in the homecare setting, today announced the appointment of Naga Rameswamy as Chief Technology Officer, effective September 29, 2025. Mr. Rameswamy joins Inogen from Alcon, where he served as the Vice President and Global Head of Digital Health Platforms.

“Naga’s deep background in digital health and connected device innovation makes him an ideal fit for Inogen as we continue to expand our technology leadership,” said Kevin Smith, President and Chief Executive Officer of Inogen, “His ability to integrate software, data, and devices to improve user experiences will be instrumental in advancing our pipeline and strengthening our competitive positioning in today’s underserved respiratory care market. We look forward to his contributions as a key member of our leadership team.”

Mr. Rameswamy brings more than two decades of leadership in the medical device industry spanning innovation, R&D, and digital transformation. Prior to Alcon, he spent nearly twenty years at GE Healthcare, culminating as Vice President of Digital Health Engineering. He has advanced secure device connectivity, remote diagnostics, fleet reliability, and care management platforms across diagnostic imaging, ultrasound, and patient monitoring modalities. He has scaled global engineering teams and partnered closely with quality, regulatory, manufacturing, sales, service, and cloud infrastructure to deliver compliant, secure, and intuitive products & solutions that improve serviceability, extend product lifecycles, and enhance experiences for patients, caregivers, and clinicians.

“I am honored to join Inogen and its exceptional team. The company’s mission in respiratory care, its global reach, and its platform of trusted products provide a strong foundation for continued impact,” said Mr. Rameswamy, “I look forward to advancing our digital health and technology initiatives, building on the impressive programs already in place to deliver better experiences for patients and partners as we reach more people suffering from respiratory conditions.”

About Inogen

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250925825980/en/

ir@inogen.net

Source: Inogen, Inc.

Inogen Announces Second Quarter 2025 Financial Results

Thu, 07 Aug 2025 16:05:00 -0400

Delivered strong top-line results; raising full year 2025 revenue expectations

Recent Highlights

Achieved second quarter 2025 revenue of $92.3 million, a year-over-year increase of 4.0%, marking the sixth consecutive quarter of mid-single-digit percentage growth.
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.
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.

“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 Chief Executive Officer. “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.”

Second Quarter 2025 Financial Results

Total revenue in the second quarter of 2025 was $92.3 million, an increase of 4.0% from the prior-year period, as a result of continued 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 second quarter of 2025 was 44.8% compared to 48.1% in the prior-year period, primarily the result of increased business-to-business sales as a percentage of total revenue.

Total operating expense in the second quarter of 2025 was $47.5 million, a decrease of 4.7% from $49.8 million in the prior-year period, primarily due to a one-time bad debt expense in the prior year.

GAAP net loss in the second quarter of 2025 was $4.2 million compared to $5.6 million in the prior-year period, while adjusted net loss in the second quarter of 2025 was $0.7 million, an improvement of $0.9 million from adjusted net loss of $1.6 million in the prior-year period.

Adjusted EBITDA in the second quarter of 2025 was $2.1 million compared to $1.3 million in the prior-year period.

Cash, cash equivalents, marketable securities, and restricted cash were $123.7 million as of June 30, 2025, with no debt outstanding.

Reconciliations of adjusted EBITDA and adjusted net loss for the three months ended June 30, 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 and Third Quarter 2025 Financial Outlook

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

Quarterly Conference Call Information

On August 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

A replay of the call will be available approximately three hours after the live webcast ends and will be accessible through August 14, 2025. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Conference ID: 13754157.

About Inogen

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 Inogen’s third quarter and full year financial guidance; 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 for the three and six months ended June 30, 2025, and June 30, 2024, including EBITDA; adjusted EBITDA; adjusted operating expense; 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 June 30,						Six months ended June 30,
	2025			2024			2025			2024
Revenue
Sales revenue	$	79,172		$	74,425		$	147,642		$	137,520
Rental revenue		13,105			14,340			26,915			29,270
Total revenue		92,277			88,765			174,557			166,790
Cost of revenue
Cost of sales revenue		43,469			38,320			81,552			73,564
Cost of rental revenue, including depreciation of $3,017 and $3,128, for the three months ended and $6,051 and $6,307 for the six months ended, respectively		7,467			7,708			15,292			16,118
Total cost of revenue		50,936			46,028			96,844			89,682
Gross profit		41,341			42,737			77,713			77,108
Operating expense
Research and development		5,209			5,616			9,243			12,194
Sales and marketing		25,390			25,617			49,147			52,553
General and administrative		16,871			18,568			33,108			35,699
Total operating expense		47,470			49,801			91,498			100,446
Loss from operations		(6,129	)		(7,064	)		(13,785	)		(23,338	)
Other income (expense)
Interest income, net		1,123			1,333			2,152			2,736
Other income, net		701			134			1,057			277
Total other income, net		1,824			1,467			3,209			3,013
Loss before benefit for income taxes		(4,305	)		(5,597	)		(10,576	)		(20,325	)
Benefit for income taxes		(153	)		(7	)		(250	)		(157	)
Net loss		(4,152	)		(5,590	)		(10,326	)		(20,168	)
Other comprehensive income (loss), net of tax
Change in foreign currency translation adjustment		3,926			(286	)		5,781			(1,321	)
Change in net unrealized gains (losses) on foreign currency hedging		36			—			(696	)		—
Less: reclassification adjustment for net losses included in net loss		(606	)		—			(739	)		—
Total net change in unrealized losses on foreign currency hedging		(570	)		—			(1,435	)		—
Change in net unrealized gains (losses) on marketable securities		42			(40	)		42			(42	)
Total other comprehensive income (loss), net of tax		3,398			(326	)		4,388			(1,363	)
Comprehensive loss	$	(754	)	$	(5,916	)	$	(5,938	)	$	(21,531	)

Basic net loss per share attributable to common stockholders⁽¹⁾	$	(0.15	)	$	(0.24	)	$	(0.40	)	$	(0.86	)
Diluted net loss per share attributable to common stockholders ^{(1) (2)}	$	(0.15	)	$	(0.24	)	$	(0.40	)	$	(0.86	)
Weighted average number of shares used in calculating net loss per share attributable to common stockholders:
Basic shares of common stock		26,962,465			23,614,970			26,068,421			23,508,284
Diluted shares of common stock		26,962,465			23,614,970			26,068,421			23,508,284

⁽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 and six months ended June 30, 2025 and June 30, 2024, diluted loss per share is the same as basic.

Consolidated Balance Sheets (unaudited) *(amounts in thousands, except share and per share amounts)*

	June 30, 2025			December 31, 2024
Assets
Current assets
Cash and cash equivalents	$	103,685		$	113,795
Marketable securities		18,745			—
Restricted cash		1,272			3,620
Accounts receivable, net		38,592			29,563
Inventories, net		24,313			24,812
Income tax receivable		—			538
Prepaid expenses and other current assets		16,514			13,123
Total current assets		203,121			185,451
Property and equipment, net		40,171			44,400
Goodwill		10,700			9,465
Intangible assets, net		33,359			30,493
Operating lease right-of-use asset		17,982			18,295
Other assets		6,707			8,081
Total assets	$	312,040		$	296,185
Liabilities and stockholders' equity
Current liabilities
Accounts payable and accrued expenses	$	35,144		$	27,153
Accrued payroll		12,847			17,189
Warranty reserve - current		9,739			9,736
Operating lease liability - current		3,082			2,812
Earnout liability		—			13,000
Deferred revenue - current		6,256			6,654
Income tax payable		—			142
Total current liabilities		67,068			76,686
Long-term liabilities
Warranty reserve - noncurrent		16,985			16,350
Operating lease liability - noncurrent		15,955			16,594
Deferred revenue - noncurrent		4,591			5,747
Deferred tax liability		7,950			6,948
Total liabilities		112,549			122,325
Stockholders' equity
Common stock		27			24
Additional paid-in capital		359,740			328,174
Accumulated deficit		(163,163	)		(152,837	)
Accumulated other comprehensive income (loss)		2,887			(1,501	)
Total stockholders' equity		199,491			173,860
Total liabilities and stockholders' equity	$	312,040		$	296,185

Condensed Consolidated Cash Flow (unaudited) *(amounts in thousands, except share and per share amounts)*

	Six months ended June 30,
	2025			2024
Cash flows from operating activities
Net loss	$	(10,326	)	$	(20,168	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		10,405			10,610
Loss on rental units and other assets		1,655			2,158
Gain on sale of former rental assets		—			(63	)
Provision for sales revenue returns and doubtful accounts		3,248			4,615
Provision for inventory losses		447			74
Loss on purchase commitments		267			(68	)
Stock-based compensation expense		4,440			4,230
Deferred income taxes		80			(223	)
Change in fair value of earnout liability		—			1,180
Changes in operating assets and liabilities ⁽¹⁾		(22,656	)		(405	)
Net cash provided by (used in) operating activities		(12,440	)		1,940
Cash flows from investing activities
Purchases of available-for-sale securities		(18,703	)		(32,330	)
Maturities of available-for-sale securities		—			15,500
Investment in property and equipment		(976	)		(1,360	)
Production and purchase of rental equipment		(4,932	)		(5,651	)
Proceeds from sale of former assets		—			111
Net cash used in investing activities		(24,611	)		(25,820	)
Cash flows from financing activities
Proceeds from employee stock purchases		489			370
Payment of employment taxes related to release of restricted stock		(570	)		(286	)
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			84
Effect of exchange rates on cash		642			(217	)
Net decrease in cash, cash equivalents and restricted cash	$	(12,458	)	$	(24,013	)

⁽¹⁾Includes $9,822 of the operating activity portion of the earnout liability payment related to the Physio-Assist acquisition.

Supplemental Financial Information (unaudited) *(amounts in thousands, except units and patients)*

											Constant
	Three months ended										Currency
	June 30,				Change 2025 vs. 2024						Change
Revenue by region and category	2025		2024		$			%			%
Business-to-business domestic sales	$	25,406	$	21,287	$	4,119			19.3	%		19.3	%
Business-to-business international sales		35,923		30,531		5,392			17.7	%		17.8	%
Direct-to-consumer domestic sales		17,843		22,607		(4,764	)		-21.1	%		-21.1	%
Direct-to-consumer domestic rentals		13,105		14,340		(1,235	)		-8.6	%		-8.6	%
Total revenue	$	92,277	$	88,765	$	3,512			4.0	%		4.0	%
Additional financial measures
Units Sold		49,000		41,300
Net rental patients as of period-end		50,400		51,900

											Constant
	Six months ended										Currency
	June 30,				Change 2025 vs. 2024						Change
Revenue by region and category	2025		2024		$			%			%
Business-to-business domestic sales	$	46,860	$	37,806	$	9,054			23.9	%		23.9	%
Business-to-business international sales		67,908		56,566		11,342			20.1	%		22.4	%
Direct-to-consumer domestic sales		32,874		43,148		(10,274	)		-23.8	%		-23.8	%
Direct-to-consumer domestic rentals		26,915		29,270		(2,355	)		-8.0	%		-8.0	%
Total revenue	$	174,557	$	166,790	$	7,767			4.7	%		5.0	%
Additional financial measures
Units Sold		92,000		75,200
Net rental patients as of period-end		50,400		51,900

Reconciliation of U.S. GAAP to Non-GAAP Financial Measures (unaudited) *(amounts in thousands, except per share amounts)*

	Three months ended June 30,						Six months ended June 30,
Non-GAAP EBITDA and Adjusted EBITDA	2025			2024			2025			2024
Net loss (GAAP)	$	(4,152	)	$	(5,590	)	$	(10,326	)	$	(20,168	)
Non-GAAP adjustments:
Interest income, net		(1,123	)		(1,333	)		(2,152	)		(2,736	)
Benefit for income taxes		(153	)		(7	)		(250	)		(157	)
Depreciation and amortization		5,216			5,345			10,405			10,610
EBITDA (non-GAAP)		(212	)		(1,585	)		(2,323	)		(12,451	)
Stock-based compensation		2,293			1,814			4,440			4,230
Acquisition-related expenses		—			419			—			657
Change in fair value of earnout liability		—			610			—			1,180
Adjusted EBITDA (non-GAAP)	$	2,081		$	1,258		$	2,117		$	(6,384	)

	Three months ended June 30,
	Operating Expense				Loss from Operations						Net Loss						Diluted EPS
Non-GAAP Financial Metrics	2025		2024		2025			2024			2025			2024			2025			2024
Financial Results (GAAP)	$	47,470	$	49,801	$	(6,129	)	$	(7,064	)	$	(4,152	)	$	(5,590	)	$	(0.15	)	$	(0.24	)
Non-GAAP adjustments:
Amortization of intangibles		1,209		1,188		1,209			1,188			1,209			1,188
Stock-based compensation		2,293		1,814		2,293			1,814			2,293			1,814
Acquisition-related expenses		—		419		—			419			—			419
Change in fair value of earnout liability		—		610		—			610			—			610
Income tax impact of adjustments ⁽¹⁾		—		—		—			—			—			—
Adjusted	$	43,968	$	45,770	$	(2,627	)	$	(3,033	)	$	(650	)	$	(1,559	)	$	(0.02	)	$	(0.07	)


	Six months ended June 30,
	Operating Expense				Loss from Operations						Net Loss						Diluted EPS
Non-GAAP Financial Metrics	2025		2024		2025			2024			2025			2024			2025			2024
Financial Results (GAAP)	$	91,498	$	100,446	$	(13,785	)	$	(23,338	)	$	(10,326	)	$	(20,168	)	$	(0.40	)	$	(0.86	)
Non-GAAP adjustments:
Amortization of intangibles		2,348		2,120		2,348			2,120			2,348			2,120
Stock-based compensation		4,440		4,230		4,440			4,230			4,440			4,230
Acquisition-related expenses		—		657		—			657			—			657
Change in fair value of earnout liability		—		1,180		—			1,180			—			1,180
Income tax impact of adjustments ⁽¹⁾		—		—		—			—			—			—
Adjusted	$	84,710	$	92,259	$	(6,997	)	$	(15,151	)	$	(3,538	)	$	(11,981	)	$	(0.14	)	$	(0.51	)

⁽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/20250807376840/en/

ir@inogen.net

Source: Inogen, Inc.

Inogen to Report Second Quarter 2025 Financial Results on August 7, 2025

Thu, 17 Jul 2025 08:30:00 -0400

GOLETA, Calif.--(BUSINESS WIRE)-- Inogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced that it will report second quarter 2025 financial results after the market closes on Thursday, August 7, 2025. On the same day, the Company will host a conference call at 2:00 p.m. PT / 5:00 p.m. ET.

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

About Inogen

For more information, please visit www.inogen.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250717789855/en/

ir@inogen.net

Source: Inogen, Inc.