Inogen Stock Earnings Reports

Inogen reported Q3 2025 revenue of $92.4M, up ~4% year-over-year, marking its seventh consecutive quarter of mid-single-digit revenue growth. Unit demand for portable oxygen concentrators (POCs) rose >15% year-over-year, with strong performance in domestic B2B (+6.6%) and international B2B (+18.8%), while DTC sales were down as the company continues to run a leaner DTC model. Total gross margin was 44.7%, down ~182 bps largely due to a higher B2B mix and rental logistics true-up; operating expenses fell 1.4% year-over-year. The company recorded GAAP net loss of $5.3M (includes ~$1.8M one-time legal/settlement costs) but delivered adjusted EBITDA of $2.3M—its third consecutive quarter of adjusted EBITDA profitability—and adjusted net loss of $0.5M. Inogen generated positive operating cash flow ($2.2M; $4.6M ex one-time legal items) and exited the quarter with $124.5M of cash, marketable securities and restricted cash and no debt. Management reiterated full-year revenue guidance of $354M–$357M and raised full-year adjusted EBITDA guidance to approximately $2M, expecting Q4 revenue of $87M–$90M. Strategic highlights: continued international expansion (Europe-led growth, pipeline into additional markets including work toward China), the limited U.S. release and reimbursement groundwork for Simeox, and the Voxi 5 stationary concentrator launch (early, non-material sales in 2025; expected to contribute meaningfully in 2026). Management emphasized continued focus on driving top-line growth, improving profitability through operational discipline, and expanding the innovation pipeline.