Inogen, Inc.

Inogen, Inc. (INGN) reported FY 2025 total revenue of $348.7M, up 3.9% YoY from $335.7M in 2024, driven by 5.9% growth in sales revenue to $295.3M from higher international demand (39.8% of total, up 18.4% YoY). U.S. sales declined 3.1% to $156.5M due to channel mix shifts, while rental revenue fell 6.3% to $53.4M from lower patient volumes and reimbursement pressures. Gross profit dipped slightly to $154.3M (44.2% margin vs. 46.1% YoY) due to higher component costs and warranty mix. Net loss narrowed to $22.7M from $35.9M, aided by $5.4M lower sales/marketing and $5.2M reduced G&A expenses. Operating cash flow was negative $11.2M vs. positive $5.9M prior year, reflecting earnout payments and working capital changes. Balance sheet strengthened with $103.7M cash, $15.8M marketable securities, and $192.2M equity; total assets $298.6M. Strategic focus on international expansion, Simeox U.S. launch, and Yuwell partnership positions Inogen for respiratory market growth amid reimbursement and supply chain risks.

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