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Inogen (INGN) investor relations material

Inogen Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Q2 2025 revenue reached $92.3M, up 4% year-over-year, marking six consecutive quarters of mid-single-digit growth, driven by strong B2B performance and new product launches.

  • Net loss narrowed to $4.2M from $5.6M year-over-year; adjusted net loss was $0.7M, and adjusted EBITDA improved to $2.1M from $1.3M.

  • Launched Voxi 5 stationary oxygen concentrator and Inogen Patient Portal, expanding the product portfolio and enhancing patient engagement.

  • Operating cash flow was $4.4M in Q2 2025, with cash, equivalents, and securities totaling $123.7M and no debt.

  • Strategic collaboration with Yuwell initiated to expand the product portfolio and enter the Chinese market.

Financial highlights

  • Q2 2025 revenue increased 4% year-over-year to $92.3M, with domestic B2B up 19.3% and international B2B up 17.7%.

  • Direct-to-consumer sales declined 21.1% year-over-year; rental revenue decreased 8.6% year-over-year.

  • Gross margin was 44.8%, down from 48.1% year-over-year, mainly due to higher B2B mix and material costs.

  • Operating expenses decreased 4.7% year-over-year to $47.5M, aided by absence of prior period's one-time bad debt expense.

  • Cash, equivalents, and marketable securities totaled $123.7M as of June 30, 2025, with no debt.

Outlook and guidance

  • Full-year 2025 revenue guidance raised to $354M–$357M, representing 6% growth at midpoint; Q3 revenue expected at $91M–$93M, up 4% year-over-year.

  • Full-year 2025 expected to reach adjusted EBITDA breakeven, with Q4 growth driven by Voxi 5 launch and DTC stabilization.

  • Management expects current liquidity and cash from operations to be sufficient for at least the next 12 months.

  • No material impact expected from tariffs or new U.S. tax legislation.

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Frequently asked questions

Inogen Inc. specializes in the development, manufacturing, and marketing of portable oxygen concentrators (POCs) for patients with chronic respiratory conditions. The company’s products are designed to provide mobility and independence for individuals requiring supplemental oxygen therapy. Inogen offers its concentrators directly to consumers, through distributors, and via rental programs, serving patients worldwide. The company is headquartered in Goleta, California, and its shares are listed on the NASDAQ.

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