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Inogen (INGN) investor relations material

Inogen Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary5 Nov, 2025

Executive summary

  • Q3 2025 revenue grew 4.0% year-over-year to $92.4 million, marking the seventh consecutive quarter of mid-single-digit growth, driven by strong international and domestic B2B sales, while DTC and rental segments declined.

  • Net loss for Q3 2025 was $5.3 million, an improvement from $6.0 million in Q3 2024, with adjusted EBITDA rising to $2.3 million, reflecting improved operational efficiency.

  • Product innovation included the launch of the Voxi 5 stationary oxygen concentrator and limited US market release of the Simeox airway clearance device.

  • Strategic partnership with Yuwell expanded the product portfolio and market reach, including a $27.2 million equity investment.

  • Full-year 2025 revenue guidance was reiterated at $354–$357 million, with adjusted EBITDA guidance raised to approximately $2 million.

Financial highlights

  • Q3 2025 total revenue: $92.4 million, up 4.0% year-over-year; gross margin declined to 44.7% from 46.5% due to higher B2B sales mix.

  • International B2B revenue grew 18.8% to $38.4 million; domestic B2B up 6.6% to $24.9 million.

  • Direct-to-consumer sales declined 17.9% to $15.8 million; rental revenue decreased 4.4% to $13.3 million.

  • Adjusted EBITDA was $2.3 million, positive for the third consecutive quarter.

  • Cash and equivalents at quarter-end were $124.5 million, with no debt.

Outlook and guidance

  • Full-year 2025 revenue guidance reiterated at $354–$357 million, about 6% growth at midpoint; adjusted EBITDA guidance raised to approximately $2 million.

  • Q4 2025 revenue expected between $87–$90 million, about 10% year-over-year growth at midpoint.

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

  • No material impact from tariffs expected due to medical device exemptions.

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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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