Inogen reported stronger financial results in the first quarter of 2025 compared to the prior year, driven by increased international and domestic business-to-business sales. This growth was partially offset by declines in direct-to-consumer sales and rental revenue. The company saw improvements in gross margin, operating expense, and net loss, and achieved positive adjusted EBITDA.
Total revenue increased by 5.5% to $82.3 million in Q1 2025.
GAAP net loss improved significantly to $6.2 million from $14.6 million in the prior year.
Adjusted EBITDA was positive at $0.04 million, a substantial improvement from a negative $7.6 million in Q1 2024.
Cash and cash equivalents stood at $122.5 million with no debt outstanding as of March 31, 2025.
For the full year 2025, Inogen expects reported revenue in the range of $352 million to $355 million, reflecting 5% to 6% growth relative to 2024 revenue, and expects to approach adjusted EBITDA breakeven. For the second quarter of 2025, the company expects reported revenue in the range of $89 million to $91 million, reflecting flat to approximately 3% growth relative to the second quarter 2024 revenue.
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