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Mar 31, 2025
Inogen Q1 2025 Earnings Report
Reported first quarter 2025 financial results
Key Takeaways
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.
Revenue by Segment
Forward Guidance
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.
Positive Outlook
- Expected full-year 2025 revenue growth of 5% to 6%.
- Expecting to approach adjusted EBITDA breakeven for the full year 2025.
- Second quarter 2025 revenue expected to show growth.
- Continued commitment to driving improved commercial and operational execution.
- Positioning the company for sustainable growth and profitability.
Challenges Ahead
- Full-year adjusted EBITDA is still expected to be near breakeven, not significantly positive.
- Second quarter revenue growth is expected to be modest (flat to 3%).
- Reliance on continued execution improvements to meet guidance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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