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Dec 31, 2025
Inogen Q4 2025 Earnings Report
Inogen reported Q4 2025 financial results, showing a 2% revenue increase and improved profitability metrics compared to the prior year.
Key Takeaways
Inogen delivered Q4 2025 revenue of $81.7 million, driven by strong international POC sales growth of 14.8%. While the company still reported a net loss, it showed significant year-over-year improvement in GAAP net loss, adjusted net loss, and adjusted EBITDA, supported by a strong debt-free balance sheet.
Q4 revenue grew 2.0% year-over-year to $81.7 million, primarily fueled by international expansion.
GAAP net loss improved by 27% to $7.1 million compared to $9.8 million in the prior year period.
The company maintained a strong liquidity position with $120.9 million in cash and no debt.
Introduced new products including the Voxi 5 stationary concentrator and Aurora CPAP masks to diversify the portfolio.
Revenue by Geographic Location
Forward Guidance
Inogen expects 2026 full-year revenue to grow approximately 6% at the midpoint, with Q1 2026 revenue expected to be flat compared to Q1 2025.
Positive Outlook
- Full year 2026 revenue guidance of $366 million to $373 million.
- Expected 6% annual revenue growth at the midpoint.
- Commitment to driving positive Adjusted EBITDA improvement in 2026.
- Strategic collaboration with Yuwell Medical to accelerate entry into China.
- Authorized a $30.0 million share repurchase program.
Challenges Ahead
- Q1 2026 revenue expected to be only in line with Q1 2025.
- Anticipated lower U.S. rentals revenue due to reimbursement mix.
- Reduced number of patients on service impacting rental revenue.
- Ongoing impact of channel mix on gross margins.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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