Inogen, Inc. reported its financial results for the third quarter of 2025, revealing a total revenue of $92.4 million, a 4% increase from $88.8 million in the same period last year. The growth was primarily driven by a 5.6% rise in sales revenue, which reached $79.1 million, attributed to increased demand in both domestic and international business-to-business sales. However, rental revenue saw a decline of 4.4%, totaling $13.3 million, largely due to a higher mix of lower private-payor reimbursement rates. For the nine months ending September 30, 2025, total revenue increased to $266.9 million, up 4.4% from $255.6 million in the prior year.
The company reported a net loss of $5.3 million for the third quarter, a decrease of 11.2% compared to a net loss of $6.0 million in the same quarter of 2024. This improvement in net loss was attributed to higher sales revenue and lower operating expenses. For the nine-month period, the net loss was $15.6 million, significantly reduced from $26.1 million in the previous year, reflecting a 40.2% improvement. The company’s gross profit for the quarter was $41.3 million, slightly down from $41.3 million in the prior year, with a total gross margin of 44.7%.
Inogen's operational metrics showed a notable increase in the number of oxygen systems sold, with approximately 51,100 units sold in the third quarter of 2025, compared to 43,900 units in the same quarter of 2024, marking a 16.4% increase. The company also reported a significant rise in international business-to-business sales, which increased by 18.8%. However, domestic direct-to-consumer sales decreased by 17.9%, primarily due to lower volume and average selling prices. The company’s total current assets rose to $203.7 million, up from $185.5 million at the end of 2024, while total liabilities decreased to $109.8 million from $122.3 million.
Strategically, Inogen has been active in expanding its product offerings and market reach. The company completed the acquisition of Physio-Assist in September 2023, which is expected to enhance its product portfolio, particularly with the Simeox airway clearance device. Additionally, Inogen entered into a strategic collaboration agreement with Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. in January 2025, aimed at broadening its product distribution and accelerating entry into the Chinese market. The company plans to continue investing in research and development, with expenses amounting to $4.8 million in the third quarter, reflecting a 37.6% increase from the previous year.
Looking ahead, Inogen anticipates that its current cash reserves, totaling $106.5 million, along with expected product sales and rentals, will be sufficient to meet its operational and investment needs for at least the next 12 months. The company remains focused on optimizing its rental revenues and expanding its domestic and international sales networks, while also investing in innovative product development to enhance its competitive position in the respiratory health market.
About Inogen Inc
Inogen, Inc. develops and markets portable oxygen concentrators and airway clearance devices for respiratory health. Its core products include the Inogen One and Rove systems for long-term oxygen therapy and the Simeox device for bronchiectasis treatment. Serving patients with COPD and other chronic respiratory conditions, the company emphasizes innovation, clinical evidence, and direct-to-consumer and provider sales channels to improve mobility and quality of life.
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