Inogen Reports $335.7 Million Revenue for Fiscal Year 2024, Net Loss Improves

Inogen, Inc. reported a total revenue of $335.7 million for the fiscal year ended December 31, 2024, reflecting a 6.4% increase from $315.7 million in 2023. The growth was primarily driven by a 10.8% rise in sales revenue, which reached $278.8 million, attributed to increased domestic and international business-to-business sales. In contrast, rental revenue decreased by 11.1% to $56.9 million, largely due to a higher mix of lower private-payor reimbursement rates. The company sold approximately 157,500 oxygen systems in 2024, a 20.7% increase from the previous year.

The company's net loss for 2024 was $35.9 million, a significant improvement compared to a net loss of $102.4 million in 2023. This reduction in loss was primarily due to lower goodwill impairment charges, which amounted to $32.9 million in the prior year, as well as reductions in material costs and increased sales revenue. Gross profit also saw an increase, totaling $154.7 million, with a gross margin percentage of 46.1%, up from 40.1% in 2023. The improvement in gross margin was attributed to operational efficiencies and lower material costs associated with semiconductor chips.

Inogen's strategic developments included the acquisition of Physio-Assist in September 2023, which expanded its product offerings to include the Simeox airway clearance device. This product received FDA clearance in December 2024, and Inogen plans to commercialize it in the U.S. while continuing to market it in Europe. The company also launched the Inogen Rove 4 portable oxygen concentrator in October 2024, which features multiple battery options and is designed to enhance patient mobility and usability.

Operationally, Inogen employed 766 individuals as of December 31, 2024, with a focus on expanding its sales and marketing teams to drive growth in both domestic and international markets. Approximately 34.9% of total revenue was generated from international sales, with Europe accounting for a significant portion. The company continues to invest in research and development, spending $21.6 million in 2024, to innovate and enhance its product offerings.

Looking ahead, Inogen anticipates that its existing cash reserves, totaling $113.8 million as of December 31, 2024, along with expected product sales and rentals, will be sufficient to meet its operating and investing requirements for at least the next 12 months. The company is focused on expanding its market presence, optimizing rental revenues, and enhancing its product portfolio to address the needs of patients with chronic respiratory conditions.