Inogen Reports 5.5% Revenue Growth to $82.3 Million in Q1 2025

Inogen, Inc. reported its financial results for the first quarter of 2025, revealing a total revenue of $82.3 million, a 5.5% increase from $78.0 million in the same period last year. The growth was primarily driven by an 8.5% rise in sales revenue, which reached $68.5 million, attributed to increased demand in both domestic and international business-to-business sales. However, rental revenue decreased by 7.5% to $13.8 million, reflecting a shift towards lower private-payor reimbursement rates. The company’s net loss for the quarter was $6.2 million, a significant improvement compared to a net loss of $14.6 million in the prior year, marking a 57.6% reduction in losses.

Inogen's operational metrics showed a notable increase in the number of oxygen systems sold, with approximately 43,000 units sold in Q1 2025 compared to 33,900 units in Q1 2024, representing a 26.8% increase. The company also reported a decrease in total operating expenses, which fell to $44.0 million from $50.6 million year-over-year, driven by reductions in research and development, sales and marketing, and general administrative expenses. The gross profit margin for sales revenue improved slightly to 44.4%, while the gross margin for rental revenue decreased to 43.3%.

Strategically, Inogen has been active in expanding its product offerings and market reach. The company completed the acquisition of Physio-Assist in September 2023 and entered into a Strategic Collaboration Agreement with Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. in January 2025. This collaboration aims to enhance Inogen's product portfolio and accelerate entry into the Chinese market. The company is also focused on optimizing its rental revenue model and improving its domestic direct-to-consumer sales through enhanced sales management and productivity initiatives.

As of March 31, 2025, Inogen reported total assets of $308.4 million, up from $296.2 million at the end of 2024, with cash and cash equivalents amounting to $118.9 million. The company’s employee headcount increased to 26,887, reflecting its growth strategy. Looking ahead, Inogen anticipates that its current cash reserves and expected product sales will be sufficient to meet its operating and investing requirements for at least the next 12 months. However, the company acknowledges potential challenges related to market conditions, supply chain constraints, and competition that could impact its future performance.