Inogen Reports $92.3 Million Revenue in Q2 2025, Net Loss Improves by 25.7%

Inogen, Inc. reported a total revenue of $92.3 million for the second quarter of 2025, reflecting a 4% increase from $88.8 million in the same period of 2024. The growth was primarily driven by a 6.4% rise in sales revenue, which reached $79.2 million, attributed to increased demand in both domestic and international business-to-business sales. However, rental revenue decreased by 8.6% to $13.1 million, largely due to a higher mix of lower private-payor reimbursement rates. For the first half of 2025, total revenue was $174.6 million, up 4.7% from $166.8 million in the prior year, with sales revenue increasing by 7.4% and rental revenue declining by 8%.

The company reported a net loss of $4.2 million for the second quarter, a 25.7% improvement compared to a loss of $5.6 million in the same quarter last year. This reduction in net loss was attributed to increased sales revenue and lower operating expenses. For the first half of 2025, the net loss was $10.3 million, significantly reduced from $20.2 million in the prior year, marking a 48.8% improvement. The company’s gross profit for the second quarter was $41.3 million, down from $42.7 million a year earlier, with a total gross margin percentage of 44.8%, compared to 48.1% in the previous year.

Inogen has made strategic advancements, including the acquisition of Physio-Assist in September 2023, which is expected to enhance its product offerings in airway clearance technology. The company also entered into a Strategic Collaboration Agreement with Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. in January 2025, aimed at expanding its product portfolio and accelerating market entry into China. Additionally, Inogen launched the Voxi 5 stationary oxygen concentrator in June 2025, with plans for a more extensive rollout in 2026.

Operationally, Inogen sold approximately 49,000 oxygen systems in the second quarter of 2025, an increase of 18.6% from the 41,300 systems sold in the same quarter of 2024. The company’s international business-to-business sales rose by 17.7%, while domestic business-to-business sales increased by 19.3%. However, direct-to-consumer domestic sales saw a decline of 21.1%, attributed to lower volume and average selling prices. As of June 30, 2025, Inogen reported cash and cash equivalents of $103.7 million, down from $113.8 million at the end of 2024, with total current assets increasing to $203.1 million.

Looking ahead, Inogen anticipates continued growth driven by its strategic initiatives and product innovations. The company aims to expand its domestic and international market presence, enhance its sales and marketing efforts, and invest in research and development to improve its product offerings. Despite the challenges posed by market conditions and reimbursement rates, Inogen believes its current cash reserves and expected product sales will be sufficient to meet its operational needs for at least the next 12 months.