Inogen reported a mixed financial performance for Q4 2025, with modest revenue growth driven by international sales but offset by declines in U.S. segments. The company demonstrated significant progress in improving profitability, achieving positive adjusted EBITDA for the full year 2025 and reducing net loss year-over-year, supported by operational efficiencies and cost reductions.
Full year 2025 revenue increased 3.9% to $348.7 million, primarily driven by higher growth in international POC sales of 18.4%.
positiveFull year 2025 Adjusted EBITDA was positive $2.7 million, an improvement of 128.4% compared to negative $9.5 million in the prior year.
positiveGAAP net loss for the full year 2025 improved by 36.6% to $22.7 million compared to $35.9 million in the prior year.
positiveAuthorized a $30.0 million share repurchase program.
positiveTotal revenue in the fourth quarter of 2025 increased by only 2.0% to $81.7 million, primarily driven by higher growth in international POC sales of 14.8%, partially offset by lower U.S. sales (-5.1%) and U.S. rentals (-4.5%).
attentionTotal gross margin decreased to 43.1% in Q4 2025 from 45.3% in the prior-year period, primarily the result of channel mix.
attentionFull year 2025 gross margin decreased to 44.2% from 46.1% in 2024, primarily due to changing channel mix from higher POC sales to business customers.
attentionNet rental patients decreased to 49,000 as of December 31, 2025, from 51,000 in the prior year.
attentionInventories increased to $25.9 million as of December 31, 2025, from $24.8 million as of December 31, 2024.
attentionFull year 2026 revenue guidance is projected to be in the range of $366 million to $373 million, reflecting approximately 6% growth at the midpoint, which is a deceleration from the 3.9% growth in 2025.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total | CC |
|---|---|---|---|---|---|
U.S. sales | N/A | — | — | — | -3.1% |
International sales | N/A | — | — | — | +18.1% |
U.S. rentals | N/A | — | — | — | -6.3% |
| Total Revenue | $0.00M | — | — | 100.0% | — |
Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
In 2025, we made significant progress toward our long-term profitability goals while strengthening our product portfolio and improving the fundamentals of our business.
Our disciplined operational efficiency contributed to a substantial year-over-year improvement in adjusted EBITDA, culminating in a positive result for the first time since 2021.
Our strong balance sheet with no debt, puts us in a strong position to accelerate innovation, enhance customer engagement, and drive portfolio expansion in 2026 and beyond.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.