Inogen returns to growth

GOLETA, Calif. - Inogen reported total revenue of $80.1 million for the fourth quarter of 2024, a 5.5% increase compared to the same period in 2023, and $335.7 million for the full year 2024, a 6.4% increase compared to 2023. 

The company’s performance was primarily driven by higher demand and new customers in international and domestic business-to-business sales, partially offset by lower direct-to-consumer sales and lower rental revenue as a result of its initiatives to enhance overall profitability. 

“2024 was a stellar year for Inogen,” said Kevin Smith, president and CEO. “With our new leadership team in place, we returned the company to growth, achieved significant milestones, and made meaningful steps towards profitability. With our leading portfolio of innovative respiratory care products, the pending introduction of Simeox in the U.S. and our recently announced collaboration with Yuwell, we believe we are well positioned to drive future growth, profitability and sustained success.” 

Other financial results for Q4: 

• Total gross margin of 45.3% in the fourth quarter of 2024 improved from 37.1% in the comparable period in 2023, driven primarily by lower raw material costs and operational efficiencies. 

• Total operating loss of $11.4 million improved from a loss of $29 million in the fourth quarter of 2023. The year-over-year improvement was primarily due to material cost reductions and operational efficiencies, and a favorable comparison to the prior-year period, which included certain acquisition-related and other one-time costs. 

• Adjusted EBITDA was negative $3.6 million in the fourth quarter of 2024 compared to negative $17.3 million in the fourth quarter of 2023. 

Other financial results for full year 2024: 

• Total gross margin of 46.1% in the full year 2024 improved from 40.1% in the comparable period in 2023, driven primarily by lower raw material costs and operational efficiencies compared to the prior year period. 

• Total operating loss of $42.5 million in the full year 2024 improved from a loss of $109.4 million in the full year of 2023. The year-over-year improvement was primarily due to lower goodwill impairment, material cost reductions and an increase in sales revenue. 

• Adjusted EBITDA was negative $9.5 million for the full year 2024 compared to negative $37.8 million for the full year 2023. 

For the first quarter 2025, Inogen expects revenue in the range of $79 million to $81 million, reflecting 1% to 4% reported growth relative to the company’s first quarter 2024 revenue. For the full year 2025, it expects revenue in the range of $352 million to $355 million, reflecting 5% to 6% growth relative to the company’s 2024 revenue. 

For the full year 2025, Inogen expects gross margin in the range of 43% to 45% of total revenue, reflecting channel mix shift and costs associated with the introduction of Simeox and Yuwell. 

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