Stock markets have been experiencing significant volatility of late. This is largely because of the ongoing trade war, which has also led to expectations of economic slowdown and rising inflation. As such, the Federal Reserve has kept interest rates steady. In such an uncertain environment, retail investors face significant challenges in selecting the right stocks and achieving strong returns.One way to cut short this task is to follow brokers’ recommendations. In this regard, stocks like Urban Outfitters, ...

Group 1 - Needham analyst Mike Matson upgraded Inogen, Inc from Hold to Buy, with a price forecast of $12 [1] - Inogen reported total revenue of $82.3 million for the first quarter, a 5.5% increase from the prior year, or 7.1% at constant currency rates, driven by higher demand from both international and domestic business-to-business customers [1] - The company has returned to mid-single-digit revenue growth, with expectations for further acceleration in the second half of 2025 and into 2026 [2] Group 2 - Management's strategy includes expanding Inogen's focus beyond core offerings into a more diversified respiratory device portfolio, creating multiple new avenues for growth [2] - Management anticipates nearing adjusted EBITDA breakeven in 2025, which is viewed as a positive indicator of progress [3] - The decline in Inogen's direct-to-consumer sales is attributed to a smaller DTC sales force, with projections for margin improvements as these sales stabilize or return to growth [3] Group 3 - Inogen shares are trading higher by 14% to $6.795 [4]

Investors might want to bet on Inogen (INGN) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.Since a c ...

Group 1 - Inogen (INGN) has experienced a significant decline of 15.7% over the past four weeks, but it is now in oversold territory, indicating a potential trend reversal [1] - The Relative Strength Index (RSI) for INGN is currently at 28.33, suggesting that the heavy selling pressure may be exhausting itself [5] - There is strong consensus among Wall Street analysts that INGN will report better earnings than previously predicted, with a consensus EPS estimate increase of 18.6% over the last 30 days [6] Group 2 - INGN holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, indicating a potential turnaround [7]

Part I [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The unaudited consolidated financial statements present Inogen's financial position as of March 31, 2025, and its results of operations and cash flows for the three months then ended, showing increased assets, decreased liabilities, and a narrowed net loss [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets increased to **$308.4 million** from **$296.2 million**, while total liabilities decreased to **$110.5 million** from **$122.3 million**, with stockholders' equity rising to **$198.0 million** due to a private placement Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $118,893 | $113,795 | | Accounts receivable, net | $36,623 | $29,563 | | Inventories, net | $26,273 | $24,812 | | Total current assets | $200,708 | $185,451 | | Total assets | $308,412 | $296,185 | | **Liabilities & Equity** | | | | Accounts payable and accrued expenses | $35,925 | $27,153 | | Earnout liability | $0 | $13,000 | | Total current liabilities | $65,451 | $76,686 | | Total liabilities | $110,460 | $122,325 | | Total stockholders' equity | $197,952 | $173,860 | [Consolidated Statements of Comprehensive Loss](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Loss) For Q1 2025, total revenue increased to **$82.3 million** from **$78.0 million** in the prior-year period, resulting in a narrowed net loss of **$6.2 million** or **($0.25)** per share, significantly improving from a **$14.6 million** loss Statement of Comprehensive Loss Highlights (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total revenue | $82,280 | $78,025 | | Gross profit | $36,372 | $34,371 | | Total operating expense | $44,028 | $50,645 | | Loss from operations | $(7,656) | $(16,274) | | Net loss | $(6,174) | $(14,578) | | Basic and Diluted net loss per share | $(0.25) | $(0.62) | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities increased to **$16.8 million** in Q1 2025, primarily due to an earnout payment, while financing activities provided **$24.0 million** from a stock issuance, leading to a **$5.1 million** net increase in cash Cash Flow Summary (in thousands) | Activity | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(16,790) | $(4,749) | | Net cash used in investing activities | $(2,038) | $(13,444) | | Net cash provided by financing activities | $23,951 | $285 | | Net increase (decrease) in cash | $5,124 | $(18,048) | - Financing activities in Q1 2025 included **$27.2 million** in proceeds from the issuance of common stock from a securities purchase agreement and a **$3.2 million** payment of an accrued earnout[21](index=21&type=chunk)[139](index=139&type=chunk) [Condensed Notes to the Consolidated Financial Statements](index=9&type=section&id=Condensed%20Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes detail accounting policies and key events, including a strategic collaboration and **$27.2 million** private placement with Yuwell, the full payment of a **$13.0 million** earnout liability, and the company's single reportable segment in respiratory care - On January 25, 2025, the Company entered into a Strategic Collaboration Agreement with Yuwell to broaden its product portfolio, enhance R&D, and enter the Chinese market[27](index=27&type=chunk) - The company paid off the **$13.0 million** earnout liability related to the Physio-Assist acquisition during the first quarter of 2025[36](index=36&type=chunk) - The company determined it operates and reports in a single operating and reportable segment focused on oxygen therapy and respiratory care[85](index=85&type=chunk) - On February 21, 2025, an investor, a subsidiary of Yuwell, purchased **2,626,425** shares of common stock for an aggregate price of approximately **$27.2 million**[69](index=69&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 financial results, highlighting a **5.5%** revenue increase to **$82.3 million**, a significant reduction in operating loss to **$7.7 million**, and strengthened liquidity from a **$27.2 million** private placement [Overview and Strategy](index=32&type=section&id=Overview%20and%20Strategy) Inogen, a medical technology company, focuses on expanding its respiratory product offerings, growing B2B networks, optimizing direct-to-consumer sales, and investing in R&D, notably through a collaboration with Yuwell - Strategic goals include expanding product offerings, growing domestic and international B2B channels, improving direct-to-consumer productivity, and optimizing rental revenues[106](index=106&type=chunk) - The company obtained 510(k) clearance for its Simeox airway clearance device in December 2024 and plans to leverage its commercial infrastructure for a U.S. launch in 2025[107](index=107&type=chunk) - A collaboration with Yuwell, initiated in January 2025, is expected to broaden the product portfolio, enhance innovation, and accelerate entry into the Chinese market[108](index=108&type=chunk) [Results of Operations](index=34&type=section&id=Results%20of%20Operations) For Q1 2025, total revenue rose **5.5%** to **$82.3 million**, driven by strong B2B sales growth, while operating expenses significantly decreased, leading to a narrowed operating loss Revenue by Category (in thousands) | Revenue Category | Q1 2025 | Q1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Business-to-business domestic sales | $21,454 | $16,519 | 29.9% | | Business-to-business international sales | $31,985 | $26,035 | 22.9% | | Direct-to-consumer domestic sales | $15,031 | $20,541 | -26.8% | | Direct-to-consumer domestic rentals | $13,810 | $14,930 | -7.5% | | **Total revenue** | **$82,280** | **$78,025** | **5.5%** | Operating Expenses (in thousands) | Expense Category | Q1 2025 | Q1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Research and development | $4,034 | $6,578 | -38.7% | | Sales and marketing | $23,757 | $26,936 | -11.8% | | General and administrative | $16,237 | $17,131 | -5.2% | - Net loss decreased by **$8.4 million (57.6%)** year-over-year, primarily due to increased sales revenue and lower operating expenses[126](index=126&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, the company had **$118.9 million** in cash, bolstered by a **$27.2 million** private placement, and management believes current resources are sufficient for future operating and investing needs - As of March 31, 2025, the company had cash and cash equivalents of **$118.9 million**[127](index=127&type=chunk) - The company received **$27.2 million** from the Yuwell private placement and paid out a **$13.0 million** earnout liability in Q1 2025[127](index=127&type=chunk) Summary of Cash Flows (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Cash used in operating activities | $(16,790) | $(4,749) | | Cash used in investing activities | $(2,038) | $(13,444) | | Cash provided by financing activities | $23,951 | $285 | - Management believes current capital resources are sufficient to meet projected operating and investing requirements for at least the next 12 months[129](index=129&type=chunk) [Non-GAAP Financial Measures](index=42&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures EBITDA and Adjusted EBITDA to assess operating performance, with Adjusted EBITDA significantly improving to positive **$36,000** in Q1 2025 from a **$7.6 million** loss in Q1 2024 Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net loss (GAAP) | $(6,174) | $(14,578) | | EBITDA (non-GAAP) | $(2,111) | $(10,866) | | Stock-based compensation | $2,147 | $2,416 | | Acquisition-related expenses | $0 | $238 | | Change in fair value of earnout liability | $0 | $570 | | **Adjusted EBITDA (non-GAAP)** | **$36** | **$(7,642)** | [Quantitative and Qualitative Disclosures about Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risks are foreign currency exchange risk, particularly from Euro-denominated sales, which are hedged with forward contracts, and minimal interest rate risk due to highly liquid investments - The principal market risk is foreign currency exchange risk, as the majority of European sales are in Euros while revenue is reported in U.S. dollars[151](index=151&type=chunk) - The company has begun using foreign exchange forward contracts to hedge its forecasted U.S. dollar-equivalent earnings from adverse currency rate changes[152](index=152&type=chunk) - Interest rate risk is considered low, as cash and cash equivalents of **$122.5 million** as of March 31, 2025, are held in highly liquid investments with maturities of three months or less[153](index=153&type=chunk) [Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that as of March 31, 2025, the company's disclosure controls and procedures were effective at the reasonable assurance level[154](index=154&type=chunk) - No changes in internal control over financial reporting occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal controls[155](index=155&type=chunk) Part II – Other Information [Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings arising in the normal course of business but does not anticipate any of these will have a material adverse effect on its operations - The company is party to various legal proceedings from the normal course of business and does not expect them to have a material adverse effect[158](index=158&type=chunk) [Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes from the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - As of the date of this report, there have been no material changes from the risk factors previously disclosed in the 2024 Annual Report on Form 10-K[159](index=159&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities and made no repurchases of its common stock during the three months ended March 31, 2025 - The company did not repurchase any shares of its common stock during the three months ended March 31, 2025[161](index=161&type=chunk) [Other Information](index=47&type=section&id=Item%205.%20Other%20Information) During the first quarter of 2025, none of the company's directors or Section 16 reporting officers adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement - No directors or Section 16 officers adopted or terminated any Rule 10b5-1 trading arrangements during the quarter[164](index=164&type=chunk) [Exhibits](index=48&type=section&id=Item%206.%20Exhibits) The report includes key exhibits such as the Collaboration Agreement with Jiangsu Yuyue Medical Equipment & Supply Co., Ltd., CEO and CFO certifications, and XBRL data files - Key exhibits filed include the Collaboration Agreement with Yuwell, a Registration Rights Agreement, and CEO/CFO certifications under Sarbanes-Oxley Sections 302 and 906[167](index=167&type=chunk)

Inogen, Inc. (INGN) incurred an adjusted loss per share of 11 cents for first-quarter 2025, which was narrower than the adjusted loss per share of 45 cents in the year-ago period and the Zacks Consensus Estimate of a loss of 52 cents per share. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)GAAP loss per share for the quarter was 25 cents, narrower than the year-earlier loss of 62 cents.INGN’s Revenues in DetailInogen registered revenues of $82.3 million for the first quarter, up 5 ...

Core Viewpoint - Inogen reported a quarterly loss of $0.25 per share, which was better than the Zacks Consensus Estimate of a loss of $0.52, and an improvement from a loss of $0.62 per share a year ago [1][2] Financial Performance - The company achieved revenues of $82.28 million for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 3.26% and showing an increase from $78.03 million in the same quarter last year [3] - Inogen has surpassed consensus EPS estimates in all four of the last quarters [2][3] Stock Performance - Inogen shares have declined approximately 22.9% since the beginning of the year, compared to a decline of 4.7% for the S&P 500 [4] - The current Zacks Rank for Inogen is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [7] Earnings Outlook - The consensus EPS estimate for the upcoming quarter is -$0.28 on revenues of $91.8 million, and for the current fiscal year, it is -$1.41 on revenues of $352.81 million [8] - The trend of estimate revisions for Inogen is mixed, which could change following the recent earnings report [7] Industry Context - The Medical - Instruments industry, to which Inogen belongs, is currently ranked in the top 35% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [9]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $82.3 million, reflecting a 5.5% year-over-year growth and a 7.1% growth on a constant currency basis [11][12] - GAAP net loss was $6.2 million, compared to a loss of $14.6 million in the prior period, with a loss per diluted share of $0.25 versus $0.62 [16] - Adjusted EBITDA was positive at $36,000, compared to a negative $7.6 million in the prior period [16] Business Line Data and Key Metrics Changes - Domestic business-to-business revenue increased by 29.9% to $21.5 million [12] - International business-to-business revenue rose by 22.9% to $32 million [12] - Direct-to-consumer sales decreased by 26.8% to $15 million, attributed to a smaller and more efficient sales team [12][14] - Rental revenue decreased by 7.5% to $13.8 million, primarily due to lower average billing rates [14] Market Data and Key Metrics Changes - The company experienced a negative impact of 160 basis points on total revenue due to foreign exchange [12] - International revenue was negatively impacted by 500 basis points from foreign exchange [12] Company Strategy and Development Direction - The company is focused on three strategic priorities: driving top-line growth, advancing towards profitability, and expanding the innovation pipeline [5] - A collaboration with UL Medical was finalized to enhance growth and geographic reach, particularly in the Chinese market [7][8] - The company is progressing towards sustained profitability and expects to approach adjusted EBITDA breakeven for the full year 2025 [9][18] Management's Comments on Operating Environment and Future Outlook - Management does not anticipate a material impact from recently announced tariffs due to current exemptions [5][18] - The company expects more favorable year-over-year comparisons in the second half of 2025 as the new sales team becomes more efficient [6][32] - Management remains optimistic about growth in the B2B segment and anticipates continued growth year-on-year despite challenges in the DTC channel [54] Other Important Information - The company had cash, cash equivalents, and restricted cash of $122.5 million as of March 31, 2025, with no debt outstanding [17] - UL Medical made a $27 million investment in one of its subsidiaries, acquiring a 9.9% ownership stake in Inogen [9] Q&A Session Summary Question: What is driving the decline in net patients in the rental segment? - Management noted that the increase in private pay patients and capitated patients has impacted revenue and gross margin, but they are seeing signs of stabilization [23][24][25] Question: What actions are being taken to stabilize DTC sales and rental revenues? - Management indicated that they expect to see improved performance in the DTC channel as year-over-year comparisons become more favorable in the second half of 2025 [32][33] Question: How much of the B2B growth is due to share gains versus overall category growth? - Management believes the growth is a mix of gaining new customers and a shift from tanks to portable oxygen concentrators, indicating a share gain versus tanks [39][40] Question: What is the outlook for the second half of the year? - Management expects second half growth rates to be better than the first half, as unfavorable comparisons from the DTC channel will diminish [32][33] Question: How is the company managing operating expenses? - Management stated that they expect lower operating expenses as a percentage of revenue in 2025 compared to 2024, despite some planned expenses slipping into later quarters [58]

Q1 2025 Financial Performance - Total revenue reached $82.3 million, a 5.5% increase year-over-year [4] - Total constant currency revenue was also $82.3 million, representing a 7.1% increase [4] - Net loss was $(6.174) million, an improvement compared to $(14.578) million in the same period last year [5] - Adjusted EBITDA (non-GAAP) was $36 thousand, a significant increase from $(7.642) million in the prior year [7] - Adjusted net loss was $(2.888) million, compared to $(10.422) million in the prior year [9] Revenue Breakdown by Category - Business-to-business domestic sales contributed $21.5 million, a 29.9% increase, representing 26.1% of total revenue [4] - Business-to-business international sales amounted to $32.0 million, a 22.9% increase, accounting for 38.9% of total revenue [4] - Direct-to-consumer domestic sales were $15.0 million, a decrease of 26.8%, making up 18.2% of total revenue [4] - Rental revenue was $13.8 million, a decrease of 7.5%, representing 16.8% of total revenue [4] Operating Expenses - Total operating expenses were $44.028 million, a decrease from $50.645 million in the prior year [5] - Research and development expenses decreased to $4.034 million from $6.578 million [5] - Sales and marketing expenses decreased to $23.757 million from $26.936 million [5] - General and administrative expenses decreased to $16.237 million from $17.131 million [5]

[Inogen First Quarter 2025 Financial Results](index=1&type=section&id=Inogen%20First%20Quarter%202025%20Financial%20Results) [First Quarter 2025 Financial Highlights](index=1&type=section&id=First%20Quarter%202025%20Financial%20Highlights) Inogen reported strong first quarter 2025 results, with a 5.5% increase in total revenue to $82.3 million, driven by higher business-to-business demand, significantly narrowing its GAAP net loss and achieving positive Adjusted EBITDA - The company attributes strong Q1 financial results to improved commercial and operational execution, positioning it for sustainable growth and profitability[3](index=3&type=chunk) Q1 2025 Key Financial Metrics vs. Q1 2024 | Metric | Q1 2025 ($) | Q1 2024 ($) | Change ($) | | :--- | :--- | :--- | :--- | | Total Revenue | $82.3M | $78.0M | +$4.3M | | GAAP Net Loss | ($6.2M) | ($14.6M) | +$8.4M | | Adjusted Net Loss | ($2.9M) | ($10.4M) | +$7.5M | | Adjusted EBITDA | $0.04M | ($7.6M) | +$7.64M | | GAAP Diluted EPS | ($0.25) | ($0.62) | +$0.37 | [Revenue Analysis](index=1&type=section&id=Revenue%20Analysis) Total revenue for Q1 2025 increased by 5.5% (7.1% at constant currency) to $82.3 million, primarily fueled by strong business-to-business channel performance, partially offset by declines in direct-to-consumer sales and rental revenue Q1 2025 Revenue by Category (vs. Q1 2024) | Revenue Category | Q1 2025 ($) | Q1 2024 ($) | Change (%) | Constant Currency Change (%) | | :--- | :--- | :--- | :--- | :--- | | Business-to-business domestic sales | $21.5M | $16.5M | +29.9% | +29.9% | | Business-to-business international sales | $32.0M | $26.0M | +22.9% | +27.9% | | Direct-to-consumer domestic sales | $15.0M | $20.5M | -26.8% | -26.8% | | Direct-to-consumer domestic rentals | $13.8M | $14.9M | -7.5% | -7.5% | | **Total Revenue** | **$82.3M** | **$78.0M** | **+5.5%** | **+7.1%** | [Profitability and Expense Analysis](index=1&type=section&id=Profitability%20and%20Expense%20Analysis) Gross margin saw a slight improvement to 44.2% from 44.1% year-over-year, mainly due to lower warranty expenses, while total operating expenses decreased significantly by 13.1% to $44.0 million, driven by reduced consulting expenses - Total gross margin improved by **15 basis points to 44.2%**, primarily driven by lower warranty expense[4](index=4&type=chunk) - Total operating expense decreased by **13.1%** from **$50.6 million to $44.0 million**, mainly due to lower consulting expenses[4](index=4&type=chunk) [Liquidity](index=1&type=section&id=Liquidity) As of March 31, 2025, Inogen maintained a strong liquidity position with $122.5 million in cash, cash equivalents, and restricted cash, reporting no outstanding debt - The company held **$122.5 million** in cash, cash equivalents, and restricted cash as of March 31, 2025, with no debt outstanding[6](index=6&type=chunk) [Financial Outlook](index=1&type=section&id=Financial%20Outlook) [Full Year 2025 Outlook](index=1&type=section&id=Full%20Year%202025%20Outlook) Inogen reaffirms its full-year 2025 financial guidance, expecting reported revenue between $352 million and $355 million, representing 5% to 6% growth, and anticipates approaching adjusted EBITDA breakeven Full Year 2025 Guidance | Metric | Guidance Range/Target | | :--- | :--- | | Reported Revenue ($) | $352M - $355M | | Year-over-Year Growth | 5% to 6% | | Adjusted EBITDA | Approaching breakeven | [Second Quarter 2025 Outlook](index=2&type=section&id=Second%20Quarter%202025%20Outlook) For the second quarter of 2025, the company projects reported revenue in the range of $89 million to $91 million, reflecting flat to approximately 3% growth compared to the second quarter of 2024 Second Quarter 2025 Guidance | Metric | Guidance Range | | :--- | :--- | | Reported Revenue ($) | $89M - $91M | | Year-over-Year Growth | 0% to ~3% | [Financial Statements](index=4&type=section&id=Financial%20Statements) [Consolidated Statements of Comprehensive Loss](index=4&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Loss) This section provides the unaudited consolidated income statement for the three months ended March 31, 2025, detailing revenue, costs, and operating expenses, showing a net loss of $6.2 million, an improvement from the prior year Q1 2025 Statement of Comprehensive Loss Summary (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenue | $82,280 | $78,025 | | Gross Profit | $36,372 | $34,371 | | Loss from Operations | ($7,656) | ($16,274) | | Net Loss | ($6,174) | ($14,578) | | Comprehensive Loss | ($5,184) | ($15,615) | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheet as of March 31, 2025, shows total assets of $308.4 million and total liabilities of $110.5 million, indicating increased total assets and decreased total liabilities compared to December 31, 2024, resulting in stronger stockholders' equity Balance Sheet Summary (in thousands) | Line Item | March 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Current Assets | $200,708 | $185,451 | | Total Assets | $308,412 | $296,185 | | Total Current Liabilities | $65,451 | $76,686 | | Total Liabilities | $110,460 | $122,325 | | Total Stockholders' Equity | $197,952 | $173,860 | [Condensed Consolidated Cash Flow](index=6&type=section&id=Condensed%20Consolidated%20Cash%20Flow) For the first quarter of 2025, net cash used in operating activities was $16.8 million, net cash used in investing activities was $2.0 million, and net cash provided by financing activities was $24.0 million, primarily from common stock issuance, resulting in a net cash increase of $5.1 million Q1 2025 Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($16,790) | ($4,749) | | Net cash used in investing activities | ($2,038) | ($13,444) | | Net cash provided by financing activities | $23,951 | $285 | | **Net increase (decrease) in cash** | **$5,124** | **($18,048)** | [Supplemental Information and Non-GAAP Reconciliations](index=6&type=section&id=Supplemental%20Information%20and%20Non-GAAP%20Reconciliations) [Supplemental Financial Information](index=6&type=section&id=Supplemental%20Financial%20Information) This section provides a detailed breakdown of revenue by business category and geography, alongside key operational metrics, showing increased units sold but a slight decrease in net rental patients - Units sold increased to **43,000** in Q1 2025 from **33,900** in Q1 2024, while net rental patients decreased from **51,800 to 50,400** over the same period[23](index=23&type=chunk) [Reconciliation of U.S. GAAP to Non-GAAP Financial Measures](index=7&type=section&id=Reconciliation%20of%20U.S.%20GAAP%20to%20Non-GAAP%20Financial%20Measures) This section reconciles GAAP financial results to non-GAAP measures, adjusting the Q1 2025 GAAP net loss of $6.2 million to a positive Adjusted EBITDA of $36,000 and an adjusted net loss of $2.9 million Q1 2025 Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net loss (GAAP) | ($6,174) | ($14,578) | | Non-GAAP adjustments | $6,210 | $6,936 | | **Adjusted EBITDA (non-GAAP)** | **$36** | **($7,642)** | Q1 2025 Reconciliation of GAAP to Non-GAAP Net Loss (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Loss (GAAP) | ($6,174) | ($14,578) | | Total Non-GAAP adjustments | $3,286 | $4,156 | | **Adjusted Net Loss (non-GAAP)** | **($2,888)** | **($10,422)** |