
Inogen First Quarter 2025 Financial Results First Quarter 2025 Financial Highlights Inogen reported strong first quarter 2025 results, with a 5.5% increase in total revenue to $82.3 million, driven by higher business-to-business demand, significantly narrowing its GAAP net loss and achieving positive Adjusted EBITDA - The company attributes strong Q1 financial results to improved commercial and operational execution, positioning it for sustainable growth and profitability3 Q1 2025 Key Financial Metrics vs. Q1 2024 | Metric | Q1 2025 ($) | 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 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 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 expense4 - Total operating expense decreased by 13.1% from $50.6 million to $44.0 million, mainly due to lower consulting expenses4 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 outstanding6 Financial Outlook Full Year 2025 Outlook 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 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 Consolidated Statements of Comprehensive Loss 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 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 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 Supplemental Financial Information 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 period23 Reconciliation of U.S. GAAP to Non-GAAP Financial Measures 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) |