Inogen Nears Profitability, But Delayed Orders Temper 2025 Results

GOLETA, CA – January 12, 2026 – Medical technology firm Inogen, Inc. (Nasdaq: INGN) announced preliminary full-year results for 2025 that paint a picture of a company at a critical inflection point. While celebrating a return to positive Adjusted EBITDA—a key milestone in its ongoing business turnaround—the respiratory care specialist also reported that annual revenue fell slightly short of its own guidance, tempered by the postponement of several large customer orders into the new year.

The company projects its preliminary, unaudited revenue for the full-year 2025 to be approximately $349 million, representing a 4% increase over 2024. Fourth-quarter revenue is estimated at $82 million, a modest 2% year-over-year gain. Despite the softer-than-expected top-line figure, the announcement of achieving positive Adjusted EBITDA for the full year marks a significant financial achievement and a testament to the company's rigorous cost-management efforts.

A Turnaround Tested by Timing

The preliminary results showcase both the progress and the persistent challenges of Inogen’s strategic overhaul. The full-year revenue of $349 million is a step up from the $335.7 million reported in 2024 and $315.7 million in 2023, confirming a trend of steady, if not explosive, growth. However, this figure falls below the company's previously stated 2025 guidance range of $354 million to $357 million.

The shortfall is primarily attributed to a shift in business-to-business (B2B) sales. “While fourth quarter results continued to reflect strong performance in our business-to-business channels, we experienced a shift in the timing of a few large customer orders into the first half of 2026,” said Kevin Smith, President and Chief Executive Officer. He acknowledged that “this delay relative to expectations is disappointing,” but framed it within the context of a broader recovery.

The most significant news is the pivot to profitability on an adjusted basis. After posting a negative Adjusted EBITDA of $37.8 million in 2023 and narrowing that loss to $9.5 million in 2024, achieving positive Adjusted EBITDA in 2025 is a landmark event. It suggests that the company’s focus on financial discipline and operational efficiency, central tenets of its turnaround plan, are bearing fruit. Smith noted that the company’s “full year results continued to make meaningful progress in executing our business turnaround.”

Navigating a Competitive Respiratory Market

Inogen's 4% annual growth occurs within a fiercely competitive and dynamic global respiratory care market. The performance of its rivals provides critical context. Industry leader ResMed, for example, has been posting double-digit growth, reporting a 10% revenue increase in its fiscal year ending June 30, 2025. This highlights the high bar for market share gains.

However, the competitive landscape also presents unique opportunities. Key competitor Philips Respironics continues to grapple with the fallout from a major device recall and is operating under a consent decree with the FDA that restricts U.S. sales of new sleep and respiratory care devices. This regulatory hurdle for a dominant player may create openings for companies like Inogen to capture market share, particularly in the sleep apnea segment.

The underlying market trends remain favorable, driven by an aging global population and a rising prevalence of chronic respiratory conditions like COPD. The ongoing shift toward home-based healthcare, accelerated in recent years, also plays directly to Inogen’s core business of providing portable and stationary oxygen solutions for patients outside of clinical settings.

Forging a Path to Profitability

The positive EBITDA result was not accidental but the product of a deliberate, multi-faceted turnaround strategy initiated under CEO Kevin Smith, who took the helm in late 2023. A key component has been aggressive cost management and a focus on improving margins. This was evident in 2024, when the company’s gross margin surged to 46.1% from 40.1% the prior year, driven by lower material costs and streamlined production.

Inogen has also revamped its commercial strategy. The company is rebuilding its direct-to-consumer (DTC) sales engine and has restructured its prescriber channel by bringing its sales representatives in-house, a move designed to give it greater control and effectiveness. These efforts, combined with a strengthened leadership team and a healthy balance sheet reporting $117.4 million in cash and no debt at the end of 2024, have provided the foundation for this push toward sustainable profitability.

Innovation as a Core Pillar of Growth

Beyond financial restructuring, Inogen is betting on product innovation to fuel future growth and diversify its revenue streams. In his statement, Smith highlighted the expansion of the innovation pipeline as a key achievement of 2025. Two recent launches are central to this strategy: the Voxi 5 stationary oxygen concentrator and the Aurora Masks for sleep apnea.

The Voxi 5, launched in mid-2025, is designed for reliable, continuous-flow oxygen therapy in the home. With features like quiet operation, a compact design, and simple controls, it aims to capture a larger share of the stationary concentrator market, complementing Inogen’s historical strength in portable devices.

Perhaps more strategically significant is the entry into the obstructive sleep apnea market with the Aurora Masks. This move, part of a collaboration with medical device manufacturer Yuwell, positions Inogen to compete in a large and adjacent respiratory category. It diversifies the company’s portfolio and allows it to become a more comprehensive provider for home medical equipment suppliers and patients with respiratory disorders.

As the company moves forward, the market will be watching closely. Investors and analysts will await the full, audited financial results and 2026 guidance, which Inogen plans to discuss during its conference call on February 24, 2026. Key questions will revolve around the company’s ability to convert the delayed B2B orders into recognized revenue in early 2026 and whether the positive profitability trend can be sustained and accelerated.