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Inogen Stock Dips Despite Q3 Earnings Beat, Revenues Up Y/Y
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Key Takeaways
INGN reported a Q3 adjusted loss of 2 cents, improving from last year and topping estimates.
INGN's revenue rose 4% to $92.4M, driven by stronger domestic and international B2B demand.
INGN saw declines in direct-to-consumer and rental sales, weighing on overall performance.
Inogen, Inc. (INGN - Free Report) incurred an adjusted loss per share of 2 cents for third-quarter 2025, which was narrower than the adjusted loss per share of 11 cents in the year-ago period and the Zacks Consensus Estimate of a loss of 22 cents per share.
GAAP loss per share for the quarter was 20 cents, narrower than the year-earlier loss of 25cents.
INGN’s Revenues in Detail
Inogen registered revenues of $92.4 million for the third quarter, up 4% year over year. However, the figure missed the Zacks Consensus Estimate by 0.1%.
At the constant exchange rate (CER), total revenues for the reported quarter increased 2.7% year over year.
Per management, the year-over-year uptick in the top line was primarily driven by continued higher demand from international and domestic business-to-business customers. However, this increase was partially offset by lower direct-to-consumer and rental revenue.
Shares of this company lost nearly 8.3% in yesterday’s trading. The company’s shares have plunged 19.4% in the year-to-date period compared with the industry’s flat growth. The broader S&P 500 Index has increased 16.7% in the same time frame.
Image Source: Zacks Investment Research
Inogen’s Segmental Details
Inogen derives revenues from two sources — rental and sales.
Rental revenues for the reported quarter grossed $13.3 million, down 4.4% from the year-ago period both on a reported basis and at CER. Per management, the decrease resulted from continued lower average billing rates due to the mixed shift to private payers.
Sales revenues were $79.1 million, up 5.6% from the prior-year quarter.
INGN’s Revenues by Region & Category
Domestic business-to-business sales for third-quarter 2025 amounted to $24.9 million, up 6.6% on a year-over-year basis. Per management, this was driven by increased demand from new customers and resellers.
International business-to-business sales for the reported quarter amounted to $38.4 million, up 18.8% year over year on a reported basis and up 15.3%at CER. Per management, this was driven by an increase in demand from new and existing customers.
Domestic direct-to-consumer sales decreased 17.9% year over year to $15.8 million for the quarter.
Inogen’s Margins
In the quarter under review, Inogen’s adjusted gross profit declined 0.7% from the year-ago period to $44.3 million. The adjusted gross margin contracted 230 basis points to 47.9%.
Sales and marketing expenses decreased 3.5% from the year-ago quarter to $25.4 million. Research and development expenses increased 37.6% year over year to $4.8 million, while general and administrative expenses decreased 5.7% year over year to $18.2 million. Adjusted operating expenses of $43.6 million declined 4.8% year over year.
Adjusted operating loss totaled $2.3 million compared with the prior-year quarter’s $4.4 million.
Inogen exited the third quarter of 2025 with cash and cash equivalents of $106.5 million compared with $103.7 million at the end of the second quarter of 2025.
The company ended the quarter with no debt on its balance sheet.
Cumulative net cash used in operating activities at the end of third-quarter 2025 was $10.3 million against the net cash provided by operating activities of $8.9 million a year ago.
Inogen’s Guidance
Inogen has provided its revenue outlook for the fourth quarter and 2025.
For the fourth quarter of 2025, Inogen expects revenues in the range of $87 million-$90 million (reflecting growth of approximately 10% at the midpoint of the range from the comparable fourth-quarter 2024 revenues). The Zacks Consensus Estimate is currently pegged at $89.4 million.
For 2025, Inogen has reiterated revenues in the range of $354 million-$357 million (reflecting approximately 6% growth at the midpoint of the range from the comparable 2024 revenues). The Zacks Consensus Estimate is currently pegged at $356.5 million.
Our Take
Inogen exited the third quarter of 2025 with a narrower-than-expected loss per share and better-than-expected revenues. Solid year-over-year top-line and bottom-line performances were encouraging. The robust year-over-year uptick in domestic and international business-to-business sales was impressive. The lowering of the adjusted operating expenses also bodes well.
During the quarter, Inogen advanced its innovation roadmap with the commercial launch of the Voxi 5, a new stationary oxygen concentrator developed in partnership with UL Medical. The company highlighted strong early market reception, particularly within its B2B channel, where it previously lacked a stationary solution, marking a meaningful expansion of its respiratory care portfolio. Voxi 5 delivers 1–5 liters per minute of continuous flow oxygen in a compact, quiet design, enabling Inogen to serve home-care patients better and strengthen DME partner relationships.
In parallel, Inogen initiated a limited U.S. market release of Simeox, its bronchial-decongestion solution, as it builds prescriber familiarity and clinical support ahead of broader commercialization. Clinical trials in Europe and China are also underway to advance reimbursement and registration pathways, positioning Simeox as a differentiated future growth driver across global respiratory care markets.
Yet, a decline in domestic direct-to-consumer salesand rentalrevenues was concerning. Inogen continued to incur operating losses in the third quarter, which did not bode well.
INGN’s Zacks Rank and Key Picks
Inogen currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space that have announced quarterly results are Boston Scientific Corporation (BSX - Free Report) , West Pharmaceutical Services, Inc. (WST - Free Report) and Exact Sciences Corporation (EXAS - Free Report) .
Boston Scientific, carrying a Zacks Rank of 2 (Buy), reported third-quarter 2025 adjusted EPS of 75 cents, beating the Zacks Consensus Estimate by 5.6%. Revenues of $5.07 billion outpaced the consensus mark by 1.9%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Boston Scientific has a long-term estimated growth rate of 16.4%. BSX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 7.4%.
West Pharmaceutical reported third-quarter 2025 adjusted EPS of $1.96, beating the Zacks Consensus Estimate by 17.4%. Revenues of $804.6 million surpassed the Zacks Consensus Estimate by 2.4%. It currently carries a Zacks Rank #2.
West Pharmaceutical has a long-term estimated growth rate of 9.8%. WST’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 15.5%.
Exact Sciences reported third-quarter 2025 adjusted EPS of 24 cents, beating the Zacks Consensus Estimate by 84.6%. Revenues of $850.7 million surpassed the Zacks Consensus Estimate by 4.9%. It currently sports a Zacks Rank #1.
Exact Sciences has a long-term estimated growth rate of 30.1%. EXAS’ earnings surpassed estimates in each of the trailing four quarters, the average surprise being 352.3%.
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Inogen Stock Dips Despite Q3 Earnings Beat, Revenues Up Y/Y
Key Takeaways
Inogen, Inc. (INGN - Free Report) incurred an adjusted loss per share of 2 cents for third-quarter 2025, which was narrower than the adjusted loss per share of 11 cents in the year-ago period and the Zacks Consensus Estimate of a loss of 22 cents per share.
GAAP loss per share for the quarter was 20 cents, narrower than the year-earlier loss of 25cents.
INGN’s Revenues in Detail
Inogen registered revenues of $92.4 million for the third quarter, up 4% year over year. However, the figure missed the Zacks Consensus Estimate by 0.1%.
At the constant exchange rate (CER), total revenues for the reported quarter increased 2.7% year over year.
Per management, the year-over-year uptick in the top line was primarily driven by continued higher demand from international and domestic business-to-business customers. However, this increase was partially offset by lower direct-to-consumer and rental revenue.
Shares of this company lost nearly 8.3% in yesterday’s trading. The company’s shares have plunged 19.4% in the year-to-date period compared with the industry’s flat growth. The broader S&P 500 Index has increased 16.7% in the same time frame.
Image Source: Zacks Investment Research
Inogen’s Segmental Details
Inogen derives revenues from two sources — rental and sales.
Rental revenues for the reported quarter grossed $13.3 million, down 4.4% from the year-ago period both on a reported basis and at CER. Per management, the decrease resulted from continued lower average billing rates due to the mixed shift to private payers.
Sales revenues were $79.1 million, up 5.6% from the prior-year quarter.
INGN’s Revenues by Region & Category
Domestic business-to-business sales for third-quarter 2025 amounted to $24.9 million, up 6.6% on a year-over-year basis. Per management, this was driven by increased demand from new customers and resellers.
International business-to-business sales for the reported quarter amounted to $38.4 million, up 18.8% year over year on a reported basis and up 15.3%at CER. Per management, this was driven by an increase in demand from new and existing customers.
Domestic direct-to-consumer sales decreased 17.9% year over year to $15.8 million for the quarter.
Inogen’s Margins
In the quarter under review, Inogen’s adjusted gross profit declined 0.7% from the year-ago period to $44.3 million. The adjusted gross margin contracted 230 basis points to 47.9%.
Sales and marketing expenses decreased 3.5% from the year-ago quarter to $25.4 million. Research and development expenses increased 37.6% year over year to $4.8 million, while general and administrative expenses decreased 5.7% year over year to $18.2 million. Adjusted operating expenses of $43.6 million declined 4.8% year over year.
Adjusted operating loss totaled $2.3 million compared with the prior-year quarter’s $4.4 million.
Inogen, Inc Price, Consensus and EPS Surprise
Inogen, Inc price-consensus-eps-surprise-chart | Inogen, Inc Quote
INGN’s Financial Position
Inogen exited the third quarter of 2025 with cash and cash equivalents of $106.5 million compared with $103.7 million at the end of the second quarter of 2025.
The company ended the quarter with no debt on its balance sheet.
Cumulative net cash used in operating activities at the end of third-quarter 2025 was $10.3 million against the net cash provided by operating activities of $8.9 million a year ago.
Inogen’s Guidance
Inogen has provided its revenue outlook for the fourth quarter and 2025.
For the fourth quarter of 2025, Inogen expects revenues in the range of $87 million-$90 million (reflecting growth of approximately 10% at the midpoint of the range from the comparable fourth-quarter 2024 revenues). The Zacks Consensus Estimate is currently pegged at $89.4 million.
For 2025, Inogen has reiterated revenues in the range of $354 million-$357 million (reflecting approximately 6% growth at the midpoint of the range from the comparable 2024 revenues). The Zacks Consensus Estimate is currently pegged at $356.5 million.
Our Take
Inogen exited the third quarter of 2025 with a narrower-than-expected loss per share and better-than-expected revenues. Solid year-over-year top-line and bottom-line performances were encouraging. The robust year-over-year uptick in domestic and international business-to-business sales was impressive. The lowering of the adjusted operating expenses also bodes well.
During the quarter, Inogen advanced its innovation roadmap with the commercial launch of the Voxi 5, a new stationary oxygen concentrator developed in partnership with UL Medical. The company highlighted strong early market reception, particularly within its B2B channel, where it previously lacked a stationary solution, marking a meaningful expansion of its respiratory care portfolio. Voxi 5 delivers 1–5 liters per minute of continuous flow oxygen in a compact, quiet design, enabling Inogen to serve home-care patients better and strengthen DME partner relationships.
In parallel, Inogen initiated a limited U.S. market release of Simeox, its bronchial-decongestion solution, as it builds prescriber familiarity and clinical support ahead of broader commercialization. Clinical trials in Europe and China are also underway to advance reimbursement and registration pathways, positioning Simeox as a differentiated future growth driver across global respiratory care markets.
Yet, a decline in domestic direct-to-consumer salesand rentalrevenues was concerning. Inogen continued to incur operating losses in the third quarter, which did not bode well.
INGN’s Zacks Rank and Key Picks
Inogen currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space that have announced quarterly results are Boston Scientific Corporation (BSX - Free Report) , West Pharmaceutical Services, Inc. (WST - Free Report) and Exact Sciences Corporation (EXAS - Free Report) .
Boston Scientific, carrying a Zacks Rank of 2 (Buy), reported third-quarter 2025 adjusted EPS of 75 cents, beating the Zacks Consensus Estimate by 5.6%. Revenues of $5.07 billion outpaced the consensus mark by 1.9%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Boston Scientific has a long-term estimated growth rate of 16.4%. BSX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 7.4%.
West Pharmaceutical reported third-quarter 2025 adjusted EPS of $1.96, beating the Zacks Consensus Estimate by 17.4%. Revenues of $804.6 million surpassed the Zacks Consensus Estimate by 2.4%. It currently carries a Zacks Rank #2.
West Pharmaceutical has a long-term estimated growth rate of 9.8%. WST’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 15.5%.
Exact Sciences reported third-quarter 2025 adjusted EPS of 24 cents, beating the Zacks Consensus Estimate by 84.6%. Revenues of $850.7 million surpassed the Zacks Consensus Estimate by 4.9%. It currently sports a Zacks Rank #1.
Exact Sciences has a long-term estimated growth rate of 30.1%. EXAS’ earnings surpassed estimates in each of the trailing four quarters, the average surprise being 352.3%.