Inogen Announces Fourth Quarter and Full Year 2024 Financial Results

Rhea-AI Summary

Inogen (NASDAQ: INGN) reported strong financial results for Q4 and full year 2024. Q4 revenue increased 5.5% to $80.1 million, while full-year revenue grew 6.4% to $335.7 million, driven by higher international and domestic B2B sales.

Q4 gross margin improved to 45.3% from 37.1% in 2023, with operating loss narrowing to $11.4 million from $29.0 million. Full-year operating loss improved to $42.5 million from $109.4 million in 2023. The company ended 2024 with $117.4 million in cash and no debt.

For 2025, Inogen projects Q1 revenue of $79-81 million (1-4% growth) and full-year revenue of $352-355 million (5-6% growth). The company recently announced a strategic collaboration with Yuwell, including a $27.2 million equity investment giving Yuwell a 9.9% stake.

Positive

• Revenue growth: Q4 up 5.5%, full-year up 6.4%
• Gross margin improved to 45.3% from 37.1% YoY
• Operating loss reduced by 61% in Q4
• Strategic investment from Yuwell worth $27.2M
• Strong cash position of $117.4M with no debt

Negative

• Still operating at a loss: -$11.4M in Q4
• Full-year net loss of $35.9M
• Lower direct-to-consumer sales and rental revenue
• Modest growth outlook for 2025 (5-6%)
• Expected gross margin decline in 2025 to 43-45%

Insights

Financial Analyst

Inogen's Q4 and full-year 2024 results showcase meaningful progress in the company's turnaround strategy, with revenue growth of 5.5% for Q4 and 6.4% for the full year. What's particularly notable is the significant channel shift driving this growth – strong performance in business-to-business channels both domestically and internationally, while direct-to-consumer sales and rental revenue declined.

The gross margin improvement is remarkable – increasing to 45.3% in Q4 from 37.1% in the prior year's quarter, and to 46.1% for the full year from 40.1%. This 800+ basis point improvement stems from both lower material costs and operational efficiencies, suggesting structural improvements rather than temporary gains. However, investors should note the 2025 gross margin guidance of 43-45% indicates some potential compression, likely due to the introduction of new products and channel mix shifts.

While Inogen remains unprofitable, the trajectory of improvement is substantial. Operating losses narrowed by 61% in Q4 and 61% for the full year. Similarly, adjusted EBITDA losses improved by 79% in Q4 and 75% for the full year. This accelerating pace of improvement suggests the company could approach breakeven sooner than previously expected.

The $117.4 million cash position (pre-Yuwell investment) provides significant runway. With an annual cash burn of approximately $25-30 million based on recent quarterly trends and improving EBITDA, Inogen appears well-capitalized for its transition to profitability, even before considering the additional $27.2 million from Yuwell.

The strategic collaboration with Yuwell represents more than just capital – it provides Inogen access to Yuwell's manufacturing capabilities, supply chain efficiencies, and distribution network in Asia. This partnership could significantly expand Inogen's global footprint, particularly in the rapidly growing Chinese respiratory care market. However, investors should monitor potential integration challenges and execution risks associated with this partnership.

The planned U.S. introduction of Simeox, a secretion clearance device for patients with chronic respiratory conditions, represents an important product portfolio expansion beyond Inogen's core oxygen concentrator business. This diversification could reduce reliance on a single product category and expand addressable market opportunities.

The 2025 guidance of 5-6% revenue growth appears conservative given the 6.4% growth achieved in 2024 and the additional growth drivers from new products and the Yuwell partnership. This suggests management is taking a prudent approach to forecasting while the company continues its transition.

In summary, Inogen's results demonstrate meaningful progress in its turnaround strategy, with significant margin improvements, narrowing losses, and strategic initiatives positioned to drive future growth. The company's strong balance sheet provides ample runway to execute its strategy toward sustainable profitability.

Healthcare Industry Specialist

Inogen's Q4 and full-year 2024 results demonstrate a significant turnaround in the respiratory care space, with the company strategically repositioning itself for sustainable growth. The 6.4% annual revenue growth to $335.7 million reflects successful execution amid challenging market dynamics in the respiratory device sector.

The channel shift toward business-to-business sales represents a strategic pivot that aligns with broader healthcare delivery trends. As respiratory care increasingly moves toward integrated care models managed by larger healthcare systems and DME providers, Inogen's B2B focus positions it to benefit from these industry consolidation trends. This shift also likely improves operational efficiency by reducing the high customer acquisition costs typically associated with direct-to-consumer marketing of medical devices.

The pending U.S. introduction of Simeox represents a significant clinical and strategic expansion. Unlike Inogen's oxygen concentrators that deliver supplemental oxygen, Simeox is a non-invasive airway clearance technology that uses a unique acoustic vibration mechanism to mobilize mucus in patients with conditions like bronchiectasis, COPD, and cystic fibrosis. This expansion beyond oxygen therapy into airway clearance diversifies Inogen's clinical offerings and expands its addressable market by approximately $1 billion in the U.S. alone. The technology has already received CE Mark approval in Europe, suggesting a lower regulatory hurdle for U.S. introduction.

The Yuwell collaboration brings multiple strategic advantages beyond the $27.2 million capital infusion. Yuwell is China's largest respiratory and oxygen therapy equipment manufacturer with extensive manufacturing capabilities, supply chain efficiencies, and distribution networks across Asia. This partnership could significantly reduce Inogen's manufacturing costs while providing access to the rapidly growing Asian respiratory care market, where COPD prevalence continues to rise due to aging populations and environmental factors.

The substantial gross margin improvement to 46.1% for 2024 demonstrates successful operational restructuring, though the projected 43-45% margin for 2025 suggests some near-term investment in new product launches. This temporary compression is typical during expansion phases in medical device companies and should be viewed as investment rather than deterioration.

From a competitive standpoint, these developments strengthen Inogen's position against major players like Philips Respironics (still recovering from recall issues), ResMed, and Drive DeVilbiss. The diversification beyond oxygen therapy is particularly important as competitive pressures and reimbursement challenges continue to impact the portable oxygen concentrator market.

The improving financial metrics, particularly the 75% reduction in adjusted EBITDA losses year-over-year, suggest Inogen is approaching an inflection point toward profitability. The current cash position of $117.4 million plus the Yuwell investment provides sufficient runway to complete this transition while investing in product expansion.

Looking ahead, Inogen's growth trajectory will likely be influenced by several factors: successful Simeox commercialization, effective integration of Yuwell partnership benefits, Medicare reimbursement policies (particularly as the competitive bidding program evolves), and the company's ability to maintain its technological edge in an increasingly competitive respiratory care market. The conservative 5-6% growth guidance for 2025 suggests management is prioritizing sustainable, profitable growth over aggressive expansion.

• Results Reflect Strong Fourth Quarter 2024 Revenue Growth of 5.5%; Full-Year Revenue Growth of 6.4%
• Company Provides 2025 Growth Outlook
• Recently Announced Strategic Collaboration with Yuwell to Expand Product Portfolio, Global Reach

GOLETA, Calif.--(BUSINESS WIRE)-- Inogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced financial results for the quarter and the full year ended December 31, 2024.

“2024 was a stellar year for Inogen. With our new leadership team in place, we returned the Company to growth, achieved significant milestones, and made meaningful steps towards profitability,” said Kevin Smith, President and Chief Executive Officer. “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.”

Fourth Quarter 2024 Financial Results

Total revenue in the fourth quarter of 2024 increased 5.5% to $80.1 million from $75.9 million in the fourth quarter of 2023, primarily driven by higher demand and new customers in international and domestic business-to-business sales. This performance was partially offset by lower direct-to-consumer sales and lower rental revenue as a result of the Company’s initiatives to enhance overall profitability.

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 $29.0 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.

GAAP net loss for the fourth quarter of 2024 was $9.8 million compared to $26.6 million in the fourth quarter of 2023. Adjusted net loss for the fourth quarter of 2024 was $5.8 million, an improvement from adjusted net loss of $19.4 million in the fourth quarter of 2023.

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.

Cash, cash equivalents, and restricted cash were $117.4 million as of December 31, 2024, with no debt outstanding.

Full Year 2024 Financial Results

Total revenue in the full year 2024 increased 6.4% to $335.7 million from $315.7 million in 2023, 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 rental revenue.

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.

GAAP net loss for the full year 2024 was $35.9 million compared to GAAP net loss of $102.4 million for the full year 2023. Adjusted net loss for the full year 2024 was $20.4 million, an improvement from adjusted net loss of $48.3 million in the full year 2023.

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

Reconciliations of adjusted EBITDA and adjusted net loss for the three and twelve months ended December 31, 2024 and 2023 are provided in the financial schedules that are a part of this press release. An explanation of these non-GAAP financial measures is also included below under the heading “Reconciliation of U.S. GAAP to Non-GAAP Financial Measures.”

First Quarter and Full Year 2025 Financial Outlook

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, Inogen 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.

Yuwell Collaboration and Closing of Related Equity Investment

As previously announced, in January 2025, the Company entered into a strategic collaboration with Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. (“Yuwell”). In connection with the strategic collaboration, the Company entered into a Securities Purchase Agreement with Yuwell (Hong Kong) Holdings Limited, a wholly-owned subsidiary of Yuwell, pursuant to which the subsidiary agreed to purchase 2,626,425 shares of the Company’s common stock, par value $0.001 per share, for an aggregate purchase price of approximately $27.2 million. The equity investment closed on February 21, 2025. Following the closing of the equity investment, Yuwell holds approximately 9.9% of the Company’s outstanding common stock.

Quarterly Conference Call Information

On Tuesday, February 25, 2025, the Company will host a conference call at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time.

Individuals interested in listening to the conference call may do so by dialing:

US domestic callers (877) 841-3961
Non-US callers (201) 689-8589

Please reference Inogen to join the call. A live audio webcast and archived recording of the conference call will be available to all interested parties through the News / Events page on the Inogen Investor Relations website. This webcast will also be archived on the website for 6 months.

A replay of the call will be available approximately three hours after the live webcast ends and will be accessible through March 4, 2025. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Conference ID: 13750589.

Inogen has used, and intends to continue to use, its Investor Relations website, http://investor.inogen.com/, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

About Inogen

Inogen, Inc. (Nasdaq: INGN) is a leading global medical technology company offering innovative respiratory products for use in the homecare setting. Inogen supports patient respiratory care by developing, manufacturing, and marketing innovative best-in-class respiratory therapy devices used to deliver care to patients suffering from chronic respiratory conditions. Inogen partners with patients, prescribers, home medical equipment providers, and distributors to make its respiratory therapy products widely available, allowing patients the chance to manage the impact of their disease.

For more information, please visit www.inogen.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this communication that are not historical facts, including, but not limited to, statements regarding Inogen’s future business plans, market opportunities, financial outlook, growth strategies, and anticipated operational results, are forward-looking statements. Words such as “aims,” “believes,” “anticipates,” “plans,” “expects,” “will,” “intends,” “potential,” “possible,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including but not limited to, risks and uncertainties relating to the potential benefits of Inogen’s collaboration with Yuwell; market acceptance of its products; competition; its sales, marketing and distribution capabilities; its planned sales, marketing, and research and development activities; and risks associated with international operations. For a detailed discussion of these and other risks that could impact Inogen’s operations and financial performance, please refer to the “Risk Factors” section of its Annual Report on Form 10-K for the period ended December 31, 2023, its Quarterly Reports on Form 10-Q for the calendar quarters ended March 31, 2024, June 30, 2024, and September 30, 2024 and in its other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Inogen disclaims any obligation to update these forward-looking statements except as may be required by law.

Non-GAAP Financial Measures

Inogen has presented certain financial information in accordance with U.S. GAAP and also on a non-GAAP basis for the three and twelve months ended December 31, 2024, and December 31, 2023. Management believes that non-GAAP financial measures, taken in conjunction with U.S. GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of Inogen’s core operating results. Management uses non-GAAP measures to compare Inogen’s performance relative to forecasts and strategic plans, to benchmark Inogen’s performance externally against competitors, and for certain compensation decisions. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Inogen's operating results as reported under U.S. GAAP. Inogen encourages investors to carefully consider its results under U.S. GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between U.S. GAAP and non-GAAP results are presented in the accompanying tables of this release.

Consolidated Statements of Comprehensive Loss (unaudited) (amounts in thousands, except share and per share amounts)
		Three months ended								Twelve months ended
		December 31,								December 31,
		2024				2023				2024				2023
Revenue
Sales revenue		$	66,307			$	59,404			$	278,756			$	251,607
Rental revenue			13,774				16,492				56,949				64,053
Total revenue			80,081				75,896				335,705				315,660
Cost of revenue
Cost of sales revenue			35,499				39,936				148,655				158,636
Cost of rental revenue, including depreciation of $3,038 and $3,213 for the three months ended and $12,592 and $12,893 for the twelve months ended, respectively			8,293				7,802				32,309				30,325
Total cost of revenue			43,792				47,738				180,964				188,961
Gross profit			36,289				28,158				154,741				126,699
Operating expense
Research and development			5,898				6,714				21,610				20,840
Sales and marketing			24,155				25,653				103,069				107,091
General and administrative			17,622				24,773				72,578				75,260
Impairment charges			—				—				—				32,894
Total operating expense			47,675				57,140				197,257				236,085
Loss from operations			(11,386	)			(28,982	)			(42,516	)			(109,386	)
Other income (expense)
Interest income, net			1,413				1,602				5,190				6,574
Other income (expense)			(114	)			292				850				468
Total other income, net			1,299				1,894				6,040				7,042
Loss before provision (benefit) for income taxes			(10,087	)			(27,088	)			(36,476	)			(102,344	)
Provision (benefit) for income taxes			(330	)			(533	)			(588	)			105
Net loss			(9,757	)			(26,555	)			(35,888	)			(102,449	)
Other comprehensive income (loss), net of tax
Change in foreign currency translation adjustment			(2,923	)			1,933				(2,590	)			1,358
Change in net unrealized losses on foreign currency hedging			(324	)			(78	)			(324	)			—
Less: reclassification adjustment for net gains included in net loss			324				25				324				—
Total net change in unrealized losses on foreign currency hedging			—				(53	)			—				—
Change in net unrealized gains (losses) on marketable securities			(297	)			(72	)			(136	)			110
Total other comprehensive income (loss), net of tax			(3,220	)			1,808				(2,726	)			1,468
Comprehensive loss		$	(12,977	)		$	(24,747	)		$	(38,614	)		$	(100,981	)
Basic net loss per share attributable to common stockholders (1)		$	(0.41	)		$	(1.14	)		$	(1.52	)		$	(4.42	)
Diluted net loss per share attributable to common stockholders (1) (2)		$	(0.41	)		$	(1.14	)		$	(1.52	)		$	(4.42	)
Weighted-average number of shares used in calculating net loss per share attributable to common stockholders:
Basic shares of common stock			23,846,666				23,313,495				23,654,395				23,176,098
Diluted shares of common stock			23,846,666				23,313,495				23,654,395				23,176,098

(1)		Reconciliations of net loss attributable to common stockholders basic and diluted can be found in Inogen’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 to be filed with the Securities and Exchange Commission.
(2)		Due to a net loss for the three and twelve months ended December 31, 2024 and December 31, 2023, diluted loss per share is the same as basic.

Consolidated Balance Sheets (unaudited) (amounts in thousands, except share and per share amounts)
		December 31,				December 31,
		2024				2023
Assets
Current assets
Cash and cash equivalents		$	113,795			$	125,492
Marketable securities			—				2,979
Restricted cash			3,620				—
Accounts receivable, net			29,563				42,241
Inventories, net			24,812				21,840
Income tax receivable			538				669
Prepaid expenses and other current assets			13,123				13,846
Total current assets			185,451				207,067
Property and equipment, net			44,400				50,316
Goodwill			9,465				10,057
Intangible assets, net			30,493				34,591
Operating lease right-of-use asset			18,295				20,338
Other assets			8,081				3,825
Total assets		$	296,185			$	326,194
Liabilities and stockholders' equity
Current liabilities
Accounts payable and accrued expenses		$	27,153			$	30,142
Accrued payroll			17,189				11,066
Warranty reserve - current			9,736				9,628
Operating lease liability - current			2,812				3,653
Earnout liability			13,000				10,000
Deferred revenue - current			6,654				7,980
Income tax payable			142				27
Total current liabilities			76,686				72,496
Long-term liabilities
Warranty reserve - noncurrent			16,350				13,850
Operating lease liability - noncurrent			16,594				18,270
Deferred revenue - noncurrent			5,747				8,227
Deferred tax liability			6,948				8,539
Total liabilities			122,325				121,382
Stockholders' equity
Common stock			24				23
Additional paid-in capital			328,174				320,513
Accumulated deficit			(152,837	)			(116,949	)
Accumulated other comprehensive income (loss)			(1,501	)			1,225
Total stockholders' equity			173,860				204,812
Total liabilities and stockholders' equity		$	296,185			$	326,194

Condensed Consolidated Cash Flow (unaudited) (amounts in thousands)
		Years Ended December 31,
		2024				2023
Cash flows from operating activities
Net loss		$	(35,888	)		$	(102,449	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization			21,004				18,152
Loss on rental units and other assets			4,535				4,508
Gain on sale of former rental assets			(165	)			(84	)
Provision for sales revenue returns and doubtful accounts			10,890				10,730
Provision for inventory losses			233				2,691
Loss on purchase commitments			448				2,057
Stock-based compensation expense			7,397				7,427
Deferred income taxes			(1,150	)			(251	)
Change in fair value of earnout liability			3,000				6,822
Impairment charges			—				32,894
Changes in operating assets and liabilities			(4,390	)			14,269
Net cash provided by (used in) operating activities			5,914				(3,234	)
Cash flows from investing activities
Purchases of available-for-sale securities			(32,657	)			(26,869	)
Maturities of available-for-sale securities			35,500				24,000
Investment in intangible assets			(2,090	)			(494	)
Investment in property and equipment			(3,360	)			(5,218	)
Production and purchase of rental equipment			(11,643	)			(21,299	)
Proceeds from sale of former assets			275				198
Acquisition of business, net of cash acquired			—				(29,633	)
Net cash used in investing activities			(13,975	)			(59,315	)
Cash flows from financing activities
Proceeds from stock options exercised			—				384
Proceeds from employee stock purchases			811				1,094
Payment of employment taxes related to release of restricted stock			(546	)			(518	)
Net cash provided by financing activities			265				960
Effect of exchange rates on cash			(281	)			67
Net decrease in cash, cash equivalents and restricted cash		$	(8,077	)		$	(61,522	)

Supplemental Financial Information (unaudited) (in thousands, except units and patients)
	Three months ended December 31,						Change 2024 vs. 2023								Constant Currency Change
Revenue by region and category	2024			2023			$				%				%
Business-to-business domestic sales	$	22,397		$	18,051		$	4,346				24.1	%			24.1	%
Business-to-business international sales		28,313			21,524			6,789				31.5	%			28.2	%
Direct-to-consumer domestic sales		15,597			19,829			(4,232	)			-21.3	%			-21.3	%
Direct-to-consumer domestic rentals		13,774			16,492			(2,718	)			-16.5	%			-16.5	%
Total revenue	$	80,081			75,896			4,185				5.5	%			4.6	%
Additional financial measures
Units Sold		38,400			34,100
Net rental patients as of period-end		51,000			51,900
	Twelve months ended December 31,						Change 2024 vs. 2023								Constant Currency Change
Revenue by region and category	2024			2023			$				%				%
Business-to-business domestic sales	$	83,555		$	66,196		$	17,359				26.2	%			26.2	%
Business-to-business international sales		117,207			89,401			27,806				31.1	%			30.2	%
Direct-to-consumer domestic sales		77,994			96,010			(18,016	)			-18.8	%			-18.8	%
Direct-to-consumer domestic rentals		56,949			64,053			(7,104	)			-11.1	%			-11.1	%
Total revenue	$	335,705			315,660			20,045				6.4	%			6.1	%
Additional financial measures
Units Sold		157,500			130,500
Net rental patients as of period-end		51,000			51,900

Reconciliation of U.S. GAAP to Non-GAAP Financial Measures (unaudited) (in thousands)
		Three months ended								Twelve months ended
		December 31,								December 31,
Non-GAAP EBITDA and Adjusted EBITDA		2024				2023				2024				2023
Net loss (GAAP)		$	(9,757	)		$	(26,555	)		$	(35,888	)		$	(102,449	)
Non-GAAP adjustments:
Interest income, net			(1,413	)			(1,602	)			(5,190	)			(6,574	)
Provision (benefit) for income taxes			(330	)			(533	)			(588	)			105
Depreciation and amortization			5,080				5,144				21,004				18,152
EBITDA (non-GAAP)			(6,420	)			(23,546	)			(20,662	)			(90,766	)
Stock-based compensation			1,693				(1,057	)			7,397				7,427
Acquisition-related expenses			—				432				784				2,413
Restructuring-related and other charges			—				—				—				3,426
Impairment charges			—				—				—				32,894
Change in fair value of earnout liability			1,170				6,822				3,000				6,822
Adjusted EBITDA (non-GAAP)		$	(3,557	)		$	(17,349	)		$	(9,481	)		$	(37,784	)

		Three months ended December 31,
		Net Loss								Diluted EPS
Non-GAAP Adjusted Net Loss and Diluted EPS		2024				2023				2024				2023
Financial Results (GAAP)		$	(9,757	)		$	(26,555	)		$	(0.41	)		$	(1.14	)
Non-GAAP adjustments:
Amortization of intangibles			1,103				918
Stock-based compensation			1,693				(1,057	)
Acquisition-related expenses			—				432
Change in fair value of earnout liability			1,170				6,822
Adjusted		$	(5,791	)		$	(19,440	)		$	(0.24	)		$	(0.83	)
		Twelve months ended December 31,
		Net Loss								Diluted EPS
Non-GAAP Adjusted Net Loss and Diluted EPS		2024				2023				2024				2023
Financial Results (GAAP)		$	(35,888	)		$	(102,449	)		$	(1.52	)		$	(4.42	)
Non-GAAP adjustments:
Amortization of intangibles			4,330				1,202
Stock-based compensation			7,397				7,427
Acquisition-related expenses			784				2,413
Restructuring-related and other charges (1)			—				3,426
Impairment charges			—				32,894
Change in fair value of earnout liability			3,000				6,822
Adjusted		$	(20,377	)		$	(48,265	)		$	(0.86	)		$	(2.08	)

(1)

Charges represent the costs associated with workforce reductions and other restructuring-related activities.

 

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ir@inogen.net

Source: Inogen, Inc.

FAQ

What was Inogen's (INGN) revenue growth in Q4 2024?

Inogen's Q4 2024 revenue grew 5.5% to $80.1 million compared to $75.9 million in Q4 2023.

How much did Inogen's (INGN) gross margin improve in Q4 2024?

Gross margin improved to 45.3% in Q4 2024 from 37.1% in Q4 2023, driven by lower raw material costs and operational efficiencies.

What is Inogen's (INGN) revenue guidance for full-year 2025?

Inogen expects full-year 2025 revenue between $352-355 million, representing 5-6% growth compared to 2024.

How much did Yuwell invest in Inogen (INGN) and what stake did they acquire?

Yuwell invested $27.2 million to purchase 2,626,425 shares, acquiring a 9.9% stake in Inogen.

What was Inogen's (INGN) cash position at the end of 2024?

Inogen had $117.4 million in cash, cash equivalents, and restricted cash with no debt outstanding as of December 31, 2024.