The combination of improved profitability, positive EBITDA turnaround, strong 2026 guidance, and a significant share repurchase program suggests improving fundamentals. Traders should monitor whether the company can sustain international growth and margin improvements while executing on its innovation pipeline.
Price Chart
Executive Summary
Inogen reported full-year 2025 revenue growth of 3.9% to $348.7 million and significantly improved profitability with a net loss of $22.7 million (down from $35.9 million in 2024) and positive adjusted EBITDA of $2.7 million. The company guided for 6% revenue growth in 2026 and authorized a $30 million share repurchase program.
Key Financial Metrics
Key Facts
- Full-year 2025 revenue was $348.7 million, up 3.9% YoY
- GAAP net loss improved to $22.7 million from $35.9 million in 2024
- Adjusted EBITDA turned positive at $2.7 million in 2025 vs. -$9.5 million in 2024
- 2026 revenue guidance is $366-$373 million (6% growth at midpoint)
- Authorized $30 million share repurchase program
- Cash, cash equivalents, marketable securities, and restricted cash totaled $120.9 million as of December 31, 2025, with no debt
Financial Impact
Revenue growth of 3.9% in 2025 with 6% expected growth in 2026, net loss reduced by $13.2 million year-over-year
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| U.S. sales | $156.5M | -3.1% |
| International sales | $138.8M | +18.4% |
| U.S. rentals | $53.4M | -6.3% |
Risk Factors
- First quarter 2026 revenue expected to be flat due to lower U.S. rentals
- Gross margin declined to 44.2% in 2025 from 46.1% in 2024 due to channel mix
- U.S. sales and U.S. rentals both declined in 2025
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-066968 |
| Document: ingn-20260220.htm | 0001193125-26-066968 |
| Document: ingn-ex99_2.htm | 0001193125-26-066968 |
| Document: 0001193125-26-066968-index-headers.html | 0001193125-26-066968 |
| Document: 0001193125-26-066968-index.html | 0001193125-26-066968 |
| Document: 0001193125-26-066968.txt | 0001193125-26-066968 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 11, 2026 19w ago | 8-K | $6.40 $5.23 | ▼ −18.28% | ▼ −21.55% | $7.13 (+11.41%) |
Apr 6, 2026 29w ago | 8-K | $6.80 $6.60 | ▼ −2.94% | ▼ −16.21% | $7.13 (+4.85%) |
Feb 24, 2026 34w ago | 8-K | $6.01 $6.34 | ▲ +5.49% | ▼ −1.46% | $7.13 (+18.64%) |
US Market Status
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