Inogen reported fourth‑quarter revenue of $82 million, a 2% year‑over‑year increase from $80.1 million in Q4 2024. The figure falls short of the company’s previously guided range of $87 million to $90 million, a shortfall attributed to a shift of several large customer orders into the first half of 2026. The modest growth pace reflects a deceleration from the 5.5% Q4 2024 revenue rise and signals a more cautious demand environment for the company’s core oxygen concentrator products.
Full‑year 2025 revenue is expected to reach $349 million, up 4% from $335.7 million in 2024. While the growth rate is lower than the 5‑6% range the company had previously targeted, it still represents a positive trajectory for a business that has been restructuring its sales mix toward more stable B2B channels. The guidance indicates that the company is maintaining confidence in its long‑term revenue path despite the Q4 miss.
Segment analysis shows that business‑to‑business (B2B) sales continued to be the primary growth driver, with domestic B2B revenue rising modestly while direct‑to‑consumer and rental segments lagged behind. The company’s focus on B2B has helped stabilize cash flow, but the lower‑margin nature of these channels has contributed to margin compression relative to the prior year. The shift of large orders to 2026 also dampened Q4 performance, as the company’s order book for the period was thinner than expected.
In terms of profitability, Inogen reiterated its outlook for positive adjusted EBITDA for the full year. The company’s adjusted EBITDA in Q3 2025 was $2.3 million, and it had previously guided $2 million for the full year. In contrast, Q4 2024 adjusted EBITDA was negative $3.6 million, underscoring the turnaround progress. The positive outlook reflects tighter cost control, improved operating leverage, and a more favorable revenue mix.
CEO Kevin Smith noted that while the timing shift of large orders was “disappointing,” the company has made “meaningful progress in executing our business turnaround.” He highlighted the launch of the Voxi 5 stationary oxygen concentrator and Aurora Masks for obstructive sleep apnea as key product innovations that support future growth. Smith expressed confidence that the company will accelerate growth and profitability into 2026, signaling a strategic shift toward higher‑margin, recurring‑revenue business lines.
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