Inogen Inc. reported its fourth‑quarter 2025 results on February 24, 2026, posting a GAAP net loss of $7.1 million, or $0.26 per share, and an adjusted net loss of $4.0 million, or $0.15 per share. Total revenue for the quarter was $81.7 million, a 2.0 % year‑over‑year increase that fell short of the $82.0 million consensus estimate, giving the company an EPS beat of $0.10 per share while missing on revenue by roughly 0.4 %.
Revenue growth was driven primarily by a 2.0 % rise in international portable‑oxygen‑concentrator sales, offset by a shift of large customer orders into 2026 that reduced the current‑quarter top line. The company’s strategic pivot toward more stable business‑to‑business channels—though lower‑margin—has begun to shape the mix, contributing to the modest revenue miss relative to expectations.
Gross margin contracted to 43.1 % in Q4 2025 from 45.3 % in the same period a year earlier, largely because the shift toward lower‑margin B2B sales reduced overall pricing power. The company’s cost‑control initiatives and operational efficiencies helped keep the loss per share lower than analysts had projected, but the margin compression signals a pricing pressure that management will need to manage as the B2B focus deepens.
For 2026, Inogen guided revenue to $366 million to $373 million, a range that is about 6 % lower than the consensus estimate of roughly $393 million. The company indicated that growth in the second half of 2026 would be stronger than in the first half, but the cautious outlook reflects uncertainty around the timing of large customer orders and the broader market transition to portable oxygen concentrators.
CEO Kevin Smith said the company had made “significant progress toward our long‑term profitability goals while strengthening our product portfolio and improving the fundamentals of our business” and highlighted the first year of positive adjusted EBITDA since 2021. CFO Mike Bourque noted that the shift of large customer orders was not due to lost customers, underscoring that the revenue miss was a timing issue rather than a demand collapse.
After the release, Inogen’s shares fell about 6.7 % in after‑hours trading, a reaction that investors attributed to the revenue miss and the conservative 2026 guidance, even though the EPS beat suggested stronger profitability. The market’s focus on growth prospects over profitability metrics indicates that investors are weighing the company’s transition to B2B channels and the potential impact on future revenue streams.
In addition to the earnings report, Inogen announced a new $30 million share‑repurchase program to be executed across 2026 and 2027, and it continues to expand its product portfolio with the launch of the Voxy 5 stationary oxygen concentrator and Aurora Masks for sleep apnea patients. These initiatives reinforce the company’s strategy to diversify revenue sources while maintaining a debt‑free balance sheet and robust cash position.
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