Inogen Inc

Listed Company

INGNCIK 0001294133NasdaqAcceleratedSmaller ReportingOrthopedic, Prosthetic & Surgical Appliances & SuppliesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$348.67M

Net Income

$-22.75M

Total Assets

$298.63M

Equity

$192.23M

Shares Out

27.23M

Op. Cash Flow

$-11.22M

Business

Inogen, Inc is a medical technology company that develops, manufactures, and commercializes respiratory health devices focused on supplemental oxygen therapy and airway clearance. It offers portable oxygen concentrators (Inogen One and Inogen Rove systems), a stationary Inogen At Home concentrator, the Simeox airway clearance device, related disposables, and a wireless connectivity platform (Inogen Connect). Its operations include product development, manufacturing, direct-to-consumer sales and rentals, and sales to home medical equipment providers, distributors and resellers. The company markets and distributes products primarily in the United States and in international markets across numerous countries through direct sales, rental billing to payors, distributors, resellers and clinical channels such as pulmonary rehabilitation centers.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Sales revenue	295	279	252	321	312
Rental revenue	53	57	64	57	46
Total revenue	349	336	316	377	358
Cost of sales revenue	164	149	159	198	162
Cost of rental revenue, including depreciation of $11,798, $12,592 and $12,893, respectively	31	32	30	26	20
Total cost of revenue	194	181	189	224	182
Gross profit-sales revenue	131	130	93	123	150
Gross profit-rental revenue	23	25	34	31	27
Total gross profit	154	155	127	154	176
Research and development	19	22	21	22	17
Sales and marketing	98	103	107	121	113
General and administrative	67	73	75	44	38
Impairment charges	—	—	33	0	—
Total operating expense	184	197	236	239	167
Loss from operations	−30	−43	−109	−85	9
Interest income, net	4	5	7	3	129,000
Other income, net	2	850,000	468,000	−862,000	−710,000
Total other income, net	7	6	7	2	−581,000
Loss before (benefit) provision for income taxes	−23	−36	−102	−83	9
(Benefit) provision for income taxes	−632,000	−588,000	105,000	504,000	15
Net loss	−23	−36	−102	−84	−6
Change in foreign currency translation adjustment	6	−3	1	−597,000	−800,000
Change in net unrealized gains (losses) on foreign currency hedging	2	−324,000	—	−3	2
Less: reclassification adjustment for net (losses) gains included in net loss	−2	324,000	—	2	47,000
Change in net unrealized gains (losses) on marketable securities	22,000	−136,000	110,000	25,000	1,000
Total other comprehensive income (loss), net of tax	6	−3	1	−2	994,000
Comprehensive loss	−17	−39	−101	−85	−5
Basic net loss per share attributable to common stockholders (Note 2)	−0.86	−1.52	−4.42	−3.67	−0.28
Diluted net loss per share attributable to common stockholders (Note 2)	−0.86	−1.52	−4.42	−3.67	−0.28
Basic shares of common stock	27	24	23	23	22
Diluted shares of common stock	27	24	23	23	22

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	104	114	125	187	236
Marketable securities	16	0	3	—	10
Restricted cash	1	4	—	—	—
Accounts receivable, net	39	30	42	63	24
Inventories	26	25	22	34	32
Prepaid expenses and other current assets	13	14	14	19	26
Total current assets	198	185	207	305	329
Property and equipment, net	36	44	50	43	39
Goodwill	11	9	10	33	33
Intangible assets, net	31	30	35	177,000	60
Operating lease right-of-use asset	17	18	20	22	25
Other assets	6	8	4	2	3
Total assets	299	296	326	405	490
Accounts payable and accrued expenses	34	27	30	34	26
Accrued payroll	11	17	11	11	17
Warranty reserve - current	10	10	10	8	6
Operating lease liability - current	3	3	4	4	3
Earnout liability	0	13	10	—	—
Deferred revenue - current	6	7	8	9	9
Income tax payable	183,000	142,000	27,000	—	75,000
Total current liabilities	64	77	72	65	62
Warranty reserve - noncurrent	18	16	14	12	7
Operating lease liability - noncurrent	14	17	18	20	23
Deferred revenue - noncurrent	4	6	8	10	12
Deferred tax liability	7	7	9	—	—
Total liabilities	106	122	121	108	119
Commitments and contingencies (Note 8)	—	—	—	—	—
Common stock, $0.001 par value per share; 200,000,000 shares authorized; 27,232,350 and 23,902,338 shares issued and outstanding as of December 31, 2025 and 2024, respectively	27,000	24,000	23,000	23,000	23,000
Additional paid-in capital	364	328	321	312	299
Accumulated deficit	−176	−153	−117	−15	69
Accumulated other comprehensive income (loss)	4	−2	1	−243,000	1
Total stockholders' equity	192	174	205	297	370
Total liabilities and stockholders' equity	299	296	326	405	490

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	21	21	18	24	22
Loss on rental units and other assets	3	5	5	3	—
Loss (gain) on sale of former rental assets	57,000	−165,000	−84,000	−154,000	−65,000
Provision for sales revenue returns and doubtful accounts	6	11	11	13	11
Provision for inventory losses	822,000	233,000	3	2	2
Loss on purchase commitments	433,000	448,000	2	—	—
Stock-based compensation expense	8	7	7	12	11
Deferred income taxes	−1	−1	−251,000	—	14
Change in fair value of earnout liability	—	3	7	−15	−12
Accounts receivable	−15	−5	10	−51	−6
Inventories	−3	−4	8	−6	−11
Income tax receivable	—	120,000	988,000	−281,000	705,000
Prepaid expenses and other current assets	1	2	6	7	−8
Operating lease right-of-use asset	3	4	3	3	−16
Other noncurrent assets	2	551,000	−1	224,000	96,000
Accounts payable and accrued expenses	6	−3	−9	7	−6
Accrued payroll	−7	6	−508,000	−6	10
Warranty reserve	2	3	4	6	−668,000
Deferred revenue	−3	−4	−3	−1	2
Income tax payable	46,000	115,000	27,000	−82,000	−1
Operating lease liability	−3	−4	−3	−3	17
Earnout liability	−10	—	—	—	—
Net cash (used in) provided by operating activities	−11	6	−3	−38	24
Purchases of available-for-sale securities	−30	−33	−27	—	−10
Maturities of available-for-sale securities	14	36	24	10	19
Investment in intangible assets	—	−2	−494,000	—	−132,000
Investment in property and equipment	−3	−3	−5	−3	−5
Production and purchase of rental equipment	−8	−12	−21	−18	−18
Proceeds from sale of former assets	—	275,000	198,000	331,000	153,000
Acquisition of business, net of cash acquired	—	—	−30	—	—
Net cash used in investing activities	−26	−14	−59	−11	−15
Proceeds from stock options exercised	—	—	384,000	44,000	14
Proceeds from employee stock purchases	971,000	811,000	1	2	2
Payment of employment taxes related to release of restricted stock	−821,000	−546,000	−518,000	−1	−647,000
Payments of accrued earnout	−3	—	—	—	—
Proceeds from issuance of common stock from securities purchase agreement	27	—	—	—	—
Net cash provided by financing activities	24	265,000	960,000	380,000	15
Effect of exchange rates on cash	846,000	−281,000	67,000	−481,000	−426,000
Net decrease in cash, cash equivalents and restricted cash	−12	−8	−62	−49	24
Cash paid (received) during the period for income taxes, net of refunds received	320,000	375,000	−703,000	499,000	2
Accrued value of earnout related to acquisition	—	—	3	—	—
Property and equipment in accounts payable and accrued expenses	409,000	197,000	204,000	428,000	353,000

Filings

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