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Inogen Stock Gains Following Q2 Earnings Beat, Revenues Up Y/Y
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Key Takeaways
{\"0\":\"Inogen posted a Q2 adjusted loss of two cents per share, beating the expected 22 cents loss and improving Y/Y.\",\"1\":\"Revenue rose 4% Y/Y to $92.3M, fueled by strong domestic and international B2B demand.\",\"2\":\"Direct-to-consumer sales fell 21.1% and rental revenue dropped 8.6% amid pricing pressures.\"}
Inogen, Inc. (INGN - Free Report) incurred an adjusted loss per share of 2 cents for second-quarter 2025, which was narrower than the adjusted loss per share of 7 cents in the year-ago period and the Zacks Consensus Estimate of a loss of 22 cents per share.
GAAP loss per share for the quarter was 15 cents, narrower than the year-earlier loss of 24cents.
INGN’s Revenues in Detail
Inogen registered revenues of $92.3 million for the second quarter, up 4% year over year. The figure surpassed the Zacks Consensus Estimate by 1.2%.
At the constant exchange rate (CER), total revenues for the reported quarter increased 4% year over year.
Per management, the year-over-year uptick in the top line was primarily driven by continued higher demand from international and domestic business-to-business customers. However, this increase was partially offset by lower direct-to-consumer and rental revenue.
Shares of this company gained nearly 2.7% in today’s pre-market trading. The company’s shares have plunged 36% in the year-to-date period compared with the industry’s decline of 11.7%. The broader S&P 500 Index has increased 7.7% in the same time frame.
Image Source: Zacks Investment Research
Inogen’s Segmental Details
Inogen derives revenues from two sources — rental and sales.
Rental revenues for the reported quarter grossed $13.1 million, down 8.6% from the year-ago period both on a reported basis and at CER. Per management, the decrease resulted from continued lower average billing rates due to the mixed shift to private payers.
Sales revenues were $79.2 million, up 6.4% from the prior-year quarter.
INGN’s Revenues by Region & Category
Domestic business-to-business sales for second-quarter 2025 amounted to $25.4 million, up 19.3% on a year-over-year basis. Per management, this was driven by increased demand from new customers and resellers.
International business-to-business sales for the reported quarter amounted to $35.9 million, up 17.7% year over year on a reported basis and up 17.8%at CER. Per management, this was driven by an increase indemand from new and existing customers.
Domestic direct-to-consumer sales decreased 21.1% year over year to $17.8 million for the quarter.
Inogen’s Margins
In the quarter under review, Inogen’s adjusted gross profit declined 3.3% from the year-ago period to $44.4 million. The adjusted gross margin contracted 360 basis points to 48.1%.
Sales and marketing expenses decreased 0.9% from the year-ago quarter to $25.4 million. Research and development expenses decreased 7.3% year over year to $5.2 million, while general and administrative expenses decreased 9.1% year over year to $16.9 million. Adjusted operating expenses of $43.9 million declined 3.9% year over year.
Adjusted operating loss totaled $2.6 million compared with the prior-year quarter’s $3 million.
Inogen exited the second quarter of 2025 with cash and cash equivalents of $103.7 million compared with $118.9 million at the end of the first quarter of 2025.
The company ended the quarter with no debt on its balance sheet.
Cumulative net cash used in operating activities at the end of second-quarter 2025 was $12.4 million against the net cash provided by operating activities of $1.9 million a year ago.
Inogen’s Guidance
Inogen has provided its revenue outlook for the third quarter and 2025.
For the third quarter of 2025, Inogen expects revenues in the range of $91 million-$93 million (reflecting growth of approximately 4% at the midpoint of the range from the comparable second-quarter 2024 revenues). The Zacks Consensus Estimate is currently pegged at $92.9 million.
For 2025, Inogen now expects revenues in the range of $354 million-$357 million (reflecting approximately 6% growth at the midpoint of the range from the comparable 2024 revenues). The Zacks Consensus Estimate is currently pegged at $354 million.
Our Take
Inogen exited the second quarter of 2025 with a narrower-than-expected loss per share and better-than-expected revenues. Solid year-over-year top-line and bottom-line performances were encouraging. The robust year-over-year uptick in domestic and international business-to-business sales was impressive. The lowering of the adjusted operating expenses also bodes well.
During the quarter, Inogen introduced Voxi 5, a new stationary oxygen concentrator aimed at enhancing access to high-quality oxygen therapy for long-term care patients in the United States, reinforcing its commitment to better patient outcomes and expanding its product portfolio.
The company also launched the Inogen Patient Portal, a user-friendly platform designed to empower patients with greater control over their care journey—enabling them to easily manage insurance information, order accessories, and access on-demand support tools. This bodes well for the stock.
Yet, a decline in domestic direct-to-consumer salesand rentalrevenues was concerning. Inogen continued to incur operating losses in the first quarter, which did not bode well.
INGN’s Zacks Rank and Key Picks
Inogen currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space that have announced quarterly results are Medpace Holdings, Inc. (MEDP - Free Report) , West Pharmaceutical Services, Inc. (WST - Free Report) and Boston Scientific Corporation (BSX - Free Report) .
Medpace Holdings, sporting a Zacks Rank of 1 (Strong Buy), reported second-quarter 2025 EPS of $3.10, beating the Zacks Consensus Estimate by 3.3%. Revenues of $603.3 million outpaced the consensus mark by 11.5%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Medpace Holdings has a long-term estimated growth rate of 11.4%. MEDP’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 13.9%.
West Pharmaceutical reported second-quarter 2025 adjusted EPS of $1.84, beating the Zacks Consensus Estimate by 21.9%. Revenues of $766.5 million surpassed the Zacks Consensus Estimate by 5.4%. It currently flaunts a Zacks Rank #1.
West Pharmaceutical has a long-term estimated growth rate of 8.5%. WST’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 16.8%.
Boston Scientific reported second-quarter 2025 adjusted EPS of 75 cents, beating the Zacks Consensus Estimate by 4.2%. Revenues of $5.06 billion surpassed the Zacks Consensus Estimate by 3.5%. It currently carries a Zacks Rank #2 (Buy).
Boston Scientific has a long-term estimated growth rate of 14%. BSX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 8.1%.
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Inogen Stock Gains Following Q2 Earnings Beat, Revenues Up Y/Y
Key Takeaways
Inogen, Inc. (INGN - Free Report) incurred an adjusted loss per share of 2 cents for second-quarter 2025, which was narrower than the adjusted loss per share of 7 cents in the year-ago period and the Zacks Consensus Estimate of a loss of 22 cents per share.
GAAP loss per share for the quarter was 15 cents, narrower than the year-earlier loss of 24cents.
INGN’s Revenues in Detail
Inogen registered revenues of $92.3 million for the second quarter, up 4% year over year. The figure surpassed the Zacks Consensus Estimate by 1.2%.
At the constant exchange rate (CER), total revenues for the reported quarter increased 4% year over year.
Per management, the year-over-year uptick in the top line was primarily driven by continued higher demand from international and domestic business-to-business customers. However, this increase was partially offset by lower direct-to-consumer and rental revenue.
Shares of this company gained nearly 2.7% in today’s pre-market trading. The company’s shares have plunged 36% in the year-to-date period compared with the industry’s decline of 11.7%. The broader S&P 500 Index has increased 7.7% in the same time frame.
Image Source: Zacks Investment Research
Inogen’s Segmental Details
Inogen derives revenues from two sources — rental and sales.
Rental revenues for the reported quarter grossed $13.1 million, down 8.6% from the year-ago period both on a reported basis and at CER. Per management, the decrease resulted from continued lower average billing rates due to the mixed shift to private payers.
Sales revenues were $79.2 million, up 6.4% from the prior-year quarter.
INGN’s Revenues by Region & Category
Domestic business-to-business sales for second-quarter 2025 amounted to $25.4 million, up 19.3% on a year-over-year basis. Per management, this was driven by increased demand from new customers and resellers.
International business-to-business sales for the reported quarter amounted to $35.9 million, up 17.7% year over year on a reported basis and up 17.8%at CER. Per management, this was driven by an increase indemand from new and existing customers.
Domestic direct-to-consumer sales decreased 21.1% year over year to $17.8 million for the quarter.
Inogen’s Margins
In the quarter under review, Inogen’s adjusted gross profit declined 3.3% from the year-ago period to $44.4 million. The adjusted gross margin contracted 360 basis points to 48.1%.
Sales and marketing expenses decreased 0.9% from the year-ago quarter to $25.4 million. Research and development expenses decreased 7.3% year over year to $5.2 million, while general and administrative expenses decreased 9.1% year over year to $16.9 million. Adjusted operating expenses of $43.9 million declined 3.9% year over year.
Adjusted operating loss totaled $2.6 million compared with the prior-year quarter’s $3 million.
Inogen, Inc Price, Consensus and EPS Surprise
Inogen, Inc price-consensus-eps-surprise-chart | Inogen, Inc Quote
INGN’s Financial Position
Inogen exited the second quarter of 2025 with cash and cash equivalents of $103.7 million compared with $118.9 million at the end of the first quarter of 2025.
The company ended the quarter with no debt on its balance sheet.
Cumulative net cash used in operating activities at the end of second-quarter 2025 was $12.4 million against the net cash provided by operating activities of $1.9 million a year ago.
Inogen’s Guidance
Inogen has provided its revenue outlook for the third quarter and 2025.
For the third quarter of 2025, Inogen expects revenues in the range of $91 million-$93 million (reflecting growth of approximately 4% at the midpoint of the range from the comparable second-quarter 2024 revenues). The Zacks Consensus Estimate is currently pegged at $92.9 million.
For 2025, Inogen now expects revenues in the range of $354 million-$357 million (reflecting approximately 6% growth at the midpoint of the range from the comparable 2024 revenues). The Zacks Consensus Estimate is currently pegged at $354 million.
Our Take
Inogen exited the second quarter of 2025 with a narrower-than-expected loss per share and better-than-expected revenues. Solid year-over-year top-line and bottom-line performances were encouraging. The robust year-over-year uptick in domestic and international business-to-business sales was impressive. The lowering of the adjusted operating expenses also bodes well.
During the quarter, Inogen introduced Voxi 5, a new stationary oxygen concentrator aimed at enhancing access to high-quality oxygen therapy for long-term care patients in the United States, reinforcing its commitment to better patient outcomes and expanding its product portfolio.
The company also launched the Inogen Patient Portal, a user-friendly platform designed to empower patients with greater control over their care journey—enabling them to easily manage insurance information, order accessories, and access on-demand support tools. This bodes well for the stock.
Yet, a decline in domestic direct-to-consumer salesand rentalrevenues was concerning. Inogen continued to incur operating losses in the first quarter, which did not bode well.
INGN’s Zacks Rank and Key Picks
Inogen currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space that have announced quarterly results are Medpace Holdings, Inc. (MEDP - Free Report) , West Pharmaceutical Services, Inc. (WST - Free Report) and Boston Scientific Corporation (BSX - Free Report) .
Medpace Holdings, sporting a Zacks Rank of 1 (Strong Buy), reported second-quarter 2025 EPS of $3.10, beating the Zacks Consensus Estimate by 3.3%. Revenues of $603.3 million outpaced the consensus mark by 11.5%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Medpace Holdings has a long-term estimated growth rate of 11.4%. MEDP’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 13.9%.
West Pharmaceutical reported second-quarter 2025 adjusted EPS of $1.84, beating the Zacks Consensus Estimate by 21.9%. Revenues of $766.5 million surpassed the Zacks Consensus Estimate by 5.4%. It currently flaunts a Zacks Rank #1.
West Pharmaceutical has a long-term estimated growth rate of 8.5%. WST’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 16.8%.
Boston Scientific reported second-quarter 2025 adjusted EPS of 75 cents, beating the Zacks Consensus Estimate by 4.2%. Revenues of $5.06 billion surpassed the Zacks Consensus Estimate by 3.5%. It currently carries a Zacks Rank #2 (Buy).
Boston Scientific has a long-term estimated growth rate of 14%. BSX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 8.1%.