Inogen reported a seventh consecutive quarter of mid-single-digit revenue growth and said its international business was a “standout contributor” during the company’s third-quarter 2025 earnings call on Nov. 5.
CEO/Director Kevin Smith said total revenue for the quarter topped $92 million: “Continued market conversion from portable oxygen tanks to POCs [personal oxygen concentrators] fueled year-over-year unit growth of more than 15%, reflecting steady execution and increasing market adoption. Our domestic B2B channel delivered strong performance with 7% year-over-year growth, driven by disciplined commercial execution and a differentiated market-leading product portfolio.”
Inogen’s international business tallied 19% year-over-year growth “as we advanced our strategy to expand in the high-opportunity global markets,” Smith added. “These efforts are enhancing our brand visibility, expanding our reach and reinforcing our position as a trusted global oxygen therapy partner. International expansion remains a key pillar of our long-term growth strategy.”
Supporting COPD patients worldwide
Despite such a strong performance from Inogen’s international B2B segment, Smith emphasized continuing growth potential.
“The global COPD [chronic obstructive pulmonary disease] market is large and growing, and the need for long-term oxygen therapy is underdiagnosed,” Smith said. “We see significant opportunity to leverage our portfolio breadth, brand reputation and local partnerships to reach more patients outside the U.S. As health systems continue shifting care into the home, we believe international markets will be a sustained growth driver for Inogen in the years ahead.”
International growth will be key as Inogen continues to “execute our turnaround strategy,” Smith noted.
“With seven consecutive quarters of mid-single-digit growth, we are establishing a track record of consistent execution and delivery,” he said. “We are reiterating revenue guidance for the year.
“Looking ahead, we remain focused on accelerating growth within the large and underpenetrated COPD market, which represents a $600 million long-term conversion opportunity. Building on our commitment to top-line growth, we are more focused than ever on advancing our path to profitability, our second key priority.”
Smith also praised the launch of the Voxi 5, Inogen’s new stationary oxygen concentrator introduced this summer.
“This product launch is progressing well, and we’re seeing positive early market reception, particularly in our B2B channel, where we previously did not have a stationary offering,” Smith said. “This is an important milestone, as our DME [durable medical equipment] partners typically provide new patients with both stationary and portable oxygen concentrators.
“Having two strong products in the portfolio allows us to reach new customers and deepen relationships with existing partners. As a reminder, Voxi 5 is a meaningful extension of our oxygen therapy portfolio, complementing our portable solutions and enabling us to serve a broader range of patients in the home care setting.”
Recapping Q3, forecasting Q4 numbers
Executive VP/CFO and corporate treasurer Michael Bourque reported that Q3’s total revenue of $92.4 million was an increase of 4% year over year “primarily driven by higher demand from our international and domestic business-to-business sales.
“Rental revenue decreased 4.4% to $13.3 million from $13.9 million in the prior period, primarily driven by a higher mix of lower private payer reimbursement rates.”
For Q3, Inogen reported a GAAP net loss of $5.3 million, versus “a loss of $6 million in the prior period.”
Bourque noted that Inogen’s second and third quarters are typically the company’s strongest in reiterating “our full-year revenue guidance of $354 million to $357 million for the year, reflecting approximately 6% year-over-year growth at the midpoint of the range.
“For the full year 2025, we are now raising adjusted EBITDA to approximately $2 million.”
“We are pleased to report strong progress this quarter,” Smith said. “Our focus on operational excellence has resulted in the successful launch of new products and meaningful advancements in our innovation strategy. The release of Voxi 5 significantly enhances our respiratory care portfolio and broadens our presence in stationary oxygen therapy.
“Concurrently, our investments in digital health, product development and global growth ensure sustained success over the long term. With this strong foundation in place, we’re entering the fourth quarter with confidence, focus and a clear path toward delivering growth and creating lasting value for patients, partners and shareholders alike.”
