Revenue growth has decelerated to 3.4% in 2026Q1, while gross margins remain volatile, fluctuating between 37.1% and 50.8% over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 351.5M | 348.67M | 335.7M | 315.66M | 377.24M | 358M | 308.49M | 361.94M | 358.11M | 249.44M | 202.83M | 159M | 112.54M | 75.44M | 48.58M | 30.63M |
| Revenue Growth % | 3.39% | 3.86% | 6.35% | -16.32% | 5.37% | 16.05% | -14.77% | 1.07% | 43.57% | 22.98% | 27.56% | 41.29% | 49.17% | 55.31% | 58.57% | - |
| Cost of Goods Sold | 180.21M | 182.78M | 180.96M | 188.96M | 223.71M | 181.52M | 170.31M | 190.08M | 179.53M | 128.2M | 105.52M | 82.75M | 57.02M | 36.45M | 24.63M | 15.93M |
| COGS % of Revenue | - | 52.42% | 53.91% | 59.86% | 59.3% | 50.7% | 55.21% | 52.52% | 50.13% | 51.4% | 52.02% | 52.04% | 50.67% | 48.32% | 50.7% | 52% |
| Gross Profit | 171.29M | 165.89M | 154.74M | 126.7M | 153.53M | 176.48M | 138.18M | 171.86M | 178.58M | 121.24M | 97.31M | 76.26M | 55.52M | 38.99M | 23.95M | 14.7M |
| Gross Margin % | 48.73% | 47.58% | 46.09% | 40.14% | 40.7% | 49.3% | 44.79% | 47.48% | 49.87% | 48.6% | 47.98% | 47.96% | 49.33% | 51.68% | 49.3% | 48% |
| Gross Profit Growth % | - | 7.2% | 22.13% | -17.48% | -13% | 27.72% | -19.6% | -3.76% | 47.3% | 24.59% | 27.61% | 37.36% | 42.38% | 62.81% | 62.87% | - |
| Operating Expenses | 202.26M | 196.09M | 197.26M | 236.09M | 238.78M | 167.24M | 150.21M | 152.07M | 140.69M | 93.65M | 74.45M | 61.21M | 45.01M | 34.53M | 23.12M | 16.43M |
| OpEx % of Revenue | - | 56.24% | 58.76% | 74.79% | 63.3% | 46.72% | 48.69% | 42.02% | 39.29% | 37.54% | 36.7% | 38.49% | 39.99% | 45.77% | 47.6% | 53.62% |
| Selling, General & Admin | 167.18M | 165.07M | 175.65M | 182.35M | 164.67M | 150.67M | 136.13M | 142.67M | 133.66M | 88.33M | 69.33M | 57.03M | 42.03M | 32.13M | 20.86M | 14.64M |
| SG&A % of Revenue | - | 47.34% | 52.32% | 57.77% | 43.65% | 42.09% | 44.13% | 39.42% | 37.32% | 35.41% | 34.18% | 35.86% | 37.35% | 42.59% | 42.94% | 47.78% |
| Research & Development | 20.46M | 19.4M | 21.61M | 20.84M | 21.94M | 16.58M | 14.08M | 9.4M | 7.03M | 5.31M | 5.11M | 4.18M | 2.98M | 2.4M | 2.26M | 1.79M |
| R&D % of Revenue | - | 5.56% | 6.44% | 6.6% | 5.82% | 4.63% | 4.56% | 2.6% | 1.96% | 2.13% | 2.52% | 2.63% | 2.65% | 3.18% | 4.66% | 5.84% |
| Other Operating Expenses | 3M | 11.62M | 0 | 32.89M | 52.16M | 0 | 0 | 0 | -696K | 0 | -329K | -404K | -88K | 196K | 10K | 0 |
| Operating Income | -30.97M | -30.21M | -42.52M | -109.39M | -85.24M | 9.24M | -12.03M | 19.79M | 37.89M | 27.59M | 22.86M | 15.05M | 10.51M | 4.46M | 829K | -1.72M |
| Operating Margin % | -8.81% | -8.66% | -12.66% | -34.65% | -22.6% | 2.58% | -3.9% | 5.47% | 10.58% | 11.06% | 11.27% | 9.47% | 9.34% | 5.92% | 1.71% | -5.62% |
| Operating Income Growth % | - | 28.95% | 61.13% | -28.32% | -1022.54% | 176.84% | -160.77% | -47.78% | 37.34% | 20.67% | 51.91% | 43.19% | 135.46% | 438.48% | 148.14% | - |
| EBITDA | -10.6M | -9.55M | -21.51M | -91.23M | -61.73M | 30.87M | 6.56M | 33.62M | 49.19M | 39.89M | 36.42M | 29.06M | 22.59M | 13.01M | 5.81M | 1.48M |
| EBITDA Margin % | -3.01% | -2.74% | -6.41% | -28.9% | -16.36% | 8.62% | 2.13% | 9.29% | 13.74% | 15.99% | 17.96% | 18.28% | 20.07% | 17.24% | 11.97% | 4.82% |
| EBITDA Growth % | 18.3% | 55.62% | 76.42% | -47.8% | -299.98% | 370.84% | -80.5% | -31.64% | 23.3% | 9.53% | 25.32% | 28.65% | 73.67% | 123.77% | 293.83% | - |
| D&A (Non-Cash Add-back) | 20.37M | 20.66M | 21M | 18.15M | 23.51M | 21.63M | 18.58M | 13.83M | 11.29M | 12.3M | 13.56M | 14.01M | 12.08M | 8.54M | 4.98M | 3.2M |
| EBIT | -25.53M | -23.38M | -42.52M | -76.49M | -33.08M | 9.24M | -12.03M | 19.79M | 37.89M | 27.59M | 22.86M | 15.05M | 10.51M | 4.46M | 1.07M | -1.73M |
| Net Interest Income | 4.14M | 2.15M | 5.19M | 6.57M | 2.84M | 129K | 909K | 4.71M | 3.26M | 765K | 190K | 80K | -407K | -550K | -405K | -148K |
| Interest Income | 4.14M | 2.15M | 5.19M | 6.57M | 2.84M | 129K | 909K | 4.71M | 3.26M | 765K | 196K | 102K | 42K | 12K | 88K | 113K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6K | 22K | 449K | 562K | 493K | 261K |
| Other Income/Expense | 5.36M | 6.83M | 6.04M | 7.04M | 1.98M | -581K | 6.75M | 4.48M | 2.56M | 2.07M | -139K | -324K | -459K | -616K | -247K | -267K |
| Pretax Income | -25.61M | -23.38M | -36.48M | -102.34M | -83.27M | 8.66M | -5.28M | 24.27M | 40.45M | 29.66M | 22.73M | 14.73M | 10.05M | 3.85M | 582K | -1.99M |
| Pretax Margin % | -7.28% | -6.71% | -10.87% | -32.42% | -22.07% | 2.42% | -1.71% | 6.71% | 11.3% | 11.89% | 11.2% | 9.26% | 8.93% | 5.1% | 1.2% | -6.49% |
| Income Tax | -709K | -632K | -588K | 105K | 504K | 14.99M | 549K | 3.32M | -11.39M | 8.65M | 2.21M | 3.14M | 3.23M | -21.59M | 18K | 13K |
| Effective Tax Rate % | 2.77% | 2.7% | 1.61% | -0.1% | -0.61% | 173.14% | -10.4% | 13.69% | -28.15% | 29.18% | 9.71% | 21.33% | 32.09% | -560.99% | 3.09% | -0.65% |
| Net Income | -24.9M | -22.75M | -35.89M | -102.45M | -83.77M | -6.33M | -5.83M | 20.95M | 51.84M | 21M | 20.52M | 11.59M | 6.83M | 25.43M | 564K | -2M |
| Net Margin % | -7.08% | -6.52% | -10.69% | -32.46% | -22.21% | -1.77% | -1.89% | 5.79% | 14.48% | 8.42% | 10.12% | 7.29% | 6.07% | 33.71% | 1.16% | -6.54% |
| Net Income Growth % | 9.41% | 36.62% | 64.97% | -22.3% | -1222.79% | -8.65% | -127.82% | -59.59% | 146.86% | 2.35% | 77.12% | 69.72% | -73.16% | 4409.75% | 128.17% | - |
| Net Income (Continuing) | -24.9M | -22.75M | -35.89M | -102.45M | -83.77M | -6.33M | -5.83M | 20.95M | 51.84M | 21M | 20.52M | 11.59M | 6.83M | 25.43M | 564K | -2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.91 | -0.85 | -1.52 | -4.42 | -3.67 | -0.28 | -0.27 | 0.94 | 2.30 | 0.96 | 0.97 | 0.56 | 0.30 | 1.01 | -0.36 | -0.12 |
| EPS Growth % | 20.87% | 44.08% | 65.61% | -20.44% | -1210.71% | -3.7% | -128.72% | -59.13% | 139.58% | -1.03% | 73.21% | 86.67% | -70.3% | 380.56% | -200% | - |
| EPS (Basic) | - | -0.85 | -1.52 | -4.42 | -3.67 | -0.28 | -0.27 | 0.96 | 2.30 | 1.02 | 1.02 | 0.60 | 0.33 | 1.01 | -0.36 | -0.14 |
| Diluted Shares Outstanding | 27.32M | 27.18M | 23.65M | 23.18M | 22.85M | 22.49M | 21.98M | 22.24M | 22.51M | 21.9M | 21.1M | 20.71M | 18.04M | 18.05M | 16.35M | 16.35M |
| Basic Shares Outstanding | 27.32M | 27.18M | 23.65M | 23.18M | 22.85M | 22.49M | 21.98M | 21.82M | 22.51M | 20.68M | 20.07M | 19.4M | 16.18M | 18.05M | 14.52M | 14.52M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High customer acquisition costs
According to recent financial filings, Inogen's year-over-year revenue growth has decelerated from 8.1% in 2024Q1 to 3.4% in 2026Q1, suggesting that the company's direct-to-consumer sales model is struggling to maintain momentum in an increasingly competitive landscape for portable oxygen concentrators and related respiratory therapy solutions.
The consistent decline in growth rates indicates that the company's primary sales channel may be reaching a saturation point or facing increased pressure from alternative market entrants. Investors should monitor whether the shift toward a physician-referral model can effectively offset the cooling demand observed in the direct-to-consumer segment.
As reported in quarterly statements, Inogen's gross margin has fluctuated between 37.1% and 50.8% over the last ten quarters, reflecting significant sensitivity to supply chain costs and the product mix between high-margin direct sales and lower-margin business-to-business transactions that characterize the current operational environment.
The inability to maintain a stable gross margin above 50% suggests that the company lacks the pricing power necessary to fully pass on inflationary input costs to its customer base. This volatility complicates the path to profitability, as the firm remains reliant on achieving manufacturing efficiencies that have yet to materialize consistently.
Based on reported figures, Inogen continues to struggle with operating leverage, as SG&A expenses frequently exceed gross profit, resulting in persistent operating losses that reached a peak of -$29.0 million in 2023Q4 before moderating to -$8.4 million in the most recent quarter of 2026Q1.
The high fixed cost base, particularly in sales and marketing, suggests that the company's current scale is insufficient to cover its operational footprint. Until the company can decouple revenue growth from its heavy reliance on customer acquisition spending, operating margins will likely remain in negative territory.
Data from the income statement indicates that Inogen has failed to achieve positive operating income in any of the last ten quarters, raising questions about the long-term viability of its high-cost direct-to-consumer distribution strategy in the face of potential structural shifts in respiratory care demand.
Short-sellers may focus on the persistent cash burn and the potential for a structural contraction in the addressable market due to emerging medical alternatives like GLP-1s. The reliance on expensive digital advertising to drive sales warrants further investigation into whether the lifetime value of these patients justifies the current acquisition costs.
Quick answers to the most common questions about buying INGN stock.
For fiscal year 2025, Inogen, Inc. (INGN) reported total revenue of $348.7M. This represents a 1038.2% increase compared to $30.6M in 2011.
Inogen, Inc. (INGN) reported a net loss of $22.7M for the fiscal year ending 2025.
Inogen, Inc. (INGN) reported an operating income of $-30.2M, resulting in an operating profit margin of -8.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Inogen, Inc. (INGN) generated $165.9M in gross profit for the year, representing a gross profit margin of 47.6%. This demonstrates the company's core pricing power and production efficiency.