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• Total Revenue (Q4 2024): $80.1 million, a 5.5% increase year-over-year.

• Domestic B2B Revenue (Q4 2024): $22.4 million, a 24.1% increase year-over-year.

• International B2B Revenue (Q4 2024): $28.3 million, a 31.5% increase year-over-year.

• Consumer Sales (Q4 2024): $15.6 million, a 21.3% decrease year-over-year.

• Rental Revenue (Q4 2024): $13.8 million, a 16.5% decrease year-over-year.

• Gross Margin (Q4 2024): 45.3%, an increase of 821 basis points year-over-year.

• Operating Expense (Q4 2024): $47.7 million, a 16.6% decrease year-over-year.

• GAAP Net Loss (Q4 2024): $9.8 million, compared to $26.6 million in Q4 2023.

• Adjusted Net Loss (Q4 2024): $5.8 million, compared to $19.4 million in Q4 2023.

• Adjusted EBITDA (Q4 2024): Negative $3.6 million, compared to negative $17.3 million in Q4 2023.

• Cash Equivalents and Restricted Cash (Dec 31, 2024): $117.4 million with no debt outstanding.

• Total Revenue (Full Year 2024): $335.7 million, a 6.4% increase year-over-year.

• Gross Margin (Full Year 2024): 46.1%, an increase of 596 basis points year-over-year.

• Operating Expense (Full Year 2024): $197.3 million, a 16.4% decrease year-over-year.

• GAAP Net Loss (Full Year 2024): $35.9 million, compared to $102.4 million in 2023.

• Adjusted Net Loss (Full Year 2024): $20.4 million, compared to $48.3 million in 2023.

• Adjusted EBITDA (Full Year 2024): Negative $9.5 million, compared to negative $37.8 million in 2023.

• Warning! GuruFocus has detected 3 Warning Signs with INGN.

Release Date: February 25, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Inogen Inc (NASDAQ:INGN) reported a 6.4% growth in full-year 2024 revenue, reaching over $335 million.

• The company achieved FDA clearance for the Simeox device, expanding its product portfolio.

• Inogen Inc (NASDAQ:INGN) launched the Rove 4 POC, receiving positive feedback for its lightweight design and long battery life.

• A strategic collaboration with Yuwell Medical was established, providing a $27 million investment and expanding market reach in China.

• Significant improvements in gross margins were reported, with a 821 basis points increase in the fourth quarter of 2024.

Negative Points

• Direct-to-consumer (DTC) sales decreased by 21.3% in the fourth quarter due to a downsized sales force.

• Rental revenue declined by 16.5%, primarily due to lower average billing rates and a shift to private payers.

• Inogen Inc (NASDAQ:INGN) reported a GAAP net loss of $9.8 million for the fourth quarter of 2024.

• The company anticipates a modest impact from the Yuwell collaboration on 2025 revenue, indicating a slow ramp-up.

• Challenges in the DTC channel are expected to continue into the first half of 2025 due to previous sales force reductions.