Inogen FY 2025 earnings snapshot

Inogen (INGN) has wrapped up FY 2025 with fourth quarter revenue of US$81.7 million and a basic EPS loss of US$0.26, alongside trailing twelve month revenue of US$348.7 million and a basic EPS loss of US$0.86. Over recent quarters the company has seen quarterly revenue move between US$80.1 million and US$92.4 million, while basic EPS losses have ranged from US$0.15 to US$0.41. This gives investors a clear view of a business that is generating meaningful sales but still burning equity on a per share basis. With trailing twelve month net losses of US$22.7 million, this set of results keeps the spotlight firmly on margin pressure and the path to more efficient operations rather than top line scale alone.

See our full analysis for Inogen.

With the headline numbers on the table, the next step is to see how this mix of revenue traction and ongoing losses lines up with the most widely held narratives about Inogen’s business and its prospects.

LTM loss of US$22.7m sets the hurdle

• On a trailing 12 month basis, Inogen booked net losses of US$22.7 million on US$348.7 million of revenue, with basic EPS at a loss of US$0.86.
• Consensus narrative talks about growing demand for home respiratory care and new products such as Voxi 5 and Simeox, yet the recent four quarter run still totals US$22.7 million of losses. Any case for stronger earnings has to square that with a five year trend of losses deteriorating by about 17.5% each year.
  • Supporters of the consensus view point to 6.6% annual revenue growth over the last year and a broader product portfolio. The P&L is still absorbing net losses across every quarter shown, from US$4.2 million to US$7.1 million in 2025.
  • Critics of the consensus view focus on the forecast that Inogen is not expected to reach profitability in the next three years, which means the US$22.7 million trailing loss is not yet paired with any near term profit inflection in the data provided.

Quarterly losses narrow, but EPS stays negative

• Across FY 2025, quarterly net losses moved between US$4.2 million and US$7.1 million, with basic EPS losses between US$0.15 and US$0.26 per share, compared with a US$9.8 million loss and US$0.41 EPS loss in Q4 FY 2024.
• Bulls argue that portfolio expansion, digital health integration and new launches like Voxi 5 and Simeox can support higher margins over time. The latest year still shows all four quarters in loss territory, which tests the bullish idea that the business is already on a clear earnings upswing.
  • Supportive of the bullish angle, trailing 12 month EPS loss has improved from US$1.52 to US$0.86 while revenue moved from US$335.7 million to US$348.7 million, indicating more sales are being generated for a smaller loss than a year ago.
  • Challenging the bullish side, forecasts in the bullish narrative itself still do not show profitability within the next three years, so the recent quarterly loss range of US$4.2 million to US$7.1 million remains a central hurdle for that view.

On recent numbers alone, bulls see early signs of operating progress but the continued quarterly losses mean their thesis rests heavily on future margin changes rather than what is already flowing through the income statement. 🐂 Inogen Bull Case

Low P/S multiple vs revenue growth story

• Inogen trades at a P/S of roughly 0.5x, compared with about 3x for the broader US Medical Equipment industry and around 7.7x for peers, even though revenue grew about 6.6% over the last year against a cited US market growth rate of 10.4%.
• Bears highlight that losses have widened over five years at roughly 17.5% per year and that the company is expected to stay unprofitable for at least three more years, arguing that the low 0.5x P/S and modest 6.6% revenue growth reflect an earnings profile that has not kept pace with broader market growth.
  • Backing the bearish concern, the trailing 12 month net loss of US$22.7 million comes after several years of worsening losses, so the discount to the 3x industry P/S can be seen as the market pricing in that track record.
  • At the same time, the gap between the 0.5x P/S and peer levels near 7.7x shows that even with the five year loss deterioration, investors who focus on revenue exposure rather than earnings have a very different lens from those worried about the extended loss profile.

Skeptics point to the long stretch of widening losses as a reason the stock sits at a steep P/S discount to the sector, and they see the current 6.6% revenue growth rate as too modest to offset that history on its own. 🐻 Inogen Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Inogen on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this mix of cautious and optimistic signals feels finely balanced, now may be a good time to look at the numbers yourself and stress test your thesis using 1 key reward and 1 important warning sign.

Explore Alternatives

Inogen is still posting quarterly and trailing 12 month losses, with an extended run of unprofitable years and forecasts that do not yet point to near term profitability.

If that level of ongoing earnings risk feels uncomfortable, you can quickly refocus on companies with steadier records by checking out 80 resilient stocks with low risk scores and seeing which names might better suit your risk tolerance right now.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.