It has been about a month since the last earnings report for Inogen (INGN). Shares have lost about 0.6% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Inogen due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important catalysts.
Inogen Q3 Earnings Beat Estimates, Revenues Up Y/Y
Inogen incurred an adjusted loss per share of 2 cents for third-quarter 2025, which was narrower than the adjusted loss per share of 11 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 20 cents, narrower than the year-earlier loss of 25cents.
INGN’s Revenues in Detail
Inogen registered revenues of $92.4 million for the third quarter, up 4% year over year. However, the figure missed the Zacks Consensus Estimate by 0.1%.
At the constant exchange rate (CER), total revenues for the reported quarter increased 2.7% 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.
Inogen’s Segmental Details
Inogen derives revenues from two sources — rental and sales.
Rental revenues for the reported quarter grossed $13.3 million, down 4.4% 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 $79.1 million, up 5.6% from the prior-year quarter.
INGN’s Revenues by Region & Category
Domestic business-to-business sales for third-quarter 2025 amounted to $24.9 million, up 6.6% 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 $38.4 million, up 18.8% year over year on a reported basis and up 15.3%at CER. Per management, this was driven by an increase in demand from new and existing customers.
Domestic direct-to-consumer sales decreased 17.9% year over year to $15.8 million for the quarter.
Inogen’s Margins
In the quarter under review, Inogen’s adjusted gross profit declined 0.7% from the year-ago period to $44.3 million. The adjusted gross margin contracted 230 basis points to 47.9%.
Sales and marketing expenses decreased 3.5% from the year-ago quarter to $25.4 million. Research and development expenses increased 37.6% year over year to $4.8 million, while general and administrative expenses decreased 5.7% year over year to $18.2 million. Adjusted operating expenses of $43.6 million declined 4.8% year over year.
Adjusted operating loss totaled $2.3 million compared with the prior-year quarter’s $4.4 million.
INGN’s Financial Position
Inogen exited the third quarter of 2025 with cash and cash equivalents of $106.5 million compared with $103.7 million at the end of the second 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 third-quarter 2025 was $10.3 million against the net cash provided by operating activities of $8.9 million a year ago.
Inogen’s Guidance
Inogen has provided its revenue outlook for the fourth quarter and 2025.
For the fourth quarter of 2025, Inogen expects revenues in the range of $87 million-$90 million (reflecting growth of approximately 10% at the midpoint of the range from the comparable fourth-quarter 2024 revenues). The Zacks Consensus Estimate is currently pegged at $89.4 million.
For 2025, Inogen has reiterated 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 $356.5 million.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a upward trend in estimates review.
The consensus estimate has shifted 6.06% due to these changes.
VGM Scores
At this time, Inogen has a strong Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. Charting a somewhat similar path, the stock was allocated a score of C on the value side, putting it in the middle 20% for value investors.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been trending upward for the stock, and the magnitude of this revision looks promising. It comes with little surprise Inogen has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.
Performance of an Industry Player
Inogen belongs to the Zacks Medical - Instruments industry. Another stock from the same industry, Glaukos (GKOS), has gained 33.1% over the past month. More than a month has passed since the company reported results for the quarter ended September 2025.
Glaukos reported revenues of $133.54 million in the last reported quarter, representing a year-over-year change of +38.1%. EPS of -$0.16 for the same period compares with -$0.28 a year ago.
For the current quarter, Glaukos is expected to post a loss of $0.22 per share, indicating a change of +45% from the year-ago quarter. The Zacks Consensus Estimate has changed -3.4% over the last 30 days.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Glaukos. Also, the stock has a VGM Score of C.
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Inogen, Inc (INGN): Free Stock Analysis Report Glaukos Corporation (GKOS): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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