By Jorge Mercado Thursday, February 27th, 2025

Goleta-based Inogen finished off the year strong when it released its financial results for the fourth quarter and full year 2024 on Feb. 25.

President and CEO Kevin Smith said 2024 was a “stellar year for the company… making meaningful steps towards profitability.”

Inogen recorded revenue of $80.1 million in the fourth quarter of 2024, up 5.5% year-over-year.

The company also cut down on its net loss, recording a loss of $9.8 million in the fourth quarter of 2024 compared to a $26.6 million loss in the same quarter a year ago.

Adjusted net loss was at $5.8 million, down from a loss of $19.4 million in the fourth quarter of 2023.

For the full year, Inogen increased revenue 6.4% to $335.7 million from $315.7 million in 2023, primarily driven by higher demand and new customers in international and domestic business-to-business sales.

The company’s net loss for the year was just $35.9 million compared to a net loss of $102.4 million for the full year 2023.

Adjusted net loss for the full year 2024 was $20.4 million, an improvement from an adjusted net loss of $48.3 million.

“With our leading portfolio of innovative respiratory care products, the pending introduction of Simeox in the U.S. and our recently announced collaboration with Yuwell, we believe we are well positioned to drive future growth, profitability and sustained success,” Smith said.

Inogen closed the year with cash and cash equivalents of $117.4 million and no debt.

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