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**Key Takeaways**
- **Revenue Momentum**: Q3 2025 revenue of $92.4 million, driven by 18.8% international B2B growth and 6.6% domestic B2B expansion.
- **Profitability Improvement**: Adjusted EBITDA of $2.3 million, up from $0.5 million, with operating expenses down 1.4%.
- **Innovation Breakthrough**: Voxi 5 launch targets 90% of oxygen therapy patients, with 2026 revenue impact. Simeox trials advancing in Europe and China.
- **Strategic Growth**: COPD market presents $600 million opportunity, with international expansion into Europe and China planned.

**【CEO Summary Section】**
- **Revenue Growth**: Reported $92.4 million in Q3 2025, marking the 7th consecutive quarter of mid-single-digit growth. Domestic B2B revenue increased 6.6% to $24.9 million, while international B2B rose 18.8% to $38.4 million.
- **Strategic Priorities**: Focused on top-line growth, profitability, and innovation. Launched Voxi 5, a stationary oxygen concentrator, to expand into the 90% of patients needing stationary units. Progress on Simeox, a bronchial decongestion solution, with limited U.S. market release and trials in Europe and China.
- **Market Expansion**: International B2B growth driven by Europe and new geographies, with China as a future target. COPD market presents a $600 million conversion opportunity.

**【CFO Financial Commentary】**
- **Financial Results**: GAAP net loss of $5.3 million (down from $6 million), adjusted EBITDA of $2.3 million (up from $0.5 million). Operating expenses decreased 1.4% to $48.4 million. Positive operating cash flow of $4.6 million (excluding one-time expenses).
- **Gross Margin**: 44.7%, down 182 basis points due to higher B2B sales mix. Rental gross margin declined 470 basis points, partly due to Medicare mix and capped patients.
- **Guidance**: Full-year revenue expected $354-357 million (6% YoY growth), adjusted EBITDA $2 million. Q4 revenue projected $87-90 million (10% YoY growth).

**【Q&A Key Highlights】**
- **International Growth**: Europe led Q3 expansion, with new markets planned. China entry in progress via UL Medical partnership.
- **Voxi 5**: Minimal Q3 impact, significant 2026 contribution. Targets 90% of oxygen therapy patients needing stationary units.
- **Simeox**: European and Chinese trials for reimbursement. U.S. limited market release building clinician awareness.
- **Rental Margin**: Pressure from Medicare mix and capped patients, but stabilization expected. One-time logistic adjustment impacted Q3 margins.

Inogen, Inc. (INGN) Q3 2025 Earnings Call Transcript

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