Inogen credits ‘power of our strategy’

BEVERLY, Mass. - Inogen reported total revenue of $85.1 million for the first quarter of 2026, a 3.4% increase compared to the prior-year period, ahead of the company’s expectations.

Other financial results

• Total gross margin was 44.5% in the first quarter of 2026 compared to 44.2% in the prior-year period. Adjusted gross margin improved by 30 basis points to 44.7% compared to 44.4% in the prior-year period due to cost improvements in the total cost of revenue.
• GAAP net loss for the first quarter of 2026 was $8.3 million compared to a net loss of $6.2 million in the prior-year period. Adjusted net loss for the first quarter of 2026 was $4.0 million compared to adjusted net loss of $2.9 million in the prior-year period.
• Adjusted EBITDA was negative $1.4 million in the first quarter of 2026, compared to positive $0.04 million in the prior-year period due to investments in research and development to position the Company for sustained, future growth.
• Cash, cash equivalents, marketable securities, and restricted cash were $111.5 million as of March 31, 2026, with no debt outstanding. The company repurchased 298,100 shares of its common stock for consideration of $1.9 million under the recently announced share repurchase program.

“Our first quarter revenue exceeded our outlook with revenue growth of 3.4% as we continue to execute on our clinical and strategic priorities that we believe will position us for growth acceleration and improved profitability in the second half of the year and beyond,” said Kevin Smith, Inogen’s CEO. “Our progress reflects the power of our strategy as we expand our addressable markets, differentiate our portfolio with clinical evidence, and broaden our portfolio through innovation as we generate long-term sustained growth, profitability and value creation for our stockholders.”

Q1 highlights

• Exceeded guidance with first quarter revenue growth of 3.4% from the prior-year period and reiterated full-year 2026 revenue outlook.
• Authorized a $30 million share repurchase program to return capital to stockholders.
• Introduced Aurora continuous positive airway pressure, or CPAP, masks in the U.S.
• Received acceptance of the Aurora CPAP mask study – Patient Preference, Comfort, and Satisfaction with a Novel Full-Face CPAP Mask: A 90-Day In-Home Evaluation Among Experienced Users – to be presented at SLEEP 2026 in Baltimore, Maryland.
• Launched the Rove 6 portable oxygen concentrator in Brazil, strengthening Inogen's ongoing international market expansion.
• Initiated patient enrollment in IMPACTS-200, the first U.S. Simeox 200 reimbursement trial.
• Strengthened the executive leadership team with the appointment of Jason Richardson as CFO and Dominic Hulton as chief marketing officer to help enable Inogen’s next phase of growth.
• Added additional medical technology experience to the Inogen board of directors with the appointment of Vafa Jamali, to take effect on June 5, 2026.

Outlook

For the second quarter of 2026, Inogen expects reported revenue in the range of $94 million to $97 million, reflecting approximately 3.5% growth at the midpoint of the range relative to the company’s second quarter 2025 revenue.

For the full year 2026, Inogen continues to expect reported revenue in the range of $366 million to $373 million, reflecting approximately 6% growth at the midpoint of the range relative to the company’s 2025 revenue.