Inogen gets international bump, while U.S. sales remain below prior-year period

BEVERLY, Mass. – Inogen reported revenue of $95.1 million for the second quarter of 2026, a 3% increase year over year, primarily driven by higher demand for portable oxygen concentrators (POCs) in international markets and the favorable impact of foreign exchange rates.

While U.S. sales and rentals remained below the prior-year period, Inogen says it continued to gain traction with U.S. distributors and the expanded product portfolio, reinforcing its confidence in its long-term opportunities in the U.S. market.

“Our second quarter results demonstrate continued demand for our products and validate the progress of our strategy to expand and diversify Inogen’s respiratory care portfolio,” said Kevin Smith, president and CEO. “We are building momentum through new product launches, gaining traction in key markets, and driving greater operating leverage across the business. As we continue to execute against our strategic priorities, we are diligently prioritizing our investments to balance growth, profitability, and innovation to deliver long-term value for shareholders.”

Other financial results:

• Total gross margin was 45.5% compared to 44.8% in the prior-year period. Adjusted gross margin improved by 65 basis points to 45.6% compared to 44.9% due to improvements in cost of revenue
• GAAP net loss was $3.9 million compared to a net loss of $4.2 million
• Positive adjusted EBITDA was $2.4 million, an increase of 15.2%, and positive operation cash flow of $2.9 million

Operational highlights:

• Published the Questionnaire for Oxygen Therapy Evaluation (QuOTE) assessment tool in ERJ Open Research, a nine-question questionnaire designed to simplify and standardize Long-Term Oxygen Therapy (LTOT) patient monitoring by assessing symptoms, therapy adherence, side effects, and equipment-related issues during routine clinical visits.
• Launched the Rove 6 portable oxygen concentrator in Canada.
• Completed enrollment and achieved Last Patient Last Visit (LPLV) for the Simeox H SCOPE Study in China, with statistical analysis results expected in the second half of 2026.
• Strengthened Inogen’s leadership team with the addition of Andy Reding as chief operating officer.

Q3 and FY 2026 outlook

Inogen expects third quarter 2026 revenue to be approximately in line with third quarter 2025 revenue, reflecting the continued U.S. sales channel mix shift, as well as the timing impact of select international distributor inventory purchases.

For the full year 2026, Inogen now expects reported revenue in the range of $355 million to $361 million, reflecting approximately 3% growth at the midpoint of the range relative to the company’s 2025 revenue.

The company now expects full year 2026 adjusted EBITDA of approximately $4 million representing a 48.1% increase from $2.7 million reported in 2025.