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Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 5:00 p.m. ET SVP of Investor Relations and Strategic Planning-Lorna Williams President and CEO-Kevin Smith CFO-Jason Richardson Chief Operating Officer-Andy Reding Operator: Welcome to Inogen's Second Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded today, August 6, 2026. I would now like to turn the call over to Lorna Williams, SVP of Investor Relations and Strategic Planning. Lorna Williams: Thank you all for participating in today's call. Joining me are President and CEO Kevin Smith; and CFO Jason Richardson. Earlier today, Inogen released financial results for the second quarter of 2026. The earnings release is available in the Investor Relations section of the company's website along with a supplemental financial package. During today's call, we will discuss non-GAAP financial measures that we believe provide useful information for investors. This information is not intended to be considered in isolation or as a substitute for GAAP financial information. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in today's earnings release and supplemental financial package. In addition, our discussion today will include forward-looking statements, including but not limited to expectations on our future financial and operating performance. We make these statements based on current expectations and reasonable assumptions. However, our actual results could differ due to risks and uncertainties. Please review our annual report and other SEC filings for discussion of risk factors that could cause our actual results to differ materially from any forward-looking statements made today. Forward-looking statements made on today's call speak only as of today, and Inogen undertakes no obligation to update or revise these statements except as required by law. The company has not provided a reconciliation of forward-looking adjusted EBITDA to the most directly comparable GAAP measure because certain items that impact net income are uncertain or outside the company's control and cannot be reasonably predicted without unreasonable effort. With that, I will turn the call over to Inogen's President and CEO, Kevin Smith. Kevin Smith: Good afternoon, and thank you for joining our second quarter conference call. Starting with the Q2 results, Q2 total revenue came in at $95.1 million, growing 3% year over year, due to a strong international growth, POC demand, and contribution from our new products, including Voxi and Aurora Mask. We believe that our continued strong POC unit volume growth of over 12% demonstrates that we continue to outpace market growth as we continue to gain traction with more U.S. distributors. In addition, we continue investing in product innovation and commercial leadership to expand our presence in the home respiratory care market with a long-term goal of consistently delivering high single-digit revenue growth. U.S. sales were $42.3 million in the quarter, as the strong mid-single-digit revenue growth in our B2B sales channel was not enough to offset the channel mix challenges in DTC. Results in DTC reflect the market shift where HMEs are prescribing POCs from day one, and in turn, HMEs are our largest and more strategic funnel. It is important to note that in total, the U.S. segment unit volume was up high single digits, indicating continued strong interest in our products and bolsters our confidence in our strategy. This quarter, we also increased our investments in the B2B sales force, and the team is working across the commercial organizations to sharpen execution and align priorities. That investment is already starting to show a return. We significantly increased the number of U.S. customers moving through the B2B sales channel sequentially over Q1. The cost of ownership case we're making to HMEs is compelling, an 8-year useful life against the 5-year industry standard, best-in-class serviceability and availability, and a growing body of real-world outcomes data. In addition to POCs, our two new products, Voxi and Aurora, continue to receive positive feedback from patients, physicians, and caregivers. We are starting to build inroads in these markets and are pleased with the progress to date. I remain excited about our path to growth with our core business as we bring new innovation to market. On rental, as more patients enter the long-term oxygen therapy pathway through HMEs with a POC, the traditional funnel for rental is narrowing. While this creates a tailwind in our B2B channel, our direct sales channels are feeling pressure. We are managing the rental business with discipline, balancing growth against profitability. At the same time, we remain committed to ensuring every patient who wants an Inogen device can get one. International was again a standout. Revenue of $41.3 million grew 15% year over year, a mid-teen digit expansion sustained across geographies and commercial initiatives. We are penetrating in existing countries and expanding further across Eastern Europe and Latin America, while our teams are deepening distributor relationships. Q2 was continued evidence of a repeatable model, and while we do see the timing of select distributor purchases impacting the second half, we expect the trajectory to continue to fuel further growth over the long term. One example of our continued global expansion is the Rove 6 Portable Oxygen Concentrator launch in Canada. Canada is a large opportunity with roughly 2 million COPD patients. This follows Rove 6's launch in Brazil last quarter, which continues to perform in line with our expectations. These successive launches are the execution of a deliberate international expansion strategy, entering new geographies, building upon established distribution relationships, and extending Inogen's reach to patients who currently have limited access to high-quality, portable oxygen therapy. Profitability is an active priority at Inogen, and we are diligently executing toward it. Our adjusted EBITDA this quarter was $2.4 million, reflecting 15% year-over-year improvement. At the same time, we are conducting a thorough review of our P&L. We have been examining every line of the business with a clear mandate to ensure our cost structure is aligned with our growth priorities, and that we are deploying capital to drive growth, expand into large growing markets, or expand the value proposition of our leading product. That work is underway and we will share more as it gains progress. Our approach to capital allocation also reflects a simple principle. Every dollar we spend must contribute to building a stronger company and generating sustainable shareholder returns. In practice, that means investing with conviction where we see clear returns, such as the sales force expansion, HME channel development, international market entry, and adding higher gross margin accretive products in adjacent markets. Importantly, we generated $2.9 million of operating cash flow and ended our second quarter with $107 million in cash, cash equivalents, marketable securities, and restricted cash, reflecting our strong capital position and ability to continue investing in innovation and long-term growth. We continue to operate with no debt. Innovations remain central to how we generate long-term value at Inogen. And this quarter, we made meaningful progress across our pipeline. Specifically, Voxi expands our core oxygen product portfolio as a high-quality alternative for home oxygen therapy. To date, we've shipped more than 5,000 units, and we continue to receive positive feedback from patients and increase traction with our HME partners. Beyond the encouraging early commercial performance, Voxi addresses an attractive market opportunity. We estimate the SOC market has a TAM of $300 million in the U.S. Importantly, stationary concentrators are a foundational part of oxygen therapy, as virtually every patient who uses a POC also has a stationary oxygen concentrator in the home. By expanding to both POCs and SOCs, we are able to serve a larger portion of the patient journey, deepen relationships with U.S. B2B partners, and capture additional value within our core respiratory care market. At the same time, we are building traction with Aurora CPAP masks, and we are encouraged by the strong early adoption, having more than doubled our customer count sequentially. We continue to expand the Aurora pipeline and convert those opportunities. We expect this momentum to continue. The clinical evidence confirms what our commercial teams have been hearing. At SLEEP 2026 in Baltimore in June, we presented the full results of a 90-day in-home study evaluating experienced CPAP users who are already satisfied with their existing masks. That is a deliberately high bar, as these are not dissatisfied patients looking for an alternative. And yet the data showed that they overwhelmingly preferred Aurora. The reception at SLEEP, the conversations that followed, and most importantly, the growing traction in Aurora reinforced our conviction. We have a product people want to use and the clinical foundation to prove it. Our U.S. B2B sales reps are deepening provider conversations, and we expect Aurora's contributions to gradually increase throughout the rest of the year. We estimate the U.S. CPAP mask market at approximately $2.2 billion, growing at a high single-digit rate. So every point of market share is roughly $20 million of potential annual revenue to Inogen. We continue to execute the evidence-driven HME-focused commercial strategy we have already put into motion to make this market meaningful for us. We are also actively building the clinical and commercial foundation to scale Simeox. We estimate a U.S. TAM of approximately $500 million in non-cystic fibrosis bronchiectasis alone, growing at a high single-digit rate. The path to access that vast market is through CMS reimbursement, and our IMPACTS-200 trial enrollment is progressing on track, with the goal of providing CMS and payers the clinical and economic rationale to cover this differentiated therapy. In China, we completed enrollment and achieved last patient last visit for the Simeox H SCOPE study. We expect statistical analysis results later this year. China represents a significant long-term opportunity in respiratory care, and we are moving methodically through the regulatory pathway to access it. While we invest aggressively in new products, we are equally committed to deepening the clinical and scientific foundation of our core oxygen therapy business. I want to highlight our recently published manuscript in the ERS Open Research journal, where we introduced a simple oxygen therapy assessment tool known as the Questionnaire for Oxygen Therapy Evaluation, or QuOTE. Developed among 14 eminent pulmonologists across the U.S. and Europe, QuOTE is a clinical assessment tool designed to improve how patients on long-term oxygen therapy are evaluated and managed. This manuscript demonstrates that Inogen's contributions to respiratory medicine extends beyond our device portfolio. It strengthens our scientific credibility in oxygen therapy, deepens our engagement with key respiratory thought leaders, and advances the standard of patient assessment and management in the global long-term oxygen therapy market. The early response has been striking. Within days of publication, we received requests for translation into additional languages and interest in further development, validation, and deeper psychometric evaluation. The level of immediate engagement from the global respiratory community speaks to the unmet need this tool addresses. Beyond our current portfolio, we continue to invest in our innovation pipeline, advancing digital health capabilities designed to enhance patient engagement, connectivity, and clinical insights. I would like to take a moment to welcome Andy Reding, who joined Inogen last month as Chief Operating Officer, a newly created role that reflects the operational scale and executional demands of this next chapter. Andy brings more than 30 years of med tech experience across commercial operations, product development, and healthcare reimbursement. As Chief Commercial Officer of Viant Medical, he led operations across 25 facilities, serving hundreds of device companies and delivered exceptional growth over 6 years. Prior to Viant, as VP General Manager of Hillrom Respiratory Health, he held full P&L responsibility and led his team through global sales force expansion, new product launches, and successful FDA and CMS navigation. We are glad to have him on board. Today, Inogen operates across oxygen therapy, sleep therapy, airway clearance, and digital health with an estimated combined TAM of over $3.4 billion. 12 months ago, that number was $400 million. In every investment we have discussed today in leadership, commercial executions, new products, and clinical evidence is oriented toward the same outcome: durable top-line growth, and a clear, accelerating path to profitability. We remain committed to at least one new product launch per year. And with that, I will turn the call over to Jason to discuss the financial results in more detail. Jason? Jason Richardson: Thank you, Kevin, and good afternoon, everyone. As Kevin mentioned, total revenue for the second quarter was $95.1 million, an increase of 3% from the prior year period, primarily driven by strong international growth, the favorable impact of foreign exchange rates, and new product contributions. For the second quarter, foreign exchange had a positive 240-basis-point impact on total revenue. U.S. sales were $42.3 million, down 2% year over year. This quarter, our distributor business benefited from both healthy POC volumes through DMEs and contributions from our new product launches. Looking ahead, we expect U.S. sales to return to growth as these new products continue to gain traction and B2B customers convert patient new starts to POCs. However, the DTC sales channel will continue to be under pressure from the broader market channel mix dynamics. As a result, we currently expect gains in the U.S. B2B sales channel to be partially offset by continued declines in DTC in the second half of the year. International sales were $41.3 million, up 15% year over year. This marks the 10th consecutive quarter of double-digit growth of our international sales. U.S. rentals were $11.6 million, down 12% year over year, reflecting the continued and structural sales channel mix shift Kevin described. Total gross margin was 45.5% in the second quarter of 2026 compared to 44.8% in the prior year period. Adjusted gross margin improved by 65 basis points to 45.6% compared to 44.9% in the prior year period due to cost improvements and lower warranty expenses. Expanding gross margin over time is critical to our overall profitability goals, particularly given the structural headwinds in the U.S., and we are pleased with the second quarter and first half expansion. Adjusted operating expenses for the second quarter of 2026 was $44.6 million, an increase of 1.2% compared to the prior year period. Adjusted R&D expense in the quarter was $4.9 million, an increase of 13.3% versus the prior year period as we are investing in clinical evidence generation and new product development that we believe will differentiate Inogen over the long term. Adjusted SG&A expense in the quarter was $39.8 million, in line with prior year as investments to support new products and additions to our U.S. B2B sales channel were offset by cost reductions. The GAAP net loss for the second quarter of 2026 was $3.9 million compared to a net loss of $4.2 million in the prior year period. Adjusted net loss improved nearly 95% year over year to less than $0.1 million in the second quarter of 2026, compared with an adjusted net loss of $0.7 million in the prior year period. Adjusted EBITDA was $2.4 million in the second quarter of 2026, compared to $2.1 million in the prior year period, an improvement of $300,000. Q2's profitability was a strong quarter for us, and we continue to plan to drive operating leverage and efficiency while also prioritizing investments that support long-term growth. Moving to cash, we generated positive operating cash flow of $2.9 million in the second quarter of 2026 and free cash flow of $1 million. We ended the quarter with $106.8 million in cash, cash equivalents, marketable securities, and restricted cash with no debt outstanding. In the first half of 2026, we repurchased over 1.1 million shares of our common stock for a total consideration of $7.5 million. We continue to believe our stock is undervalued relative to the fundamentals and the strategic opportunity in front of us. We are well positioned to return capital to shareholders while investing in growth, and we continue -- we intend to continue to do it thoughtfully. Now, let me turn to our third quarter and full year 2026 outlook. We are updating our full-year 2026 revenue guidance to a range of $355 million to $361 million, representing approximately 3% growth at the midpoint of the range. This represents a reduction from our previous guidance range of $366 million to $373 million. We continue to expect strong demand for our core POC products and further growth in the scaling of Aurora and Voxi. These factors will be partly offset by continued U.S. market channel mix shift pressure on our direct businesses and the timing of certain select distributor inventory purchases in international. For the third quarter of 2026, we expect reported revenue to be in line with the third quarter of 2025 reported revenue of $92.4 million. This reflects the impact of continued U.S. sales channel mix, as well as the impact of international distributor inventory purchases. As we manage through channel mix shifts on the top line while prioritizing growth investments, we are pleased to raise our full-year adjusted EBITDA guidance. We now expect adjusted EBITDA of approximately $4 million for the full year 2026, representing 48% growth over the $2.7 million reported for the full year 2025. With that, I will turn the call back to Kevin for closing remarks. Kevin Smith: Thank you, Jason. I want to address the updated outlook we shared today. While our performance this quarter was in line with our expectations, and we are lowering our guidance, we are approaching this period with a clear understanding of the market dynamics, a strong sense of accountability, and a focused plan to drive improvement. As we look ahead, our focus remains on execution. In the second quarter, we delivered continued international POC growth, realized strong U.S. POC unit growth, and made meaningful progress in our U.S. B2B sales channel with new leadership and expanded sales team and positive traction for Voxi and Aurora. We have strengthened our leadership team with the addition of a Chief Operating Officer, while increasing our focus on financial discipline and operational execution, reflected in the increased full-year adjusted EBITDA guidance. While we remain mindful of near-term headwinds, including international customer inventory management and ongoing channel mix pressure in our U.S. direct business, we are taking decisive action to improve execution, drive profitability, and create long-term shareholder value. Operator, please open the call for questions. Operator: [Operator Instructions] The first question comes from Mike Matson from Needham & Co. Michael Matson: So just wanted to ask one on this channel issue with the DTC side of things. So I mean, is this the DTC business, just sort of like a melting ice cube here that's going to just continue to fall? I mean is there any ability to sell like the CPAP masks or other products through that channel that makes it worth kind of keeping it intact. I mean I understand that while this mix shifts are negative for that part of the business, it's a positive for the B2B side. So I understand there's an offset, but I'm just trying to understand if this is -- there's any sort of bottom here, this thing is going to just keep gradually eroding over time. Kevin Smith: Mike, this is Kevin and thanks for the question. And I think what might be helpful here is if I kind of step back a little bit and then wrap that in here. So we have confidence that we do have the right strategy and many things are going well right now. The core POC business is healthy. The underlying demand is up 12%. International growth is 15%. Geo expansion is contributing 80 basis points to the growth in the second quarter, and the new products, Voxi and Aurora, are gaining traction and velocity. They contribute more than 100 basis points of growth. And if I look at this going forward, what's changed from where we were in the previous quarter? Well, one, and I'll start off with the international. We did have a few of our distributors have indicated that they're going to be managing inventory in the second half. We see that as transitory, right? This is -- this includes some factors like tenders getting delayed and distributor consolidation that is happening. But the international continues to grow. That is a highlight for us. We're confident, again, as I said, that this is transitory. Now this mix shift that we talked about, it's been happening faster than we anticipated. And yes, you're right. That is a tailwind for the B2B. It's a headwind for the direct business. But we do see opportunities when we look at the DTC for that to stabilize and that to grow. And when we're looking at the second half of this year, we're seeing that total U.S. business and we bucket that together with the B2B U.S. We see us being able to overcome that headwind and see overall growth in the U.S. business in the second half. Now the other piece of that headwind is the rental business. And the rental business is something that we have some additional factors that are in there. One is that shift that's happening with the HMEs providing the POCs first versus the oxygen tanks more frequently. But there's also some perspectives in there that we have to evaluate. We brought in some new folks that are taking a look at this for us, giving us a range of options to improve that business. And that is important for us going forward. But we do believe we have the right strategy. Yes, we believe we can sell more. We've been selling the Voxi through the DTC channel. And we do believe that we have opportunities to sell other products in there. That is -- that's core to us and it's something that we're focused on. Jason, anything to add there? Jason Richardson: I think you covered it. I mean, I think, like you said, that we see a return to growth on the sales side in the second quarter for the U.S., which is really important. And I think we have work to do on rental, and we have a few options there to try to improve performance. Michael Matson: Okay, I understand. And just with regard to -- I mean, it was good to see the gross margin up, especially given this mix shift into B2B from DTC, because I think that margins tend to be higher on the DTC side. So what -- I guess, what's driving or what drove the gross margin improvement that you saw in the quarter? Kevin Smith: Jason, I'll let you take that one. Jason Richardson: Yes, I'll take this one. This is Jason. No, I think we're really happy with what we're seeing from a gross margin standpoint. I think as you called out, we have the structural headwind from the mix shift. But at the same time, we've been able to realize cost-saving initiatives. We did have some modest one-timers in the quarter, but if you look over time, we've been able to, even with this mix shift, kind of be in that 44% to 45% range. And the other thing I would highlight that's kind of helping us contribute here is we've been realizing lower warranty costs, which for us -- quality of our product is a big differentiator for us in the market and particularly with our B2B partners. So I think that we expect to really be able to kind of offset some of that mix shift going forward. As we look out, I would say, we see that as stable. We -- mix shift will continue to put pressure. We have some modest inflationary pressures, but we continue to have cost improvement initiatives. New products should be accretive. So like I said, we're happy with where we are from a gross margin standpoint. Michael Matson: And then I guess my last question is just on getting your POCs into the Chinese market. Can you just give us an update there with your partner? Kevin Smith: Yes, certainly, Mike. We're working through the regulatory process. We haven't guided any further on timing with that specific to the POCs. We'll provide updates as that becomes relevant. But one thing I will note also is we continue to make good progress as noted in the prepared remarks with Simeox in the Chinese market, and we do continue to expect to have that regulatory clearance before the end of the year for Simeox in China. Operator: The next question comes from Anderson Schock from B. Riley Securities. Anderson Schock: So first, Aurora and Voxi 5 continue to scale. Could you update us on where each stands today with contribution in the quarter, account penetration? And how much contribution from these is embedded in the revised full-year range versus the original? Kevin Smith: Yes, maybe I'll start Jason, and you can take over there. So with the -- we've been seeing the growth, the trajectory from that velocity I talked about, both from a account basis with doubling of the accounts on a quarter-on-quarter basis. And we anticipate being able to see that continue to grow. Now, remember that Aurora, the masks, those are -- you're picking those up, even though it's account by account, it's also patient by patient in this. We like what we've seen. We have good feedback coming from the patients as well as the HCPs and similarly with Voxi. Voxi is, again, good solid feedback that we're hearing in the market. We like the volume that we have. We like the discussions that are continuing on here going forward. We haven't really broken it down any further than that. Jason, anything you want to add? Jason Richardson: Yes, I mean, I think -- so to answer the questions like the contribution here, in the second quarter, it contributed -- new products contributed a little over 100 basis points, specifically the Voxi and Aurora. And as we think about the second half, we expect that to accelerate. And I think importantly, as we even -- as you think about the guide-to-guide here, we have -- I would tell you that, that assumption is unchanged. I think that this is on target to what we were forecasting. Anderson Schock: Okay, got it. And then on Simeox, I guess outside of China, could you provide an update on the IMPACTS-200 study and a timeline there from data to a U.S. coverage decision? Kevin Smith: Yes, so we're -- again, with that one we were progressing well. We're where we expected to be from an enrollment standpoint. That is, we're happy with that. We haven't guided to the timing on that, Anderson. We'll give that update once we get to the last patient and the last visit, we will do something similar as we did with the SCOPE study in China. But remember also we do have -- we'll need a second trial for that we're working through with the investigators on Simeox because we'll want to have at least two good trials to take to CMS and make sure that we put our best foot forward. You've got really one shot on goal with that. Operator: The next question comes from Ilya Zubkov from Freedom Capital Markets. Ilya Zubkov: So I have just a quick one. As you continue to evolve the mix toward the B2B channel, could you share your perspective on patient and provider stickiness and how transition between different channels typically play out in terms of patient retention? Kevin Smith: Certainly. So when we think about these -- the channels and patient stickiness, part of our strategy is to really own three buckets as we look at this, owning the patient and the engagement with the patients, the HCPs, as well as the HME relationships, the B2B. When you look at the QuOTE study that we have put out, that demonstrates that level of engagement that we're working toward, one with the HCP because the HCP is going to make the recommendations to the patients. We want them to have the brand preference and loyalty and insist on the Inogen. We're working toward the evidence to be able to allow us to continue that engagement and drive preference. Same thing with the patients. With the patients, at this QuOTE study that we have in the questionnaire is a patient and a caregiver and HCP engagement form, and that enables us to continue to build that brand preference with Inogen as we start to control some of those conversations or I should more say heavily influence those conversations. Then we also -- when we look at the B2B partner, we're not necessarily giving up the control to the B2B partner. A long-range part of our strategy that we've been building toward is our digital health. And the digital health connectivity, again, allows us to engage with the patients, the healthcare partners, and provide that connection back to the B2B partner. So it's this broader ecosystem and we're driving all angles of that. Operator: There are no further questions. And at this time, I'd like to hand the call back to CEO, Kevin Smith, for closing remarks. Thank you, Kevin. Over to you. Kevin Smith: Thank you. So at the midpoint of 2026, our path forward is increasingly clear. Our commercial strategy is gaining traction, our product and clinical pipeline are advancing, and the new additions to our executive team positions us well for the future. This progress would not be possible without the hard work, dedication, and resilience of our employees who drive Inogen forward every day. Thank you for your continued support. We look forward to updating you on our progress next quarter. Operator: This concludes today's conference. Thank you for participating. You may now disconnect. Before you buy stock in Inogen, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Inogen wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Inogen (INGN) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Inogen, Inc. INGN reported breakeven earnings for second-quarter 2026, compared to the year-ago period’s adjusted loss of 2 cents per share. GAAP loss per share of 14 cents, narrower than the year-ago loss of 15 cents. The figure beat the Zacks Consensus Estimate by 17.7%. Year to date, the company’s shares have lost 10% compared with the industry’s fall of 8.5%. However, the S&P 500 Index has increased 13.1% in the same time frame. Image Source: Zacks Investment Research Inogen registered revenues of $95.1 million for the second quarter of 2026, up 3% year over year. The figure beat the Zacks Consensus Estimate of $95 million by 0.3%. At constant exchange rate (CER), total revenues for the reported quarter increased 0.6% year over year. Per management, the year-over-year improvement in the top line was primarily driven by strong international demand for portable oxygen concentrators (POCs), favorable foreign exchange rates and contributions from new products. However, lower U.S. sales and U.S. rental revenues partially offset the gains. The company reports revenues under three categories — U.S. sales, international sales and U.S. rentals. U.S. sales were $42.3 million, down 2.3% year over year. Management said healthy POC volumes through home medical equipment distributors and contributions from new products were not enough to offset pressure in the direct-to-consumer channel. International sales climbed 14.8% to $41.3 million, marking the 10th consecutive quarter of double-digit international sales growth. U.S. rental revenues fell 11.8% to $11.6 million. Management expects U.S. sales to return to growth as new products gain traction and B2B customers convert patient starts to POCs, although direct-to-consumer declines are expected to persist. In the quarter under review, Inogen’s adjusted gross profit increased 4.5% from the year-ago period to $43.3 million. The adjusted gross margin improved 65 basis points to 45.6%, primarily driven by cost improvements and lower warranty expenses. Sales and marketing expenses declined 2.2% from the year-ago quarter’s figure to $24.8 million, while general and administrative expenses rose 4.8% to $17.7 million. Research and development expenses increased 12.7% year over year to $5.9 million. Adjusted operating expenses were $44.6 million, up 1.2% year over year. Adjusted operating loss totaled $1.3 million compared with the prior-year quarter’s loss of $2.6 million. Inogen exited the second quarter of 2026 with cash and cash equivalents of $87.3 million compared with $93.1 million at the end of the first quarter of 2026. The company had no debt outstanding, preserving financial flexibility for product development, commercial expansion and other growth initiatives. During the first half of 2026, INGN repurchased 1,145,150 shares for $7.5 million. Cumulative net cash used in operating activities at the end of second-quarter 2026 was $3.7 million compared with $12.4 million a year ago. Inogen has provided its revenue outlook for the third quarter of 2026 and lowered its full-year revenue guidance. For the third quarter of 2026, Inogen expects revenues to be in line with the third quarter of 2025 reported revenues of $92.4 million. The outlook reflects continued U.S. sales channel mix pressure and the timing impact of select international distributor inventory purchases. For 2026, Inogen now expects reported revenues in the range of $355-$361 million, down from the previous guidance of $366-$373 million. The revised range reflects approximately 3% growth at the midpoint from the comparable 2025 revenues. The Zacks Consensus Estimate is currently pegged at $369 million. Inogen, Inc price-consensus-eps-surprise-chart | Inogen, Inc Quote Inogen exited the second quarter of 2026 with year-over-year revenue growth, supported by continued strength in international markets and healthy demand for portable oxygen concentrators. POC unit volumes increased more than 12% year over year, while the company continued to gain traction with U.S. distributors. INGN also increased investments in its B2B sales force to capitalize on the ongoing shift toward home medical equipment providers. During the quarter, Inogen continued to expand its respiratory care portfolio. Voxi and Aurora together contributed more than 100 basis points to revenue growth, with more than 5,000 Voxi units shipped and Aurora’s customer count more than doubling sequentially. The company also launched Rove 6 in Canada, published its QuOTE oxygen therapy assessment tool and completed enrollment and last patient last visit for the Simeox H SCOPE study in China. Enrollment in the U.S. IMPACTS-200 reimbursement study also remained on track. Management remains focused on expanding Inogen’s presence across oxygen therapy, sleep therapy, airway clearance and digital health. The company estimates its combined addressable market at more than $3.4 billion and remains committed to at least one new product launch annually. Inogen is also pursuing international expansion, deeper HME relationships and continued investment in clinical evidence and product innovation to support durable top-line growth and improve profitability over time. Inogen currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the broader medical space are West Pharmaceutical WST, The Cooper Companies COO and Cardinal Health CAH, each carrying a Zacks Rank of 2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. West Pharmaceutical reported second-quarter 2026 adjusted earnings per share (EPS) of $2.37, which beat the Zacks Consensus Estimate by 13.9%. Revenues of $872.3 million surpassed the Zacks Consensus Estimate by 4.2%. West Pharmaceutical has an estimated long-term earnings growth rate of 16%. WST’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 17.40%. The Cooper Companies reported a second-quarter fiscal 2026 adjusted EPS of $1.21, which beat the Zacks Consensus Estimate by 10.00%. Revenues of $1.08 billion beat the Zacks Consensus Estimate by 2.6%. The Cooper Companies has an estimated long-term earnings growth rate of 8.3%. COO’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 5.80%. Cardinal Health reported a third-quarter fiscal 2026 adjusted EPS of $3.17, which beat the Zacks Consensus Estimate by 13.2%. Revenues of $60.94 billion missed the Zacks Consensus Estimate by 2.3%. Cardinal Health has an estimated long-term earnings growth rate of 17%. CAH’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 10.27%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Inogen, Inc (INGN) : Free Stock Analysis Report Cardinal Health, Inc. (CAH) : Free Stock Analysis Report The Cooper Companies, Inc. (COO) : Free Stock Analysis Report West Pharmaceutical Services, Inc. (WST) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was driven by 15% international growth and a 12% increase in POC unit volume, which management believes indicates market share gains despite domestic channel headwinds. The U.S. market is undergoing a structural shift where Home Medical Equipment (HME) providers are prescribing Portable Oxygen Concentrators (POCs) from day one, rather than traditional tanks. This market evolution has created a 'narrowing funnel' for the company's direct-to-consumer (DTC) and rental businesses while serving as a significant tailwind for the B2B channel. Management is countering DTC pressure by expanding the B2B sales force and emphasizing a 'cost of ownership' case to distributors based on an 8-year useful life versus the 5-year industry standard. Strategic positioning has expanded from a $400 million TAM to over $3.4 billion in 12 months by entering adjacent markets including stationary concentrators (Voxi) and CPAP masks (Aurora). International expansion remains a core pillar, with recent Rove 6 launches in Canada and Brazil leveraging established distributor relationships to reach underserved COPD populations. Full-year revenue guidance was lowered to $355M-$361M, primarily due to faster-than-anticipated U.S. channel mix shifts and transitory inventory management by international distributors. Despite lower revenue targets, adjusted EBITDA guidance was raised to approximately $4 million, reflecting disciplined P&L management and expected operating leverage. The company expects U.S. sales to return to growth in the second half of 2026 as new product traction and B2B gains begin to outweigh the continued erosion of the DTC business. Clinical trial enrollment for Simeox (IMPACTS-200) is on track to provide the economic rationale for CMS reimbursement, a critical dependency for accessing the $500M U.S. airway clearance market. Management committed to a cadence of at least one new product launch per year to maintain top-line momentum and diversify the respiratory care portfolio. The company appointed Andy Reding as the first-ever Chief Operating Officer to manage the increased operational scale and executional demands of the expanded product portfolio. A thorough P&L review is underway to align the cost structure with growth priorities, though specific restructuring actions were not detailed. International growth in the second half may be impacted by the timing of select distributor purchases, tender delays, and ongoing distributor consolidation. Share repurchases of over 1.1 million shares for $7.5 million were executed in the first half, reflecting management's view that the stock remains undervalued relative to fundamentals. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management acknowledged the DTC business is facing pressure but believes it can stabilize by selling new products like Voxi through the channel. They expect the total U.S. business (B2B and DTC combined) to overcome rental headwinds and show overall growth in the second half of the year. Gross margin expansion was driven by cost-saving initiatives and lower warranty expenses, which management cited as a sign of improved product quality. Management expects new products to be margin-accretive, helping to offset the structural pressure of shifting from high-margin DTC to lower-margin B2B sales. Management declined to provide specific timing for POC regulatory clearance in China but confirmed they are working through the process with a partner. They expect regulatory clearance for Simeox in China before the end of 2026 following the completion of the SCOPE study. Inogen is using clinical tools like the 'QuOTE' questionnaire to build brand preference directly with physicians and patients, even when the device is provided by a third-party HME. The company is investing in digital health connectivity to maintain a direct relationship with the patient and provide data insights back to B2B partners.

Interested in Inogen, Inc? Here are five stocks we like better. Second-quarter revenue rose 3% to $95.1 million, with international sales up 15% and new products helping offset a 2% decline in U.S. sales, particularly weakness in direct-to-consumer and rental channels. Inogen lowered its 2026 revenue guidance to $355 million–$361 million due to U.S. channel shifts and international distributor inventory timing, but raised adjusted EBITDA guidance to approximately $4 million on improved margins and cost management. Newer products gained traction, with Voxi and Aurora contributing to growth, while Inogen continued advancing Simeox clinical and regulatory programs; the company ended the quarter with $106.8 million in cash and no debt. Inogen (NASDAQ:INGN) reported second-quarter 2026 revenue of $95.1 million, up 3% from a year earlier, as international growth, portable oxygen concentrator demand and contributions from newer products offset continued pressure in its U.S. direct-to-consumer business. The company lowered its full-year revenue outlook, citing a faster-than-anticipated shift in U.S. sales channels and the timing of inventory purchases by certain international distributors. At the same time, Inogen raised its adjusted EBITDA outlook, reflecting progress on cost management and gross-margin expansion. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth International sales rose 15% year over year to $41.3 million, marking the company’s 10th consecutive quarter of double-digit international growth, according to CFO Jason Richardson. Foreign exchange contributed a positive 240 basis points to total revenue growth during the quarter. President and CEO Kevin Smith said Inogen continued to expand in existing markets and pursue opportunities in Eastern Europe and Latin America. The company launched its Rove 6 portable oxygen concentrator in Canada during the quarter, following its launch in Brazil in the first quarter. → Visa’s BioCatch Deal Could Make Fraud Prevention a Bigger Business Smith said Inogen expects some international distributors to manage inventory more closely in the second half, with factors including delayed tenders and distributor consolidation affecting purchase timing. He characterized those factors as transitory. U.S. sales fell 2% year over year to $42.3 million. While the company’s business-to-business channel posted mid-single-digit growth and U.S. unit volume increased by high single digits, gains were not enough to offset declines in the direct-to-consumer channel. U.S. rental revenue declined 12% to $11.6 million. → Ulta's Growth Is Real, But So Are the Risks Management attributed the direct-channel pressure to a market shift in which home medical equipment providers prescribe portable oxygen concentrators from the beginning of a patient’s therapy rather than transitioning patients from oxygen tanks later. Smith said the shift benefits Inogen’s B2B business but narrows the traditional funnel for rentals and puts pressure on direct sales. “We do see opportunities” for the direct-to-consumer business to stabilize and grow, Smith said during the question-and-answer session. He added that Inogen has been selling its Voxi stationary oxygen concentrator through that channel and sees potential to sell other products there. Inogen said its Voxi stationary oxygen concentrator and Aurora CPAP mask together contributed more than 100 basis points of revenue growth in the second quarter. The company has shipped more than 5,000 Voxi units to date, Smith said. The company estimates the U.S. stationary oxygen concentrator market at $300 million. Smith said the product enables Inogen to serve more of a patient’s oxygen-therapy needs, since portable oxygen concentrator users typically also have a stationary concentrator at home. Aurora’s customer count more than doubled sequentially, according to Smith. He said the company expects Aurora’s contribution to increase gradually through the remainder of 2026 as its U.S. B2B representatives expand provider discussions. Inogen estimates the U.S. CPAP mask market at approximately $2.2 billion. Inogen is also advancing Simeox, an airway-clearance therapy. The company said enrollment in its IMPACTS-200 study is progressing on schedule, with the goal of generating clinical and economic evidence to support potential CMS reimbursement. Management said it expects to require two studies before approaching CMS. In China, Inogen completed enrollment and the last patient visit in the SCOPE study and expects statistical analysis results later this year. Smith said the company expects Simeox regulatory clearance in China before the end of 2026. Gross margin was 45.5%, compared with 44.8% in the prior-year period. Adjusted gross margin increased 65 basis points to 45.6%, which Richardson attributed to cost improvements and lower warranty expenses. GAAP net loss narrowed to $3.9 million from $4.2 million a year earlier. Adjusted net loss improved to less than $0.1 million from $0.7 million. Adjusted EBITDA rose to $2.4 million from $2.1 million. Operating cash flow totaled $2.9 million, while free cash flow was $1 million. Inogen ended the quarter with $106.8 million in cash, cash equivalents, marketable securities and restricted cash, with no debt outstanding. Adjusted operating expenses increased 1.2% to $44.6 million. Research and development expense rose 13.3% to $4.9 million as the company invested in clinical evidence and product development, while adjusted selling, general and administrative expense was roughly flat at $39.8 million. In the first half, Inogen repurchased more than 1.1 million shares for $7.5 million. Richardson said the company believes its shares are undervalued relative to its fundamentals and strategic opportunity. Inogen revised its 2026 revenue guidance to $355 million to $361 million, representing approximately 3% growth at the midpoint. The prior outlook was $366 million to $373 million. The company expects third-quarter reported revenue to be in line with the $92.4 million reported in the third quarter of 2025. Management said the outlook reflects continued U.S. channel-mix pressure and the timing of international distributor inventory purchases. Despite the lower revenue outlook, Inogen raised its full-year adjusted EBITDA guidance to approximately $4 million, which would represent 48% growth from $2.7 million in 2025. Smith said the company is conducting a review of its profit-and-loss structure and capital allocation priorities while continuing investments in sales-force expansion, B2B channel development, international market entry and product innovation. Inogen also appointed Andy Reding as chief operating officer in July, a newly created role. Inogen, Inc (NASDAQ: INGN) is a medical device company specializing in the development, manufacture and marketing of innovative oxygen therapy solutions. The company's core focus is on portable oxygen concentrators (POCs) designed to support patients with chronic respiratory conditions such as chronic obstructive pulmonary disease (COPD). Inogen's offerings aim to provide users with mobility and independence by reducing reliance on traditional compressed-gas cylinders and enabling oxygen therapy on the go. Inogen's flagship product line, including the Inogen One family of portable oxygen concentrators, leverages proprietary flow technology to deliver continuous and pulse-dose oxygen. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Inogen Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Inogen Inc (NASDAQ:INGN) delivered strong international revenue growth of 15% year-over-year, marking the 10th consecutive quarter of double-digit growth. The company's core POC unit volume grew over 12%, outpacing the overall market growth. New products, Voxy and Aurora, are gaining traction, with Voxy shipping over 5,000 units and Aurora more than doubling its customer count sequentially. Gross margin expanded by 65 basis points to 45.6%, driven by cost improvements and lower warranty expenses. The company raised its full-year 2026 adjusted EBITDA guidance to approximately $4 million, representing 48% growth over 2025. Inogen Inc (NASDAQ:INGN) maintains a strong balance sheet with $106.8 million in cash and no debt, while also repurchasing over 1.1 million shares in the first half of 2026. Inogen Inc (NASDAQ:INGN) lowered its full-year 2026 revenue guidance to $355-$361 million, down from the previous range of $366-$373 million. US sales declined 2% year-over-year due to channel mix challenges, with the DTC sales channel continuing to face pressure. US rental revenue decreased 12% year-over-year, reflecting a structural shift in the market toward HMEs prescribing POCs from day one. The company expects continued headwinds in the second half from international distributor inventory management and ongoing US direct business pressure. Third-quarter revenue is expected to be flat year-over-year, impacted by US channel mix shifts and international distributor purchase timing. The company is still operating at a net loss, with a GAAP net loss of $3.9 million in the second quarter. Warning! GuruFocus has detected 3 Warning Signs with INGN. Is INGN fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide more detail on the DTC channel pressure? Is this business a "melting ice cube" that will continue to erode, or is there a bottom, and are there opportunities to sell other products through that channel to stabilize it? A: Kevin Smith (CEO) explained that the channel mix shift is happening faster than anticipated, creating a headwind for the direct business but a tailwind for the B2B channel. He noted that the core business is healthy, with underlying POC demand up 12% and international growth at 15%. He expressed confidence that the US business can return to overall growth in the second half of the year as B2B gains offset DTC declines. He also highlighted opportunities to stabilize and grow DTC by selling new products like Voxy through that channel. Jason Richardson (CFO) added that they see a return to growth on the sales side in the US and are evaluating options to improve the rental business performance. Q: Given the mix shift to B2B from DTC, which typically has higher margins, what drove the gross margin improvement in the quarter? A: Jason Richardson (CFO) stated that despite the structural headwind from the mix shift, the company realized cost-saving initiatives and lower warranty costs, which contributed to the gross margin expansion. He noted that the quality of their product is a key differentiator, particularly with B2B partners. Looking forward, he expects gross margin to remain stable, with new products being accretive and cost improvement initiatives offsetting mix shift and modest inflationary pressures. Q: Can you update us on the progress of Aurora and Voxy, including their contribution in the quarter, account penetration, and how much contribution is embedded in the revised full-year guidance versus the original? A: Kevin Smith (CEO) reported strong growth trajectory for both products, with Aurora more than doubling its customer count sequentially. He noted positive feedback from patients and HCPs for both products. Jason Richardson (CFO) quantified that new products contributed a little over 100 basis points to growth in Q2 and expects this to accelerate in the second half. He confirmed that the assumptions for these products in the revised guidance are unchanged from the original forecast. Q: Can you provide an update on the Semiox (Simeox) progress outside of China, specifically regarding the IA 200 trial and US coverage decision? A: Kevin Smith (CEO) stated that enrollment for the IA 200 trial is progressing on track and where expected. He did not provide a timeline for the last patient visit but noted they will need a second trial to present to CMS, as they want to have at least two good trials to make the strongest case for reimbursement. He emphasized that they have "really one shot on goal" with CMS. Q: As the mix shifts toward the B2B channel, how do you think about patient and provider stickiness and how transitions between channels play out in terms of patient retention? A: Kevin Smith (CEO) outlined a three-pronged strategy to own the patient, HCP, and HME relationships. He highlighted the QUOTE study as a tool to engage HCPs and patients, building brand preference. He emphasized that they are not giving up control to B2B partners, and their digital health strategy will allow them to maintain engagement with patients and provide connectivity back to B2B partners, creating a broader ecosystem. Q: Can you elaborate on the reasons for lowering the full-year 2026 revenue guidance and the expected impact on the third quarter? A: Jason Richardson (CFO) explained that the guidance reduction is due to continued US market channel mix shift pressure on direct businesses and the timing of certain select distributor inventory purchases in international markets. For Q3, they expect revenue to be in line with Q3 2025 reported revenue of $92.4 million. Despite the top-line headwinds, the company raised its full-year adjusted EBITDA guidance to approximately $4 million, representing 48% growth over 2025. Q: What is the status of the POC regulatory process in China, and can you provide an update on the timeline? A: Kevin Smith (CEO) stated that they are working through the regulatory process for POCs in China and have not guided on further timing. However, he confirmed that they continue to expect regulatory clearance for Simeox in China before the end of the year. Q: How is the company managing the rental business given the structural headwinds, and what options are being considered to improve its performance? A: Kevin Smith (CEO) acknowledged that the traditional funnel for rentals is narrowing as more patients enter long-term oxygen therapy through HMEs with POCs. He stated they are managing the rental business with discipline, balancing growth against profitability. Jason Richardson (CFO) added that they have brought in new people to evaluate the business and are considering a range of options to improve performance, though specific details were not disclosed. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Reported second quarter revenue of $95.1 million Company raises full-year adjusted EBITDA guidance to approximately $4.0 million BEVERLY, Mass., August 06, 2026--(BUSINESS WIRE)--Inogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced financial results for the quarter ended June 30, 2026. "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 Chief Executive Officer. "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." Highlights Achieved second quarter 2026 revenue of $95.1 million, representing 3.0% year-over-year growth, including international revenue of $41.3 million, an increase of 14.8% year-over-year. Reported GAAP net loss for the second quarter of 2026 of $3.9 million, compared to a net loss of $4.2 million in the prior-year period. Delivered second quarter 2026 positive adjusted EBITDA of $2.4 million, an increase of 15.2% year-over-year, and generated $2.9 million of positive operating cash flow in the quarter. Raised adjusted EBITDA guidance for the full year 2026 to approximately $4.0 million, representing a 48.1% increase from adjusted EBITDA of $2.7 million reported in 2025 and updated full-year revenue guidance to $355 million to $361 million reflecting approximately 3% growth at the midpoint of the range. 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, strengthening Inogen's ongoing international market expansion and bringing its best-in-class oxygen therapy technology to approximately two million Canadians diagnosed with chronic obstructive pulmonary disease. 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, marking an important milestone in expanding Simeox H into additional large global markets. Strengthened Inogen’s leadership team with the addition of Andy Reding as Chief Operating Officer, whose extensive respiratory care expertise and deep industry experience will support the Company’s strategic growth initiatives and expansion of its product portfolio. Second Quarter 2026 Financial Results Total revenue in the second quarter of 2026 was $95.1 million, an increase of 3.0% from $92.3 million in the prior-year period, primarily driven by higher demand for portable oxygen concentrators, or POCs, in international markets and the favorable impact of foreign exchange rates. While U.S. sales and rentals remained below the prior-year period, the Company continued to gain traction with U.S. distributors and the expanded product portfolio, reinforcing confidence in its long-term opportunities in the U.S. market. Total gross margin was 45.5% in the second quarter of 2026 compared to 44.8% in the prior-year period. Adjusted gross margin improved by 65 basis points to 45.6% compared to 44.9% in the prior-year period due to improvements in cost of revenue. GAAP net loss for the second quarter of 2026 was $3.9 million compared to a net loss of $4.2 million in the prior-year period. Adjusted net loss improved $0.6 million year-over-year to less than $0.1 million in the second quarter of 2026, compared with an adjusted net loss of $0.7 million in the prior-year period. Adjusted EBITDA was a positive $2.4 million in the second quarter of 2026, compared to a positive $2.1 million in the prior-year period, an improvement of $0.3 million. Cash, cash equivalents, marketable securities, and restricted cash were $106.8 million as of June 30, 2026, with no debt outstanding. The Company repurchased 1,145,150 shares of its common stock in the first half of 2026 for consideration of $7.5 million under the share repurchase program that was announced in the first quarter of 2026. Reconciliations of adjusted gross margin, adjusted EBITDA, and adjusted net loss for the three and six months ended June 30, 2026 and 2025 are in the financial schedules that are a part of this press release. An explanation of these non-GAAP financial measures is also included below under the heading "Reconciliation of U.S. GAAP to Non-GAAP Financial Measures." Third Quarter and Full Year 2026 Financial 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 $4.0 million representing a 48.1% increase from $2.7 million reported in 2025. The Company has not provided a reconciliation of forward-looking Adjusted EBITDA to the most directly comparable GAAP measure because certain items that impact net income are uncertain or outside the Company's control and cannot be reasonably predicted without unreasonable effort. Quarterly Conference Call Information On August 6, 2026, the Company will host a conference call at 5:00 p.m. Eastern Time / 2:00 p.m. Pacific Time. Individuals interested in listening to the conference call may do so by dialing: U.S. domestic callers (877) 841-3961Non-U.S. callers (201) 689-8589 Please reference Inogen to join the call. A live audio webcast and archived recording of the conference call will be available to all interested parties through the News / Events page on the Inogen Investor Relations website. This webcast will also be archived on the website for six months. A replay of the call will be available approximately three hours after the live webcast ends and will be accessible through August 13, 2026. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Conference ID: 13761255. Inogen has used, and intends to continue to use, its Investor Relations website, http://investor.inogen.com/, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. About Inogen Inogen, Inc. (Nasdaq: INGN) is a leading global medical technology company offering innovative respiratory products for use in the homecare setting. Inogen supports patient respiratory care by developing, manufacturing, and marketing innovative best-in-class respiratory therapy devices used to deliver care to patients suffering from chronic respiratory conditions. Inogen partners with patients, prescribers, home medical equipment providers, and distributors to make its respiratory therapy products widely available, allowing patients the chance to manage the impact of their disease. For more information, please visit www.inogen.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this communication that are not historical facts, including, but not limited to, statements regarding Inogen’s future business plans, market opportunities, financial outlook, growth strategies, anticipated operational results, and guidance, are forward-looking statements. Words such as "aims," "believes," "anticipates," "plans," "expects," "will," "intends," "potential," "possible," and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including but not limited to, risks and uncertainties relating to Inogen’s 2026 third quarter and full year financial guidance; market acceptance of its products; competition; its sales, marketing and distribution capabilities; its planned sales, marketing, and research and development activities; and risks associated with international operations. Information on these and additional risks, uncertainties, and other information affecting Inogen’s business operating results are contained in its Annual Report on Form 10-K for the period ended December 31, 2025, its Quarterly Report on Form 10-Q for the period ended March 31, 2026, and in its other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Inogen disclaims any obligation to update these forward-looking statements except as may be required by law. Non-GAAP Financial Measures Inogen has presented certain financial information in accordance with U.S. GAAP and also on a non-GAAP basis for the three and six months ended June 30, 2026, and June 30, 2025. Management believes that these non-GAAP financial measures, taken in conjunction with U.S. GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of Inogen’s core operating results. Management uses these non-GAAP measures to compare Inogen’s performance relative to forecasts and strategic plans, to benchmark Inogen’s performance externally against competitors, and for certain compensation decisions. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Inogen's operating results as reported under U.S. GAAP. Inogen encourages investors to carefully consider its results under U.S. GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between U.S. GAAP and non-GAAP results are presented in the accompanying tables of this release. View source version on businesswire.com: https://www.businesswire.com/news/home/20260806274978/en/ Contacts [email protected]

Image source: The Motley Fool. Thursday, May 7, 2026 at 5 p.m. ET President and Chief Executive Officer — Kevin Smith Chief Financial Officer — Jason Richardson Senior Vice President, Investor Relations and Strategic Planning — Lorna Williams Operator: Welcome to Inogen, Inc.'s first quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. Following management's prepared remarks, we will hold a Q&A session. A reminder, this conference is being recorded today, May 7, 2026. I would now like to turn the call over to Lorna Williams, SVP of Investor Relations and Strategic Planning. Lorna Williams: Thank you all for participating in today's call. Joining me are President and CEO, Kevin Smith, and CFO, Jason Richardson. Earlier today, Inogen, Inc. released financial results for 2026. The earnings release is available in the Investor Relations section of the company's website at investor.inogen.com, along with the supplemental financial package. During today's call, we will discuss non-GAAP financial measures that we believe provide useful supplemental information for investors. This information is not intended to be considered in isolation or as a substitute for GAAP financial information. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in today's earnings release and supplemental financial package, each of which is available in the Investor Relations section of our website. In addition, our discussion today will include forward-looking statements including, but not limited to, expectations about our future financial and operating performance. We make these statements based on current expectations and reasonable assumptions. However, our actual results could differ due to risks and uncertainties. Please review our annual report and other SEC filings for discussion of risk factors that could cause our actual results to differ materially from any forward-looking statements made today. Forward-looking statements made on today's call speak only as of today, and Inogen, Inc. undertakes no obligation to update or revise these statements except as required by law. With that, I will turn the call over to Inogen, Inc.'s President and CEO, Kevin Smith. Kevin Smith: Good afternoon, and thank you for joining our first quarter 2026 conference call. I want to begin by welcoming several new leaders to the Inogen, Inc. team. These team additions reflect the ambition we have for the next chapter. Jason Richardson joined us as Chief Financial Officer this quarter. Jason has over 25 years of experience, mostly in large, complex global medical device companies, with significant leadership experience across finance and a track record of delivering results. He brings the operational depth that we need, has experience scaling med tech franchises, and has respiratory industry experience, all directly relevant to what we are building. I will let him speak to the quarter shortly. We also appointed Dominic Holton as Chief Marketing Officer, reporting directly to me. As we operate across oxygen therapy, sleep, and airway clearance, the work of building a coherent brand and a disciplined go-to-market approach across multiple disease states and channels has grown considerably in scope. Dom brings the commercial experience and strategic instincts that this moment calls for. And we announced the appointment of Vafa Jamali to our board of directors, which will become effective on 06/05/2026. Vafa's background spans revenue growth, commercial strategy, and capital allocation. These perspectives will be valuable as we work to translate our portfolio expansion into durable financial performance. In connection with our upcoming annual meeting, the board is asking for shareholder approval to declassify its members, starting the process with the annual meeting in 2027. This is an important step to align our governance with the long-term interests of our shareholders. Turning to Q1 results. Q1 came in at $85.1 million in total revenue, representing 3.4% year-over-year growth, ahead of our expectations. When we set guidance, we were transparent about what was shaping the quarter: continued strength in international, along with channel mix pressure as the U.S. market continues its structural conversion towards POCs. Dynamics played out largely as anticipated, with unit volumes growing 14% year over year, and our international business delivered double-digit performance. Taken together, the quarter reflects a business performing in line with our expectations, and underlying fundamentals that remain healthy. U.S. sales were $34.7 million in the quarter. Today, we estimate roughly 60% of new long-term oxygen therapy patients start a POC, up from under 40% just a few years ago. That shift benefits our B2B sales channel meaningfully, and we see it in our volume. It does, however, create a headwind in our direct-to-consumer and rental channel, where patients historically came to us seeking an alternative to the oxygen tank their HME had provided. We are managing this transition with discipline. Our direct sales rep efficiency continued to improve. Demand for Inogen, Inc. products is strong. We are investing deliberately to educate both patients and providers on the economic and clinical benefits of Inogen, Inc. technology. Our role four and role six POCs carry an eight-year useful life versus the five-year useful life of other POCs in the market, best-in-class serviceability, and a growing body of outcomes data. That performance supports our premium positioning against pricing pressure. International sales were the clear standout in Q1. Revenue of $37.7 million represented 18% year-over-year growth. This result speaks to the quality of our commercial execution and the breadth of the opportunity ahead. Our teams have deepened relationships with key HME partners, secured important international tenders, and continued expanding into new geographies, including Eastern Europe, Latin America, and the Asia Pacific region. The global COPD market is large, underpenetrated, and shifting steadily toward home-based care. We are well positioned, and Q1 international performance is evidence of this. If the financial results reflect where we have been, pipeline is where I want to spend most of my time because it tells you where we are going. When I joined Inogen, Inc., we were a portable oxygen concentrator company with a $400 million addressable market. Today, we operate across oxygen therapy, sleep therapy, airway clearance, and digital health, with an estimated combined total addressable market of over $3.4 billion. That expansion is a result of a deliberate strategy: identify adjacencies with patient overlap, enter with clinical evidence, and leverage the commercial infrastructure and brand product that we have built. Each new category we have entered follows that same logic. Now let me walk through the major milestones from this quarter. We launched the Aurora CPAP mask family in the United States this quarter, and the early read is highly encouraging. I want to be clear about why we entered this market and why we believe we can win. Roughly 20% to 30% of our COPD patients have obstructive sleep apnea. These patients are managed by the same pulmonologists and respiratory therapists and are served by many of the same HMEs we work with every day. The channel relationships we have spent years building extend naturally into this market. What gives us particular confidence is the clinical work we completed before launch. We ran a 90-day in-home evaluation with experienced CPAP users. These individuals were already satisfied with their existing masks, yet they preferred the Aurora mask, particularly the Aurora full face mask, which was overwhelmingly favored. That is a meaningful bar to clear, and we did it. We will be presenting the full results of that study at Suite 2026 in Baltimore this June, one of the premier forums in sleep medicine. Presenting a peer-reviewed dataset at this type of industry conference is how a new entrant like us builds credibility with clinicians and accelerates adoption through the HME channel. The overall commercial feedback has been encouraging. HME partners and respiratory therapists have responded positively to the product and to the evidence behind it. Expect Aurora's revenue contribution to be more back-half weighted as that momentum builds. We estimate the U.S. CPAP mask market at approximately $2.2 billion, growing at a high single-digit rate. So every point of market share represents roughly $20 million in potential annual revenue. We intend to earn a meaningful position in this market, and Aurora is the foundation for that. We also launched the Row six portable oxygen concentrator in Brazil this quarter. This reflects the broader international expansion strategy we have been executing. We are entering new geographies with products designed for those markets, building on our established distribution relationships, and extending Inogen, Inc.'s reach to patients who currently have limited access to high-quality portable oxygen therapy. Brazil is a meaningful market with a growing COPD patient population. This launch continues the momentum we have built across Latin America over the past year. VimeoX represents what I believe is one of the most exciting long-term opportunities in our portfolio. In this quarter, we crossed major milestones. We began patient enrollment in the 200, our first reimbursement trial for Cemiok. The trial is actively enrolled. We want to build the right evidence base to address CMS, private payers, and health economic arguments for the appropriate reimbursement level. Let me remind everyone of the opportunity here. The U.S. opportunity for Cemiok is an estimated $500 million TAM in non–cystic fibrosis bronchiectasis, growing at a high single-digit rate. The device carries an attractive gross margin profile, and the disposable component creates a recurring revenue stream that makes the financial model increasingly predictable over time. And beyond the economics, Cemiok addresses a patient population that is underserved. Existing OPEB devices are ineffective for a large share of bronchiectasis patients. That therapy works, it is bulky, and not universally accessible. Symiox offers meaningful clinical differentiation, and the data we are generating is designed to demonstrate that rigorously. These are the reasons why we are taking the time to do this right. Stepping back, the common thread across everything we discussed today is that the new Inogen, Inc. is different from the Inogen, Inc. of three years ago. We are a home respiratory care platform with a diversified portfolio and expanding addressable market, with a commercial infrastructure and brand reputation that creates leverage as we scale each new product category. We believe these investments in our pipeline will help drive our top-line growth and advance our path to profitability. POC remains our core business and foundation. We believe we have the best durability, the longest useful life, and the deepest evidence base in the category, and we are building out the clinical, commercial, and connectivity capabilities to keep widening that competitive moat. But we are no longer constrained by that single market, and the new products we have launched are primarily in higher-growth markets with a higher gross margin profile than our historical mix. Going forward, we have committed to at least one new product launch each year, and each launch will be held to the same standard. The trajectory we have seen gives us confidence that we are on the right path. And with that, I will turn the call over to Jason for his first earnings call as Inogen, Inc.'s CFO. Jason? Jason Richardson: Thank you, Kevin, and good afternoon, everyone. I am excited to be here for my first earnings call as Inogen, Inc.'s CFO. I joined the company just one month ago, and I have been spending that time getting deeply into the business and getting to know the team and the opportunities ahead. What I have found reinforces why I joined. We have a strong foundation and brand, opportunities to grow, and an organization that is leveraging the strength of the legacy team while building out new capabilities to support our strategy. With that, I will turn to our first quarter performance and the outlook ahead. As Kevin mentioned, total revenue for the first quarter was $85.1 million, an increase of 3.4% from the prior-year period. This exceeded our expectations. Total sales revenue for the quarter increased by 5.7% and was primarily driven by higher growth in international POCs and favorable foreign exchange rates, which more than offset lower U.S. sales. For the quarter, foreign exchange had a positive 460 basis point impact on total revenue. U.S. sales were $34.7 million, down 5% year over year, and international sales were $37.7 million, up 18% year over year and more than offsetting a strong performance in the first quarter of last year, including the impact of large stocking orders. U.S. rentals were $12.7 million, down 8% year over year. Both U.S. direct sale businesses were impacted by the continued channel mix shift and reduced patient counts Kevin described. Moving to adjusted gross margin, in the first quarter it was 44.7%, an increase of 30 basis points from 44.4% in the prior-year period, primarily the result of cost improvements. Expanding gross margin over time is critical to our overall profitability goals, and we are pleased with the first quarter performance. Adjusted operating expenses for 2026 were $43.0 million, an increase of 5.1% from $40.9 million in the prior-year period. Adjusted R&D expense in the quarter was $4.1 million, an increase of $900 thousand versus the prior year, as we are investing in clinical evidence generation and new product development that we believe will differentiate Inogen, Inc. over the long term. Adjusted SG&A in the quarter was $39.0 million, an increase of 3.1% versus the prior year, driven by commercial organization investment to support the new product launches and the timing of advertising spend. GAAP net loss for 2026 was $8.3 million compared to a GAAP net loss of $6.2 million in the prior-year period. Adjusted net loss was $4.0 million compared to an adjusted net loss of $2.9 million in the prior year. And adjusted EBITDA was negative $1.4 million in the first quarter compared to approximately breakeven in the prior-year period. The increase in losses year over year is a direct result of the timing of planned incremental R&D and commercial investments mentioned earlier. Looking forward, we expect Q2 and Q3 to be our strongest quarters for profitability, in line with our historic top-line seasonality, and we continue to expect adjusted EBITDA growth for the full year. Moving to cash. We ended the quarter with $111.5 million in cash, cash equivalents, marketable securities, and restricted cash, with zero debt outstanding. During the quarter, we began execution of our stock repurchase program. We purchased approximately 298 thousand shares of our common stock for consideration of nearly $1.9 million. We continue to believe our stock is undervalued relative to the fundamentals and the strategic opportunity in front of us. Returning capital to shareholders while also investing in growth is something we believe we are well positioned to do, and we intend to continue to do it thoughtfully over the course of the program. Now let me turn to our second quarter and full-year 2026 outlook. We are reaffirming our 2026 revenue guidance of $366 million to $373 million, representing approximately 6% growth at the midpoint. That guidance reflects continued trends in our core POC business, a growing contribution from international sales, the scaling of Aurora and Boxy5, particularly in the second half, partially offset by continued mix pressures in our D2C rental channels. For 2026, we expect reported Q2 revenue in the range of $94 million to $97 million, reflecting approximately 3.5% growth at the midpoint of the range relative to second quarter 2025 revenue. Regarding profitability, we remain committed to driving adjusted EBITDA improvement for the full year 2026, following the positive adjusted EBITDA achieved in 2025. With that, I will turn the call back to Kevin for closing remarks. Kevin Smith: Thank you, Jason. We are executing against the plan we laid out. We are launching new products into larger, higher-growth markets, building the clinical and commercial infrastructure to support them, and managing the P&L with discipline while continuing to invest in the long term. We have also strengthened the organization with new leadership across finance, marketing, the board, and a commercial team that is focused on execution. I am optimistic about what the next few years hold for Inogen, Inc. To our shareholders, thank you for your continued support and confidence in us. We look forward to updating you throughout the year. Operator, please open the call for questions. Operator: Thank you. We will now be conducting a question and answer session. You may press 2 to remove yourself. We will pause for just a moment. We will take our first question from Anderson Schock with B. Riley Securities. Anderson Schock: Hi, thank you for taking the questions and congrats on the quarter. So first, on the Row six launch in Brazil, could you frame the size of the Brazilian COPD market and the current state of POC penetration? Is this largely a tank replacement opportunity, or are you stepping into an established POC market? Kevin Smith: Hey, Anderson, this is Kevin. Thanks for the question. We have not quantified the size of the market in Brazil. It is an emerging market opportunity for us. There is an existing population of tanks in Brazil as well as POCs. There are other POCs in the market, so we are not the first entrant there, but we are entering as the premium brand in Brazil. We have partnerships with local HMEs that also exist in other markets, who are familiar with us and know how to position the Inogen, Inc. brand. We are looking forward to the growth coming out of there, but this is one that will continue to develop over time with market access. Anderson Schock: Okay. Got it. And then net rental patients at the end of the first quarter had a steeper decline than the recent trends. Could you walk us through what drove the acceleration this quarter and how we should be thinking about this channel through the remainder of the year? Kevin Smith: Yes. When we look at the rental program, if we step back and think about the dynamics that are happening within the markets, we have been planning for and strategizing and optimizing the channels. The shift that we see within the U.S.—which is where rental is—from oxygen tanks to POCs has an impact on both direct-to-consumer as well as rental patients, which is also creating that tailwind for us within the B2B channels. It allows us to have additional pull-through with other technology and products with the Aurora mask, the VOXI five, and eventually the SIMIOX. But that is one that is still under pressure. As we go through the year, we do expect to see total U.S. back-end-of-the-year growth, which we can certainly talk through, but we will see that pressure continue within the rental channel. Anderson Schock: Okay. Got it. And then how is the early 2026 VOXE five ramp tracking against your expectations? Are you beginning to see pull-through benefits with HMEs that are bundling Box C5 alongside the POC? Kevin Smith: Yes, we are. We like the signs that we are seeing so far in the market. The feedback has been very good. We are seeing pull-through and attachment rates, so this is lining up with our expectations and supports the view that we have on this in the long term. Anderson Schock: Okay, got it. Thank you for taking our questions. Kevin Smith: Thanks, Anderson. Operator: And next, we will move to Michael Stephen Matson with Needham & Company. Michael Stephen Matson: Yes. Thanks for taking my question, and I guess I will start with a couple of macro ones. So I just wanted to get your take on the impact of the elevated oil prices that we are seeing—any material impact expected there? And then I wanted to see if you have any sales into the Middle East. I know you are selling in Europe. I did not know if that included the Middle East, and, if so, how significant is that? Kevin Smith: Hey, Mike. Thank you for the question. I will start, and then Jason, anything to add, please do. From the macro level with the impact on oil, we are not seeing anything for ourselves that is outsized from the rest of the industry. There are some implications, certainly with surcharges that happen with logistics—less of an impact for us than perhaps some others. If this carries on, we may start to see more impact as the year goes through, but today it is not significant. When you also look at petroleum-based components and products—think about resin material—we do have some of that material within our POCs. However, we have supply agreements in place that protect us in the near term. We would not expect to see an impact there unless this carries on for longer. So within a quarter, it is not a big deal; if we start seeing this carry on throughout the year, we may see additional impact from that. Then to the business in the Middle East, we do have business in the Middle East. The majority of our international business is still coming from the European markets. We are not impacted by this yet. We have been focused on making sure that we can continue to serve our patients and make sure that our team and partners are safe, which they all are. But so far this has not been a negative. Jason, anything else there? Jason Richardson: No, I think that is right. And I think, as we have even scenarioed current prices from an oil standpoint, we feel like given the timing that Kevin mentioned, because of the limited freight that we have, we would expect to be able to offset it at current levels for 2026. Michael Stephen Matson: Okay. Got it. And then I was wondering if you could give us an update on the CPAP mask launch. How is that going, and what kind of feedback are you getting from customers? Kevin Smith: Hey, Mike, it has been very good for us. It is meeting and exceeding expectations. Of course, it is the early stages introducing the Aurora mask to the market. Fortunately, we are able to come to the market with clinical data that supports patient preference and the quality of the mask. That gives us a leg up as far as early adoption. One of the things we have liked so far is extremely high reorder rates from the customers that have started the process with Aurora—take the samples, start to get patients on them, place an order. We have seen those reorder rates coming in on a monthly basis at a very high level. So that tells us that it is sticky, and this is a good signal for us. Michael Stephen Matson: Okay. Got it. And then, just looking at your adjusted net loss—if I am remembering correctly when I glanced at the press release—I think it was flat to maybe even down from last year on an adjusted basis. I know EBITDA was not the same, but can you maybe just talk about what is happening there and why we are not getting more leverage, I guess, or cost savings from an OpEx perspective? Jason Richardson: Yes, I will take that one. In the first quarter in particular, we accelerated some of our clinical evidence investments, particularly around Symiox, and we also moved forward the timing of some advertising spend to try to generate some additional business over the back half of the year. But, as we have mentioned before, we are managing OpEx to make sure that we end up in a position of growing EBITDA over the course of the year. The other thing I would highlight is the gross margin expansion that we talked about in the prepared remarks, which I think is really critical for us as we think about some of the mix pressures we see in the market. I think some of the other levers that we are pulling to improve margins and leverage the volume that we are seeing are really important to us moving forward. Michael Stephen Matson: Okay. Got it. The advertising spending that you mentioned, is that geared at the consumer business, or was that geared at the B2B side of things? Kevin Smith: Yes, the advertising spend is geared historically more toward the direct-to-consumer business, although it does benefit broadly across all of the markets by creating brand awareness. However, we have been revising that strategy—the channels, how we do that marketing—and broadening that out to include both the HCPs and the HMEs. This is now a much more sophisticated marketing project going forward, and that is one of the benefits, too, when we added Dominic to the team. He brings a lot of that expertise and savviness to the team here. Michael Stephen Matson: Okay. Got it. Thank you. Operator: Thanks, Mike. There are no further questions at this time. I would like to turn the floor back to Kevin Smith for closing remarks. Kevin Smith: So before we wrap up, I want to highlight one core theme that underpins our strategy: innovation, which is the engine driving our future growth. Early feedback on our new products—Aurora, VOXI, Semiox—has all been positive, confirming these innovations address key market needs. This progress stems from strategic investments in our pipeline, and we aim to launch one new product per year as part of our long-term plan. These efforts strengthen our position for broader reach and sustained growth. While we are still early in this journey, the momentum we are building today gives us real confidence and excitement about what lies ahead. I would also like to formally recognize and express my gratitude to the entire Inogen, Inc. team. Your dedication to patient care, consistent execution, and collective contributions has been essential to our ongoing transformation. We value the energy and commitment you bring every day, and I am proud of what we have built together. Thank you. Operator: Thank you. This does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time. 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While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Inogen (INGN) Q1 2026 Earnings Transcript was originally published by The Motley Fool

Reported first quarter year-over-year revenue growth of 3.4% Company reiterates full-year 2026 guidance BEVERLY, Mass., May 07, 2026--(BUSINESS WIRE)--Inogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced financial results for the quarter ended March 31, 2026 and reiterated its full-year guidance. "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 Chief Executive Officer. "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." 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 $30.0 million share repurchase program to return capital to stockholders. Introduced Aurora continuous positive airway pressure, or CPAP, masks in the U.S., entering the obstructive sleep apnea, or OSA, market with FDA-cleared products designed for comfort, reliability, and wide compatibility. 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 Chief Financial Officer 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. First Quarter 2026 Financial Results Total revenue in the first quarter of 2026 was $85.1 million, an increase of 3.4% from the prior-year period, primarily driven by higher demand for portable oxygen concentrators, or POCs, in international markets and the favorable impact of foreign exchange rates, which more than offset lower U.S. sales and U.S. rentals. 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. Reconciliations of adjusted gross margin, adjusted net loss, and adjusted EBITDA for the three months ended March 31, 2026 and 2025 are in the financial schedules that are a part of this press release. An explanation of these non-GAAP financial measures is also included below under the heading "Reconciliation of U.S. GAAP to Non-GAAP Financial Measures." Second Quarter and Full Year 2026 Financial 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 6.0% growth at the midpoint of the range relative to the Company’s 2025 revenue. The Company remains committed to driving positive adjusted EBITDA improvement in 2026. Quarterly Conference Call Information On May 7, 2026, the Company will host a conference call at 5:00 p.m. Eastern Time / 2:00 p.m. Pacific Time. Individuals interested in listening to the conference call may do so by dialing: U.S. domestic callers (877) 841-3961 Non-U.S. callers (201) 689-8589 Please reference Inogen to join the call. A live audio webcast and archived recording of the conference call will be available to all interested parties through the News / Events page on the Inogen Investor Relations website. This webcast will also be archived on the website for six months. A replay of the call will be available approximately three hours after the live webcast ends and will be accessible through May 14, 2026. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Conference ID: 13759464. Inogen has used, and intends to continue to use, its Investor Relations website, http://investor.inogen.com/, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. About Inogen Inogen, Inc. (Nasdaq: INGN) is a leading global medical technology company offering innovative respiratory products for use in the homecare setting. Inogen supports patient respiratory care by developing, manufacturing, and marketing innovative best-in-class respiratory therapy devices used to deliver care to patients suffering from chronic respiratory conditions. Inogen partners with patients, prescribers, home medical equipment providers, and distributors to make its respiratory therapy products widely available, allowing patients the chance to manage the impact of their disease. For more information, please visit www.inogen.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this communication that are not historical facts, including, but not limited to, statements regarding Inogen’s future business plans, market opportunities, financial outlook, growth strategies, and anticipated operational results, are forward-looking statements. Words such as "aims," "believes," "anticipates," "plans," "expects," "will," "intends," "potential," "possible," and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including but not limited to, risks and uncertainties relating to Inogen’s 2026 second quarter and full year financial guidance; market acceptance of its products; competition; its sales, marketing and distribution capabilities; its planned sales, marketing, and research and development activities; and risks associated with international operations. Information on these and additional risks, uncertainties, and other information affecting Inogen’s business operating results are contained in its Annual Report on Form 10-K for the period ended December 31, 2025, and in its other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Inogen disclaims any obligation to update these forward-looking statements except as may be required by law. Non-GAAP Financial Measures Inogen has presented certain financial information in accordance with U.S. GAAP and also on a non-GAAP basis for the three months ended March 31, 2026, and March 31, 2025. Management believes that these non-GAAP financial measures, taken in conjunction with U.S. GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of Inogen’s core operating results. Management uses these non-GAAP measures to compare Inogen’s performance relative to forecasts and strategic plans, to benchmark Inogen’s performance externally against competitors, and for certain compensation decisions. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Inogen's operating results as reported under U.S. GAAP. Inogen encourages investors to carefully consider its results under U.S. GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between U.S. GAAP and non-GAAP results are presented in the accompanying tables of this release. View source version on businesswire.com: https://www.businesswire.com/news/home/20260507305217/en/ Contacts [email protected]