INGN · Inogen, Inc.

Inogen's first quarter 2026 results showed revenue growth of 3.4% to $85.1 million, exceeding the company's outlook. The growth was primarily driven by higher demand for portable oxygen concentrators (POCs) in international markets and favorable foreign exchange rates, which more than offset lower U.S. sales and rentals. Gross margin improved slightly to 44.5% (GAAP) and 44.7% (adjusted), benefiting from cost improvements in total cost of revenue. However, GAAP net loss widened to $8.3 million from $6.2 million in the prior-year period, and adjusted EBITDA turned negative at -$1.4 million versus near break-even a year ago, due to increased investments in research and development to support future growth. Management highlighted the launch of Aurora CPAP masks in the U.S., entry into the obstructive sleep apnea market, and international expansion with the Rove 6 POC in Brazil. The company reiterated its full-year 2026 revenue guidance of $366 million to $373 million, implying approximately 6% growth at the midpoint, and provided Q2 2026 revenue guidance of $94 million to $97 million. Additionally, Inogen authorized a $30 million share repurchase program and repurchased 298,100 shares for $1.9 million during the quarter. The balance sheet remains strong with $111.5 million in cash and marketable securities and no debt. The appointment of a new CFO and CMO signals a focus on strengthening the executive team for the next phase of growth.