Inogen Announces First Quarter 2026 Financial Results

Reported first quarter year-over-year revenue growth of 3.4%  

Company reiterates full-year 2026 guidance

BEVERLY, Mass. — 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.  

Contact 

ir@inogen.net