Inogen, Inc. (INGN) News

Inogen Announces First Quarter 2026 Financial Results

Thu, 07 May 2026 16:05:00 -0400

Reported first quarter year-over-year revenue growth of 3.4%
Company reiterates full-year 2026 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.

Consolidated Statements of Comprehensive Loss (unaudited) *(amounts in thousands, except share and per share amounts)*

	Three months ended March 31,
	2026			2025
Revenue
Sales revenue	$	72,404		$	68,470
Rental revenue		12,705			13,810
Total revenue		85,109			82,280
Cost of revenue
Cost of sales revenue		40,177			38,083
Cost of rental revenue, including depreciation of $2,628 and $3,034, respectively		7,069			7,825
Total cost of revenue		47,246			45,908
Gross profit		37,863			36,372
Operating expense
Research and development		5,097			4,034
Sales and marketing		24,603			23,757
General and administrative		17,499			16,237
Total operating expense		47,199			44,028
Loss from operations		(9,336	)		(7,656	)
Other income
Interest income, net		880			1,029
Other (expense) income, net		(42	)		356
Total other income, net		838			1,385
Loss before benefit for income taxes		(8,498	)		(6,271	)
Benefit for income taxes		(174	)		(97	)
Net loss		(8,324	)		(6,174	)
Other comprehensive (loss) income, net of tax
Change in foreign currency translation adjustment		(845	)		1,855
Change in net unrealized losses on foreign currency hedging		(37	)		(732	)
Less: reclassification adjustment for net gains (losses) included in net loss		37			(133	)
Total net change in unrealized losses on foreign currency hedging		—			(865	)
Change in net unrealized gains on marketable securities		17			—
Total other comprehensive (loss) income, net of tax		(828	)		990
Comprehensive loss	$	(9,152	)	$	(5,184	)

Basic net loss per share attributable to common stockholders⁽¹⁾	$	(0.30	)	$	(0.25	)
Diluted net loss per share attributable to common stockholders ^{(1) (2)}	$	(0.30	)	$	(0.25	)
Weighted average number of shares used in calculating net loss per share attributable to common stockholders:
Basic shares of common stock		27,322,438			25,164,444
Diluted shares of common stock		27,322,438			25,164,444

(1) Reconciliations of net loss attributable to common stockholders basic and diluted can be found in Inogen’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 to be filed with the Securities and Exchange Commission.
(2) Due to a net loss for the three months ended March 31, 2026 and March 31, 2025, diluted loss per share is the same as basic.

Consolidated Balance Sheets (unaudited) *(amounts in thousands)*

	March 31, 2026			December 31, 2025
Assets
Current assets
Cash and cash equivalents	$	93,112		$	103,729
Marketable securities		17,059			15,848
Restricted cash		1,296			1,289
Accounts receivable, net		41,874			38,863
Inventories		24,992			25,969
Prepaid expenses and other current assets		12,332			12,601
Total current assets		190,665			198,299
Property and equipment, net		33,686			36,362
Goodwill		10,483			10,698
Intangible assets, net		28,910			30,763
Operating lease right-of-use asset		15,728			16,501
Other assets		6,454			6,002
Total assets	$	285,926		$	298,625
Liabilities and stockholders' equity
Current liabilities
Accounts payable and accrued expenses	$	32,695		$	33,941
Accrued payroll		10,192			10,629
Warranty reserve - current		9,978			10,116
Operating lease liability - current		3,492			3,163
Deferred revenue - current		5,090			5,503
Income tax payable		—			183
Total current liabilities		61,447			63,535
Long-term liabilities
Warranty reserve - noncurrent		18,388			18,194
Operating lease liability - noncurrent		13,443			14,313
Deferred revenue - noncurrent		3,170			3,603
Deferred tax liability		6,572			6,749
Total liabilities		103,020			106,394
Stockholders' equity
Common stock		27			27
Additional paid-in capital		363,372			363,545
Accumulated deficit		(183,908	)		(175,584	)
Accumulated other comprehensive income		3,415			4,243
Total stockholders' equity		182,906			192,231
Total liabilities and stockholders' equity	$	285,926		$	298,625

Condensed Consolidated Cash Flow (unaudited) *(amounts in thousands)*

	Three months ended March 31,
	2026			2025
Cash flows from operating activities
Net loss	$	(8,324	)	$	(6,174	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		4,904			5,189
Loss on rental units and other assets		563			925
Provision for sales revenue returns and doubtful accounts		2,051			1,714
Provision for inventory losses		416			166
Stock-based compensation expense		1,950			2,147
Deferred income taxes		(41	)		457
Other		39			65
Changes in operating assets and liabilities ⁽¹⁾		(8,243	)		(21,279	)
Net cash used in operating activities		(6,685	)		(16,790	)
Cash flows from investing activities
Purchases of available-for-sale securities		(5,863	)		—
Maturities of available-for-sale securities		4,669			—
Investment in property and equipment		(210	)		(292	)
Production and purchase of rental equipment		(571	)		(1,746	)
Net cash used in investing activities		(1,975	)		(2,038	)
Cash flows from financing activities
Proceeds from employee stock purchases		373			489
Payment of employment taxes related to release of restricted stock		(622	)		(570	)
Repurchases of common stock		(1,874	)		—
Payments of accrued earnout		—			(3,178	)
Proceeds from issuance of common stock from securities purchase agreement		—			27,210
Net cash (used in) provided by financing activities		(2,123	)		23,951
Effect of exchange rates on cash		173			1
Net (decrease) increase in cash, cash equivalents and restricted cash	$	(10,610	)	$	5,124

(1)Includes $9,822 of the operating activity portion of the earnout liability payment related to the Physio-Assist acquisition for the three months ended March 31, 2025.

Supplemental Financial Information (unaudited) *(in thousands, except units and patients)*

											Constant
	Three months ended										Currency
	March 31,				Change 2026 vs. 2025						Change
Revenue by geographic region	2026		2025		$			%			%
U.S. sales	$	34,736	$	36,485	$	(1,749	)		-4.8	%		-4.8	%
International sales		37,668		31,985		5,683			17.8	%		5.9	%
U.S. rentals		12,705		13,810		(1,105	)		-8.0	%		-8.0	%
Total revenue	$	85,109	$	82,280	$	2,829			3.4	%		-1.2	%
Additional financial measures
Units sold		49,000		43,000
Net rental patients as of period-end		47,300		50,400

Reconciliation of U.S. GAAP to Non-GAAP Financial Measures (unaudited) *(in thousands, except per share amounts)*

	Three months ended March 31,
Non-GAAP EBITDA and Adjusted EBITDA	2026			2025
Net loss (GAAP)	$	(8,324	)	$	(6,174	)
Non-GAAP adjustments:
Interest income, net		(880	)		(1,029	)
Benefit for income taxes		(174	)		(97	)
Depreciation and amortization		4,904			5,189
EBITDA (non-GAAP)		(4,474	)		(2,111	)
Stock-based compensation		1,950			2,147
Restructuring-related charges		917			—
Stockholder engagement and proxy defense costs ⁽¹⁾		208			—
Adjusted EBITDA (non-GAAP)	$	(1,399	)	$	36

	Three months ended March 31, 2026
Non-GAAP Financial Metrics	Gross Profit			Operating Expense			Loss from Operations			Net Loss			Diluted EPS
Financial Results (GAAP)	$	37,863		$	47,199		$	(9,336	)	$	(8,324	)	$	(0.30	)
Reported percent net sales		44.5	%		55.5	%		(11.0	%)		(9.8	%)
Non-GAAP adjustments:
Amortization of intangibles		—			1,296			1,296			1,296			0.05
Stock-based compensation		182			1,768			1,950			1,950			0.07
Restructuring-related charges		—			917			917			917			0.03
Stockholder engagement and proxy defense costs ⁽¹⁾		—			208			208			208			0.01
Income tax impact of adjustments ⁽²⁾		—			—			—			—			—
Adjusted	$	38,045		$	43,010		$	(4,965	)	$	(3,953	)	$	(0.14	)
Adjusted percent net sales		44.7	%		50.5	%		(5.8	%)		(4.6	%)

	Three months ended March 31, 2025
Non-GAAP Financial Metrics	Gross Profit			Operating Expense			Loss from Operations			Net Loss			Diluted EPS
Financial Results (GAAP)	$	36,372		$	44,028		$	(7,656	)	$	(6,174	)	$	(0.25	)
Reported percent net sales		44.2	%		53.5	%		(9.3	%)		(7.5	%)
Non-GAAP adjustments:
Amortization of intangibles		—			1,139			1,139			1,139			0.05
Stock-based compensation		167			1,980			2,147			2,147			0.09
Income tax impact of adjustments ⁽²⁾		—			—			—			—			—
Adjusted	$	36,539		$	40,909		$	(4,370	)	$	(2,888	)	$	(0.11	)
Adjusted percent net sales		44.4	%		49.7	%		(5.3	%)		(3.5	%)

(1) Stockholder engagement and proxy defense costs include third-party advisory, legal, and other professional fees.
(2) Income tax impact of adjustments represents the tax impact related to the non-GAAP adjustments listed above and reflects an effective tax rate of 0% for 2026 and 2025.

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ir@inogen.net

Source: Inogen, Inc.

Inogen to Report First Quarter 2026 Financial Results on May 7, 2026

Thu, 23 Apr 2026 08:30:00 -0400

BEVERLY, Mass.--(BUSINESS WIRE)-- Inogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced that it will report first quarter 2026 financial results after the market closes on Thursday, May 7, 2026. On the same day, the Company will host a conference call at 2:00 p.m. PT / 5:00 p.m. ET.

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

About Inogen

For more information, please visit www.inogen.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260423748467/en/

ir@inogen.net

Source: Inogen, Inc.

Inogen Announces the Appointment of Vafa Jamali to Board of Directors

Mon, 06 Apr 2026 16:00:00 -0400

BEVERLY, Mass.--(BUSINESS WIRE)-- Inogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced the appointment of Vafa Jamali as an independent director to the Inogen Board of Directors (the “Board”), effective on the date of the Company’s 2026 Annual Meeting, or June 15^th if earlier.

Mr. Jamali is a long-time medical device executive who will bring added depth and expertise to the Board. During his tenure as the Chief Executive Officer of ZimVie, he led the company’s Nasdaq listing following the spin-out from Zimmer Biomet and helped each of the businesses (Spine and Dental) through significant portfolio optimization actions to support a turnaround to higher growth and profitability. Prior to ZimVie, most notably, he spent nearly twelve years at Covidien and Medtronic, where he most recently served as Senior Vice President and President of the Respiratory, Gastrointestinal & Informatics division, a $3 billion business that included 10,000 team members across four businesses and 14 manufacturing sites. While leading that division, he played a key role in accelerating growth and expanding margins.

“We are pleased to welcome Vafa to the Board and look forward to benefiting from his unique perspectives,” said Beth Mora, Chairperson of the Board. “Throughout his many years of leading medical device companies, Vafa has established a track record of driving strategic execution and delivering sustained growth. As we continue advancing our transformation from a single product oxygen company into a diversified respiratory care platform, we believe Vafa’s insight and direction will help guide our management team to execute on its path forward and continue to deliver strong top-line growth and improve profitability.”

“Inogen is well positioned to drive meaningful growth, supported by its strong foundation in portable oxygen and an expanded, diversified product portfolio, as healthcare systems continue to shift care into the home,” said Mr. Jamali. “The Company’s clear strategic direction and improved financial profile provide a solid foundation for the opportunities ahead, and I look forward to working closely with the Board and management to help guide Inogen’s continued progress.”

“We invested in Inogen because we believe the Company’s innovative respiratory product portfolio is uniquely positioned to address growing and unmet patient needs. As Inogen executes on profitable growth, more patient lives are enhanced and the broader healthcare system benefits,” said Benjamin Natter, Managing Member of Kent Lake. “Our recent discussions with the Company have reinforced our confidence in the direction Inogen is taking, and we believe Vafa will be a constructive addition to the Board as management continues to execute on its established strategic priorities of driving organic revenue growth, advancing profitability and cash generation, continued product innovation, and disciplined capital allocation.”

In connection with Mr. Jamali’s appointment, the Company has entered into a cooperation agreement with Kent Lake Partners LP, Kent Lake PR LLC and Benjamin Natter (collectively, “Kent Lake”). The agreement includes customary standstill, voting, and other provisions. The agreement will be filed by the Company with the U.S. Securities and Exchange Commission as an exhibit to a Current Report on Form 8-K.

Evercore is serving as financial advisor to the Company, Covington & Burling LLP is serving as legal counsel and Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor.

About Inogen

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 annual meeting of stockholders; its 2026 first 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260406176231/en/

ir@inogen.net

Source: Inogen, Inc.

Inogen Announces Participation in the 25th Annual Needham Virtual Healthcare Conference

Tue, 31 Mar 2026 08:30:00 -0400

BEVERLY, Mass.--(BUSINESS WIRE)-- Inogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced that Kevin Smith, President and Chief Executive Officer, will participate in a virtual fireside chat at the 25th Annual Needham Virtual Healthcare Conference on Tuesday, April 14, 2026 at 10:15 a.m. Eastern Time.

A live audio webcast and archived recording of the presentation will be available to all interested parties through the News / Events page on the Inogen Investor Relations website.

About Inogen

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 first 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260331713880/en/

ir@inogen.net

Source: Inogen, Inc.

Inogen, Inc. Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Mon, 30 Mar 2026 16:05:00 -0400

BEVERLY, Mass.--(BUSINESS WIRE)-- Inogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced that the Compensation Committee of Inogen’s Board of Directors approved awards of restricted stock units as material inducement to Jason Richardson and Dominic Hulton entering into employment with the company to serve as its Chief Financial Officer and Chief Marketing Officer, respectively. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4), which also requires a public announcement of equity awards that are not made under a stockholder approved equity plan.

In connection with entering into employment with Inogen, Mr. Richardson, who was not previously an employee or director of Inogen, will receive equity awards of restricted stock units covering an aggregate of 200,000 shares of Inogen’s common stock, comprised of (i) 100,000 time-based restricted stock units (“RSUs”) and (ii) 100,000 performance-based restricted stock units (“PSUs”); provided that overachievement of the performance goals may result in Mr. Richardson receiving up to a maximum of 150,000 PSUs. Subject to Mr. Richardson’s continued service with Inogen, one-third of the RSUs will vest annually over three years. Subject to Mr. Richardson’s continued service with Inogen, the PSUs will vest based on Inogen’s achievement of specified performance goals.

In connection with entering into employment with Inogen, Mr. Hulton, who was not previously an employee or director of Inogen, will receive an equity award of $200,000 time-based RSUs. The number of shares of common stock underlying Mr. Hulton’s grant of RSUs will be determined based on the closing price of Inogen’s common stock on the date his employment commences, which is expected to be April 1, 2026. Subject to Mr. Hulton’s continued service with Inogen, one-third of the RSUs will vest annually over three years.

Each of these awards were granted pursuant to stand-alone inducement award agreements outside of the Company’s Amended and Restated 2023 Equity Incentive Plan but are generally subject to the same terms and conditions that apply to awards granted under the Company’s Amended and Restated 2023 Equity Incentive Plan.

About Inogen

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 first 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.

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ir@inogen.net

Source: Inogen, Inc.

Inogen Announces Leadership Appointments Designed to Accelerate Next Phase of Growth

Mon, 30 Mar 2026 16:00:00 -0400

Jason Richardson Named Chief Financial Officer, Succeeding Michael Bourque

Dominic Hulton Named Chief Marketing Officer

Corey Moritz Appointed Vice President, U.S. Business to Business Sales

Jason Richardson Appointed Chief Financial Officer

Jason Richardson has been appointed Chief Financial Officer, effective April 6, 2026. Mr. Richardson succeeds Michael Bourque, who will step down from his role as Chief Financial Officer on that date. Mr. Bourque will serve in an advisory capacity until June 30, 2026, to ensure a smooth transition.

Mr. Richardson joins Inogen from Baxter International Inc., where he most recently served as Chief Financial Officer and Vice President of the Healthcare Systems & Technologies segment, a $3 billion publicly reported business. In this role, he was a central figure in Baxter’s integration of Hillrom, driving growth initiatives and improved operating performance. Prior to Baxter’s acquisition of Hillrom, Mr. Richardson held a variety of senior finance leadership roles at Hillrom, including overseeing its Respiratory Care franchise, a durable medical equipment (DME) business focused on cystic fibrosis, bronchiectasis, and other respiratory diseases.

“We are pleased to welcome Jason as Inogen’s next Chief Financial Officer,” said Kevin Smith, President and Chief Executive Officer of Inogen. “Jason’s deep expertise in finance and operations across the medical device and healthcare industries will be instrumental as we focus on delivering superior respiratory solutions to patients around the world and driving sustainable growth. On behalf of the Inogen team, I thank Mike for his many contributions to Inogen over the past two years. He played a key role in returning the Company to positive adjusted EBITDA for the first time in four years and strengthening our foundation as we seek to capture significant market opportunities ahead. We are grateful for his service and expect to benefit from his support during the transition period.”

“It has been a privilege to be a part of the Inogen team, and I am proud of all we have accomplished together,” said Mr. Bourque. “I am confident the finance organization is well positioned for continued success, and I am committed to support the transition to Jason.”

“I am honored to join Inogen and look forward to working closely with the Board and management team to execute our strategy and deliver sustainable long-term value,” said Mr. Richardson. “I am grateful that Mike is available to support a seamless transition.”

Dominic Hulton Appointed Chief Marketing Officer

Dominic Hulton has been appointed Chief Marketing Officer, effective April 1, 2026. Mr. Hulton is a globally experienced commercial leader with over 20 years of experience driving growth, expanding markets, and leading organizational transformation in medical technology. Mr. Hulton spent the last 11 years at Insulet Corporation, where he served as Vice President of International Marketing and Sales Excellence. In that role, he led global product launches, built cross-functional teams and scaled commercial operations.

Mr. Smith continued, “Dominic’s experience is highly aligned with Inogen’s focus on strengthening our global brand, deepening customer engagement and enhancing commercial execution. We are thrilled to have him join our leadership team in the newly established Chief Marketing Officer role. As we continue to advance our innovation pipeline, including our goal of launching at least one new product per year, we expect Dominic’s strong track record of bringing products to market across geographies to help accelerate our growth and brand reach.”

“I look forward to joining the Inogen team and leading its marketing function at a pivotal moment for the Company,” said Mr. Hulton. “There is significant opportunity to expand Inogen’s global brand awareness and customer engagement, and I’m excited to play a role in shaping the Company’s next phase of growth.”

Corey Moritz Appointed Vice President, U.S. Business to Business Sales

Corey Moritz joined Inogen as Vice President, U.S. Business to Business Sales on March 9, 2026. Mr. Moritz is a healthcare executive with more than two decades of experience driving commercial transformation, revenue growth and scalable expansion across medical devices, respiratory care and health services organizations. He has successfully built six sales forces while delivering sustained growth, margin expansion and strong commercial infrastructure. He previously served as Chief Commercial Officer of Rhythm Healthcare, where he had a strong track record of driving significant revenue growth across multiple years.

Mr. Smith concluded, “Corey is a strong addition to the Inogen team. He brings deep relationships across the U.S. HME and distributor sales channel and a proven track record of building and scaling high-performing sales teams. His experience around improving commercial execution and sustained growth will support Inogen’s efforts to expand our presence across our growing product portfolio.”

“Since joining Inogen a month ago, I have been getting fully up to speed with the Company’s commercial initiatives and believe we are well positioned to expand our reach across the U.S. business to business sales channel, build on our strong relationships and optimize our execution,” said Mr. Moritz.

Reaffirms First Quarter and Full Year 2026 Financial Outlook

The Company reaffirmed its first quarter and full year 2026 financial outlook that was provided in its fourth quarter and full year 2025 earnings release issued on February 24, 2026.

About Inogen

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 first 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260330247475/en/

ir@inogen.net

Source: Inogen, Inc.

Inogen Announces Participation in the KeyBanc Virtual Life Sciences & MedTech Investor Forum

Thu, 05 Mar 2026 09:15:00 -0500

BEVERLY, Mass.--(BUSINESS WIRE)-- Inogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced that Kevin Smith, President and Chief Executive Officer, will participate in a virtual fireside chat at the KeyBanc Virtual Life Sciences & MedTech Investor Forum on Tuesday, March 17, 2026 at 3:00 p.m. Eastern Time.

A live audio webcast and archived recording of the presentation will be available to all interested parties through the News / Events page on the Inogen Investor Relations website.

About Inogen

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 first 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260305082551/en/

ir@inogen.net

Source: Inogen, Inc.

Inogen Announces Fourth Quarter and Full Year 2025 Financial Results and Provides 2026 Financial Outlook

Tue, 24 Feb 2026 16:05:00 -0500

Delivered full year revenue growth of approximately 4%

Significantly improved profitability with 2025 net loss of $22.7 million and positive adjusted EBITDA of $2.7 million

Well-positioned to accelerate expected 2026 revenue growth and profitability

BEVERLY, Mass.--(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 fourth quarter and the full year ended December 31, 2025 and provided 2026 guidance for the first quarter and full year.

“In 2025, we made significant progress toward our long-term profitability goals while strengthening our product portfolio and improving the fundamentals of our business. Our disciplined operational efficiency contributed to a substantial year-over-year improvement in adjusted EBITDA, culminating in a positive result for the first time since 2021,” said Kevin Smith, President and Chief Executive Officer. “Our strong balance sheet with no debt, puts us in a strong position to accelerate innovation, enhance customer engagement, and drive portfolio expansion in 2026 and beyond. We believe these strategic achievements create a solid foundation for future growth and value creation for our shareholders.”

Highlights

Introduced two new products in the United States to diversify the portfolio with the Voxi 5, a stationary oxygen concentrator, and Aurora masks for continuous positive airway pressure (CPAP), designed for obstructive sleep apnea (OSA);
Initiated a limited market release of the Simeox airway clearance device in the United States to support reimbursement and advance commercialization efforts;
Launched Inogen patient portal to enhance digital health and to empower patients with seamless self-service to manage insurance requirements, streamline accessories ordering and access to support tools;
Announced strategic collaboration with Yuwell Medical to broaden Inogen’s product portfolio, strengthen its innovation pipeline through joint research and development, and accelerate the brand’s entry into China;
Authorized a $30.0 million share repurchase program to return value to shareholders based on the strength of our balance sheet, with year-end cash, cash equivalents, marketable securities, and restricted cash, of $120.9 million, with no debt outstanding.

Fourth Quarter 2025 Financial Results

In the fourth quarter of 2025, the Company made changes to its product revenue categories to provide investors with more meaningful trends in its business and strategic direction. The Company will now report product revenues in the following categories: U.S. sales, international sales, and U.S. rentals.

Total revenue in the fourth quarter of 2025 was $81.7 million, an increase of 2.0% from the prior-year period, primarily driven by higher growth in international portable oxygen concentrator, or POC, sales of 14.8%, partially offset by lower U.S. sales and U.S. rentals.

Total gross margin was 43.1% in the fourth quarter of 2025, a decrease from 45.3% in the prior-year period, primarily the result of channel mix.

Total operating loss was $9.3 million, an improvement of 18.3% from a loss of $11.4 million in the prior-year period, primarily due to material cost reductions, operational efficiencies, and an increase in international sales.

GAAP net loss for the fourth quarter of 2025 was $7.1 million, an improvement of 27.0% compared to $9.8 million in the prior-year period. Adjusted net loss for the fourth quarter of 2025 was $4.0 million, an improvement of 30.4% from adjusted net loss of $5.8 million in the prior-year period.

Adjusted EBITDA was negative $1.7 million in the fourth quarter of 2025, an improvement of 52.8% compared to negative $3.6 million in the prior-year period.

Cash, cash equivalents, marketable securities, and restricted cash were $120.9 million as of December 31, 2025, with no debt outstanding.

Full Year 2025 Financial Results

Total revenue in the full year 2025 increased 3.9% to $348.7 million from $335.7 million in the prior year, primarily driven by higher growth in international POC sales of 18.4%, partially offset by lower U.S. sales and U.S. rentals.

Total gross margin of 44.2% in the full year 2025 decreased from 46.1% in the comparable period in 2024, primarily the result of changing channel mix from higher POC sales to business customers.

Total operating loss was $30.2 million in the full year 2025, an improvement of 29.0% from a loss of $42.5 million in the full year of 2024, primarily due to material cost reductions, operational efficiencies, and an increase in international sales.

GAAP net loss for the full year 2025 was $22.7 million, an improvement of 36.6% compared to GAAP net loss of $35.9 million for the full year 2024. Adjusted net loss for the full year 2025 was $8.0 million, an improvement of 60.6% from adjusted net loss of $20.4 million in the full year 2024.

Adjusted EBITDA was positive $2.7 million for the full year 2025, an improvement of 128.4% compared to negative $9.5 million for the full year 2024.

Reconciliations of adjusted EBITDA and adjusted net loss for the three and twelve months ended December 31, 2025 and 2024 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.”

First Quarter and Full Year 2026 Financial Outlook

Inogen expects first quarter 2026 reported revenue to be in line with first quarter 2025, due to channel mix and lower expected U.S. rentals revenue driven by reimbursement mix and reduced patients on service.

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

The Company remains committed to driving positive Adjusted EBITDA improvement in 2026.

Quarterly Conference Call Information

On February 24, 2026, the Company will host a conference call at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time.

Individuals interested in listening to the conference call may do so by dialing:

US domestic callers (877) 841-3961
Non-US callers (201) 689-8589

A replay of the call will be available approximately three hours after the live webcast ends and will be accessible through March 3, 2026. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Conference ID: 13757405.

About Inogen

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 first 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, 2024, 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 twelve months ended December 31, 2025, and December 31, 2024. 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.

Consolidated Statements of Comprehensive Loss (unaudited) *(amounts in thousands, except share and per share amounts)*

	Three months ended						Twelve months ended
	December 31,						December 31,
	2025			2024			2025			2024
Revenue
Sales revenue	$	68,572		$	66,307		$	295,304		$	278,756
Rental revenue		13,149			13,774			53,364			56,949
Total revenue		81,721			80,081			348,668			335,705
Cost of revenue
Cost of sales revenue		39,360			35,499			163,837			148,655
Cost of rental revenue, including depreciation of $2,783 and $3,038, for the three months ended and $11,798 and $12,592 for the twelve months ended, respectively		7,125			8,293			30,566			32,309
Total cost of revenue		46,485			43,792			194,403			180,964
Gross profit		35,236			36,289			154,265			154,741
Operating expense
Research and development		5,316			5,898			19,399			21,610
Sales and marketing		23,106			24,155			97,692			103,069
General and administrative		16,120			17,622			67,381			72,578
Total operating expense		44,542			47,675			184,472			197,257
Loss from operations		(9,306	)		(11,386	)		(30,207	)		(42,516	)
Other income (expense)
Interest income, net		1,163			1,413			4,385			5,190
Other income (expense)		780			(114	)		2,443			850
Total other income, net		1,943			1,299			6,828			6,040
Loss before benefit for income taxes		(7,363	)		(10,087	)		(23,379	)		(36,476	)
Benefit for income taxes		(236	)		(330	)		(632	)		(588	)
Net loss		(7,127	)		(9,757	)		(22,747	)		(35,888	)
Other comprehensive income (loss), net of tax
Change in foreign currency translation adjustment		(43	)		(2,923	)		5,722			(2,590	)
Change in net unrealized gains (losses) on foreign currency hedging		1,224			(324	)		1,970			(324	)
Less: reclassification adjustment for net (losses) gains included in net loss		(579	)		324			(1,970	)		324
Total net change in unrealized gains on foreign currency hedging		645			—			—			—
Change in net unrealized (losses) gains on marketable securities		(43	)		(297	)		22			(136	)
Total other comprehensive income (loss), net of tax		559			(3,220	)		5,744			(2,726	)
Comprehensive loss	$	(6,568	)	$	(12,977	)	$	(17,003	)	$	(38,614	)

Basic net loss per share attributable to common stockholders⁽¹⁾	$	(0.26	)	$	(0.41	)	$	(0.86	)	$	(1.52	)
Diluted net loss per share attributable to common stockholders^{(1) (2)}	$	(0.26	)	$	(0.41	)	$	(0.86	)	$	(1.52	)
Weighted average number of shares used in calculating net loss per share attributable to common stockholders:
Basic shares of common stock		27,176,742			23,846,666			26,601,652			23,654,395
Diluted shares of common stock		27,176,742			23,846,666			26,601,652			23,654,395

(1) Reconciliations of net loss attributable to common stockholders basic and diluted can be found in Inogen’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 to be filed with the Securities and Exchange Commission.
(2) Due to a net loss for the three and twelve months ended December 31, 2025 and December 31, 2024, diluted loss per share is the same as basic.

Consolidated Balance Sheets (unaudited) *(amounts in thousands)*

	December 31,			December 31,
	2025			2024
Assets
Current assets
Cash and cash equivalents	$	103,729		$	113,795
Marketable securities		15,848			—
Restricted cash		1,289			3,620
Accounts receivable, net		38,863			29,563
Inventories		25,969			24,812
Prepaid expenses and other current assets		12,601			13,661
Total current assets		198,299			185,451
Property and equipment, net		36,362			44,400
Goodwill		10,698			9,465
Intangible assets, net		30,763			30,493
Operating lease right-of-use asset		16,501			18,295
Other assets		6,002			8,081
Total assets	$	298,625		$	296,185
Liabilities and stockholders' equity
Current liabilities
Accounts payable and accrued expenses	$	33,941		$	27,153
Accrued payroll		10,629			17,189
Warranty reserve - current		10,116			9,736
Operating lease liability - current		3,163			2,812
Earnout liability		—			13,000
Deferred revenue - current		5,503			6,654
Income tax payable		183			142
Total current liabilities		63,535			76,686
Long-term liabilities
Warranty reserve - noncurrent		18,194			16,350
Operating lease liability - noncurrent		14,313			16,594
Deferred revenue - noncurrent		3,603			5,747
Deferred tax liability		6,749			6,948
Total liabilities		106,394			122,325
Stockholders' equity
Common stock		27			24
Additional paid-in capital		363,545			328,174
Accumulated deficit		(175,584	)		(152,837	)
Accumulated other comprehensive income (loss)		4,243			(1,501	)
Total stockholders' equity		192,231			173,860
Total liabilities and stockholders' equity	$	298,625		$	296,185

Condensed Consolidated Cash Flow (unaudited) *(amounts in thousands)*

	Years Ended December 31,
	2025			2024
Cash flows from operating activities
Net loss	$	(22,747	)	$	(35,888	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		20,659			21,004
Loss on rental units and other assets		3,208			4,535
Loss (gain) on sale of former rental assets		57			(165	)
Provision for sales revenue returns and doubtful accounts		6,351			10,890
Provision for inventory losses		822			233
Loss on purchase commitments		433			448
Stock-based compensation expense		8,014			7,397
Deferred income taxes		(1,100	)		(1,150	)
Change in fair value of earnout liability		—			3,000
Changes in operating assets and liabilities⁽¹⁾		(26,913	)		(4,390	)
Net cash (used in) provided by operating activities		(11,216	)		5,914
Cash flows from investing activities
Purchases of available-for-sale securities		(29,829	)		(32,657	)
Maturities of available-for-sale securities		14,003			35,500
Investment in intangible assets		—			(2,090	)
Investment in property and equipment		(2,523	)		(3,360	)
Production and purchase of rental equipment		(7,860	)		(11,643	)
Proceeds from sale of former assets		—			275
Net cash used in investing activities		(26,209	)		(13,975	)
Cash flows from financing activities
Proceeds from employee stock purchases		971			811
Payment of employment taxes related to release of restricted stock		(821	)		(546	)
Payments of accrued earnout		(3,178	)		—
Proceeds from issuance of common stock from securities purchase agreement		27,210			—
Net cash provided by financing activities		24,182			265
Effect of exchange rates on cash		846			(281	)
Net decrease in cash, cash equivalents and restricted cash	$	(12,397	)	$	(8,077	)

(1) Includes $9,822 of the operating activity portion of the earnout liability payment related to the Physio-Assist acquisition.

Supplemental Financial Information (unaudited) *(in thousands, except units and patients)*

	Three months ended December 31,				Change 2025 vs. 2024						Constant Currency Change
Revenue by geographic region	2025		2024		$			%			%
U.S. sales	$	36,055	$	37,994	$	(1,939	)		-5.1	%		-5.1	%
International sales		32,517		28,313		4,204			14.8	%		12.5	%
U.S. rentals		13,149		13,774		(625	)		-4.5	%		-4.5	%
Total revenue	$	81,721	$	80,081	$	1,640			2.0	%		1.2	%
Additional financial measures
Units Sold		46,300		38,400					20.6	%
Net rental patients as of period-end		49,000		51,000


	Twelve months ended December 31,				Change 2025 vs. 2024						Constant Currency Change
Revenue by geographic region	2025		2024		$			%			%
U.S. sales	$	156,476	$	161,549	$	(5,073	)		-3.1	%		-3.1	%
International sales		138,828		117,207		21,621			18.4	%		18.1	%
U.S. rentals		53,364		56,949		(3,585	)		-6.3	%		-6.3	%
Total revenue	$	348,668	$	335,705	$	12,963			3.9	%		3.7	%
Additional financial measures
Units Sold		189,400		157,500					20.3	%
Net rental patients as of period-end		49,000		51,000

Reconciliation of U.S. GAAP to Non-GAAP Financial Measures (unaudited) *(in thousands, except per share amounts)*

	Three months ended						Twelve months ended
	December 31,						December 31,
Non-GAAP EBITDA and Adjusted EBITDA	2025			2024			2025			2024
Net loss (GAAP)	$	(7,127	)	$	(9,757	)	$	(22,747	)	$	(35,888	)
Non-GAAP adjustments:
Interest income, net		(1,163	)		(1,413	)		(4,385	)		(5,190	)
Benefit for income taxes		(236	)		(330	)		(632	)		(588	)
Depreciation and amortization		5,035			5,080			20,659			21,004
EBITDA (non-GAAP)		(3,491	)		(6,420	)		(7,105	)		(20,662	)
Stock-based compensation		1,811			1,693			8,014			7,397
Acquisition-related expenses		—			—			—			784
Change in fair value of earnout liability		—			1,170			—			3,000
Legal and settlement expenses		—			—			1,784			—
Adjusted EBITDA (non-GAAP)	$	(1,680	)	$	(3,557	)	$	2,693		$	(9,481	)

	Three months ended December 31,
	Operating Expense				Loss from Operations						Net Loss						Diluted EPS
Non-GAAP Financial Metrics	2025		2024		2025			2024			2025			2024			2025			2024
Financial Results (GAAP)	$	44,542	$	47,675	$	(9,306	)	$	(11,386	)	$	(7,127	)	$	(9,757	)	$	(0.26	)	$	(0.41	)
Non-GAAP adjustments:
Amortization of intangibles		1,287		1,103		1,287			1,103			1,287			1,103			0.05			0.05
Stock-based compensation		1,811		1,693		1,811			1,693			1,811			1,693			0.07			0.07
Change in fair value of earnout liability		—		1,170		—			1,170			—			1,170			—			0.05
Income tax impact of adjustments ⁽¹⁾		—		—		—			—			—			—			—			—
Adjusted	$	41,444	$	43,709	$	(6,208	)	$	(7,420	)	$	(4,029	)	$	(5,791	)	$	(0.15	)	$	(0.24	)


	Twelve months ended December 31,
	Operating Expense				Loss from Operations						Net Loss						Diluted EPS
Non-GAAP Financial Metrics	2025		2024		2025			2024			2025			2024			2025			2024
Financial Results (GAAP)	$	184,472	$	197,257	$	(30,207	)	$	(42,516	)	$	(22,747	)	$	(35,888	)	$	(0.86	)	$	(1.52	)
Non-GAAP adjustments:
Amortization of intangibles		4,920		4,330		4,920			4,330			4,920			4,330			0.18			0.18
Stock-based compensation		8,014		7,397		8,014			7,397			8,014			7,397			0.30			0.31
Acquisition-related expenses		—		784		—			784			—			784			—			0.03
Change in fair value of earnout liability		—		3,000		—			3,000			—			3,000			—			0.13
Legal and settlement expenses		1,784		—		1,784			—			1,784			—			0.07			—
Income tax impact of adjustments ⁽¹⁾		—		—		—			—			—			—			—			—
Adjusted	$	169,754	$	181,746	$	(15,489	)	$	(27,005	)	$	(8,029	)	$	(20,377	)	$	(0.30	)	$	(0.86	)

(1) Income tax impact of adjustments represents the tax impact related to the non-GAAP adjustments listed above and reflects an effective tax rate of 0% for 2025 and 2024.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260224328939/en/

ir@inogen.net

Source: Inogen, Inc.

Inogen Announces $30 Million Share Repurchase Program

Tue, 24 Feb 2026 16:00:00 -0500

“This authorization reflects our confidence in Inogen’s strategy, progress towards profitability goals, and long-term growth trajectory,” said Kevin Smith, President and Chief Executive Officer. “With a strong, debt-free balance sheet, we view this program as providing additional flexibility to deploy capital to support continued investment in innovation and portfolio expansion while enhancing shareholder value.”

The repurchase program will be financed through cash flow and existing cash reserves and is not expected to affect Inogen’s capacity to pursue further growth initiatives. Authorization for the program will expire upon either December 31, 2027, or once the maximum authorized dollar amount has been utilized, whichever occurs first. The Company is under no obligation to purchase a specific number of shares, and the program may be suspended or terminated at any time.

About Inogen

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 share repurchase program; 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, 2024, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260224755355/en/

ir@inogen.net

Source: Inogen, Inc.

Inogen Announces Preliminary Revenue Results for Fourth Quarter and Full-Year 2025

Mon, 12 Jan 2026 08:30:00 -0500

Inogen to Announce Fourth Quarter and Full Year 2025 Financial Results on February 24, 2026

GOLETA, Calif.--(BUSINESS WIRE)-- Inogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced preliminary, unaudited revenue results for the quarter and year ended December 31, 2025.

The Company estimates preliminary, unaudited total revenue in the fourth quarter of 2025 to be approximately $82 million, representing year-over-year growth of approximately 2%. Full year 2025 total preliminary, unaudited revenue is expected to be approximately $349 million, representing year-over-year growth of approximately 4%.

For the full year 2025, the Company expects to achieve positive Adjusted EBITDA, reflecting its continued commitment to financial discipline and effective cost management.

“While fourth quarter results continued to reflect strong performance in our business-to-business channels, we experienced a shift in the timing of a few large customer orders into the first half of 2026. Although this delay relative to expectations is disappointing, our full year results continued to make meaningful progress in executing our business turnaround,” said Kevin Smith, President and Chief Executive Officer. “Highlights for the full year include positive revenue growth, advancing toward profitability, and expanding the innovation pipeline with launches of the Voxi 5 stationary oxygen concentrator and Aurora Masks for Obstructive Sleep Apnea patients in the U.S. The Inogen team remains confident in our ability to drive growth acceleration and profitability into 2026, and we look forward to sharing additional details and 2026 financial guidance during our February earnings call.”

Quarterly Conference Call Information

On February 24, 2026, the Company will host a conference call at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time.

Individuals interested in listening to the conference call may do so by dialing:

US domestic callers (877) 841-3961
Non-US callers (201) 689-8589

About Inogen

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,” “expectation,” “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 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, 2024, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260112813958/en/

ir@inogen.net

Source: Inogen, Inc.