<span item_type="fundamental" item_id="4303d9cacc9fbdb973c64b1777ed194b" counter_id="ST/US/INGN" env="prod"></span><span item_type="announcement" item_id="646200934540248193" env="prod"></span><p>Revenue: As of FY2026 Q1, the actual value is USD 85.11 M, beating the estimate of USD 82.35 M.</p><p>EPS: As of FY2026 Q1, the actual value is USD -0.3, missing the estimate of USD -0.285.</p><p>EBIT: As of FY2026 Q1, the actual value is USD -10.22 M.</p><p></p><p>Inogen, Inc. operates as a single operating and reportable segment <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1294133/000129413326000016/ingn-20260331.htm"></span>.</p><h4>Total Revenue</h4><p>Total Revenue increased by $2.8 million, or 3.4%, to $85.1 million for the three months ended March 31, 2026, from $82.3 million in the prior year period .</p><h4>Sales Revenue</h4><p>Sales Revenue increased by $3.9 million, or 5.7%, to $72.4 million for the three months ended March 31, 2026, from $68.5 million in the prior year period, primarily due to higher demand in international geographies and favorable foreign exchange rates, partially offset by channel mix within the U.S. . U.S. Sales decreased by -4.8% to $34.7 million for the three months ended March 31, 2026, from $36.5 million in the prior year period . International Sales increased by 17.8% to $37.7 million for the three months ended March 31, 2026, from $32.0 million in the prior year period, driven by increased demand from European partners and favorable foreign exchange rates . Sales in Europe as a percentage of total international sales revenue increased to 89.1% from 85.6% .</p><h4>Rental Revenue</h4><p>Rental Revenue decreased by -$1.1 million, or -8.0%, to $12.7 million for the three months ended March 31, 2026, from $13.8 million in the prior year period, mainly due to fewer patients on service .</p><h4>Net Loss</h4><p>Net Loss increased by -$2.2 million, or -34.8%, to -$8.3 million for the three months ended March 31, 2026, from -$6.2 million in the prior year period, primarily due to an increase in operating expense .</p><h4>Cost of Revenue</h4><p>Cost of Revenue increased by $1.3 million, or 2.9%, to $47.2 million for the three months ended March 31, 2026, from $45.9 million in the prior year period . Cost of Sales Revenue increased by $2.1 million, or 5.5%, to $40.2 million, driven by an increase in the number of systems sold . Cost of Rental Revenue decreased by -$0.8 million, or -9.7%, to $7.1 million, mainly due to fewer patients on service .</p><h4>Gross Profit</h4><p>Gross Profit increased by $1.5 million, or 4.1%, to $37.9 million for the three months ended March 31, 2026, from $36.4 million in the prior year period . Gross Profit - Sales Revenue increased to $32.2 million from $30.4 million . Gross Profit - Rental Revenue decreased to $5.6 million from $6.0 million .</p><h4>Gross Margin Percentage</h4><p>Total gross margin percentage increased to 44.5% for the three months ended March 31, 2026, from 44.2% in the prior year period . Gross Margin Percentage - Sales Revenue slightly increased to 44.5% from 44.4% due to manufacturing cost leverage and lower cost premiums for semiconductor chips . Gross Margin Percentage - Rental Revenue increased to 44.4% from 43.3%, primarily due to lower depreciation per rental patient .</p><h4>Operating Expenses</h4><p>Total operating expense increased to $47.2 million for the three months ended March 31, 2026, from $44.0 million in the prior year period . Research and Development Expense increased by $1.1 million, or 26.4%, to $5.1 million, due to investments supporting new product growth . Sales and Marketing Expense increased by $0.8 million, or 3.6%, to $24.6 million, primarily due to an increase of $0.8 million in media and advertising costs . General and Administrative Expense increased by $1.3 million, or 7.8%, to $17.5 million, mainly due to an increase of $0.9 million in restructuring-related costs .</p><h4>Loss from Operations</h4><p>Loss from Operations increased to -$9.3 million for the three months ended March 31, 2026, from -$7.7 million in the prior year period .</p><h4>Total Other Income, Net</h4><p>Total Other Income, Net decreased by -$0.5 million, or -39.5%, to $0.8 million, primarily due to net foreign currency losses .</p><h4>Income Tax Benefit</h4><p>Income Tax Benefit increased by -$0.1 million, or 79.4%, to -$0.2 million for the three months ended March 31, 2026, from -$0.1 million in the prior year period . The effective tax rate increased to 2.0% from 1.5% .</p><h4>Net Cash Used in Operating Activities</h4><p>Net Cash Used in Operating Activities was -$6.7 million for the three months ended March 31, 2026, compared to -$16.8 million in the prior year period .</p><h4>Net Cash Used in Investing Activities</h4><p>Net Cash Used in Investing Activities was -$2.0 million for the three months ended March 31, 2026, compared to -$2.0 million in the prior year period .</p><h4>Net Cash Used in Financing Activities</h4><p>Net Cash Used in Financing Activities was -$2.1 million for the three months ended March 31, 2026, compared to $24.0 million provided in the prior year period .</p><h4>Cash, Cash Equivalents and Restricted Cash, End of Period</h4><p>Cash, Cash Equivalents and Restricted Cash, End of Period was $94.4 million as of March 31, 2026, compared to $122.5 million as of March 31, 2025 .</p><h4>Oxygen Systems Sold</h4><p>Approximately 49,000 oxygen systems were sold during the three months ended March 31, 2026, an increase of 14.0% from approximately 43,000 systems sold in the prior year period .</p><h4>Medicare’s Service Reimbursement Programs</h4><p>Medicare’s Service Reimbursement Programs accounted for 62.6% of rental revenue for the three months ended March 31, 2026, up from 55.0% in the prior year period .</p><h4>Supplier Concentration</h4><p>Three major vendors accounted for 14.4%, 12.0%, and 9.6% of total raw material purchases for the three months ended March 31, 2026 .</p><h4>Share Repurchase Program</h4><p>Inogen, Inc. repurchased and retired 298,100 shares of common stock for $1.9 million during the three months ended March 31, 2026 . As of March 31, 2026, $28.1 million remained available under the $30.0 million program, which expires on December 31, 2027 .</p><h4>Adjusted EBITDA (non-GAAP)</h4><p>Adjusted EBITDA (non-GAAP) was -$1.4 million for the three months ended March 31, 2026, compared to $0.04 million in the prior year period .</p><h4>Future Outlook and Strategy</h4><p>Inogen, Inc. plans to expand domestic and international business-to-business channels, improve direct-to-consumer and prescriber sales productivity, and optimize rental revenue through targeted prescriber engagement . The company is investing in R&amp;D and clinical studies for product innovation, evidence generation, and pursuing geographic expansion, particularly in Europe and other international markets . Inogen, Inc. expects its current cash, cash equivalents, marketable securities, and anticipated cash from sales and rentals to cover operating and investing requirements for at least the next 12 months .</p>

Inogen | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 85.11 M