Inogen (INGN) investor relations material

Executive summary

• Q1 2026 revenue reached $85.1 million, up 3.4% year-over-year, driven by strong international sales growth and higher demand in Europe, offsetting declines in U.S. sales and rentals.

• Net loss widened to $8.3 million from $6.2 million in Q1 2025, primarily due to higher operating expenses, including increased R&D, sales and marketing, and restructuring costs.

• Adjusted EBITDA was negative $1.4 million, down from break-even or positive $36,000 in the prior year, reflecting increased R&D and commercial investments.

• New leadership appointments in finance, marketing, and the board aim to strengthen execution and governance.

• Product launches in CPAP masks and international POC markets, including Brazil, signal strategic portfolio expansion and entry into the U.S. OSA market.

Financial highlights

• Total Q1 revenue: $85.1 million (+3.4% YoY); international sales: $37.7 million (+17.8% YoY); U.S. sales: $34.7 million (-4.8% YoY); U.S. rentals: $12.7 million (-8.0% YoY).

• Gross margin improved to 44.5% (GAAP) and 44.7% (adjusted), up from 44.2% and 44.4% YoY, driven by cost improvements and manufacturing leverage.

• GAAP net loss was $8.3 million (vs. $6.2 million prior year); adjusted net loss was $4.0 million (vs. $2.9 million prior year).

• Operating expenses increased to $47.2 million from $44.0 million YoY, with R&D up 26.4% to $5.1 million, sales and marketing up 3.6% to $24.6 million, and G&A up 7.8% to $17.5 million.

• Ended quarter with $111.5 million in cash, equivalents, and marketable securities, no debt, and repurchased 298,100 shares for $1.9 million.

Outlook and guidance

• Reaffirmed 2026 revenue guidance of $366–$373 million, about 6% growth at midpoint; Q2 2026 revenue expected at $94–$97 million, about 3.5% growth YoY.

• Anticipates Q2 and Q3 to be strongest for profitability, with full-year adjusted EBITDA improvement.

• Continued investment in product pipeline, innovation, and international expansion expected to drive long-term growth.

• Management expects existing capital resources and cash from operations to be sufficient for at least the next 12 months.

• Management emphasizes the use of non-GAAP metrics to evaluate performance and guide strategic decisions.