Inogen Reports $85.1 Million Revenue in Q1 2026, Driven by International Sales Growth

Inogen, Inc. reported a total revenue of $85.1 million for the first quarter of 2026, reflecting a 3.4% increase from $82.3 million in the same period of 2025. The growth was primarily driven by a 5.7% rise in sales revenue, which reached $72.4 million, attributed to increased demand in international markets and favorable foreign exchange rates. However, rental revenue decreased by 8.0% to $12.7 million, largely due to a reduction in the number of patients utilizing rental services. The company experienced a net loss of $8.3 million, a 34.8% increase from the $6.2 million loss reported in the prior year, primarily due to higher operating expenses.

Inogen's operating expenses rose to $47.2 million, up from $44.0 million in the previous year, with significant increases in research and development costs, which surged by 26.4% to $5.1 million, and general and administrative expenses, which increased by 7.8% to $17.5 million. The company also reported a decrease in gross profit margin, which slightly improved to 44.5% for sales revenue, while rental revenue gross margin increased to 44.4%. The overall gross profit for the quarter was $37.9 million, compared to $36.4 million in the same quarter of 2025.

In terms of operational metrics, Inogen sold approximately 49,000 oxygen systems in the first quarter of 2026, a 14.0% increase from about 43,000 units sold in the same period last year. The company’s international sales saw a notable increase of 17.8%, with Europe accounting for 89.1% of total international sales revenue. Despite a decline in U.S. sales by 4.8%, the overall performance in international markets contributed positively to the revenue growth.

Inogen's balance sheet as of March 31, 2026, showed total assets of $285.9 million, down from $298.6 million at the end of 2025. The company had cash and cash equivalents of $93.1 million, a decrease from $103.7 million at the end of the previous year. Current liabilities also decreased to $61.4 million from $63.5 million, resulting in a net working capital of $129.2 million. The company has initiated a share repurchase program, authorizing up to $30 million, with $28.1 million remaining available for future repurchases as of the end of the quarter.

Looking ahead, Inogen remains focused on expanding its product offerings and geographic reach, particularly in Europe and other international markets. The company is investing in research and development to support new product launches and improve existing products. Management anticipates that current cash reserves and expected revenue from product sales will be sufficient to meet operational and investment needs for at least the next 12 months, although they acknowledge the potential need for additional funding to support growth initiatives.