Inogen returns to U.S. growth, exits U.S. oxygen rental
Inogen returns to U.S. growth, exits U.S. oxygen rental, guides 2026 revenue $298–$301M and $7–$8M adjusted net loss
- Q3 2026 revenue was $77.2M, down 2.4% year over year, missing analyst expectations.
- Inogen posted a Q3 2026 GAAP net loss of $16.2M.
- Adjusted net result from continuing operations (non-GAAP EPS) was -$0.02, roughly breakeven, beating estimates and rising about 90% YoY.
- U.S. sales grew 3.8% YoY, first growth since 2024, helped by new products.
- International revenue fell 9% on softer European capital spending and inventory management, a trend expected to continue into Q4.
- Adjusted gross margin declined to 44.2% from 45.9%, pressured by weaker international mix.
- Company completed U.S. oxygen rental divestiture and expects up to $24.8M cash proceeds by 1H27.
- Management announced new $20M annualized cost savings, totaling over $40M together with the rental divestiture actions.
- Q4 revenue guided to $65–$68M; 2026 revenue to $298–$301M with $7–$8M adjusted net loss.
- POC unit volumes rose nearly 6% YoY to 51,900, and are up 9.5% year-to-date.
- Inogen appoints COO Andy Reding as President, Chief Executive Officer, and Board member, succeeding Kevin Smith.
- New CEO emphasizing commercial execution and profitability; no live Q&A was held this quarter.
- Main concern remains achieving sustainable profitability amid ongoing adjusted net losses and persistent softness in European demand.
- Mixed quarter, with U.S. sales recovery and restructuring actions offset by European weakness and continued losses.
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