Beverly, Massachusetts — Inogen, Inc. reported second-quarter 2026 revenue of $95.1 million, up 3% from $92.3 million a year earlier, and raised its full-year adjusted EBITDA outlook to approximately $4 million.
The medical technology company said international revenue rose 14.8% year over year to $41.3 million, driven by higher demand for portable oxygen concentrators and favorable foreign exchange effects.
“Our second quarter results demonstrate continued demand for our products and validate the progress of our strategy to expand and diversify Inogen’s respiratory care portfolio,” said Kevin Smith, President and Chief Executive Officer.
“We are building momentum through new product launches, gaining traction in key markets, and driving greater operating leverage across the business,” he added.
Gross margin improved to 45.5% from 44.8% in the year-earlier quarter. Adjusted gross margin increased to 45.6% from 44.9%, reflecting improvements in cost of revenue.
GAAP net loss narrowed to $3.9 million from $4.2 million a year earlier. Adjusted net loss improved to less than $100,000 from $700,000.
Adjusted EBITDA rose 15.2% to $2.4 million from $2.1 million in the prior-year period. Inogen also generated $2.9 million in positive operating cash flow during the quarter.
The company said U.S. sales and rentals remained below year-earlier levels, although it continued to gain traction with distributors and its expanded product portfolio.
Inogen also continued expanding internationally, including the launch of its Rove 6 portable oxygen concentrator in Canada.
The company completed enrollment and the last patient visit in the Simeox H SCOPE study in China, with statistical analysis results expected in the second half of 2026.
Inogen also published its Questionnaire for Oxygen Therapy Evaluation, or QuOTE, assessment tool in ERJ Open Research. The nine-question tool is designed to help clinicians monitor long-term oxygen therapy patients by assessing symptoms, treatment adherence, side effects and equipment-related issues.
The company recently appointed Andy Reding as Chief Operating Officer to support its respiratory care growth strategy and expansion of its product portfolio.
Inogen ended June with $106.8 million in cash, cash equivalents, marketable securities and restricted cash and had no outstanding debt.
During the first half of 2026, the company repurchased about 1.15 million shares for $7.5 million under its previously announced share repurchase program.
For the third quarter, Inogen expects revenue to be approximately flat compared with the same period in 2025, reflecting changes in its U.S. sales channel mix and the timing of certain international distributor inventory purchases.
For full-year 2026, the company now expects revenue of $355 million to $361 million, representing roughly 3% growth at the midpoint compared with 2025.
Inogen raised its full-year adjusted EBITDA guidance to approximately $4 million, which would represent a 48.1% increase from the $2.7 million reported in 2025.
