--- title: "Inogen | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 85.11 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285771222.md" datetime: "2026-05-08T20:19:05.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285771222.md) - [en](https://longbridge.com/en/news/285771222.md) - [zh-HK](https://longbridge.com/zh-HK/news/285771222.md) --- # Inogen | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 85.11 M Revenue: As of FY2026 Q1, the actual value is USD 85.11 M, beating the estimate of USD 82.35 M. EPS: As of FY2026 Q1, the actual value is USD -0.3, missing the estimate of USD -0.285. EBIT: As of FY2026 Q1, the actual value is USD -10.22 M. Inogen, Inc. operates as a single operating and reportable segment . #### Total Revenue 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 . #### Sales Revenue 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% . #### Rental Revenue 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 . #### Net Loss 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 . #### Cost of Revenue 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 . #### Gross Profit 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 . #### Gross Margin Percentage 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 . #### Operating Expenses 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 . #### Loss from Operations 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 . #### Total Other Income, Net Total Other Income, Net decreased by -$0.5 million, or -39.5%, to $0.8 million, primarily due to net foreign currency losses . #### Income Tax Benefit 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% . #### Net Cash Used in Operating Activities 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 . #### Net Cash Used in Investing Activities 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 . #### Net Cash Used in Financing Activities 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 . #### Cash, Cash Equivalents and Restricted Cash, End of Period 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 . #### Oxygen Systems Sold 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 . #### Medicare’s Service Reimbursement Programs 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 . #### Supplier Concentration 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 . #### Share Repurchase Program 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 . #### Adjusted EBITDA (non-GAAP) 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 . #### Future Outlook and Strategy 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&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 . ### Related Stocks - [INGN.US](https://longbridge.com/en/quote/INGN.US.md) ## Related News & Research - [Inogen Q1 revenue rises on international demand](https://longbridge.com/en/news/285616797.md) - [Inogen: Aurora CPAP Launch and Expanding Respiratory Portfolio Underpin Buy Rating](https://longbridge.com/en/news/271815865.md) - [Strathmore Confirms 85% Mineralization Hit Rate at Agate | SUUFF Stock News](https://longbridge.com/en/news/287092474.md) - [POLL-US natural gas stockpiles likely rose by 85 billion cubic feet last week](https://longbridge.com/en/news/286306102.md) - [Inogen Maintains Buy Rating as Analyst Reaffirms $12 Price Target on Solid Q1 and Growth Catalysts](https://longbridge.com/en/news/285707117.md)