Inogen Q2 Earnings Beat Estimates, Sales Rise Y/Y, 2026 View Cut

Year to date, the company’s shares have lost 10% compared with the industry’s fall of 8.5%. However, the S&P 500 Index has increased 13.1% in the same time frame.

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INGN’s Q2 Revenues in Detail

Inogen registered revenues of $95.1 million for the second quarter of 2026, up 3% year over year. The figure beat the Zacks Consensus Estimate of $95 million by 0.3%.

At constant exchange rate (CER), total revenues for the reported quarter increased 0.6% year over year.

Per management, the year-over-year improvement in the top line was primarily driven by strong international demand for portable oxygen concentrators (POCs), favorable foreign exchange rates and contributions from new products. However, lower U.S. sales and U.S. rental revenues partially offset the gains.

INGN's Revenue Mix Shows International Strength

The company reports revenues under three categories — U.S. sales, international sales and U.S. rentals.

U.S. sales were $42.3 million, down 2.3% year over year. Management said healthy POC volumes through home medical equipment distributors and contributions from new products were not enough to offset pressure in the direct-to-consumer channel.

International sales climbed 14.8% to $41.3 million, marking the 10th consecutive quarter of double-digit international sales growth.

U.S. rental revenues fell 11.8% to $11.6 million.

Management expects U.S. sales to return to growth as new products gain traction and B2B customers convert patient starts to POCs, although direct-to-consumer declines are expected to persist.

Inogen’s Q2 Margins

In the quarter under review, Inogen’s adjusted gross profit increased 4.5% from the year-ago period to $43.3 million. The adjusted gross margin improved 65 basis points to 45.6%, primarily driven by cost improvements and lower warranty expenses.

Sales and marketing expenses declined 2.2% from the year-ago quarter’s figure to $24.8 million, while general and administrative expenses rose 4.8% to $17.7 million. Research and development expenses increased 12.7% year over year to $5.9 million. Adjusted operating expenses were $44.6 million, up 1.2% year over year.

Adjusted operating loss totaled $1.3 million compared with the prior-year quarter’s loss of $2.6 million.

INGN’s Financial Position

Inogen exited the second quarter of 2026 with cash and cash equivalents of $87.3 million compared with $93.1 million at the end of the first quarter of 2026.

The company had no debt outstanding, preserving financial flexibility for product development, commercial expansion and other growth initiatives.

During the first half of 2026, INGN repurchased 1,145,150 shares for $7.5 million.

Cumulative net cash used in operating activities at the end of second-quarter 2026 was $3.7 million compared with $12.4 million a year ago.

Inogen's Q3 & 2026 Outlook

Inogen has provided its revenue outlook for the third quarter of 2026 and lowered its full-year revenue guidance.

For the third quarter of 2026, Inogen expects revenues to be in line with the third quarter of 2025 reported revenues of $92.4 million. The outlook reflects continued U.S. sales channel mix pressure and the timing impact of select international distributor inventory purchases.

For 2026, Inogen now expects reported revenues in the range of $355-$361 million, down from the previous guidance of $366-$373 million. The revised range reflects approximately 3% growth at the midpoint from the comparable 2025 revenues. The Zacks Consensus Estimate is currently pegged at $369 million.

Wrapping Up

Inogen exited the second quarter of 2026 with year-over-year revenue growth, supported by continued strength in international markets and healthy demand for portable oxygen concentrators. POC unit volumes increased more than 12% year over year, while the company continued to gain traction with U.S. distributors. INGN also increased investments in its B2B sales force to capitalize on the ongoing shift toward home medical equipment providers.

During the quarter, Inogen continued to expand its respiratory care portfolio. Voxi and Aurora together contributed more than 100 basis points to revenue growth, with more than 5,000 Voxi units shipped and Aurora’s customer count more than doubling sequentially. The company also launched Rove 6 in Canada, published its QuOTE oxygen therapy assessment tool and completed enrollment and last patient last visit for the Simeox H SCOPE study in China. Enrollment in the U.S. IMPACTS-200 reimbursement study also remained on track.

Management remains focused on expanding Inogen’s presence across oxygen therapy, sleep therapy, airway clearance and digital health. The company estimates its combined addressable market at more than $3.4 billion and remains committed to at least one new product launch annually. Inogen is also pursuing international expansion, deeper HME relationships and continued investment in clinical evidence and product innovation to support durable top-line growth and improve profitability over time.

INGN’s Zacks Rank & Key Picks

Inogen currently has a Zacks Rank #3 (Hold).

Some better-ranked stocks from the broader medical space are West Pharmaceutical WST, The Cooper Companies COO and Cardinal Health CAH, each carrying a Zacks Rank of 2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

West Pharmaceutical reported second-quarter 2026 adjusted earnings per share (EPS) of $2.37, which beat the Zacks Consensus Estimate by 13.9%. Revenues of $872.3 million surpassed the Zacks Consensus Estimate by 4.2%.

West Pharmaceutical has an estimated long-term earnings growth rate of 16%. WST’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 17.40%.

The Cooper Companies reported a second-quarter fiscal 2026 adjusted EPS of $1.21, which beat the Zacks Consensus Estimate by 10.00%. Revenues of $1.08 billion beat the Zacks Consensus Estimate by 2.6%.

The Cooper Companies has an estimated long-term earnings growth rate of 8.3%. COO’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 5.80%.

Cardinal Health reported a third-quarter fiscal 2026 adjusted EPS of $3.17, which beat the Zacks Consensus Estimate by 13.2%. Revenues of $60.94 billion missed the Zacks Consensus Estimate by 2.3%.

Cardinal Health has an estimated long-term earnings growth rate of 17%. CAH’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 10.27%.

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