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INGN Stock Dips on Q1 Earnings Miss, Sales Up Y/Y, Gross Margin Improves
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Key Takeaways
INGN posted higher Q1 revenues as international sales jumped 17.8% year over year.
Inogen's adjusted gross margin improved 30 bps to 44.7% despite a wider Q1 loss.
INGN maintained full-year revenue guidance of $366-$373M with 6% midpoint growth.
Inogen, Inc. (INGN - Free Report) incurred an adjusted loss per share of 30 cents for first-quarter 2026, wider than the year-ago period’s adjusted loss of 25 cents per share. The Zacks Consensus Estimate was pinned at a loss of 24 cents per share.
GAAP loss per share for the quarter was 26 cents, narrower than the year-earlier loss of 41cents.
INGN’s Revenues in Detail
Inogen registered revenues of $85.1 million for the first quarter, up 3.4% year over year. The figure beat the Zacks Consensus Estimate by 3.3%.
At constant exchange rate (CER), total revenues for the reported quarter decreased 1.2% year over year.
Per management, the year-over-year uptick in the top line was primarily driven by higher demand for portable oxygen concentrators in international markets, partially offset by lower U.S. sales and U.S. rentals.
Shares of this company lost 4.2% in yesterday’s after-market trading. Its shares have gained 6.9% so far this year against the industry’s 15.5% decline. The S&P 500 Index has increased 8.5% in the same time frame.
Image Source: Zacks Investment Research
Inogen’s Segmental Details
In the fourth quarter of 2025, Inogen revised its product revenue classification to offer investors clearer insight into underlying business trends and strategic priorities. The company now reports under three categories — U.S. sales, international sales and U.S. rentals.
Total sales were $68.6 million, up 3.4% from the prior-year quarter’s level. U.S. sales amounted to $34.7 million, down 4.8% year over year, while International sales improved 17.8% to $37.7 million. U.S. rental revenues for the reported quarter grossed $12.7 million, down 8% from the year-ago period’s level.
Inogen’s Margins
In the quarter under review, Inogen’s adjusted gross profit gained 4.1% from the year-ago period to $38.1 million. The adjusted gross margin improved 30 basis points to 44.7%.
Sales and marketing expenses increased 3.6% from the year-ago quarter’s figure to $24.6 million. Research and development expenses increased 26.4% year over year to $5.1 million, while general and administrative expenses increased 7.8% to $17.5 million. Adjusted operating expenses were $43 million, up 5.1% year over year.
Adjusted operating loss totaled $5 million compared with the prior-year quarter’s loss of $4.4 million.
INGN’s Financial Position
Inogen exited the first quarter of 2026 with cash and cash equivalents of $93.1 million compared with $103.7 million at the end of the fourth quarter of 2025.
The company ended the quarter with no debt on its balance sheet.
Cumulative net cash used in operating activities at the end of first-quarter 2026 was $6.7 million compared with $16.8 million a year ago.
Inogen’s Guidance
Inogen has provided its revenue outlook for the second quarter and maintains full-year guidance.
For the second quarter of 2026, Inogen expects revenues to be grow approximately 3.5% year over year to $94-$97 million. The Zacks Consensus Estimate is currently pegged at $82.4 million.
For 2026, Inogen continues to expect reported revenues in the range of $366-$373 million (reflecting approximately 6% growth at the midpoint from the comparable 2025 revenues). The Zacks Consensus Estimate is currently pegged at $369.2 million.
Inogen exited the first quarter of 2026 with a wider-than-expected loss per share but better-than-expected revenues. The year-over-year growth in the top line was encouraging. The robust year-over-year uptick in International sales was impressive. The improvement in gross margin also bodes well.
During the quarter, Inogen expanded its product portfolio in the United States with the launch of Aurora continuous positive airway pressuremasks designed to treat obstructive sleep apnea, marking its formal entry into the obstructive sleep apnea market. The company also launched Rove 6 in Brazil, strengthening its ongoing international market expansion. INGN also initiated patient enrollment in IMPACTS-200, the first U.S. Simeox 200 reimbursement trial.
The management believes that Inogen’s ongoing execution of its clinical and strategic priorities was a key factor behind the better-than-expected sales. The strong sales growth is expected to support accelerated growth and improved profitability in the second half of the year. INGN’s emphasis on expanding its addressable markets and developing clinically validated products should continue to drive long-term growth.
INGN’s Zacks Rank and Other Key Picks
Inogen currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space that have announc--0ed quarterly results are West Pharmaceutical Services, Inc. (WST - Free Report) , Intuitive Surgical (ISRG - Free Report) and Cardinal Health, Inc. (CAH - Free Report) .
West Pharmaceutical reported first-quarter 2026 earnings per share (EPS) of $2.13, which beat the Zacks Consensus Estimate by 26.8%. Revenues of $844.9 million surpassed the Zacks Consensus Estimate by 8.5%. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
West Pharmaceutical has a long-term estimated growth rate of 13.9%. WST’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 19.37%.
Intuitive Surgical reported first-quarter 2026 adjusted EPS of $2.50, which beat the Zacks Consensus Estimate by 20.19%. Revenues of $2.77 billion surpassed the Zacks Consensus Estimate by 6.2%. It currently carries a Zacks Rank of 2.
Intuitive Surgical has a long-term estimated growth rate of 14.9%. ISRG’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 16.82%.
Cardinal Health, carrying a Zacks Rank of 2 at present, reported 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 a long-term estimated growth rate of 15.6%. CAH’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 10.27%.
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INGN Stock Dips on Q1 Earnings Miss, Sales Up Y/Y, Gross Margin Improves
Key Takeaways
Inogen, Inc. (INGN - Free Report) incurred an adjusted loss per share of 30 cents for first-quarter 2026, wider than the year-ago period’s adjusted loss of 25 cents per share. The Zacks Consensus Estimate was pinned at a loss of 24 cents per share.
GAAP loss per share for the quarter was 26 cents, narrower than the year-earlier loss of 41cents.
INGN’s Revenues in Detail
Inogen registered revenues of $85.1 million for the first quarter, up 3.4% year over year. The figure beat the Zacks Consensus Estimate by 3.3%.
At constant exchange rate (CER), total revenues for the reported quarter decreased 1.2% year over year.
Per management, the year-over-year uptick in the top line was primarily driven by higher demand for portable oxygen concentrators in international markets, partially offset by lower U.S. sales and U.S. rentals.
Shares of this company lost 4.2% in yesterday’s after-market trading. Its shares have gained 6.9% so far this year against the industry’s 15.5% decline. The S&P 500 Index has increased 8.5% in the same time frame.
Image Source: Zacks Investment Research
Inogen’s Segmental Details
In the fourth quarter of 2025, Inogen revised its product revenue classification to offer investors clearer insight into underlying business trends and strategic priorities. The company now reports under three categories — U.S. sales, international sales and U.S. rentals.
Total sales were $68.6 million, up 3.4% from the prior-year quarter’s level. U.S. sales amounted to $34.7 million, down 4.8% year over year, while International sales improved 17.8% to $37.7 million. U.S. rental revenues for the reported quarter grossed $12.7 million, down 8% from the year-ago period’s level.
Inogen’s Margins
In the quarter under review, Inogen’s adjusted gross profit gained 4.1% from the year-ago period to $38.1 million. The adjusted gross margin improved 30 basis points to 44.7%.
Sales and marketing expenses increased 3.6% from the year-ago quarter’s figure to $24.6 million. Research and development expenses increased 26.4% year over year to $5.1 million, while general and administrative expenses increased 7.8% to $17.5 million. Adjusted operating expenses were $43 million, up 5.1% year over year.
Adjusted operating loss totaled $5 million compared with the prior-year quarter’s loss of $4.4 million.
INGN’s Financial Position
Inogen exited the first quarter of 2026 with cash and cash equivalents of $93.1 million compared with $103.7 million at the end of the fourth quarter of 2025.
The company ended the quarter with no debt on its balance sheet.
Cumulative net cash used in operating activities at the end of first-quarter 2026 was $6.7 million compared with $16.8 million a year ago.
Inogen’s Guidance
Inogen has provided its revenue outlook for the second quarter and maintains full-year guidance.
For the second quarter of 2026, Inogen expects revenues to be grow approximately 3.5% year over year to $94-$97 million. The Zacks Consensus Estimate is currently pegged at $82.4 million.
For 2026, Inogen continues to expect reported revenues in the range of $366-$373 million (reflecting approximately 6% growth at the midpoint from the comparable 2025 revenues). The Zacks Consensus Estimate is currently pegged at $369.2 million.
Inogen, Inc Price, Consensus and EPS Surprise
Inogen, Inc price-consensus-eps-surprise-chart | Inogen, Inc Quote
Our Take
Inogen exited the first quarter of 2026 with a wider-than-expected loss per share but better-than-expected revenues. The year-over-year growth in the top line was encouraging. The robust year-over-year uptick in International sales was impressive. The improvement in gross margin also bodes well.
During the quarter, Inogen expanded its product portfolio in the United States with the launch of Aurora continuous positive airway pressuremasks designed to treat obstructive sleep apnea, marking its formal entry into the obstructive sleep apnea market. The company also launched Rove 6 in Brazil, strengthening its ongoing international market expansion. INGN also initiated patient enrollment in IMPACTS-200, the first U.S. Simeox 200 reimbursement trial.
The management believes that Inogen’s ongoing execution of its clinical and strategic priorities was a key factor behind the better-than-expected sales. The strong sales growth is expected to support accelerated growth and improved profitability in the second half of the year. INGN’s emphasis on expanding its addressable markets and developing clinically validated products should continue to drive long-term growth.
INGN’s Zacks Rank and Other Key Picks
Inogen currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space that have announc--0ed quarterly results are West Pharmaceutical Services, Inc. (WST - Free Report) , Intuitive Surgical (ISRG - Free Report) and Cardinal Health, Inc. (CAH - Free Report) .
West Pharmaceutical reported first-quarter 2026 earnings per share (EPS) of $2.13, which beat the Zacks Consensus Estimate by 26.8%. Revenues of $844.9 million surpassed the Zacks Consensus Estimate by 8.5%. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
West Pharmaceutical has a long-term estimated growth rate of 13.9%. WST’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 19.37%.
Intuitive Surgical reported first-quarter 2026 adjusted EPS of $2.50, which beat the Zacks Consensus Estimate by 20.19%. Revenues of $2.77 billion surpassed the Zacks Consensus Estimate by 6.2%. It currently carries a Zacks Rank of 2.
Intuitive Surgical has a long-term estimated growth rate of 14.9%. ISRG’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 16.82%.
Cardinal Health, carrying a Zacks Rank of 2 at present, reported 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 a long-term estimated growth rate of 15.6%. CAH’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 10.27%.