Inogen (INGN) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $95.1 million, up 3% year-over-year, driven by strong international growth and new product launches, while U.S. rentals declined and B2B sales offset DTC channel pressure.

• International revenue grew 14.8% to $41.3 million, marking sustained double-digit growth and contributing 43.4% of total revenue.

• Adjusted EBITDA improved 15% year-over-year to $2.4 million, reflecting operational efficiency gains.

• GAAP net loss narrowed to $3.9 million from $4.2 million in Q2 2025; adjusted net loss improved to less than $0.1 million.

• Continued investment in product innovation, commercial leadership, and international expansion, with a focus on profitability and operational discipline.

Financial highlights

• Total revenue: $95.1 million (+3% year-over-year); U.S. sales: $42.3 million (-2.3% year-over-year); International sales: $41.3 million (+14.8% year-over-year); U.S. rentals: $11.6 million (-11.8%).

• Adjusted EBITDA: $2.4 million (Q2 2026) vs. $2.1 million (Q2 2025); Adjusted net loss: <$0.1 million (improved from $0.7 million loss).

• Gross margin: 45.5% (up from 44.8%); adjusted gross margin: 45.6%; gross margin on rental revenue declined to 40.6%.

• Operating cash flow: $2.9 million; Free cash flow: $1.0 million (up from $0.5 million in Q2 2025); Cash, equivalents, and marketable securities: $106.8 million; No debt.

• Repurchased 1,145,150 shares for $7.5 million in H1 2026.

Outlook and guidance

• Full-year 2026 revenue guidance lowered to $355–$361 million (approx. 3% growth at midpoint), down from prior $366–$373 million.

• Full-year adjusted EBITDA guidance raised to approximately $4.0 million, a 48% increase from 2025.

• Q3 2026 revenue expected to be in line with Q3 2025 ($92.4 million), reflecting U.S. channel mix and international distributor inventory timing.

• Management expects existing capital resources and cash from operations to be sufficient for at least the next 12 months.