Inogen Narrows Q4 Loss to $0.15 EPS on 2% Revenue Growth, International Sales Up 14.8%
Inogen reported a fourth-quarter adjusted loss of $0.15 per share, narrower than the year-ago $0.24 loss and consensus $0.36 loss, on revenues of $81.7 million, up 2% y/y but 0.3% below estimates. International sales climbed 14.8% to $32.5 million, while U.S. sales dipped 5.1% and rental revenue fell 4.5%.
1. Q4 Financial Results
Inogen delivered an adjusted loss per share of $0.15 in Q4, compared with a $0.24 loss a year earlier and a consensus $0.36 loss, while GAAP loss narrowed to $0.26. Revenue reached $81.7 million, up 2% y/y but missing forecasts by 0.3%, triggering a near 5% after-hours decline.
2. Segment Performance
U.S. sales revenues fell 5.1% to $36.1 million, and U.S. rental revenue decreased 4.5% to $13.1 million, pressured by reimbursement mix and fewer patients on service. International sales rose 14.8% to $32.5 million, driven by robust demand across key overseas markets.
3. Margins and Cash Position
Adjusted gross profit declined 3.3% to $38 million, with gross margin contracting 260 basis points to 46.5%. Operating expenses fell 5.2% to $41.4 million, resulting in an adjusted operating loss of $6.2 million. Cash and equivalents stood at $103.7 million, with no debt and $11.2 million net cash used in operations.
4. Guidance and Strategic Initiatives
Inogen expects Q1 2026 revenue to match prior-year levels and full-year 2026 revenue between $366 million and $373 million, implying about 6% growth. The company expanded its product portfolio with Voxi 5 concentrators, Aurora CPAP masks, the Simeox device, a new digital patient portal and a collaboration with Yuwell Medical to enter the China market.