Inogen (INGN) lifts 2025 results and OKs $30M share repurchase plan

Rhea-AI Filing Summary

Inogen, Inc. reported modest growth but sharply better profitability for 2025 and announced a new share repurchase program. Full-year 2025 revenue rose 3.9% to $348.7 million, driven by 18.4% growth in international sales, while U.S. sales and rentals declined.

Net loss narrowed to $22.7 million from $35.9 million, and adjusted EBITDA turned positive at $2.7 million versus a $9.5 million loss in 2024. Cash, marketable securities, and restricted cash totaled $120.9 million with no debt. The board authorized a share repurchase program of up to $30 million through December 31, 2027.

For 2026, Inogen expects revenue of $366–$373 million, about 6% growth at the midpoint, and remains focused on further adjusted EBITDA improvement. Management highlighted new product launches, a strong balance sheet, and a strategic collaboration in China as key supports for future growth.

Insights

Medical tech equity analyst

Inogen combined modest revenue growth with major margin improvement and a sizeable buyback.

Inogen delivered 2025 revenue of $348.7 million, up 3.9%, but the key story is operating leverage. International sales grew 18.4%, offsetting softer U.S. sales and rentals, and helping diversify geographic exposure.

Profitability improved sharply: operating loss shrank from $42.5 million to $30.2 million, GAAP net loss improved by 36.6%, and adjusted EBITDA swung from a $9.5 million loss to a positive $2.7 million. Management attributes this to material cost reductions and operational efficiencies.

The board’s authorization of up to $30 million in share repurchases, against $120.9 million of year-end liquidity and no debt, signals confidence in the outlook. 2026 revenue guidance of $366–$373 million (about 6% growth at midpoint) and a goal of continued adjusted EBITDA improvement frame expectations for results covering the year ending December 31, 2026.

false0001294133Inogen Inc00012941332026-02-202026-02-200001294133dei:FormerAddressMember2026-02-202026-02-20

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 20, 2026

INOGEN, INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware			001-36309	33-0989359
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
500 Cummings Center Suite 2800
Beverly, Massachusetts				01915
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (805) 562-0500

859 Ward Drive

Goleta, California 93111

(Former address)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value		INGN		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On February 24, 2026, Inogen, Inc. (the “Company”) issued a press release reporting its financial results for the fourth quarter and the full year ended December 31, 2025. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K.

The information set forth under this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01. Regulation FD Disclosure.

On February 20, 2026, the Board of Directors of the Company (the “Board”) approved the repurchase of up to an aggregate of $30 million of the Company's outstanding common stock, par value $0.001 per share (the “Repurchase Program”). Repurchases may be made from time to time on the open market at prevailing market prices, in compliance with Rule 10b-18 under the Exchange Act, including through Rule 10b5-1 trading plans. The Repurchase Program expires on the earlier of December 31, 2027 or the date on which the maximum authorized dollar amount authorized under the Repurchase Program has been utilized. The Repurchase Program does not obligate the Company to make any repurchases and may be modified, suspended, or terminated by the Company at any time without prior notice. The amount and timing of repurchases are subject to a variety of factors including liquidity, share price, market conditions, and legal requirements.

A copy of the press release issued on February 24, 2026 announcing the Board’s authorization of the Repurchase Program is furnished herewith as Exhibit 99.2 to this Current Report on Form 8-K.
 

The information set forth under this Item 7.01, including Exhibit 99.2 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit		Description
99.1		Press Release dated February 24, 2026.
99.2		Press Release dated February 24, 2026.
104		The cover page of this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			INOGEN, INC.
Date:	February 24, 2026	By:	/s/ Michael Bourque
			Michael Bourque Executive Vice President Chief Financial Officer Treasurer (Principal Accounting and Financial Officer)

Exhibit 99.1

Inogen Announces Fourth Quarter and Full Year 2025 Financial Results and Provides 2026 Financial Outlook

Delivered full year revenue growth of approximately 4%

Significantly improved profitability with 2025 net loss of $22.7 million and positive adjusted EBITDA of $2.7 million

Well-positioned to accelerate expected 2026 revenue growth and profitability

BEVERLY, Mass., February 24, 2026 -- Inogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced financial results for the fourth quarter and the full year ended December 31, 2025 and provided 2026 guidance for the first quarter and full year.

“In 2025, we made significant progress toward our long-term profitability goals while strengthening our product portfolio and improving the fundamentals of our business. Our disciplined operational efficiency contributed to a substantial year-over-year improvement in adjusted EBITDA, culminating in a positive result for the first time since 2021,” said Kevin Smith, President and Chief Executive Officer. “Our strong balance sheet with no debt, puts us in a strong position to accelerate innovation, enhance customer engagement, and drive portfolio expansion in 2026 and beyond. We believe these strategic achievements create a solid foundation for future growth and value creation for our shareholders.”

Highlights

•Introduced two new products in the United States to diversify the portfolio with the Voxi 5, a stationary oxygen concentrator, and Aurora masks for continuous positive airway pressure (CPAP), designed for obstructive sleep apnea (OSA);

•Initiated a limited market release of the Simeox airway clearance device in the United States to support reimbursement and advance commercialization efforts;

•Launched Inogen patient portal to enhance digital health and to empower patients with seamless self-service to manage insurance requirements, streamline accessories ordering and access to support tools;

•Announced strategic collaboration with Yuwell Medical to broaden Inogen’s product portfolio, strengthen its innovation pipeline through joint research and development, and accelerate the brand’s entry into China;

•Authorized a $30.0 million share repurchase program to return value to shareholders based on the strength of our balance sheet, with year-end cash, cash equivalents, marketable securities, and restricted cash, of $120.9 million, with no debt outstanding.

Fourth Quarter 2025 Financial Results

In the fourth quarter of 2025, the Company made changes to its product revenue categories to provide investors with more meaningful trends in its business and strategic direction. The Company will now report product revenues in the following categories: U.S. sales, international sales, and U.S. rentals.

Total revenue in the fourth quarter of 2025 was $81.7 million, an increase of 2.0% from the prior-year period, primarily driven by higher growth in international portable oxygen concentrator, or POC, sales of 14.8%, partially offset by lower U.S. sales and U.S. rentals.

Total gross margin was 43.1% in the fourth quarter of 2025, a decrease from 45.3% in the prior-year period, primarily the result of channel mix.

Total operating loss was $9.3 million, an improvement of 18.3% from a loss of $11.4 million in the prior-year period, primarily due to material cost reductions, operational efficiencies, and an increase in international sales.

GAAP net loss for the fourth quarter of 2025 was $7.1 million, an improvement of 27.0% compared to $9.8 million in the prior-year period. Adjusted net loss for the fourth quarter of 2025 was $4.0 million, an improvement of 30.4% from adjusted net loss of $5.8 million in the prior-year period.

Adjusted EBITDA was negative $1.7 million in the fourth quarter of 2025, an improvement of 52.8% compared to negative $3.6 million in the prior-year period.

Cash, cash equivalents, marketable securities, and restricted cash were $120.9 million as of December 31, 2025, with no debt outstanding.

Full Year 2025 Financial Results

Total revenue in the full year 2025 increased 3.9% to $348.7 million from $335.7 million in the prior year, primarily driven by higher growth in international POC sales of 18.4%, partially offset by lower U.S. sales and U.S. rentals.

Total gross margin of 44.2% in the full year 2025 decreased from 46.1% in the comparable period in 2024, primarily the result of changing channel mix from higher POC sales to business customers.

Total operating loss was $30.2 million in the full year 2025, an improvement of 29.0% from a loss of $42.5 million in the full year of 2024, primarily due to material cost reductions, operational efficiencies, and an increase in international sales.

GAAP net loss for the full year 2025 was $22.7 million, an improvement of 36.6% compared to GAAP net loss of $35.9 million for the full year 2024. Adjusted net loss for the full year 2025 was $8.0 million, an improvement of 60.6% from adjusted net loss of $20.4 million in the full year 2024.

Adjusted EBITDA was positive $2.7 million for the full year 2025, an improvement of 128.4% compared to negative $9.5 million for the full year 2024.

Reconciliations of adjusted EBITDA and adjusted net loss for the three and twelve months ended December 31, 2025 and 2024 are in the financial schedules that are a part of this press release. An explanation of these non-GAAP financial measures is also included below under the heading “Reconciliation of U.S. GAAP to Non-GAAP Financial Measures.”

First Quarter and Full Year 2026 Financial Outlook

Inogen expects first quarter 2026 reported revenue to be in line with first quarter 2025, due to channel mix and lower expected U.S. rentals revenue driven by reimbursement mix and reduced patients on service.

For the full year 2026, Inogen expects reported revenue in the range of $366 million to $373 million, reflecting approximately 6% growth at the midpoint of the range relative to the Company’s 2025 revenue.

The Company remains committed to driving positive Adjusted EBITDA improvement in 2026.

Quarterly Conference Call Information

On February 24, 2026, the Company will host a conference call at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time.

Individuals interested in listening to the conference call may do so by dialing:

US domestic callers (877) 841-3961
Non-US callers (201) 689-8589

Please reference Inogen to join the call. A live audio webcast and archived recording of the conference call will be available to all interested parties through the News / Events page on the Inogen Investor Relations website. This webcast will also be archived on the website for 6 months.

A replay of the call will be available approximately three hours after the live webcast ends and will be accessible through March 3, 2026. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Conference ID: 13757405.

Inogen has used, and intends to continue to use, its Investor Relations website, http://investor.inogen.com/, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

About Inogen

Inogen, Inc. (Nasdaq: INGN) is a leading global medical technology company offering innovative respiratory products for use in the homecare setting. Inogen supports patient respiratory care by developing, manufacturing, and marketing innovative best-in-class respiratory therapy devices used to deliver care to patients suffering from chronic respiratory conditions. Inogen partners with patients, prescribers, home medical equipment providers, and distributors to make its respiratory therapy products widely available, allowing patients the chance to manage the impact of their disease.

For more information, please visit www.inogen.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this communication that are not historical facts, including, but not limited to, statements regarding Inogen’s future business plans, market opportunities, financial outlook, growth strategies, and anticipated operational results, are forward-looking statements. Words such as “aims,” “believes,” “anticipates,” “plans,” “expects,” “will,” “intends,” “potential,” “possible,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including but not limited to, risks and uncertainties relating to Inogen’s 2026 first quarter and full year financial guidance; market acceptance of its products; competition; its sales, marketing and distribution capabilities; its planned sales, marketing, and research and development activities; and risks associated with international operations. Information on these and additional risks, uncertainties, and other information affecting Inogen’s business operating results are contained in its Annual Report on Form 10-K for the period ended December 31, 2024, and in its other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Inogen disclaims any obligation to update these forward-looking statements except as may be required by law.

Non-GAAP Financial Measures

Inogen has presented certain financial information in accordance with U.S. GAAP and also on a non-GAAP basis for the three and twelve months ended December 31, 2025, and December 31, 2024. Management believes that these non-GAAP financial measures, taken in conjunction with U.S. GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of Inogen’s core operating results. Management uses these non-GAAP measures to compare Inogen’s performance relative to forecasts and strategic plans, to benchmark Inogen’s performance externally against competitors, and for certain compensation decisions. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Inogen's operating results as reported under U.S. GAAP. Inogen encourages investors to carefully consider its results under U.S. GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between U.S. GAAP and non-GAAP results are presented in the accompanying tables of this release.

Contact ir@inogen.net

Consolidated Statements of Comprehensive Loss

(unaudited)

(amounts in thousands, except share and per share amounts)

		Three months ended								Twelve months ended
		December 31,								December 31,
		2025				2024				2025				2024
Revenue
Sales revenue		$	68,572			$	66,307			$	295,304			$	278,756
Rental revenue			13,149				13,774				53,364				56,949
Total revenue			81,721				80,081				348,668				335,705
Cost of revenue
Cost of sales revenue			39,360				35,499				163,837				148,655
Cost of rental revenue, including depreciation of $2,783 and $3,038, for the three months ended and $11,798 and $12,592 for the twelve months ended, respectively			7,125				8,293				30,566				32,309
Total cost of revenue			46,485				43,792				194,403				180,964
Gross profit			35,236				36,289				154,265				154,741
Operating expense
Research and development			5,316				5,898				19,399				21,610
Sales and marketing			23,106				24,155				97,692				103,069
General and administrative			16,120				17,622				67,381				72,578
Total operating expense			44,542				47,675				184,472				197,257
Loss from operations			(9,306	)			(11,386	)			(30,207	)			(42,516	)
Other income (expense)
Interest income, net			1,163				1,413				4,385				5,190
Other income (expense)			780				(114	)			2,443				850
Total other income, net			1,943				1,299				6,828				6,040
Loss before benefit for income taxes			(7,363	)			(10,087	)			(23,379	)			(36,476	)
Benefit for income taxes			(236	)			(330	)			(632	)			(588	)
Net loss			(7,127	)			(9,757	)			(22,747	)			(35,888	)
Other comprehensive income (loss), net of tax
Change in foreign currency translation adjustment			(43	)			(2,923	)			5,722				(2,590	)
Change in net unrealized gains (losses) on foreign currency hedging			1,224				(324	)			1,970				(324	)
Less: reclassification adjustment for net (losses) gains included in net loss			(579	)			324				(1,970	)			324
Total net change in unrealized gains on foreign currency hedging			645				—				—				—
Change in net unrealized (losses) gains on marketable securities			(43	)			(297	)			22				(136	)
Total other comprehensive income (loss), net of tax			559				(3,220	)			5,744				(2,726	)
Comprehensive loss		$	(6,568	)		$	(12,977	)		$	(17,003	)		$	(38,614	)
Basic net loss per share attributable to common stockholders (1)		$	(0.26	)		$	(0.41	)		$	(0.86	)		$	(1.52	)
Diluted net loss per share attributable to common stockholders (1) (2)		$	(0.26	)		$	(0.41	)		$	(0.86	)		$	(1.52	)
Weighted average number of shares used in calculating net loss per share attributable to common stockholders:
Basic shares of common stock			27,176,742				23,846,666				26,601,652				23,654,395
Diluted shares of common stock			27,176,742				23,846,666				26,601,652				23,654,395

(1) Reconciliations of net loss attributable to common stockholders basic and diluted can be found in Inogen’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 to be filed with the Securities and Exchange Commission.

(2) Due to a net loss for the three and twelve months ended December 31, 2025 and December 31, 2024, diluted loss per share is the same as basic.

Consolidated Balance Sheets

(unaudited)

(amounts in thousands)

		December 31,				December 31,
		2025				2024
Assets
Current assets
Cash and cash equivalents		$	103,729			$	113,795
Marketable securities			15,848				—
Restricted cash			1,289				3,620
Accounts receivable, net			38,863				29,563
Inventories			25,969				24,812
Prepaid expenses and other current assets			12,601				13,661
Total current assets			198,299				185,451
Property and equipment, net			36,362				44,400
Goodwill			10,698				9,465
Intangible assets, net			30,763				30,493
Operating lease right-of-use asset			16,501				18,295
Other assets			6,002				8,081
Total assets		$	298,625			$	296,185
Liabilities and stockholders' equity
Current liabilities
Accounts payable and accrued expenses		$	33,941			$	27,153
Accrued payroll			10,629				17,189
Warranty reserve - current			10,116				9,736
Operating lease liability - current			3,163				2,812
Earnout liability			—				13,000
Deferred revenue - current			5,503				6,654
Income tax payable			183				142
Total current liabilities			63,535				76,686
Long-term liabilities
Warranty reserve - noncurrent			18,194				16,350
Operating lease liability - noncurrent			14,313				16,594
Deferred revenue - noncurrent			3,603				5,747
Deferred tax liability			6,749				6,948
Total liabilities			106,394				122,325
Stockholders' equity
Common stock			27				24
Additional paid-in capital			363,545				328,174
Accumulated deficit			(175,584	)			(152,837	)
Accumulated other comprehensive income (loss)			4,243				(1,501	)
Total stockholders' equity			192,231				173,860
Total liabilities and stockholders' equity		$	298,625			$	296,185

Condensed Consolidated Cash Flow

(unaudited)

(amounts in thousands)

		Years Ended December 31,
		2025				2024
Cash flows from operating activities
Net loss		$	(22,747	)		$	(35,888	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization			20,659				21,004
Loss on rental units and other assets			3,208				4,535
Loss (gain) on sale of former rental assets			57				(165	)
Provision for sales revenue returns and doubtful accounts			6,351				10,890
Provision for inventory losses			822				233
Loss on purchase commitments			433				448
Stock-based compensation expense			8,014				7,397
Deferred income taxes			(1,100	)			(1,150	)
Change in fair value of earnout liability			—				3,000
Changes in operating assets and liabilities (1)			(26,913	)			(4,390	)
Net cash (used in) provided by operating activities			(11,216	)			5,914
Cash flows from investing activities
Purchases of available-for-sale securities			(29,829	)			(32,657	)
Maturities of available-for-sale securities			14,003				35,500
Investment in intangible assets			—				(2,090	)
Investment in property and equipment			(2,523	)			(3,360	)
Production and purchase of rental equipment			(7,860	)			(11,643	)
Proceeds from sale of former assets			—				275
Net cash used in investing activities			(26,209	)			(13,975	)
Cash flows from financing activities
Proceeds from employee stock purchases			971				811
Payment of employment taxes related to release of restricted stock			(821	)			(546	)
Payments of accrued earnout			(3,178	)			—
Proceeds from issuance of common stock from securities purchase agreement			27,210				—
Net cash provided by financing activities			24,182				265
Effect of exchange rates on cash			846				(281	)
Net decrease in cash, cash equivalents and restricted cash		$	(12,397	)		$	(8,077	)
(1) Includes $9,822 of the operating activity portion of the earnout liability payment related to the Physio-Assist acquisition.

Supplemental Financial Information

(unaudited)

(in thousands, except units and patients)

	Three months ended December 31,								Change 2025 vs. 2024								Constant Currency Change
Revenue by geographic region	2025				2024				$				%				%
U.S. sales	$	36,055			$	37,994			$	(1,939	)			-5.1	%			-5.1	%
International sales		32,517				28,313				4,204				14.8	%			12.5	%
U.S. rentals		13,149				13,774				(625	)			-4.5	%			-4.5	%
Total revenue	$	81,721			$	80,081			$	1,640				2.0	%			1.2	%
Additional financial measures
Units Sold		46,300				38,400								20.6	%
Net rental patients as of period-end		49,000				51,000
	Twelve months ended December 31,								Change 2025 vs. 2024								Constant Currency Change
Revenue by geographic region	2025				2024				$				%				%
U.S. sales	$	156,476			$	161,549			$	(5,073	)			-3.1	%			-3.1	%
International sales		138,828				117,207				21,621				18.4	%			18.1	%
U.S. rentals		53,364				56,949				(3,585	)			-6.3	%			-6.3	%
Total revenue	$	348,668			$	335,705			$	12,963				3.9	%			3.7	%
Additional financial measures
Units Sold		189,400				157,500								20.3	%
Net rental patients as of period-end		49,000				51,000

Reconciliation of U.S. GAAP to Non-GAAP Financial Measures

(unaudited)

(in thousands, except per share amounts)

		Three months ended								Twelve months ended
		December 31,								December 31,
Non-GAAP EBITDA and Adjusted EBITDA		2025				2024				2025				2024
Net loss (GAAP)		$	(7,127	)		$	(9,757	)		$	(22,747	)		$	(35,888	)
Non-GAAP adjustments:
Interest income, net			(1,163	)			(1,413	)			(4,385	)			(5,190	)
Benefit for income taxes			(236	)			(330	)			(632	)			(588	)
Depreciation and amortization			5,035				5,080				20,659				21,004
EBITDA (non-GAAP)			(3,491	)			(6,420	)			(7,105	)			(20,662	)
Stock-based compensation			1,811				1,693				8,014				7,397
Acquisition-related expenses			—				—				—				784
Change in fair value of earnout liability			—				1,170				—				3,000
Legal and settlement expenses			—				—				1,784				—
Adjusted EBITDA (non-GAAP)		$	(1,680	)		$	(3,557	)		$	2,693			$	(9,481	)

		Three months ended December 31,
		Operating Expense								Loss from Operations								Net Loss								Diluted EPS
Non-GAAP Financial Metrics		2025				2024				2025				2024				2025				2024				2025				2024
Financial Results (GAAP)		$	44,542			$	47,675			$	(9,306	)		$	(11,386	)		$	(7,127	)		$	(9,757	)		$	(0.26	)		$	(0.41	)
Non-GAAP adjustments:
Amortization of intangibles			1,287				1,103				1,287				1,103				1,287				1,103				0.05				0.05
Stock-based compensation			1,811				1,693				1,811				1,693				1,811				1,693				0.07				0.07
Change in fair value of earnout liability			—				1,170				—				1,170				—				1,170				—				0.05
Income tax impact of adjustments (1)			—				—				—				—				—				—				—				—
Adjusted		$	41,444			$	43,709			$	(6,208	)		$	(7,420	)		$	(4,029	)		$	(5,791	)		$	(0.15	)		$	(0.24	)
		Twelve months ended December 31,
		Operating Expense								Loss from Operations								Net Loss								Diluted EPS
Non-GAAP Financial Metrics		2025				2024				2025				2024				2025				2024				2025				2024
Financial Results (GAAP)		$	184,472			$	197,257			$	(30,207	)		$	(42,516	)		$	(22,747	)		$	(35,888	)		$	(0.86	)		$	(1.52	)
Non-GAAP adjustments:
Amortization of intangibles			4,920				4,330				4,920				4,330				4,920				4,330				0.18				0.18
Stock-based compensation			8,014				7,397				8,014				7,397				8,014				7,397				0.30				0.31
Acquisition-related expenses			—				784				—				784				—				784				—				0.03
Change in fair value of earnout liability			—				3,000				—				3,000				—				3,000				—				0.13
Legal and settlement expenses			1,784				—				1,784				—				1,784				—				0.07				—
Income tax impact of adjustments (1)			—				—				—				—				—				—				—				—
Adjusted		$	169,754			$	181,746			$	(15,489	)		$	(27,005	)		$	(8,029	)		$	(20,377	)		$	(0.30	)		$	(0.86	)

(1) Income tax impact of adjustments represents the tax impact related to the non-GAAP adjustments listed above and reflects an effective tax rate of 0% for 2025 and 2024.

Exhibit 99.2

Inogen Announces $30 Million Share Repurchase Program

BEVERLY, Mass., February 24, 2026 -- Inogen, Inc.(Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced that its Board of Directors has authorized a share repurchase program for up to $30 million of its outstanding common stock.

“This authorization reflects our confidence in Inogen’s strategy, progress towards profitability goals, and long-term growth trajectory,” said Kevin Smith, President and Chief Executive Officer. “With a strong, debt-free balance sheet, we view this program as providing additional flexibility to deploy capital to support continued investment in innovation and portfolio expansion while enhancing shareholder value.”

The repurchase program will be financed through cash flow and existing cash reserves and is not expected to affect Inogen’s capacity to pursue further growth initiatives. Authorization for the program will expire upon either December 31, 2027, or once the maximum authorized dollar amount has been utilized, whichever occurs first. The Company is under no obligation to purchase a specific number of shares, and the program may be suspended or terminated at any time.

Inogen has used, and intends to continue to use, its Investor Relations website, http://investor.inogen.com/, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

About Inogen

Inogen, Inc. (Nasdaq: INGN) is a leading global medical technology company offering innovative respiratory products for use in the homecare setting. Inogen supports patient respiratory care by developing, manufacturing, and marketing innovative best-in-class respiratory therapy devices used to deliver care to patients suffering from chronic respiratory conditions. Inogen partners with patients, prescribers, home medical equipment providers, and distributors to make its respiratory therapy products widely available, allowing patients the chance to manage the impact of their disease.

For more information, please visit www.inogen.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this communication that are not historical facts, including, but not limited to, statements regarding Inogen’s future business plans, market opportunities, financial outlook, growth strategies, and anticipated operational results, are forward-looking statements. Words such as “aims,” “believes,” “anticipates,” “plans,” “expects,” “will,” “intends,” “potential,” “possible,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including but not limited to, risks and uncertainties relating to Inogen’s share repurchase program; market acceptance of its products; competition; its sales, marketing and distribution capabilities; its planned sales, marketing, and research and development activities; and risks associated with international operations. Information on these and additional risks, uncertainties, and other information affecting Inogen’s business operating results are contained in its Annual Report on Form 10-K for the period ended December 31, 2024, and in its other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Inogen disclaims any obligation to update these forward-looking statements except as may be required by law.

Contact ir@inogen.net

FAQ

How did Inogen (INGN) perform financially in full-year 2025?

In 2025, Inogen generated $348.7 million in revenue, up 3.9% from 2024, driven mainly by 18.4% growth in international sales. GAAP net loss narrowed to $22.7 million, and adjusted EBITDA turned positive at $2.7 million, reflecting better cost control and efficiency.

What were Inogen’s key results for the fourth quarter of 2025?

For Q4 2025, Inogen reported $81.7 million in revenue, a 2.0% increase year over year. GAAP net loss improved to $7.1 million, while adjusted EBITDA was a loss of $1.7 million, significantly better than the $3.6 million loss in the prior-year quarter.

What 2026 revenue guidance did Inogen (INGN) provide?

Inogen expects first-quarter 2026 revenue to be roughly in line with first-quarter 2025. For full-year 2026, it projects revenue between $366 million and $373 million, implying about 6% growth at the midpoint versus 2025, and aims to further improve adjusted EBITDA.

What is included in Inogen’s $30 million share repurchase program?

Inogen’s board authorized repurchases of up to $30 million of outstanding common stock. The program, funded by cash flow and existing cash reserves, runs until December 31, 2027 or until the full amount is used, and can be modified, suspended, or terminated anytime.

How strong is Inogen’s balance sheet after 2025 results?

At December 31, 2025, Inogen held $120.9 million in cash, cash equivalents, marketable securities, and restricted cash, with no debt outstanding. Total assets were $298.6 million and stockholders’ equity was $192.2 million, supporting ongoing investment and the repurchase program.

What new products and initiatives did Inogen introduce in 2025?

Inogen launched the Voxi 5 stationary oxygen concentrator, Aurora CPAP masks, and a patient portal, and began limited U.S. market release of the Simeox airway clearance device. It also announced a strategic collaboration with Yuwell Medical to expand its portfolio and enter China.

How are Inogen’s U.S. and international revenues trending?

In 2025, U.S. sales declined 3.1% to $156.5 million and U.S. rentals fell 6.3% to $53.4 million, while international sales grew 18.4% to $138.8 million. Overall revenue increased 3.9%, highlighting international markets as the main growth driver.

Filing Exhibits & Attachments

3 documents

Press Releases

• EX-99.1 EX-99.1 922.1 KB
• EX-99.2 EX-99.2 12.3 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 41.8 KB