Inogen completed its U.S. oxygen rental business sale to Rotech for up to $24.8 million on November 2, 2026. Third-quarter revenue fell $1.9 million, or 2.4%, while continuing-operations loss widened by $11.2 million following a goodwill impairment.
INGN · Inogen Inc
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Inogen reported revenue for the third quarter of 2026 down 2.4% year over year and announced a $20 million annualized cost-savings program, while U.S. sales rose 3.8% and the U.S. oxygen rental divestiture closed for up to $24.8 million.
Inogen appointed Andy Reding President and CEO; third-quarter revenue was $77.2 million, while GAAP loss from continuing operations was $14.8 million, compared with $3.6 million a year earlier. The company targets approximately $20 million in annualized savings by the end of 2027.
Inogen agreed to sell substantially all assets of its U.S. oxygen rental business to Rotech Healthcare Inc. for up to $24.8 million. If the transaction closes, its share repurchase authorization will rise to $45.0 million and expire June 30, 2028.
Metrics snapshot
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Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
AI Brief
Q3 FY26 earnings call · Nov 5, 2026TL;DR. U.S. sales and POC unit volume grew, Inogen completed the rental divestiture, launched a cost-reduction program, increased R&D investment and expanded its buyback authorization. However, total and international revenue declined, adjusted profitability weakened, full-year adjusted loss is expected to be $7 million to $8 million, GAAP loss expanded with a $10.6 million goodwill impairment, and operating cash flow was negative.
- + U.S. sales returned to year-over-year growth, rising 3.8% to $42.2 million. new
- + POC unit volume increased nearly 6% to 51,900 units and 9.5% year to date. new
- + The U.S. oxygen rental divestiture simplified the business, provides up to $24.8 million of cash consideration and expands patient access through a national distribution network. new
- + Inogen held $97.7 million of cash and investments with no debt and increased its buyback authorization by $15 million to $45 million. new
- + Adjusted R&D expense increased 13.3% to $4.4 million to support clinical evidence and new product development for long-term differentiation and growth. new
- + Inogen initiated a cost-reduction program expected to generate approximately $20 million of annualized savings by the end of 2027. new
- − Total revenue decreased 2.4% to $77.2 million, or 3.2% on a constant-currency basis. new
- − International sales declined 9% due to softer European customer capital spending, and management expects the trend to continue into the fourth quarter. new
- − Inogen guided to fourth-quarter revenue of $65 million to $68 million, full-year revenue of $298 million to $301 million and a full-year adjusted loss from continuing operations of $7 million to $8 million. new
- − GAAP loss from continuing operations increased to $14.8 million from $3.6 million, including a $10.6 million non-cash goodwill impairment. new
- − Operating cash flow was negative $4.5 million because of higher working capital. new
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
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Guidance & track record
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Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| EBITDA (non-GAAP) non-GAAP | -$168K | Three months ended June 30, 2026 filing | — |
| Adjusted EBITDA non-GAAP | $2.4M | second quarter of 2026 | — |
GAAP → non-GAAP reconciliationEBITDA (non-GAAP) -$168K (the result of another reconciliation in this filing)
+$1.77M Stock-based compensation expense
+$214K Restructuring-related charges
+$580K Stockholder engagement and proxy defense costs
= Adjusted EBITDA (non-GAAP) $2.4M
|
|||
| Net rental patients as of period-end | 45,500 | Q2 2026 | — |
| Portable units sold | 99,600 | Six months ended June 30, 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Medical Devices — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
INGN
this stock
Inogen Inc
|
$147.95M | -15.3% | +3.9% | — | 5.4% |
|
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$187.95B | -13.4% | +5.7% | 40.5 | 1.1% |
|
MDT
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$131.57B | +7.1% | +8.4% | 25.3 | 1.8% |
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SYK
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$117.88B | -11.9% | +11.2% | 33.0 | 1.7% |
|
BSX
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$64.27B | -53.5% | +12.5% | 18.8 | 2.4% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Nov 9, 2026
- This year
- 19
Inogen completed its U.S. oxygen rental business sale to Rotech for up to $24.8 million on November 2, 2026. Third-quarter revenue fell $1.9 million, or 2.4%, while continuing-operations loss widened by $11.2 million following a goodwill impairment.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| INGN | -5.6% | -9.0% | -13.5% | -17.1% | -15.3% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | -8.2% | -7.8% | -14.0% | -16.9% | -26.0% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.