Inogen Q3 2026 Revenue Falls as Impairment Widens Loss

Inogen Inc. (NASDAQ: INGN) reported lower third-quarter revenue as a decline in international sales outweighed renewed growth in its U.S. business, while a $10.6 million impairment charge contributed to a substantially wider GAAP loss.

Revenue for the three months ended September 30, 2026, fell 2.4% year over year to $77.2 million. On a constant-currency basis, revenue declined 3.2%, indicating that currency movements provided some support to the reported result.

U.S. sales increased 3.8% to $42.2 million and accounted for 54.7% of total revenue. The increase marked a change from the year-over-year declines recorded in each quarter of 2025 and the first two quarters of 2026. International sales, however, decreased 9.0% to $34.9 million, representing 45.3% of quarterly revenue after posting double-digit growth in the preceding quarters shown in the presentation.

Impairment charge weighs on GAAP results

GAAP gross profit declined to $34.0 million from $36.2 million a year earlier, while gross margin narrowed to 44.1% from 45.7%. Inogen recorded a GAAP operating loss of $15.6 million, compared with a $5.4 million loss in the prior-year quarter. The latest result included a $10.6 million impairment charge.

The GAAP loss from continuing operations widened to $14.8 million, or $0.56 per diluted share, from $3.6 million, or $0.13 per share, a year earlier.

Excluding impairment, stock-based compensation, intangible-asset amortization, restructuring-related charges, and stockholder engagement and proxy defense costs, adjusted gross profit was $34.1 million, with an adjusted gross margin of 44.2%. That compared with $36.3 million and 45.9%, respectively, in the third quarter of 2025.

Adjusted operating loss was $1.2 million, or 1.6% of revenue, versus $631,000, or 0.8% of revenue, a year earlier. Inogen posted an adjusted loss from continuing operations of $418,000, or $0.02 per diluted share, compared with adjusted earnings of $1.2 million, or $0.04 per share, in the prior-year period.

Operating expenses were mixed. GAAP sales and marketing expense decreased to $18.9 million from $20.6 million, and general and administrative expense fell to $14.7 million from $16.1 million. Research and development expense increased to $5.4 million from $4.8 million.

Nine-month loss expands

For the first nine months of 2026, Inogen generated GAAP gross profit of $104.8 million on revenue of approximately $233.1 million, based on the presentation’s reported gross profit and margin. GAAP gross margin was 45.0%, compared with 45.1% in the same period of 2025.

The nine-month GAAP operating loss widened to $28.5 million from $18.5 million, while the loss from continuing operations increased to $25.4 million, or $0.94 per diluted share, from $13.2 million, or $0.50 per share.

On an adjusted basis, the operating loss narrowed to $6.0 million from $6.9 million. However, adjusted loss from continuing operations increased to $2.9 million, or $0.11 per share, from $1.6 million, or $0.06 per share.

Inogen’s non-GAAP measures exclude items management does not consider indicative of core operating performance. The company cautioned that these measures supplement, rather than replace, GAAP results and may not be comparable with similarly titled metrics used by other companies. The presentation did not provide forward financial guidance.