Inogen (NASDAQ:INGN) CEO Kevin Smith told investors at the KeyBanc Conference that the company has spent the past two years stabilizing operations and repositioning for profitable growth, while expanding beyond its historical reliance on portable oxygen concentrators (POCs). The discussion was held in a Q&A format with KeyBanc Senior MedTech Analyst Brett Fishbein.
Turnaround progress and return to positive adjusted EBITDA
Smith said Inogen’s near-term priorities have centered on “stabilizing the business,” including reviewing spending and organizational structure with the goal of returning to “profitable growth.” He highlighted several milestones during his tenure of a little more than two years.
- Smith said the company has grown revenue by 10% over the last two years.
- He said Inogen “returned positive adjusted EBITDA last year for the first time since 2021,” calling it a significant milestone.
- He also emphasized expanding the innovation pipeline and shifting from a “single product company” toward a broader portfolio.
Strategy shift: expanding from oxygen into a broader home respiratory portfolio
He added that broadening the company’s scope increases its U.S. total addressable market (TAM) from roughly $400 million to about $3 billion, based on the categories Inogen is targeting. Inogen’s approach, Smith said, is to leverage its brand, commercial organization, HME relationships, and physician relationships to deliver “solutions across therapeutic areas,” with an eventual goal of building an “ecosystem” of connected devices.
2026 dynamics: order timing, channel mix, and profitability levers
On recent quarterly dynamics, Smith said some large B2B orders shifted out of the fourth quarter after certain HME customers lost access to year-end capital budgets and pushed purchases into the first quarter. He emphasized the shift was “not a loss of customers” and “not a shrinking of demand.” Smith said Inogen grew POC demand 20% in 2025 on a unit volume basis and has already delivered a number of the orders that moved into the first half of 2026.
Smith also discussed channel mix, saying Inogen continues to see strength in B2B sales to HMEs, particularly as providers increasingly initiate POC therapy earlier rather than relying on tanks. He said this creates a headwind for Inogen’s direct-to-patient and rental channels, which have historically involved replacing tanks with concentrators.
For the full year, Smith reiterated that growth is expected to be driven by the core POC business, particularly via B2B in the U.S. and internationally. He characterized the overall POC market as growing at a low single-digit pace and said Inogen expects to outpace the market. He did not provide product-level guidance but said newer products should contribute “meaningfully” to growth during the year.
On adjusted EBITDA expansion, Smith pointed to a mix of levers beyond revenue growth, including introducing higher-margin products that are accretive to blended gross margins, continued cost discipline in operating expenses, and margin improvement initiatives in the core business. Those initiatives include generating clinical evidence to support higher average selling prices and reducing cost of goods through bill-of-materials optimization and labor/overhead improvements.
International markets: Europe strength and new geographies in development
Smith said international growth has largely been driven by Europe, where the company is working to gain share and expand distribution. He also cited openings in Latin America, traction in Eastern Europe, and ongoing expansion in Asia-Pacific.
He identified China and Japan as significant future opportunities. In China, Smith said Inogen is working with partner Yuwell and progressing through regulatory steps, but has not yet entered the market.
Portfolio additions: stationary oxygen, airway clearance, and sleep masks
Smith highlighted progress in building a broader product portfolio. Inogen launched its Voxi 5 stationary concentrator in the second half of last year, expanding beyond portable oxygen. Smith said offering both stationary and portable devices can simplify service and support for HMEs, including training, repairs, and the potential for device connectivity that helps with troubleshooting and serviceability.
In airway clearance, Smith said reimbursement remains a key gating factor for Simeox in the U.S. He explained that CMS typically expects clinical trials in a U.S. patient population demonstrating effectiveness and comparisons to standard-of-care therapies. Smith said one U.S. trial is enrolling now and a second will begin later, with the company also seeking evidence to support private payer discussions and health economics arguments. He added that Inogen is designing its clinical strategy to avoid overly narrow coverage that could limit patient access later.
In sleep therapy, Smith said Inogen entered the CPAP mask market with the Aurora face masks, citing overlap in patients and customer call points, and the ability to leverage Inogen’s brand. He said the company conducted a trial prior to commercial launch to ensure the product met Inogen’s standards, and that results exceeded expectations. Smith described mask quality, durability, and comfort as essential to support compliance, and said Inogen believes there is room to gain share. He also noted that in a market of that size, “every 1% is about a $20 million opportunity” for Inogen, adding that the company does not intend to be a 1% player.
Closing the session, Smith reiterated that Inogen has made progress in its turnaround, returning to growth and positive adjusted EBITDA while expanding the pipeline and moving into what he called the “execution phase” of its broader platform strategy.
About Inogen (NASDAQ:INGN)
Inogen, Inc (NASDAQ: INGN) is a medical device company specializing in the development, manufacture and marketing of innovative oxygen therapy solutions. The company’s core focus is on portable oxygen concentrators (POCs) designed to support patients with chronic respiratory conditions such as chronic obstructive pulmonary disease (COPD). Inogen’s offerings aim to provide users with mobility and independence by reducing reliance on traditional compressed-gas cylinders and enabling oxygen therapy on the go.
Inogen’s flagship product line, including the Inogen One family of portable oxygen concentrators, leverages proprietary flow technology to deliver continuous and pulse-dose oxygen.
