Inogen (NASDAQ:INGN) Releases Earnings Results, Beats Estimates By $0.10 EPS

Inogen (NASDAQ:INGN) issued its quarterly earnings data on Tuesday. The medical technology company reported ($0.26) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.10, Zacks reports. Inogen had a negative net margin of 6.52% and a negative return on equity of 11.56%. The business had revenue of $81.72 million during the quarter, compared to the consensus estimate of $82.00 million.

Here are the key takeaways from Inogen’s conference call:

• Returned to Adjusted EBITDA profitability with positive Adjusted EBITDA of $2.7M in 2025, an adjusted net loss narrowed to $8M, and $120.9M in cash with no debt, giving the company financial flexibility to invest and repurchase stock.
• Expanded product portfolio and TAM — launches of Simeox, Voxi 5, and Aurora CPAP masks plus a new patient portal broaden Inogen from a POC company to a multi-product respiratory platform and increase estimated TAM from ~$400M to ~$3.4B.
• Near-term demand/timing issues: several large customer orders shifted from Q4 into H1 2026, U.S. sales declined 5.1% in Q4, rental revenue fell, and gross margin contracted (~220 bps) due to an unfavorable channel mix.
• Share repurchase and forward guidance — Board authorized a $30M buyback and management guided to roughly 6% revenue growth for 2026 with continued positive Adjusted EBITDA and a longer-term goal of ?10% Adjusted EBITDA within 3–5 years.

Inogen Trading Down 5.3%

Inogen stock opened at $6.10 on Friday. The firm has a market cap of $165.62 million, a price-to-earnings ratio of -7.09 and a beta of 1.79. The stock has a fifty day simple moving average of $6.23 and a two-hundred day simple moving average of $7.24. Inogen has a 12 month low of $5.34 and a 12 month high of $9.13.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Inogen in a report on Monday, December 22nd. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $11.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Armistice Capital LLC lifted its stake in shares of Inogen by 30.1% during the 3rd quarter. Armistice Capital LLC now owns 864,000 shares of the medical technology company’s stock worth $7,059,000 after acquiring an additional 200,000 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Inogen by 37.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 589,273 shares of the medical technology company’s stock worth $3,960,000 after acquiring an additional 160,960 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Inogen by 30.1% during the first quarter. AQR Capital Management LLC now owns 564,032 shares of the medical technology company’s stock valued at $4,022,000 after buying an additional 130,381 shares during the last quarter. Bank of America Corp DE increased its holdings in Inogen by 292.9% in the 2nd quarter. Bank of America Corp DE now owns 171,526 shares of the medical technology company’s stock worth $1,206,000 after buying an additional 127,869 shares during the period. Finally, Moore Capital Management LP purchased a new position in shares of Inogen during the 3rd quarter valued at about $942,000. 89.94% of the stock is currently owned by institutional investors.

About Inogen

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.