Inogen (INGN) Up 6.8% Since Last Earnings Report: Can It Continue?

A month has gone by since the last earnings report for Inogen (INGN). Shares have added about 6.8% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Inogen due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent drivers for Inogen, Inc before we dive into how investors and analysts have reacted as of late.

Inogen Q4 Earnings Beat Estimates, Revenues Up Y/Y

Inogen incurred an adjusted loss per share of 15 cents for fourth-quarter 2025, which was narrower than the adjusted loss per share of 24 cents in the year-ago period and the Zacks Consensus Estimate of a loss of 36 cents per share.

GAAP loss per share for the quarter was 26 cents, narrower than the year-earlier loss of 41cents.

INGN’s Revenues in Detail

Inogen registered revenues of $81.7 million for the fourth quarter, up 2% year over year. However, the figure missed the Zacks Consensus Estimate by 0.3%.

At the constant exchange rate (CER), total revenues for the reported quarter increased 1.2% year over year.

Per management, the year-over-year uptick in the top line was primarily driven by strong international performance partially offset by lower U.S. sales and rental revenue.

Inogen’s Segmental Details

In the fourth quarter of 2025, Inogen revised its product revenue classification to offer investors clearer insight into underlying business trends and strategic priorities. Going forward, product revenues will be reported under three categories: U.S. sales, international sales, and U.S. rentals.

U.S. rental revenues for the reported quarter grossed $13.1 million, down 4.5% from the year-ago period. Per management, rental revenue declined primarily due to a less favorable reimbursement mix, with a higher proportion of lower private payer rates, along with a reduction in the number of patients on service during the quarter. Management also noted that the ongoing shift toward POCs being provided upfront through the B2B channel has created headwinds for the rental business, contributing to the year-over-year decrease.

Total sales revenues were $68.6 million, up 3.4% from the prior-year quarter. U.S. sales amounted to $36.1 million, down 5.1% year over year while International sales improved 14.8% year over year to $32.5 million.

Inogen’s Margins

In the quarter under review, Inogen’s adjusted gross profit declined 3.3% from the year-ago period to $38 million. The adjusted gross margin contracted 260 basis points to 46.5%.

Sales and marketing expenses decreased 4.4% from the year-ago quarter to $23.1 million. Research and development expenses decreased 9.9% year over year to $5.3 million, while general and administrative expenses decreased 8.5% year over year to $16.1 million. Adjusted operating expenses of $41.4 million declined 5.2% year over year.

Adjusted operating loss totaled $6.2 million compared with the prior-year quarter’s $7.4 million.

INGN’s Financial Position

Inogen exited the fourth quarter of 2025 with cash and cash equivalents of $103.7 million compared with $106.5 million at the end of the third quarter of 2025.The company ended the quarter with no debt on its balance sheet.

Cumulative net cash used in operating activities at the end of fourth-quarter 2025 was $11.2 million against the net cash provided by operating activities of $5.9 million a year ago.

Inogen’s Guidance

Inogen has provided its revenue outlook for the first quarter and 2026.

For the first quarter of 2026, Inogen expects reported revenue to be in line with first-quarter 2025. The Zacks Consensus Estimate is currently pegged at $90.8 million.

For 2026, Inogen expects reported revenues in the range of $366 million-$373 million (reflecting approximately 6% growth at the midpoint of the range from the comparable 2025 revenues). The Zacks Consensus Estimate is currently pegged at $391.5 million.

How Have Estimates Been Moving Since Then?

Since the earnings release, investors have witnessed a downward trend in fresh estimates.

The consensus estimate has shifted -20% due to these changes.

VGM Scores

At this time, Inogen has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of this revision indicates a downward shift. It's no surprise Inogen has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.

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This article originally published on Zacks Investment Research (zacks.com).

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