# EDGAR Filing Document

**Accession Number:** 0001294133
**File Stem:** 0001193125-26-066968
**Filing Date:** 2026-2
**Character Count:** 36946
**Document Hash:** 727d25c4414b7cbee7348b15a2631820
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-066968.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0001193125-26-066968

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260220

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Inogen Inc
- **CENTRAL INDEX KEY:** 0001294133
- **STANDARD INDUSTRIAL CLASSIFICATION:** ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36309
- **FILM NUMBER:** 26671566

**BUSINESS ADDRESS:**
- **STREET 1:** 500 CUMMINGS CENTER
- **STREET 2:** SUITE 2800
- **CITY:** BEVERLY
- **STATE:** MA
- **ZIP:** 01915
- **BUSINESS PHONE:** 805-562-0500

**MAIL ADDRESS:**
- **STREET 1:** 500 CUMMINGS CENTER
- **STREET 2:** SUITE 2800
- **CITY:** BEVERLY
- **STATE:** MA
- **ZIP:** 01915

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** February 20, 2026<br>

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INOGEN, INC.

**(Exact name of Registrant as Specified in Its Charter)**

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---

| | | |
|:---|:---|:---|
| Delaware | 001-36309 | 33-0989359 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 500 Cummings Center<br>Suite 2800 |  |  |
| Beverly**,** Massachusetts |  | 01915 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** (805) 562-0500<br>

---

| |
|:---|
| 859 Ward Drive |
| Goleta, California 93111 |

---

(Former address)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | |
|:---|:---|
| **<br>Title of each class** | **<br>Name of each exchange on which registered** |
| Common Stock, $0.001 par value<br> INGN | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## Item 2.02. Results of Operations and Financial Condition.
On February 24, 2026, Inogen, Inc. (the "Company") issued a press release reporting its financial results for the fourth quarter and the full year ended December 31, 2025. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K.

The information set forth under this Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such a filing.

## Item 7.01. Regulation FD Disclosure.
On February 20, 2026, the Board of Directors of the Company (the "Board") approved the repurchase of up to an aggregate of $30 million of the Company's outstanding common stock, par value $0.001 per share (the "Repurchase Program"). Repurchases may be made from time to time on the open market at prevailing market prices, in compliance with Rule 10b-18 under the Exchange Act, including through Rule 10b5-1 trading plans. The Repurchase Program expires on the earlier of December 31, 2027 or the date on which the maximum authorized dollar amount authorized under the Repurchase Program has been utilized. The Repurchase Program does not obligate the Company to make any repurchases and may be modified, suspended, or terminated by the Company at any time without prior notice. The amount and timing of repurchases are subject to a variety of factors including liquidity, share price, market conditions, and legal requirements.

A copy of the press release issued on February 24, 2026 announcing the Board's authorization of the Repurchase Program is furnished herewith as Exhibit 99.2 to this Current Report on Form 8-K.

The information set forth under this Item 7.01, including Exhibit 99.2 shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such a filing.

## Item 9.01. Financial Statements and Exhibits.
(d) Exhibits

---

| | |
|:---|:---|
| Exhibit | Description |
| 99.1 | [<u>Press Release dated February 24, 2026.</u>](ingn-ex99_1.htm) |
| 99.2 | [<u>Press Release dated February 24, 2026.</u>](ingn-ex99_2.htm) |
| 104 | The cover page of this Current Report on Form 8-K, formatted in Inline XBRL. |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **INOGEN, INC.** |
| Date: | February 24, 2026 | By:  | /s/ Michael Bourque |
|  |  |  | Michael Bourque<br>Executive Vice President<br>Chief Financial Officer<br>Treasurer<br>(Principal Accounting and Financial Officer) |

---

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## Exhibit 99.1

**Exhibit 99.1**

![img132417817_0.jpg](img132417817_0.jpg)<br>

**Inogen Announces Fourth Quarter and Full Year 2025 Financial Results and Provides 2026 Financial Outlook**

*Delivered full year revenue growth of approximately 4%*

*Significantly improved profitability with 2025 net loss of $22.7 million and positive adjusted EBITDA of $2.7 million* 

*Well-positioned to accelerate expected 2026 revenue growth and profitability*

BEVERLY, Mass., February 24, 2026 -- Inogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced financial results for the fourth quarter and the full year ended December 31, 2025 and provided 2026 guidance for the first quarter and full year.

"In 2025, we made significant progress toward our long-term profitability goals while strengthening our product portfolio and improving the fundamentals of our business. Our disciplined operational efficiency contributed to a substantial year-over-year improvement in adjusted EBITDA, culminating in a positive result for the first time since 2021," said Kevin Smith, President and Chief Executive Officer. "Our strong balance sheet with no debt, puts us in a strong position to accelerate innovation, enhance customer engagement, and drive portfolio expansion in 2026 and beyond. We believe these strategic achievements create a solid foundation for future growth and value creation for our shareholders."

**Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;•Introduced two new products in the United States to diversify the portfolio with the Voxi 5, a stationary oxygen concentrator, and Aurora masks for continuous positive airway pressure (CPAP), designed for obstructive sleep apnea (OSA);

&nbsp;&nbsp;&nbsp;&nbsp;•Initiated a limited market release of the Simeox airway clearance device in the United States to support reimbursement and advance commercialization efforts;

&nbsp;&nbsp;&nbsp;&nbsp;•Launched Inogen patient portal to enhance digital health and to empower patients with seamless self-service to manage insurance requirements, streamline accessories ordering and access to support tools;

&nbsp;&nbsp;&nbsp;&nbsp;•Announced strategic collaboration with Yuwell Medical to broaden Inogen's product portfolio, strengthen its innovation pipeline through joint research and development, and accelerate the brand's entry into China;

&nbsp;&nbsp;&nbsp;&nbsp;•Authorized a $30.0 million share repurchase program to return value to shareholders based on the strength of our balance sheet, with year-end cash, cash equivalents, marketable securities, and restricted cash, of $120.9 million, with no debt outstanding.

**Fourth Quarter 2025 Financial Results**

In the fourth quarter of 2025, the Company made changes to its product revenue categories to provide investors with more meaningful trends in its business and strategic direction. The Company will now report product revenues in the following categories: U.S. sales, international sales, and U.S. rentals.

------

Total revenue in the fourth quarter of 2025 was $81.7 million, an increase of 2.0% from the prior-year period, primarily driven by higher growth in international portable oxygen concentrator, or POC, sales of 14.8%, partially offset by lower U.S. sales and U.S. rentals.

Total gross margin was 43.1% in the fourth quarter of 2025, a decrease from 45.3% in the prior-year period, primarily the result of channel mix.

Total operating loss was $9.3 million, an improvement of 18.3% from a loss of $11.4 million in the prior-year period, primarily due to material cost reductions, operational efficiencies, and an increase in international sales.

GAAP net loss for the fourth quarter of 2025 was $7.1 million, an improvement of 27.0% compared to $9.8 million in the prior-year period. Adjusted net loss for the fourth quarter of 2025 was $4.0 million, an improvement of 30.4% from adjusted net loss of $5.8 million in the prior-year period.

Adjusted EBITDA was negative $1.7 million in the fourth quarter of 2025, an improvement of 52.8% compared to negative $3.6 million in the prior-year period.

Cash, cash equivalents, marketable securities, and restricted cash were $120.9 million as of December 31, 2025, with no debt outstanding.

**Full Year 2025 Financial Results**

Total revenue in the full year 2025 increased 3.9% to $348.7 million from $335.7 million in the prior year, primarily driven by higher growth in international POC sales of 18.4%, partially offset by lower U.S. sales and U.S. rentals.

Total gross margin of 44.2% in the full year 2025 decreased from 46.1% in the comparable period in 2024, primarily the result of changing channel mix from higher POC sales to business customers.

Total operating loss was $30.2 million in the full year 2025, an improvement of 29.0% from a loss of $42.5 million in the full year of 2024, primarily due to material cost reductions, operational efficiencies, and an increase in international sales.

GAAP net loss for the full year 2025 was $22.7 million, an improvement of 36.6% compared to GAAP net loss of $35.9 million for the full year 2024. Adjusted net loss for the full year 2025 was $8.0 million, an improvement of 60.6% from adjusted net loss of $20.4 million in the full year 2024.

Adjusted EBITDA was positive $2.7 million for the full year 2025, an improvement of 128.4% compared to negative $9.5 million for the full year 2024.

Reconciliations of adjusted EBITDA and adjusted net loss for the three and twelve months ended December 31, 2025 and 2024 are in the financial schedules that are a part of this press release. An explanation of these non-GAAP financial measures is also included below under the heading "Reconciliation of U.S. GAAP to Non-GAAP Financial Measures."

**<u>First Quarter and Full Year 2026 Financial Outlook</u>** 

Inogen expects first quarter 2026 reported revenue to be in line with first quarter 2025, due to channel mix and lower expected U.S. rentals revenue driven by reimbursement mix and reduced patients on service.

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For the full year 2026, Inogen expects reported revenue in the range of $366 million to $373 million, reflecting approximately 6% growth at the midpoint of the range relative to the Company's 2025 revenue.

The Company remains committed to driving positive Adjusted EBITDA improvement in 2026.

**Quarterly Conference Call Information**

On February 24, 2026, the Company will host a conference call at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time.

Individuals interested in listening to the conference call may do so by dialing:

US domestic callers (877) 841-3961<br>Non-US callers (201) 689-8589

Please reference Inogen to join the call. A live audio webcast and archived recording of the conference call will be available to all interested parties through the News / Events page on the Inogen Investor Relations website. This webcast will also be archived on the website for 6 months.

A replay of the call will be available approximately three hours after the live webcast ends and will be accessible through March 3, 2026. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Conference ID: 13757405.

Inogen has used, and intends to continue to use, its Investor Relations website, http://investor.inogen.com/, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

**About Inogen**

Inogen, Inc. (Nasdaq: INGN) is a leading global medical technology company offering innovative respiratory products for use in the homecare setting. Inogen supports patient respiratory care by developing, manufacturing, and marketing innovative best-in-class respiratory therapy devices used to deliver care to patients suffering from chronic respiratory conditions. Inogen partners with patients, prescribers, home medical equipment providers, and distributors to make its respiratory therapy products widely available, allowing patients the chance to manage the impact of their disease.

For more information, please visit www.inogen.com.

------

**Forward-Looking Statements**

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this communication that are not historical facts, including, but not limited to, statements regarding Inogen's future business plans, market opportunities, financial outlook, growth strategies, and anticipated operational results, are forward-looking statements. Words such as "aims," "believes," "anticipates," "plans," "expects," "will," "intends," "potential," "possible," and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including but not limited to, risks and uncertainties relating to Inogen's 2026 first quarter and full year financial guidance; market acceptance of its products; competition; its sales, marketing and distribution capabilities; its planned sales, marketing, and research and development activities; and risks associated with international operations. Information on these and additional risks, uncertainties, and other information affecting Inogen's business operating results are contained in its Annual Report on Form 10-K for the period ended December 31, 2024, and in its other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Inogen disclaims any obligation to update these forward-looking statements except as may be required by law.

**Non-GAAP Financial Measures**

Inogen has presented certain financial information in accordance with U.S. GAAP and also on a non-GAAP basis for the three and twelve months ended December 31, 2025, and December 31, 2024. Management believes that these non-GAAP financial measures, taken in conjunction with U.S. GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of Inogen's core operating results. Management uses these non-GAAP measures to compare Inogen's performance relative to forecasts and strategic plans, to benchmark Inogen's performance externally against competitors, and for certain compensation decisions. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Inogen's operating results as reported under U.S. GAAP. Inogen encourages investors to carefully consider its results under U.S. GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between U.S. GAAP and non-GAAP results are presented in the accompanying tables of this release.

**Contact**<br> ir@inogen.net

------

**Consolidated Statements of Comprehensive Loss**

**(unaudited)**

***(amounts in thousands, except share and per share amounts)*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Twelve months ended** | **Twelve months ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales revenue | $68572 | $66307 | $295304 | $278756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental revenue | 13149 | 13774 | 53364 | 56949 |
| **Total revenue** | 81721 | 80081 | 348668 | 335705 |
| **Cost of revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of sales revenue | 39360 | 35499 | 163837 | 148655 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of rental revenue, including depreciation of $2,783 and $3,038, for the three months ended and $11,798 and $12,592 for the twelve months ended, respectively | 7125 | 8293 | 30566 | 32309 |
| **Total cost of revenue** | 46485 | 43792 | 194403 | 180964 |
| **Gross profit** | 35236 | 36289 | 154265 | 154741 |
| **Operating expense** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 5316 | 5898 | 19399 | 21610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 23106 | 24155 | 97692 | 103069 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 16120 | 17622 | 67381 | 72578 |
| **Total operating expense** | 44542 | 47675 | 184472 | 197257 |
| **Loss from operations** | (9306) | (11386) | (30207) | (42516) |
| **Other income (expense)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income, net | 1163 | 1413 | 4385 | 5190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense) | 780 | (114) | 2443 | 850 |
| **Total other income, net** | 1943 | 1299 | 6828 | 6040 |
| **Loss before benefit for income taxes** | (7363) | (10087) | (23379) | (36476) |
| **Benefit for income taxes** | (236) | (330) | (632) | (588) |
| **Net loss** | (7127) | (9757) | (22747) | (35888) |
| **Other comprehensive income (loss), net of tax** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in foreign currency translation adjustment | (43) | (2923) | 5722 | (2590) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized gains (losses) on foreign currency hedging | 1224 | (324) | 1970 | (324) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: reclassification adjustment for net (losses) gains included in net loss | (579) | 324 | (1970) | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized gains on foreign currency hedging | 645 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized (losses) gains on marketable securities | (43) | (297) | 22 | (136) |
| **Total other comprehensive income (loss), net of tax** | 559 | (3220) | 5744 | (2726) |
| **Comprehensive loss** | $(6568) | $(12977) | $(17003) | $(38614) |
| **Basic net loss per share attributable to common stockholders** <sup>(1)</sup> | $(0.26) | $(0.41) | $(0.86) | $(1.52) |
| **Diluted net loss per share attributable to common stockholders** <sup>(1) (2)</sup> | $(0.26) | $(0.41) | $(0.86) | $(1.52) |
| **Weighted average number of shares used in calculating net loss per share attributable to common stockholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic shares of common stock | 27176742 | 23846666 | 26601652 | 23654395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted shares of common stock | 27176742 | 23846666 | 26601652 | 23654395 |

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(1) Reconciliations of net loss attributable to common stockholders basic and diluted can be found in Inogen's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 to be filed with the Securities and Exchange Commission.

(2) Due to a net loss for the three and twelve months ended December 31, 2025 and December 31, 2024, diluted loss per share is the same as basic.

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**Consolidated Balance Sheets** 

**(unaudited)**

***(amounts in thousands)*** 

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| **Assets** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $103729 | $113795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 15848 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 1289 | 3620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 38863 | 29563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 25969 | 24812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 12601 | 13661 |
| Total current assets | 198299 | 185451 |
| **Property and equipment, net** | 36362 | 44400 |
| **Goodwill** | 10698 | 9465 |
| **Intangible assets, net** | 30763 | 30493 |
| **Operating lease right-of-use asset** | 16501 | 18295 |
| **Other assets** | 6002 | 8081 |
| **Total assets** | $298625 | $296185 |
| **Liabilities and stockholders' equity** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $33941 | $27153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll | 10629 | 17189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warranty reserve - current | 10116 | 9736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability - current | 3163 | 2812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnout liability |  | 13000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue - current | 5503 | 6654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 183 | 142 |
| Total current liabilities | 63535 | 76686 |
| **Long-term liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Warranty reserve - noncurrent | 18194 | 16350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability - noncurrent | 14313 | 16594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue - noncurrent | 3603 | 5747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability | 6749 | 6948 |
| **Total liabilities** | 106394 | 122325 |
| **Stockholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 27 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 363545 | 328174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (175584) | (152837) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 4243 | (1501) |
| **Total stockholders' equity** | 192231 | 173860 |
| **Total liabilities and stockholders' equity** | $298625 | $296185 |

---

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**Condensed Consolidated Cash Flow**

**(unaudited)**

***(amounts in thousands)*** 

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(22747) | $(35888) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 20659 | 21004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on rental units and other assets | 3208 | 4535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on sale of former rental assets | 57 | (165) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for sales revenue returns and doubtful accounts | 6351 | 10890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for inventory losses | 822 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on purchase commitments | 433 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 8014 | 7397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (1100) | (1150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of earnout liability |  | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities <sup>(1)</sup> | (26913) | (4390) |
| Net cash (used in) provided by operating activities | (11216) | 5914 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of available-for-sale securities | (29829) | (32657) |
| &nbsp;&nbsp;&nbsp;&nbsp;Maturities of available-for-sale securities | 14003 | 35500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in intangible assets |  | (2090) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in property and equipment | (2523) | (3360) |
| &nbsp;&nbsp;&nbsp;&nbsp;Production and purchase of rental equipment | (7860) | (11643) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of former assets |  | 275 |
| Net cash used in investing activities | (26209) | (13975) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from employee stock purchases | 971 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of employment taxes related to release of restricted stock | (821) | (546) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of accrued earnout | (3178) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock from securities purchase agreement | 27210 |  |
| Net cash provided by financing activities | 24182 | 265 |
| Effect of exchange rates on cash | 846 | (281) |
| **Net decrease in cash, cash equivalents and restricted cash** | $(12397) | $(8077) |
| (1) Includes $9,822 of the operating activity portion of the earnout liability payment related to the Physio-Assist acquisition. |  |  |

---

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**Supplemental Financial Information**

**(unaudited)**

***(in thousands, except units and patients)*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended December 31,** | **Three months ended December 31,** | **Change 2025 vs. 2024** | **Constant Currency Change** |
| **Revenue by geographic region** | **2025** | **2024** | **%** | **%** |
| &nbsp;&nbsp;U.S. sales | $36055 | $37994 | -5.1% | -5.1% |
| &nbsp;&nbsp;International sales | 32517 | 28313 | 14.8% | 12.5% |
| &nbsp;&nbsp;U.S. rentals | 13149 | 13774 | -4.5% | -4.5% |
| **Total revenue** | $81721 | $80081 | 2.0% | 1.2% |
| **Additional financial measures** |  |  |  |  |
| &nbsp;&nbsp;Units Sold | 46300 | 38400 | 20.6% |  |
| &nbsp;&nbsp;Net rental patients as of period-end | 49000 | 51000 |  |  |
|  | **Twelve months ended December 31,** | **Twelve months ended December 31,** | **Change 2025 vs. 2024** | **Constant Currency Change** |
| **Revenue by geographic region** | **2025** | **2024** | **%** | **%** |
| &nbsp;&nbsp;U.S. sales | $156476 | $161549 | -3.1% | -3.1% |
| &nbsp;&nbsp;International sales | 138828 | 117207 | 18.4% | 18.1% |
| &nbsp;&nbsp;U.S. rentals | 53364 | 56949 | -6.3% | -6.3% |
| **Total revenue** | $348668 | $335705 | 3.9% | 3.7% |
| **Additional financial measures** |  |  |  |  |
| &nbsp;&nbsp;Units Sold | 189400 | 157500 | 20.3% |  |
| &nbsp;&nbsp;Net rental patients as of period-end | 49000 | 51000 |  |  |

---

**Reconciliation of U.S. GAAP to Non-GAAP Financial Measures**

**(unaudited)**

***(in thousands, except per share amounts)*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Twelve months ended** | **Twelve months ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| **Non-GAAP EBITDA and Adjusted EBITDA** | **2025** | **2024** | **2025** | **2024** |
| Net loss (GAAP) | $(7127) | $(9757) | $(22747) | $(35888) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income, net | (1163) | (1413) | (4385) | (5190) |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit for income taxes | (236) | (330) | (632) | (588) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 5035 | 5080 | 20659 | 21004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA (non-GAAP) | (3491) | (6420) | (7105) | (20662) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 1811 | 1693 | 8014 | 7397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related expenses |  |  |  | 784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of earnout liability |  | 1170 |  | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal and settlement expenses |  |  | 1784 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA (non-GAAP) | $(1680) | $(3557) | $2693 | $(9481) |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** |
|  | **Operating Expense** | **Operating Expense** | **Loss from Operations** | **Loss from Operations** | **Net Loss** | **Net Loss** | **Diluted EPS** | **Diluted EPS** |
| **Non-GAAP Financial Metrics** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Financial Results (GAAP) | $44542 | $47675 | $(9306) | $(11386) | $(7127) | $(9757) | $(0.26) | $(0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP adjustments: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles | 1287 | 1103 | 1287 | 1103 | 1287 | 1103 | 0.05 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 1811 | 1693 | 1811 | 1693 | 1811 | 1693 | 0.07 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of earnout liability |  | 1170 |  | 1170 |  | 1170 |  | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax impact of adjustments <sup>(1)</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted | $41444 | $43709 | $(6208) | $(7420) | $(4029) | $(5791) | $(0.15) | $(0.24) |
|  | **Twelve months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
|  | **Operating Expense** | **Operating Expense** | **Loss from Operations** | **Loss from Operations** | **Net Loss** | **Net Loss** | **Diluted EPS** | **Diluted EPS** |
| **Non-GAAP Financial Metrics** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Financial Results (GAAP) | $184472 | $197257 | $(30207) | $(42516) | $(22747) | $(35888) | $(0.86) | $(1.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP adjustments: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles | 4920 | 4330 | 4920 | 4330 | 4920 | 4330 | 0.18 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 8014 | 7397 | 8014 | 7397 | 8014 | 7397 | 0.30 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related expenses |  | 784 |  | 784 |  | 784 |  | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of earnout liability |  | 3000 |  | 3000 |  | 3000 |  | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal and settlement expenses | 1784 |  | 1784 |  | 1784 |  | 0.07 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax impact of adjustments <sup>(1)</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted | $169754 | $181746 | $(15489) | $(27005) | $(8029) | $(20377) | $(0.30) | $(0.86) |

---

(1) Income tax impact of adjustments represents the tax impact related to the non-GAAP adjustments listed above and reflects an effective tax rate of 0% for 2025 and 2024.

------

## Exhibit 99.2

**Exhibit 99.2**

![img133341338_0.jpg](img133341338_0.jpg)

**Inogen Announces $30 Million Share Repurchase Program**

BEVERLY, Mass., February 24, 2026 -- <u>Inogen, Inc.</u>(Nasdaq: <u>INGN</u>), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced that its Board of Directors has authorized a share repurchase program for up to $30 million of its outstanding common stock.

"This authorization reflects our confidence in Inogen's strategy, progress towards profitability goals, and long-term growth trajectory," said Kevin Smith, President and Chief Executive Officer. "With a strong, debt-free balance sheet, we view this program as providing additional flexibility to deploy capital to support continued investment in innovation and portfolio expansion while enhancing shareholder value."

The repurchase program will be financed through cash flow and existing cash reserves and is not expected to affect Inogen's capacity to pursue further growth initiatives. Authorization for the program will expire upon either December 31, 2027, or once the maximum authorized dollar amount has been utilized, whichever occurs first. The Company is under no obligation to purchase a specific number of shares, and the program may be suspended or terminated at any time.

Inogen has used, and intends to continue to use, its Investor Relations website, <u>http://investor.inogen.com/</u>, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

**About Inogen**

Inogen, Inc. (Nasdaq: INGN) is a leading global medical technology company offering innovative respiratory products for use in the homecare setting. Inogen supports patient respiratory care by developing, manufacturing, and marketing innovative best-in-class respiratory therapy devices used to deliver care to patients suffering from chronic respiratory conditions. Inogen partners with patients, prescribers, home medical equipment providers, and distributors to make its respiratory therapy products widely available, allowing patients the chance to manage the impact of their disease.

For more information, please visit <u>www.inogen.com</u>.

**Forward-Looking Statements**

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this communication that are not historical facts, including, but not limited to, statements regarding Inogen's future business plans, market opportunities, financial outlook, growth strategies, and anticipated operational results, are forward-looking statements. Words such as "aims," "believes," "anticipates," "plans," "expects," "will," "intends," "potential," "possible," and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including but not limited to, risks and uncertainties relating to Inogen's share repurchase program; market acceptance of its products; competition; its sales, marketing and distribution capabilities; its planned sales, marketing, and research and development activities; and risks associated with international operations. Information on these and additional risks, uncertainties, and other information affecting Inogen's business operating results are contained in its Annual Report on Form 10-K for the period ended December 31, 2024, and in its other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Inogen disclaims any obligation to update these forward-looking statements except as may be required by law.

**Contact**<br> <u>ir@inogen.net</u>

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