Inogen, Inc. (INGN) 2026 Q1 法說會逐字稿

Welcome to Inogen's first quarter 2026 earnings conference call. (operator instructions)

歡迎參加 Inogen 2026 年第一季財報電話會議。（接線員指示）

I would now like to turn the call over to Lorna Williams, SVP of Investor Relations and Strategic Planning.

現在我想把電話會議交給投資人關係與策略規劃資深副總裁 Lorna Williams。

Thank you all for participating in today's call. Joining me are President and CEO, Kevin Smith, and CFO, Jason Richardson.

感謝各位參與今天的電話會議。與我一同出席的有總裁兼執行長 Kevin Smith，以及財務長 Jason Richardson。

Earlier today, Inogen released financial results for the first quarter of 2026.

今天稍早，Inogen 已公布 2026 年第一季的財務結果。

The earnings release is available in the Investor Relations section of the company's website at investor.inogen.com, along with the supplemental financial package.

財報新聞稿可於公司網站 investor.inogen.com 的投資人關係專區取得，並附有補充財務資料包。

During today's call, we will discuss non-GAAP financial measures that we believe provide useful supplemental information for investors.

在今天的電話會議中，我們將討論我們認為可為投資人提供有用補充資訊的非 GAAP 財務衡量指標。

This information is not intended to be considered in isolation or as a substitute for GAAP financial information.

此資訊不應被單獨考量，亦不應作為 GAAP 財務資訊的替代。

Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in today's earnings release and supplemental financial package, each of which is available in the Investor Relations section of our website.

這些非 GAAP 指標與最直接可比的 GAAP 指標之調節表，已包含於今日的財報新聞稿與補充財務資料包中；兩者皆可於我們網站的投資人關係專區取得。

In addition, our discussion today will include forward-looking statements, including, but not limited to, expectations about our future financial and operating performance.

此外，我們今天的討論將包含前瞻性陳述，包括但不限於對我們未來財務與營運表現的預期。

We make these statements based on current expectations and reasonable assumptions.

我們基於目前的預期與合理的假設提出這些陳述。

However, our actual results could differ due to risks and uncertainties.

然而，由於風險與不確定性，我們的實際結果可能有所不同。

Please review our Annual Report and other SEC filings for discussion of risk factors that could cause our actual results to differ materially than any forward-looking statements made today.

請查閱我們的年度報告及其他向 SEC 提交的文件，其中討論了可能導致實際結果與今日所作任何前瞻性陳述存在重大差異的風險因素。

Forward-looking statements made on today's call speak only as of today, and Inogen undertakes no obligation to update or revise these statements except as required by law.

今日電話會議中的前瞻性陳述僅截至今日有效；除法律要求外，Inogen 不承擔更新或修訂這些陳述的義務。

With that, I will turn the call over to Inogen's President and CEO, Kevin Smith.

接下來，我將把電話會議交給 Inogen 總裁兼執行長 Kevin Smith。

Good afternoon, and thank you for joining our first-quarter 2026 conference call.

各位下午好，感謝各位參加我們 2026 年第一季電話會議。

I want to begin by welcoming several new leaders to the Inogen team.

我想先歡迎幾位新領導加入 Inogen 團隊。

These team additions reflect the ambition we have for the next chapter.

這些團隊新成員的加入，反映了我們對下一個篇章的企圖心。

Jason Richardson joined us as Chief Financial Officer this quarter. Jason has over 25 years of experience, mostly in large, complex, global medical device companies with significant leadership experience across finance and a track record of delivering results.

本季 Jason Richardson 加入我們擔任財務長。Jason 擁有超過 25 年的經驗，多數任職於大型、複雜、全球性的醫療器材公司，具備深厚的財務領導經驗，並有交付成果的實績。

He brings the operational depth that we need, has experience scaling medtech franchises and has respiratory industry experience, all directly relevant to what we are building. I'll let him speak to the quarter shortly.

他帶來我們所需的營運深度，具備擴展醫療科技事業版圖的經驗，並擁有呼吸領域產業經驗，這些都與我們正在打造的方向高度相關。稍後我會請他談談本季表現。

We also appointed Dominic Hulton as Chief Marketing Officer, reporting directly to me.

我們也任命 Dominic Hulton 擔任行銷長，直接向我匯報。

As we operate across oxygen therapy, sleep, and airway clearance, the work of building a coherent brand and a disciplined go-to-market approach across multiple disease states and channels has grown considerably in scope. Dom brings the commercial experience and strategic instincts that this moment calls for.

隨著我們橫跨氧氣治療、睡眠與氣道清除等領域，在多種疾病狀態與通路之間建立一致的品牌，以及具紀律的上市策略，其工作範疇已大幅擴展。Dom 具備此刻所需的商業經驗與策略直覺。

And we announced the appointment of Vafa Jamali to our Board of Directors, which will become effective on June 5th, 2026.

此外，我們宣布任命 Vafa Jamali 加入董事會，並將於 2026 年 6 月 5 日生效。

Bob's background spans revenue growth, commercial strategy and capital allocation. These perspectives will be valuable as we work to translate our portfolio expansion into durable financial performance.

Bob 的背景涵蓋營收成長、商業策略與資本配置。在我們努力將產品組合擴張轉化為可持續的財務表現之際，這些觀點將非常有價值。

In connection with our upcoming Annual Meeting, the Board is asking for shareholder approval to declassify its members, starting the process with the Annual Meeting in 2027. This is an important step to align our governance with the long-term interests of our shareholders.

配合即將召開的年度股東大會，董事會將提請股東批准取消董事分級制，並自 2027 年年度股東大會起啟動該流程。這是使公司治理與股東長期利益一致的重要一步。

Turning to Q1 results.

接著談第一季（Q1）業績。

Q1 came in at $85.1 million in total revenue, representing 3.4% year-over-year growth, ahead of our expectations.

第一季總營收為 8,510 萬美元，年增 3.4%，優於我們的預期。

When we set guidance, we were transparent about what was shaping the quarter, continued strength in international, along with channel mix pressure as the US market continues its structural conversion toward POCs.

在提出財測時，我們已坦率說明影響本季的因素：國際市場持續強勁，以及美國市場持續結構性轉向可攜式氧氣濃縮機（POC）所帶來的通路組合壓力。

Those dynamics played out largely as anticipated with unit volumes growing 14% year-over-year and our international business delivered double-digit performance.

這些動態大致如預期發展，單位出貨量年增 14%，而我們的國際業務也繳出雙位數成長。

Taken together, the quarter reflects a business performing in line with our expectations and underlying fundamentals that remain healthy.

綜合來看，本季反映公司表現符合我們的預期，且基本面仍然健康。

US sales were $34.7 million in the quarter.

本季美國銷售額為 3,470 萬美元。

Today, we estimate roughly 60% of new long-term oxygen therapy patients start in a POC, up from under 40% just a few years ago.

目前我們估計，約 60% 的新長期氧氣治療患者以 POC 起始治療，較幾年前不到 40% 明顯提升。

That SHIP benefits our B2B sales channel meaningfully, and we see it in our volume.

這一轉變對我們的 B2B 銷售通路帶來顯著助益，我們也在出貨量上看到了反映。

It does, however, create a headwind in our direct-to-consumer and rental channel, where patients historically came to us seeking an alternative to the oxygen tank their HME had provided.

然而，這也對我們的直銷（面向消費者）與租賃通路形成逆風；過去患者通常是在其 HME 提供氧氣鋼瓶後，轉而向我們尋求替代方案。

We are managing this transition with discipline. Our direct sales rep efficiency continues to improve. Demand for Indigen products is strong. We're investing deliberately to educate both patients and providers on the economic and clinical benefits of Indigen technology.

我們以嚴謹的方式管理這項轉型。我們的直銷業務代表效率持續提升。市場對 Indigen 產品的需求強勁。我們正有計畫地投入資源，教育患者與醫療服務提供者了解 Indigen 技術在經濟性與臨床上的效益。

Our Row 4 and Row 6 POCs carry an eight-year useful life versus the five-year useful life of other POCs on the market, best-in-class serviceability and a growing body of outcomes data.

我們的 Row 4 與 Row 6 POC 具備 8 年使用壽命，相較於市面其他 POC 的 5 年使用壽命更長，並擁有同級最佳的可維修性，以及日益累積的療效數據。

That performance supports our premium positioning against pricing pressure.

這樣的表現支撐我們在面對價格壓力時的高端定位。

International sales were the clear standout in Q1.

國際銷售是第一季最突出的亮點。

Revenue of $37.7 million represented 18% year-over-year growth.

營收 3,770 萬美元，年增 18%。

This result speaks to the quality of our commercial execution and the breadth of the opportunity ahead.

這項成果反映了我們商業執行的品質，以及未來機會的廣度。

Our teams have deepened relationships with key HME partners, secured important international tenders. And continued expanding into new geographies, including Eastern Europe, Latin America and the Asia-Pacific region.

我們的團隊深化了與關鍵 HME 夥伴的關係，取得重要的國際標案。並持續拓展至新地區，包括東歐、拉丁美洲與亞太地區。

The global COPD market is large, under-penetrated and shifting steadily toward home-based care. We are well positioned in Q1 international performance is evidence of this.

全球 COPD 市場規模龐大、滲透率仍低，且正穩步轉向居家照護。我們具備良好布局，第一季國際業績即為明證。

If the financial results reflect where we have been, the pipeline is where I want to spend most of my time because it tells you where we are going.

如果說財務結果反映的是我們走過的路，那麼產品與研發管線才是我想花最多時間談的部分，因為它能告訴各位我們將前往何處。

When I joined Inogen, we were a portable oxygen concentrator company with a $400 million addressable market.

當我加入 Inogen 時，我們是一家可攜式氧氣濃縮機公司，可服務市場規模約 4 億美元。

Today, we operate across oxygen therapy, sleep therapy, airway clearance and digital health with an estimated combined total addressable market of over $3.4 billion.

如今，我們橫跨氧氣治療、睡眠治療、氣道清除與數位健康領域，估計合計可服務市場總規模超過 34 億美元。

That expansion is a result of a deliberate strategy.

這樣的擴張源自一項有意識的策略。

Identify adjacencies with patient overlap, enter with clinical evidence and leverage the commercial infrastructure and brand trust that we have built.

找出與既有患者族群重疊的相鄰領域，以臨床證據切入，並運用我們已建立的商業基礎設施與品牌信任。

Each new category we have entered follows that same logic.

我們進入的每一個新類別都遵循相同的邏輯。

Now, let me walk through the major milestones from this quarter.

接下來，我將帶各位回顧本季的幾項重要里程碑。

We launched the Aurora CPAP mask family in the United States this quarter and the early read is highly encouraging.

本季我們在美國推出 Aurora CPAP 面罩系列，初步回饋相當令人鼓舞。

I want to be clear about why we entered this market and why we believe we can win. First, roughly 20% to 30% of our COPD patients have obstructive sleep apnea.

我想清楚說明我們為何進入這個市場，以及我們為何相信能夠勝出。首先，我們的 COPD 患者中約有 20% 至 30% 同時患有阻塞型睡眠呼吸中止症。

These patients are managed by the same pulmonologists and respiratory therapists and are served by many of the same HMEs we work with every day.

這些患者由相同的肺科醫師與呼吸治療師管理，也由我們每天合作的許多相同 HME 服務。

The channel relationships we have spent years building extend naturally into this market.

我們多年來建立的通路關係，自然延伸至這個市場。

What gives us particular confidence is the clinical work we completed before launch.

讓我們特別有信心的是，我們在上市前完成的臨床工作。

We ran the 90-day in-home evaluation with experienced CPAP users. These individuals were already satisfied with their existing mask, yet they prefer the Aurora mask, particularly the Aurora full-face mask, which was overwhelmingly favored. That is a meaningful bar to clear when we did it.

我們針對有經驗的 CPAP 使用者進行了為期 90 天的居家評估。這些人原本已對現有面罩感到滿意，但他們更偏好 Aurora 面罩，尤其是 Aurora 全罩式面罩，獲得壓倒性青睞。在我們做到這一點時，這是一個很有意義、很高的門檻。

We will be presenting the full results of that study at Sleep 2026 in Baltimore this June, one of the premier sleep forums in sleep medicine.

我們將於今年六月在巴爾的摩舉行的 Sleep 2026 上發表該研究的完整結果；這是睡眠醫學領域首屈一指的睡眠論壇之一。

Presenting a peer-reviewed data set at this type of industry conference is how a new entrance like us builds credibility with clinicians and accelerates adoption through the HME channel.

在這類產業會議上發表經同儕審查的資料集，是像我們這樣的新進者建立臨床端信譽、並透過 HME 通路加速採用的方式。

The early commercial feedback has been encouraging.

早期的商業回饋令人鼓舞。

HME partners and respiratory therapists have responded positively to the product and to the evidence behind it. We expect Aurora's revenue contribution to be more back half-weighted as that momentum builds.

HME 合作夥伴與呼吸治療師對產品本身以及其背後的證據都給予正面回應。隨著這股動能建立，我們預期 Aurora 的營收貢獻將更偏向下半年。

We estimate the US CPAP mass market at approximately $2.2 billion, growing at a high single-digit rate.

我們估計美國CPAP 大眾市場規模約為 22 億美元，並以高個位數的速度成長。

So every point of market share represents roughly $20 million in potential annual revenue for industry.

因此，每增加 1 個百分點的市占率，對產業而言約代表每年 2,000 萬美元的潛在營收。

We intend to earn a meaningful position in this market, and Aurora is the foundation for that.

我們打算在這個市場取得具實質意義的地位，而 Aurora 是其基礎。

We also launched the ROV6 portable oxygen concentrator in Brazil this quarter.

本季我們也在巴西推出了 ROV6 攜帶式氧氣濃縮機。

This reflects the broader international expansion strategy we have been executing.

這反映了我們正在執行的更廣泛國際擴張策略。

We are entering new geographies with products designed for those markets, building on our established distribution relationships and extending Inogen breeds to patients who currently have limited access to high-quality portable oxygen therapy.

我們以為當地市場設計的產品進入新地理區域，並在既有的通路合作關係上持續深化，將 Inogen 品牌延伸至目前較難取得高品質攜帶式氧氣治療的患者。

Brazil is a meaningful market with a growing COPD patient population, and this launch continues the momentum we have built across Latin America over the past year.

巴西是一個具規模的市場，且 COPD 患者族群正在成長；此次上市也延續了我們過去一年在拉丁美洲所建立的動能。

Semiox represents what I believe is one of the most exciting long-term opportunities in our portfolio.

Semiox 代表了我認為我們產品組合中最令人振奮的長期機會之一。

In this quarter, we crossed major milestones.

本季我們達成了重要里程碑。

We began patient enrollment in the IMPACT-200, our first reimbursement trial for Semiox.

我們已開始在 IMPACT-200 中招募患者，這是 Semiox 的第一項報銷試驗。

The trial is actively enrolled. We want to build the right evidence base to address CMS, private payers, and health economic arguments for appropriate reimbursement levels.

該試驗正在積極招募中。我們希望建立正確的證據基礎，以因應 CMS、民間保險支付方，以及支持適當報銷水準的健康經濟學論點。

Let me remind everyone of the opportunity here.

我想提醒大家這裡的機會。

The U.S. Opportunity for Semiox is an estimated $500 million TAM in non-cystic fibrosis bronchiectasis, growing at a high single-digit rate. The device carries an attractive gross margin profile, and the disposable component creates a reoccurring revenue stream that makes the financial model increasingly predictable over time.

在美國，Semiox 在非囊性纖維化支氣管擴張症的市場機會，估計為 5 億美元的 TAM，並以高個位數速度成長。該裝置具備具吸引力的毛利率結構，而一次性耗材元件可創造經常性收入來源，使財務模型隨時間推移愈加可預測。

And beyond the economics, Semiox addresses a patient population that is underserved. Existing OPEP devices are ineffective for a large share of bronchiectasis patients. Vest therapy works, but is bulky and not universally accessible.

除了經濟性之外，Semiox 也服務一個資源不足的患者族群。現有的 OPEP 裝置對相當比例的支氣管擴張症患者效果不佳。背心式治療有效，但體積龐大且並非人人可及。

Semiox offers meaningful clinical differentiation, and the data we are generating is designed to demonstrate that rigorously.

Semiox 提供具實質意義的臨床差異化，而我們正在產生的數據旨在嚴謹地證明這一點。

These are the reasons why we are taking the time to do this right.

這些就是我們花時間把事情做對的原因。

Stepping back, the common thread across everything we discussed today is that the new Inogen is different from the Inogen of three years ago.

退一步來看，我們今天討論的一切共同主軸是：新的 Inogen 已不同於三年前的 Inogen。

We are a home respiratory care platform with a diversified portfolio, an expanding addressable market with a commercial infrastructure and brand reputation that creates leverage as we scale each new product category.

我們是一個居家呼吸照護平台，擁有多元化的產品組合、持續擴大的可服務市場，以及商業基礎設施與品牌聲譽；這些在我們擴大每一個新產品類別規模時都能形成槓桿效益。

Strategically, we expect these investments in our pipeline to help drive our top-line growth and advance our path to profitability.

在策略上，我們預期對產品線的這些投資將有助於推動營收成長，並推進我們通往獲利的路徑。

COC remains our core business and foundation. We believe we have the best durability, the longest useful life and the deepest evidence base in the category. And we are building out the clinical, commercial and connectivity capabilities to keep widening that competitive moat.

COC 仍是我們的核心業務與基礎。我們相信在此類別中，我們具備最佳耐用性、最長使用壽命，以及最深厚的證據基礎。我們也正在建構臨床、商業與連線能力，以持續擴大這道競爭護城河。

But we are no longer constrained by that single market.

但我們已不再受限於單一市場。

And the new products we have launched are primarily in higher growth markets with higher gross margin profiles than our historical mix.

而我們推出的新產品主要位於成長更快、且毛利率結構高於我們過往產品組合的市場。

Going forward, we have committed to at least one new product launch each year, and each launch will be held to the same standard. The trajectory we have seen gives us confidence that we are on the right path.

展望未來，我們承諾每年至少推出一項新產品，而每一次上市都將以相同標準來要求。我們所看到的發展軌跡讓我們有信心正走在正確道路上。

And with that, I will turn the call over to Jason for his first earnings call as Inogen's CFO. Jason.

接下來，我把電話交給 Jason，這是他擔任 Inogen 財務長後的第一場法說會。Jason。

Thank you, Kevin, and good afternoon, everyone.

謝謝你，Kevin，各位下午好。

I'm excited to be here for my first earnings call as Inogen's CFO.

我很高興能以 Inogen 財務長的身分參加我的第一場法說會。

I joined the company just one month ago, and I've been spending that time getting deeply into the business and getting to know the team and the opportunities ahead.

我加入公司才一個月，這段時間我一直深入了解業務、認識團隊，以及前方的機會。

What I have found reinforces why I joined.

我所看到的一切，更加印證了我加入的原因。

We have a strong foundation and brand, opportunities to grow, and an organization that is leveraging the strength of the legacy team while building out new capabilities to support our strategy.

我們擁有穩固的基礎與品牌、成長機會，以及一個在延續既有團隊優勢的同時，也在建立新能力以支持我們策略的組織。

With that, I'll turn to our first quarter performance and the outlook ahead.

接下來我將說明第一季的表現以及未來展望。

As Kevin mentioned, total revenue for the first quarter was $85.1 million, an increase of 3.4% from the prior year period.

如 Kevin 所提，第一季總營收為 8,510 萬美元，較去年同期成長 3.4%。

This exceeded our expectations.

這超出我們的預期。

Total sales revenue for the quarter increased by 5.7% and was primarily driven by higher growth in international POCs and favorable foreign exchange rates, which more than offset lower US sales.

本季總銷售營收成長 5.7%，主要由國際 POC 較高的成長以及有利的外匯匯率所帶動，且其增益足以抵銷美國銷售下滑。

For the quarter, foreign exchange had a positive 460 basis point impact on total revenue.

本季外匯對總營收帶來正向 460 個基點的影響。

U.S. Sales were $34.7 million, down 5% year-over-year, and international sales were $37.7 million, up 18% year-over-year and more than offsetting a strong performance in the first quarter of last year, including the impact of large stocking orders.

美國銷售為 3,470 萬美元，年減 5%；國際銷售為 3,770 萬美元，年增 18%，且不僅抵銷去年第一季的強勁表現，也包含大型備貨訂單的影響。

US rentals were $12.7 million, down 8% year-over-year. Both US direct sales businesses were impacted by the continued channel mix shift and reduced patient counts Kevin described.

美國租賃收入為 1,270 萬美元，年減 8%。Kevin 所描述的通路組合持續轉移與患者人數下降，影響了美國兩個直銷業務。

Moving to adjusted gross margin in the first quarter was 44.7%, an increase of 30 basis points from 44.4% in the prior year period, primarily the result of cost improvements. Expanding gross margin overtime time is critical to our overall profitability goals, and we are pleased with the first quarter performance.

第一季調整後毛利率為 44.7%，較去年同期的 44.4% 提升 30 個基點，主要來自成本改善。隨時間推進擴大毛利率對我們整體獲利目標至關重要，我們對第一季表現感到滿意。

Adjusted operating expenses for the first quarter of 2026 were $43 million, an increase of 5.1% from $40.9 million in the prior year period.

2026 年第一季調整後營業費用為 4,300 萬美元，較去年同期的 4,090 萬美元增加 5.1%。

Adjusted R&D expense in the quarter was $4.1 million, an increase of $0.9 million versus the prior year, as we are investing in clinical evidence generation and new product development that we believe will differentiate Inogen over the long-term.

本季調整後研發費用為 410 萬美元，較去年增加 90 萬美元；我們正在投資於臨床證據產出與新產品開發，我們相信這將使 Inogen 在長期形成差異化。

Adjusted SG&A in the quarter was $39 million, an increase of 3.1% versus the prior year, driven by commercial organization investment to support the new product launches and the timing of advertising spend.

本季調整後銷售、一般及行政費用（SG&A）為 3,900 萬美元，較去年增加 3.1%，主要由商業組織投資（以支持新產品上市）以及廣告支出時點所帶動。

GAAP net loss for the first quarter of 2026 was $8.3 million compared to a GAAP net loss of $6.2 million in the prior year period.

2026 年第一季 GAAP 淨損為 830 萬美元，去年同期 GAAP 淨損為 620 萬美元。

Adjusted net loss was $4 million compared to an adjusted net loss of $2.9 million in the prior year and adjusted EBITDA was a negative $1.4 million in the first quarter compared to approximately breakeven in the prior year period.

經調整後淨虧損為400萬美元，較前一年經調整後淨虧損290萬美元增加；第一季經調整後EBITDA為負140萬美元，較前一年同期約為損益兩平。

The increase in losses year-over-year is a direct result of the timing of planned incremental R&D and. Commercial investments mentioned earlier.

年對年虧損增加，主要是由於計畫性新增研發以及先前提到的商業投資之時點所致。

Looking forward, we expect Q2 and Q3 to be our strongest quarters for profitability, in line with our historic top-line seasonality, and we continue to expect adjusted EBITDA growth for the full year.

展望未來，依循我們歷史上的營收季節性，我們預期第二季與第三季將是獲利能力最強的季度，且我們仍預期全年經調整後EBITDA將成長。

Moving to cash, we ended the quarter with $111.5 million in cash equivalents, marketable securities, and restricted cash with zero debt outstanding.

談到現金方面，本季末我們持有現金等價物、可供出售證券及受限制現金合計1.115億美元，且無任何未償債務。

During the quarter, we began execution of our stock repurchase program. We purchased approximately 298000 shares of our common stock for consideration of nearly $1.9 million.

本季期間，我們開始執行股票回購計畫。我們以近190萬美元的對價回購約298,000股普通股。

We continue to believe our stock is undervalued relative to the fundamentals and the strategic opportunity in front of us.

我們仍認為，相較於基本面以及我們面前的策略性機會，我們的股價被低估。

Returning capital to shareholders while also investing in growth is something we believe we are well positioned to do, and we intend to continue to do it thoughtfully over the course of the program.

在投資成長的同時回饋股東資本，是我們認為自身具備良好條件可做到的事；我們也打算在整個計畫期間審慎且有節制地持續進行。

Now let me turn to our second quarter and full-year 2026 outlook. We are reaffirming our 2026 revenue guidance of $366 million to $373 million, representing approximately 6% growth at the midpoint.

接下來我來談2026年第二季與全年展望。我們重申2026年營收指引為3.66億至3.73億美元，中位數約代表6%的成長。

That guidance reflects continued trends in our core POC business, a growing contribution from international sales, the scaling of Aurora and Voxy5, particularly in the second-half.

該指引反映我們核心POC業務的持續趨勢、國際銷售貢獻提升，以及Aurora與Voxy5的規模化，尤其是在下半年。

Partially offset by continued mix pressures in our D to C and rental channels.

但部分將被我們DTC與租賃通路持續的產品組合壓力所抵銷。

For the second quarter of 2026, we expect reported revenue in the range of $94 million to $97 million, reflecting approximately 3.5% growth at the midpoint of the range relative to the second quarter 2025 revenue.

就2026年第二季而言，我們預期認列營收介於9,400萬至9,700萬美元，區間中位數相較於2025年第二季營收約成長3.5%。

Regarding profitability, we remain committed to driving adjusted EBITDA improvement for the full year 2026, following the positive adjusted EBITDA achieved in 2025.

在獲利方面，延續2025年達成經調整後EBITDA為正的成果，我們仍致力於推動2026年全年經調整後EBITDA改善。

With that, I will turn the call back to Kevin for closing remarks.

接下來我把電話交回Kevin做結語。

Thank you, Jason.

謝謝你，Jason。

We're executing against the plan we laid out.

我們正按既定計畫執行。

We're launching new products into larger, higher-growth markets. Building the clinical and commercial infrastructure to support them, and managing the P&L with discipline while continuing to invest in the long-term.

我們正將新產品推向更大、成長更快的市場。建立支援這些產品的臨床與商業基礎設施，並在持續投入長期發展的同時，以紀律管理損益表。

We've also strengthened the organization with new leadership across finance, marketing, the Board, and a commercial team that is focused on execution. I am optimistic about what the next few years hold for Inogen.

我們也在財務、行銷、董事會以及專注於執行的商業團隊等方面引進新領導，強化了組織。我對Inogen未來幾年的發展感到樂觀。

To our shareholders, thank you for your continued support and confidence in us.

致我們的股東：感謝各位持續的支持與對我們的信心。

We look forward to updating you throughout the year. Operator, please open the call for questions.

我們期待在今年持續向各位更新進展。接線生，請開放提問。

Thank you. We will now be conducting a question-and-answer session. (event instructions)

謝謝。我們現在將進行問答環節。（活動說明）

And we'll pause for just a moment.

我們將暫停片刻。

And we'll take our first question from Anderson Schoch with B. Riley Securities.

我們的第一個問題來自B.Riley Securities的Anderson Schoch。

Hi, thank you for taking the questions and congrats on the quarter. So first, on the ROV6 launch in Brazil, could you frame the size of the Brazilian COPD market and the current state of POC penetration? Is this largely an oxygen tank replacement opportunity or are you stepping into an established POC market?

嗨，謝謝讓我提問，也恭喜本季表現。首先，關於ROV6在巴西的上市，能否請你們說明巴西COPD市場的規模以及目前POC的滲透率？這主要是取代氧氣鋼瓶的機會，還是你們正進入一個已建立的POC市場？

Hey, Anderson, this is Kevin. Thanks for that. Thanks for the call. We have not quantified the size of the market in Brazil. It is a -- that's an emerging market opportunity for us. There is an existing population of tanks in Brazil as well as POCs. There's other POCs that are in the market. So we're not the first entrant that is in there, but we are entering in, of course, as the premium brand in Brazil. We have partnerships that with local. HMEs that exist also in other markets who are familiar with us and know how to position the Inogen brand. We're looking forward to the growth coming out of there, but this is one that will continue to develop over time with market access.

嗨，Anderson，我是Kevin。謝謝你的問題。謝謝來電。我們尚未量化巴西市場的規模。對我們而言，那是一個新興市場機會。巴西既有氧氣鋼瓶使用族群，也有POC。市場上也有其他POC產品。所以我們不是第一個進入者，但我們當然會以巴西的高端品牌定位進入。我們與當地HME建立合作夥伴關係，這些夥伴也在其他市場與我們合作，熟悉我們並知道如何定位Inogen品牌。我們期待那裡帶來的成長，但這會是一個隨著市場准入而逐步發展的機會。

Okay, got it. And then net rental patients at the end of the first quarter had a steeper decline than the recent trends. Could you walk us through what drove the acceleration this quarter and how we should be thinking about this channel through the remainder of the year?

好的，了解。另外，第一季末的淨租賃病患數下降幅度比近期趨勢更陡。能否說明本季加速下滑的原因，以及我們應如何看待今年剩餘期間這個通路的走勢？

Yes. When we look at the rental program, we talked about -- and I'm going to bucket this first if we step back and you think about the dynamics that are happening within the markets that we have been planning forward and strategizing and optimizing the channels. But the shift that we see from within the U.S., which is where, of course, rental is, from the oxygen tanks to the POCs has an impact on both the headwind on the DTC as well as the rental patients, which is also creating that tailwind for. Within the B2B channels. It allows us to have additional pull-through with other technology, the products with the Aurora masks, the Voxy5 and eventually the Semiox. But that is one that is still under pressure as we go through the year. We do expect to see total U.S. Back end of the year growth, which certainly we can talk through, but we'll see that pressure continue within the rental channel.

好的。談到租賃計畫，我們之前提到——我先把它歸納一下：如果我們退一步看，思考我們所處市場的動態，我們一直在做前瞻規劃、制定策略並優化通路。但我們在美國看到的轉變（當然租賃主要在美國），從氧氣鋼瓶轉向POC，對DTC形成逆風，同時也對租賃病患數造成影響；而這也為B2B通路帶來順風。這讓我們能透過其他技術與產品帶來更多拉動效應，例如Aurora面罩、Voxy5，最終還有Semiox。但隨著今年推進，這一塊仍將承受壓力。我們確實預期美國在今年下半年會有成長；當然我們可以再詳細說明，但我們會看到租賃通路的壓力持續存在。

Okay, got it. And then how is early 2026 Box C5 has the ramp tracking against your expectations and are you beginning to see pull-through benefits with HMEs that are bundling Box C5 alongside the POC?

好的，了解。另外，2026年初Voxy5的放量進度相較於你們的預期如何？你們是否開始看到HME在將Voxy5與POC綁售時帶來的拉動效益？

We are. We like the signs that we're seeing so far in the market. The feedback has been very good. We are seeing pull-through and attachment rates.

有的。我們喜歡目前在市場上看到的訊號。回饋非常正面。我們也看到拉動效應與搭配率（attachment rates）。

So this is lining up with our expectations and supports the view that we have for this in the long-term.

因此這與我們的預期一致，也支持我們對其長期發展的看法。

Okay, got it.

好的，了解。

Thank you for taking our questions.

謝謝回答我們的問題。

Thanks, Anderson.

謝謝你，Anderson。

And next, we'll move to Mike Matson with Needham & Company.

接下來我們請Needham & Company的Mike Matson提問。

Yes, thanks for taking my questions. I guess I'll start with a couple of macro ones. So just wanted to get your take on the impact of kind of the elevated oil prices that we're seeing, any material impact expected there. And then.

好的，謝謝讓我提問。我想先從幾個總體面的問題開始。想請教你們對目前看到的油價偏高所帶來的影響有何看法，是否預期會有任何實質影響。然後。

I wanted to see if you have any sales into the Middle East. I know you're selling in Europe, but I don't know if that included the Middle East.

我也想確認你們是否有銷售到中東地區。我知道你們在歐洲有銷售，但不確定是否包含中東。

And if so, like how significant is that?

如果是的話，那影響大概有多顯著？

Okay, Mike, thank you for the question. Again, I'll start and then Jason, if there's anything to add, please do. From the macro level with the impact on the oil, we're not seeing anything for ourselves that is outsized from the rest of the industry. There are some implications, certainly where surcharges that happen with logistics, it's less of an impact for us than perhaps some others.

好的，Mike，謝謝你的提問。同樣地，我先回答，然後 Jason 如果有補充也請加入。從宏觀層面來看，就油價的影響而言，我們目前沒有看到對我們自身而言有任何明顯超出產業其他同業的影響。當然，物流方面出現的附加費會有一些影響，但對我們的影響可能比其他一些公司更小。

We don't -- if this carries on, we may start to see. See more impact as the year goes through, but to date, it's not a significant piece. When you also look at petroleum-based components and products, we think about resin material, we do have some of the material within our POCs. However, we do have supply agreements in place that protect us in the near-term. We wouldn't expect to see an impact there unless this does carry on for beyond within a quarter, it's not a big deal if we start. Seeing this carry on throughout the year, we may see additional impact from that.

我們不——如果這種情況持續下去，我們可能會開始看到。隨著年度推進看到更多影響，但截至目前，這不是一個重要的部分。另外，當你看石油基的零組件與產品時，我們會想到樹脂材料；我們在 POC 中確實有部分材料屬於這類。不過，我們已經有供應協議在位，可在短期內保護我們。除非這種情況持續超過一個季度，否則我們不預期會看到那方面的影響；如果只是短期內開始出現，影響不大。若這種情況全年持續，我們可能會因此看到額外影響。

And then to the business in the Middle East, we do have business in the Middle East. The majority of our international business is still coming from the European markets.

至於中東的業務，我們在中東確實有業務。但我們國際業務的大部分仍然來自歐洲市場。

We are not impacted by this yet. We have been focused on making sure that we can continue to serve our patients, make sure that our team and partner or partners are safe, which they all are.

我們目前尚未受到這件事的影響。我們一直專注於確保能持續服務病患，並確保我們的團隊與合作夥伴的安全；他們目前都很安全。

But so far, this hasn't been a negative impact. Jason, anything else there?

但到目前為止，這並未造成負面影響。Jason，還有其他要補充的嗎？

No, I think that's right. And I think as we've even scenarioed kind of current prices from an oil standpoint, we feel like even because of the timing that Kevin mentioned. Because of the limited freight that we have, that we'd be able to -- we would expect to be able to offset it at current levels for 2026.

沒有，我認為說得沒錯。而且我想，即使我們以油價角度對目前價格做情境推演，我們也覺得，甚至因為 Kevin 提到的時點因素。再加上我們的貨運量有限，我們應該能——我們預期在目前水準下，於 2026 年能夠抵銷這些影響。

Okay, got it.

好的，了解。

And then wondering if you could give us an update on the CPAP mask launch, how is that going and, what kind of feedback are you getting from customers?

另外想請問你們能否更新一下 CPAP 面罩的上市進度，進展如何，以及你們從客戶那邊收到什麼樣的回饋？

Yeah, Mike, it's been very good for us. It is.

是的，Mike，對我們來說表現非常好。確實如此。

It's meeting and exceeding the expectations. It, of course, is the early stages, introducing the Aurora masks to the market. Fortunately, we're able to come to the market with clinical data that supports patient preference and the quality of the mask that gives us a leg up as far as early adoption. But one of the things that we've liked so far is extremely high reorder rates from the customers that have started the process. With Aurora, take the samples, start to get patients on them, place an order. We've seen those reorder rates coming in on a monthly basis at a very high level. So that tells us that it's sticky, and this is a good signal for us.

它達到並超出預期。當然，目前仍處於早期階段，正在把 Aurora 面罩導入市場。幸運的是，我們能以臨床數據進入市場，這些數據支持病患偏好以及面罩品質，讓我們在早期採用方面更具優勢。但到目前為止，我們很喜歡的一點是：已開始導入流程的客戶，其再訂購率極高。使用 Aurora 時，先拿樣品，開始讓病患使用，接著下單。我們看到這些再訂購率以每月為頻率、維持在非常高的水準。這告訴我們黏著度很高，對我們而言是個很好的訊號。

Okay, got it. And then just looking at your adjusted.

好的，了解。然後再看你們的調整後。

Net loss, if I'm remembering correctly when I answered the press release, but I had a lot of companies report tonight, but I think it was flat to maybe even down from last year on an adjusted basis.

淨虧損，如果我沒記錯的話，我在看新聞稿時有注意到，但我今晚看了很多家公司公布財報；不過我想在調整後基礎上，應該是持平，甚至可能比去年還低一些。

I know EBITDA was not the same, but can you maybe just talk about what's happening there and why you weren't getting more kind of leverage, I guess, or cost savings from an OpEx perspective or whatever?

我知道 EBITDA 不一樣，但你們能否談談那邊發生了什麼，以及為什麼你們沒有獲得更多的槓桿效果（leverage），我想是指從營運費用（OpEx）或成本節省等角度？

Yeah, I'll take that one. I mean, I think what -- first quarter in particular, we accelerated some of our clinical evidence investments, particularly around Semiox.

好，我來回答這題。我的意思是，我認為——特別是在第一季，我們加速了一些臨床證據方面的投資，尤其是圍繞 Semiox。

And we also had moved forward the timing of some advertising spend to try to generate some additional business over the back half of the year.

另外，我們也把部分廣告支出的時點提前，以嘗試在今年下半年帶動更多業務。

But as we've mentioned before, we're managing OpEx to kind of make sure that we end up in a position of growing EBITDA over the course.

但如同我們之前提到的，我們正在管理 OpEx，以確保我們在整個過程中最終能處於 EBITDA 成長的狀態。

Of the year.

在今年之內。

No, I was going to say the other thing I would highlight though is like we talked about in the prepared remarks, which is the gross margin expansion, which I think is really critical for us as we think about some of the mixed pressures we see.

不，我想補充我會強調的另一點是，就像我們在事先準備的講稿中談到的，也就是毛利率擴張；我認為這對我們在思考我們所看到的一些組合壓力時非常關鍵。

In the market, I think some of the other levers that we're pulling to improve margins, leverage the volume that we're seeing are really important to us moving forward.

在市場上，我認為我們正在採取的其他一些槓桿來改善利潤率、並運用我們看到的出貨量（volume）所帶來的規模效益，對我們未來非常重要。

Okay, got it. The advertising spending that you mentioned, is that geared at the consumer business or is that geared at like the B2B side of things?

好的，了解。你提到的廣告支出，是針對消費者業務，還是針對像 B2B 那一端？

The advertising spend is geared historically more toward the direct-to-consumer business, although it does benefit broadly across all of the markets, creating brand awareness. However, we have been revising that strategy, the channels, how we do that marketing and broadening that out to include both the HCPs, the HMEs.

從歷史上看，廣告支出更多是針對直面消費者（direct-to-consumer）業務，但它也確實能廣泛地惠及所有市場，提升品牌知名度。不過，我們一直在調整該策略，包括渠道以及我們如何進行行銷，並將其擴展到同時涵蓋 HCP 與 HME。

This is now a much more sophisticated marketing project going forward. And that's one of the benefits, too, that when we added Dominic here to the team, he brings a lot of that expertise and that savviness to the team here.

接下來，這將是一個更成熟、更精細的行銷專案。而這也是我們把 Dominic 加入團隊後的好處之一，他為團隊帶來了許多相關專業與行銷敏銳度。

Okay, got it.

好的，了解。

Thank you.

謝謝。

Thanks, Mike.

謝謝你，Mike。

And there are no further questions at this time. I would like to turn the floor back to Kevin Smith for closing remarks.

目前沒有其他問題。我想把時間交回給 Kevin Smith 做結語。

So before we wrap up, I want to highlight one core theme that underpins our strategy, innovation, which is the engine driving our future growth. Early feedback on our new products, Aurora, Voxy, Semiox, it's all been positive.

在我們結束之前，我想強調一個支撐我們策略的核心主題：創新，這是推動我們未來成長的引擎。市場對我們新產品 Aurora、Voxy、Semiox 的早期回饋都很正面。

Confirming these innovations address key market needs. This progress stems from strategic investments in our pipeline, and we aim to launch one new product per year as part of our long-term plan. These efforts strengthen our position for broader reach and sustained growth.

這也確認了這些創新能滿足關鍵的市場需求。這項進展源自於我們對產品研發管線的策略性投資；依照我們的長期計畫，我們目標是每年推出一項新產品。這些努力強化了我們擴大觸及範圍與持續成長的定位。

While we are still early in this journey, the momentum we are building today gives us real confidence and excitement about what lies ahead.

雖然我們仍處於這段旅程的早期，但我們今天所建立的動能，讓我們對未來充滿真正的信心與期待。

And I would also like to formally recognize and express my gratitude to the entire Inogen team.

我也想正式表達對 Inogen 全體團隊的肯定與感謝。

Your dedication to patient care, consistent execution, and collective contributions has been essential to our ongoing transformation.

你們對病患照護的投入、穩定的執行力，以及集體的貢獻，對我們持續轉型至關重要。

I value the energy and commitment you bring every day, and I'm proud of what we've built together.

我很珍惜你們每天帶來的活力與承諾，也為我們一起建立的成果感到自豪。

Thank you.

謝謝。

Thank you. This does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。感謝各位的參與。此時您可以掛斷電話線。