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Date

Thursday, May 7, 2026 at 5 p.m. ET

Call participants

  • President and Chief Executive Officer — Kevin Smith
  • Chief Financial Officer — Jason Richardson
  • Senior Vice President, Investor Relations and Strategic Planning — Lorna Williams

Takeaways

  • Total Revenue -- $85.1 million, representing 3.4% year-over-year growth, attributed to international performance and higher unit volumes.
  • International Revenue -- $37.7 million, up 18% year over year, reflecting commercial execution, new tenders, and geographic expansion into Eastern Europe, Latin America, and Asia Pacific.
  • U.S. Revenue -- $34.7 million, down 5% year over year, impacted by mix shift dynamics favoring the B2B channel over direct-to-consumer and rental channels.
  • U.S. Rentals Revenue -- $12.7 million, down 8% year over year, due to continued channel mix shift and declining patient counts.
  • Unit Volume Growth -- 14% increase year over year, primarily from structural conversion in the U.S. and global demand.
  • Foreign Exchange Impact -- Positive 460 basis point contribution to total revenue, offsetting U.S. sales declines.
  • Adjusted Gross Margin -- 44.7%, up 30 basis points from the prior year, primarily due to cost improvements.
  • Adjusted Operating Expenses -- $43 million, a 5.1% increase, driven by commercial investments and increased R&D spending.
  • Adjusted R&D Expense -- $4.1 million, $900 thousand higher than prior year, supporting product development and clinical evidence generation.
  • Adjusted SG&A -- $39 million, up 3.1%, reflecting spend on commercial organization and advertising related to new product launches.
  • GAAP Net Loss -- $8.3 million versus $6.2 million prior year, due to timing of incremental R&D and marketing investments.
  • Adjusted Net Loss -- $4 million compared to $2.9 million prior year, with losses attributed to strategic investment timing.
  • Adjusted EBITDA -- Negative $1.4 million compared to breakeven prior year, reflecting deliberate increases in expenses to drive long-term growth.
  • Cash & Equivalents -- $111.5 million with zero debt, supporting operational and strategic flexibility.
  • Share Repurchase Program -- 298,000 shares repurchased for $1.9 million, with management stating, "We continue to believe our stock is undervalued relative to the fundamentals and the strategic opportunity in front of us."
  • Revenue Guidance 2026 -- Reaffirmed at $366 million to $373 million, with 6% growth midpoint expected, including a Q2 outlook of $94 million to $97 million and projected 3.5% growth sequentially from Q2 2025.
  • Product Pipeline Update -- Aurora CPAP mask launched in the U.S. with early reorder rates described as "extremely high"; Row six portable oxygen concentrator introduced in Brazil as part of ongoing international strategy.
  • Market Penetration Dynamics -- Estimated 60% of new long-term oxygen therapy patients starting on POC, a notable increase from less than 40% in recent years.
  • Cemiok Reimbursement Trial -- Patient enrollment began for U.S. reimbursement study, targeting a $500 million non–cystic fibrosis bronchiectasis TAM with recurring revenue potential.
  • Leadership Additions -- New CFO Jason Richardson joined this quarter; Dominic Holton named Chief Marketing Officer; Vafa Jamali to join the board in June 2026; proposed board declassification starting 2027.

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Risks

  • U.S. rental and direct-to-consumer channels face continued pressure, with management noting, "we will see that pressure continue within the rental channel" due to market shift toward POCs.
  • Rising oil prices could begin to impact logistics and resin material costs if sustained, with Smith stating, "If this carries on, we may start to see more impact as the year goes through, but today it is not significant."
  • Adjusted net loss and EBITDA deteriorated versus prior year, directly attributed to the timing of increased R&D and advertising expenditure aimed at long-term growth.

Summary

Inogen (INGN +1.13%) reported first-quarter financial results reflecting growth in revenue and adjusted gross margin, driven principally by international expansion and higher unit volumes. Management highlighted ongoing channel mix dynamics in the U.S, emphasizing both headwinds in the rental segment and opportunities through business-to-business partners as POC adoption accelerates. New product launches, notably the Aurora CPAP mask, received favorable feedback with high reorder rates, and the company advanced major milestones in its product pipeline including an active reimbursement trial for Cemiok. The leadership team expanded with key executive hires, and board changes were proposed to enhance governance alignment. Cash reserves remained robust, enabling both ongoing R&D investment and continued execution of a share repurchase program.

  • The total addressable market for Inogen, Inc. broadened significantly to $3.4 billion across oxygen, sleep therapy, airway clearance, and digital health following strategic adjacency expansion.
  • International and emerging market initiatives included a product launch in Brazil and ongoing entry into Latin America, Asia Pacific, and Eastern Europe, supporting global revenue diversity.
  • Management reiterated its intention to pursue at least one new product launch annually, holding each to rigorous standards of clinical and commercial viability.
  • Advertising investments were adjusted to reach both healthcare providers and HMEs, not only U.S. direct-to-consumer sales, reflecting broader marketing sophistication.
  • Supply agreements were cited as mitigating current petroleum-based input cost volatility in the short term, although potential exposure exists if oil prices remain high throughout the year.

Industry glossary

  • POC (Portable Oxygen Concentrator): Medical device that provides supplemental oxygen by concentrating ambient air, used for long-term oxygen therapy.
  • HME (Home Medical Equipment provider): Company or entity distributing medical devices for use in the patient's home, often a channel partner for products like oxygen concentrators and CPAP masks.
  • CPAP (Continuous Positive Airway Pressure) mask: Mask system delivering pressurized air to treat sleep apnea, frequently prescribed to COPD patients with coexisting sleep disorders.
  • TAM (Total Addressable Market): The aggregate annual revenue opportunity or market size available to a product or service if 100% market share were achieved.
  • SG&A (Selling, General, and Administrative expenses): Operating expenses not directly attributable to product manufacturing or R&D, including sales, marketing, and administrative costs.
  • Adjusted EBITDA: Non-GAAP earnings metric, defined as earnings before interest, taxes, depreciation, and amortization, adjusted for one-time or non-operational items.

Full Conference Call Transcript

Operator: Welcome to Inogen, Inc.'s first quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. Following management's prepared remarks, we will hold a Q&A session. A reminder, this conference is being recorded today, May 7, 2026. I would now like to turn the call over to Lorna Williams, SVP of Investor Relations and Strategic Planning.

Lorna Williams: Thank you all for participating in today's call. Joining me are President and CEO, Kevin Smith, and CFO, Jason Richardson. Earlier today, Inogen, Inc. released financial results for 2026. 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. During today's call, we will discuss non-GAAP financial measures that we believe provide useful supplemental information for investors. This information is not intended to be considered in isolation or as a substitute for GAAP financial information.

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. In addition, our discussion today will include forward-looking statements including, but not limited to, expectations about our future financial and operating performance. We make these statements based on current expectations and reasonable assumptions. However, our actual results could differ due to risks and uncertainties. Please review our annual report and other SEC filings for discussion of risk factors that could cause our actual results to differ materially from any forward-looking statements made today.

Forward-looking statements made on today's call speak only as of today, and Inogen, Inc. undertakes no obligation to update or revise these statements except as required by law. With that, I will turn the call over to Inogen, Inc.'s President and CEO, Kevin Smith.

Kevin Smith: Good afternoon, and thank you for joining our first quarter 2026 conference call. I want to begin by welcoming several new leaders to the Inogen, Inc. team. These team additions reflect the ambition we have for the next chapter. 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. He brings the operational depth that we need, has experience scaling med tech franchises, and has respiratory industry experience, all directly relevant to what we are building. I will let him speak to the quarter shortly.

We also appointed Dominic Holton as Chief Marketing Officer, reporting directly to me. 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. And we announced the appointment of Vafa Jamali to our board of directors, which will become effective on 06/05/2026. Vafa'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.

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. Turning to Q1 results. Q1 came in at $85.1 million in total revenue, representing 3.4% year-over-year growth, ahead of our expectations. When we set guidance, we were transparent about what was shaping the quarter: continued strength in international, along with channel mix pressure as the U.S. market continues its structural conversion towards POCs. Dynamics played out largely as anticipated, with unit volumes growing 14% year over year, and our international business delivered double-digit performance.

Taken together, the quarter reflects a business performing in line with our expectations, and underlying fundamentals that remain healthy. U.S. sales were $34.7 million in the quarter. Today, we estimate roughly 60% of new long-term oxygen therapy patients start a POC, up from under 40% just a few years ago. That shift benefits our B2B sales channel meaningfully, and we see it in our volume. 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. We are managing this transition with discipline. Our direct sales rep efficiency continued to improve. Demand for Inogen, Inc. products is strong.

We are investing deliberately to educate both patients and providers on the economic and clinical benefits of Inogen, Inc. technology. Our role four and role six POCs carry an eight-year useful life versus the five-year useful life of other POCs in the market, best-in-class serviceability, and a growing body of outcomes data. That performance supports our premium positioning against pricing pressure. International sales were the clear standout in Q1. Revenue of $37.7 million represented 18% year-over-year growth. This result speaks to the quality of our commercial execution and the breadth of the opportunity ahead.

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. The global COPD market is large, underpenetrated, and shifting steadily toward home-based care. We are well positioned, and Q1 international performance is evidence of this. If the financial results reflect where we have been, pipeline is where I want to spend most of my time because it tells you where we are going. When I joined Inogen, Inc., we were a portable oxygen concentrator company with a $400 million addressable market.

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. That expansion is a result of a deliberate strategy: identify adjacencies with patient overlap, enter with clinical evidence, and leverage the commercial infrastructure and brand product that we have built. Each new category we have entered follows that same logic. Now let me walk through the major milestones from this quarter. We launched the Aurora CPAP mask family in the United States this quarter, and the early read is highly encouraging. I want to be clear about why we entered this market and why we believe we can win.

Roughly 20% to 30% of our COPD patients have obstructive sleep apnea. 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. The channel relationships we have spent years building extend naturally into this market. What gives us particular confidence is the clinical work we completed before launch. We ran a 90-day in-home evaluation with experienced CPAP users. These individuals were already satisfied with their existing masks, yet they preferred the Aurora mask, particularly the Aurora full face mask, which was overwhelmingly favored. That is a meaningful bar to clear, and we did it.

We will be presenting the full results of that study at Suite 2026 in Baltimore this June, one of the premier forums in sleep medicine. Presenting a peer-reviewed dataset at this type of industry conference is how a new entrant like us builds credibility with clinicians and accelerates adoption through the HME channel. The overall commercial feedback has been encouraging. HME partners and respiratory therapists have responded positively to the product and to the evidence behind it. Expect Aurora's revenue contribution to be more back-half weighted as that momentum builds. We estimate the U.S. CPAP mask market at approximately $2.2 billion, growing at a high single-digit rate.

So every point of market share represents roughly $20 million in potential annual revenue. We intend to earn a meaningful position in this market, and Aurora is the foundation for that. We also launched the Row six portable oxygen concentrator in Brazil this quarter. This reflects the broader international expansion strategy we have been executing. We are entering new geographies with products designed for those markets, building on our established distribution relationships, and extending Inogen, Inc.'s reach to patients who currently have limited access to high-quality portable oxygen therapy. Brazil is a meaningful market with a growing COPD patient population. This launch continues the momentum we have built across Latin America over the past year.

VimeoX represents what I believe is one of the most exciting long-term opportunities in our portfolio. In this quarter, we crossed major milestones. We began patient enrollment in the 200, our first reimbursement trial for Cemiok. The trial is actively enrolled. We want to build the right evidence base to address CMS, private payers, and health economic arguments for the appropriate reimbursement level. Let me remind everyone of the opportunity here. The U.S. opportunity for Cemiok 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 recurring revenue stream that makes the financial model increasingly predictable over time.

And beyond the economics, Cemiok addresses a patient population that is underserved. Existing OPEB devices are ineffective for a large share of bronchiectasis patients. That therapy works, it is bulky, and not universally accessible. Symiox offers meaningful clinical differentiation, and the data we are generating is designed to demonstrate that rigorously. These are the reasons why we are taking the time to do this right. Stepping back, the common thread across everything we discussed today is that the new Inogen, Inc. is different from the Inogen, Inc. of three years ago.

We are a home respiratory care platform with a diversified portfolio and expanding addressable market, with a commercial infrastructure and brand reputation that creates leverage as we scale each new product category. We believe these investments in our pipeline will help drive our top-line growth and advance our path to profitability. POC 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.

But we are no longer constrained by that single market, and the new products we have launched are primarily in higher-growth markets with a higher gross margin profile than our historical mix. 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. And with that, I will turn the call over to Jason for his first earnings call as Inogen, Inc.'s CFO. Jason?

Jason Richardson: Thank you, Kevin, and good afternoon, everyone. I am excited to be here for my first earnings call as Inogen, Inc.'s CFO. I joined the company just one month ago, and I have been spending that time getting deeply into the business and getting to know the team and the opportunities ahead. What I have found reinforces why I joined. 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. With that, I will turn to our first quarter performance and the outlook ahead.

As Kevin mentioned, total revenue for the first quarter was $85.1 million, an increase of 3.4% from the prior-year period. This exceeded our expectations. 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 U.S. sales. For the quarter, foreign exchange had a positive 460 basis point impact on total revenue. 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.

U.S. rentals were $12.7 million, down 8% year over year. Both U.S. direct sale businesses were impacted by the continued channel mix shift and reduced patient counts Kevin described. Moving to adjusted gross margin, in the first quarter it 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 over time is critical to our overall profitability goals, and we are pleased with the first quarter performance. Adjusted operating expenses for 2026 were $43.0 million, an increase of 5.1% from $40.9 million in the prior-year period.

Adjusted R&D expense in the quarter was $4.1 million, an increase of $900 thousand versus the prior year, as we are investing in clinical evidence generation and new product development that we believe will differentiate Inogen, Inc. over the long term. Adjusted SG&A in the quarter was $39.0 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. GAAP net loss for 2026 was $8.3 million compared to a GAAP net loss of $6.2 million in the prior-year period. Adjusted net loss was $4.0 million compared to an adjusted net loss of $2.9 million in the prior year.

And adjusted EBITDA was negative $1.4 million in the first quarter compared to approximately breakeven in the prior-year period. The increase in losses year over year is a direct result of the timing of planned incremental R&D and commercial investments mentioned earlier. 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. Moving to cash. We ended the quarter with $111.5 million in cash, cash equivalents, marketable securities, and restricted cash, with zero debt outstanding. During the quarter, we began execution of our stock repurchase program.

We purchased approximately 298 thousand shares of our common stock for consideration of nearly $1.9 million. We continue to believe our stock is undervalued relative to the fundamentals and the strategic opportunity in front of us. 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. 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.

That guidance reflects continued trends in our core POC business, a growing contribution from international sales, the scaling of Aurora and Boxy5, particularly in the second half, partially offset by continued mix pressures in our D2C rental channels. For 2026, we expect reported Q2 revenue in the range of $94 million to $97 million, reflecting approximately 3.5% growth at the midpoint of the range relative to second quarter 2025 revenue. Regarding profitability, we remain committed to driving adjusted EBITDA improvement for the full year 2026, following the positive adjusted EBITDA achieved in 2025. With that, I will turn the call back to Kevin for closing remarks.

Kevin Smith: Thank you, Jason. We are executing against the plan we laid out. We are 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. We have 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, Inc. To our shareholders, thank you for your continued support and confidence in us. We look forward to updating you throughout the year. Operator, please open the call for questions.

Operator: Thank you. We will now be conducting a question and answer session. You may press 2 to remove yourself. We will pause for just a moment. We will take our first question from Anderson Schock with B. Riley Securities.

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

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

Anderson Schock: 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?

Kevin Smith: Yes. When we look at the rental program, if we step back and think about the dynamics that are happening within the markets, we have been planning for and strategizing and optimizing the channels. The shift that we see within the U.S.—which is where rental is—from oxygen tanks to POCs has an impact on both direct-to-consumer as well as rental patients, which is also creating that tailwind for us within the B2B channels. It allows us to have additional pull-through with other technology and products with the Aurora mask, the VOXI five, and eventually the SIMIOX. 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 we can certainly talk through, but we will see that pressure continue within the rental channel.

Anderson Schock: Okay. Got it. And then how is the early 2026 VOXE five ramp tracking against your expectations? Are you beginning to see pull-through benefits with HMEs that are bundling Box C5 alongside the POC?

Kevin Smith: Yes, we are. We like the signs that we are seeing so far in the market. The feedback has been very good. We are seeing pull-through and attachment rates, so this is lining up with our expectations and supports the view that we have on this in the long term.

Anderson Schock: Okay, got it. Thank you for taking our questions.

Kevin Smith: Thanks, Anderson.

Operator: And next, we will move to Michael Stephen Matson with Needham & Company.

Michael Stephen Matson: Yes. Thanks for taking my question, and I guess I will start with a couple of macro ones. So I just wanted to get your take on the impact of the elevated oil prices that we are seeing—any material impact expected there? And then I wanted to see if you have any sales into the Middle East. I know you are selling in Europe. I did not know if that included the Middle East, and, if so, how significant is that?

Kevin Smith: Hey, Mike. Thank you for the question. I will start, and then Jason, anything to add, please do. From the macro level with the impact on oil, we are not seeing anything for ourselves that is outsized from the rest of the industry. There are some implications, certainly with surcharges that happen with logistics—less of an impact for us than perhaps some others. If this carries on, we may start to see more impact as the year goes through, but today it is not significant. When you also look at petroleum-based components and products—think about resin material—we do have some of that material within our POCs. However, we have supply agreements in place that protect us in the near term.

We would not expect to see an impact there unless this carries on for longer. So within a quarter, it is not a big deal; if we start seeing this carry on throughout the year, we may see additional impact from that. 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. We are not impacted by this yet. We have been focused on making sure that we can continue to serve our patients and make sure that our team and partners are safe, which they all are. But so far this has not been a negative. Jason, anything else there?

Jason Richardson: No, I think that is right. And I think, as we have even scenarioed current prices from an oil standpoint, we feel like given the timing that Kevin mentioned, because of the limited freight that we have, we would expect to be able to offset it at current levels for 2026.

Michael Stephen Matson: Okay. Got it. And then I was 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?

Kevin Smith: Hey, Mike, it has been very good for us. It is meeting and exceeding expectations. Of course, it is the early stages introducing the Aurora mask to the market. Fortunately, we are 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. One of the things we have 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 have seen those reorder rates coming in on a monthly basis at a very high level.

So that tells us that it is sticky, and this is a good signal for us.

Michael Stephen Matson: Okay. Got it. And then, just looking at your adjusted net loss—if I am remembering correctly when I glanced at the press release—I think it was flat to maybe even down from last year on an adjusted basis. I know EBITDA was not the same, but can you maybe just talk about what is happening there and why we are not getting more leverage, I guess, or cost savings from an OpEx perspective?

Jason Richardson: Yes, I will take that one. In the first quarter in particular, we accelerated some of our clinical evidence investments, particularly around Symiox, and we also moved forward the timing of some advertising spend to try to generate some additional business over the back half of the year. But, as we have mentioned before, we are managing OpEx to make sure that we end up in a position of growing EBITDA over the course of the year. The other thing I would highlight is the gross margin expansion that we talked about in the prepared remarks, which I think is really critical for us as we think about some of the mix pressures we see in the market.

I think some of the other levers that we are pulling to improve margins and leverage the volume that we are seeing are really important to us moving forward.

Michael Stephen Matson: Okay. Got it. The advertising spending that you mentioned, is that geared at the consumer business, or was that geared at the B2B side of things?

Kevin Smith: Yes, the advertising spend is geared historically more toward the direct-to-consumer business, although it does benefit broadly across all of the markets by 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 and the HMEs. This is now a much more sophisticated marketing project going forward, and that is one of the benefits, too, when we added Dominic to the team. He brings a lot of that expertise and savviness to the team here.

Michael Stephen Matson: Okay. Got it. Thank you.

Operator: Thanks, Mike. There are no further questions at this time. I would like to turn the floor back to Kevin Smith for closing remarks.

Kevin Smith: 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, VOXI, Semiox—has all been positive, 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. While we are still early in this journey, the momentum we are building today gives us real confidence and excitement about what lies ahead. I would also like to formally recognize and express my gratitude to the entire Inogen, Inc. team.

Your dedication to patient care, consistent execution, and collective contributions has been essential to our ongoing transformation. We value the energy and commitment you bring every day, and I am proud of what we have built together. Thank you.

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