Inogen Stock Slides After Q4 Revenue Falls 11% Short of Estimates
Company cites delayed customer orders for the significant revenue miss and declines to issue a financial forecast for 2026, creating investor uncertainty.
Shares of Inogen Inc. (INGN) fell in trading after the medical technology company announced preliminary fourth-quarter revenue that significantly missed Wall Street expectations, prompting concerns about near-term growth and business visibility.
The Goleta, California-based company disclosed it expects to report approximately $82.0 million in revenue for the fourth quarter ended December 31, 2025. This figure is a sharp 11.1% below analyst consensus estimates of $92.2 million, a significant shortfall that rattled investors. As of Tuesday morning, Inogen's stock was trading at $7.03, a decline of 2.63% for the session.
In a regulatory filing, management attributed the revenue gap to a "shift in the timing of a few large customer orders." The company stated these orders, which were anticipated to close in the final quarter of 2025, are now expected to be fulfilled in the first half of 2026.
Adding to investor anxiety, Inogen declined to provide specific financial guidance for the full year 2026. This lack of a forward-looking forecast suggests a degree of unpredictability in its business operations and market demand. The move contrasts with the company's effort to reassure stakeholders by reaffirming its expectation to achieve positive Adjusted EBITDA for the full year of 2025.
Inogen, which specializes in innovative portable oxygen concentrators for patients with respiratory conditions, has a market capitalization of approximately $191 million. The recent stock decline pushes its shares closer to the 52-week low of $5.70, and well below its 52-week high of $12.91, underscoring a challenging period for the company. The stock is also trading below its 50-day and 200-day moving averages, technical indicators often monitored by traders as a sign of bearish momentum.
While the company's products cater to a growing need for home healthcare solutions, the delayed orders raise questions about demand consistency, competitive pressures, and sales execution. Investors will now be closely watching for the company's official full fourth-quarter earnings report for more color on the delays.
Looking ahead, the market will be focused on Inogen's performance in the first half of 2026 to see if the deferred revenue materializes as management projects. Until the company provides a clearer financial forecast, the stock may continue to face pressure as investors weigh the reaffirmed 2025 profitability target against the uncertainty of its future growth trajectory.