Inogen, Inc (INGN) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

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 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. 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? Yeah, 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 for 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, It has an impact on both the headwind on the DTC as well as the 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, the products with the Aurora masks, the Voxy 5, 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. Okay, got it. And then how is early 2026 VOC C5, how's the ramp tracking against your expectations? Are you begi...