季報
季度報告
10-Q
2026-08-07
Inogen第二季收入增3%至9508萬美元 淨虧損收窄並續回購股份
AI 繁中摘要
Inogen（納斯達克：INGN）公佈截至2026年6月30日止第二季度及上半年業績。公司期內總收入錄得增長，但虧損幅度略為擴大，同時管理層已啟動股份回購計劃，並新授予一批入職限制性股票單位。
📊 第二季度業績重點（未經審計）
- 總收入：9,508萬美元，按年增長3.0%（2025年同期：9,228萬美元）
- 銷售收入：8,353萬美元，增長5.5%
- 租金收入：1,156萬美元，下跌11.8%（主要受Medicare報銷組合影響）
- 總毛利率：45.5%，略高於去年同期的44.8%
- 經營虧損：510萬美元（去年同期虧損613萬美元，虧損幅度收窄）
- 淨虧損：385萬美元，每股虧損0.14美元（去年同期淨虧損415萬美元，每股虧損0.15美元）
📅 上半年業績重點
- 總收入：1.802億美元，增長3.2%
- 淨虧損：1,217萬美元，每股虧損0.45美元（去年同期淨虧損1,033萬美元，每股虧損0.40美元）
- 經營活動現金流：負374萬美元（去年同期為負1,244萬美元，現金消耗明顯改善）
💰 財務狀況
- 現金、現金等價物及受限現金：8,858萬美元（截至2026年6月30日）
- 可銷售證券：1,826萬美元
- 公司於2026年上半年回購114.5萬股普通股，涉資約750萬美元，平均每股6.55美元；董事會授權的3,000萬美元回購計劃尚餘2,250萬美元額度
- 截至2026年8月1日，已發行普通股2,653.8萬股
🌍 地區表現
- 美國收入：1.013億美元（上半年），按年下跌5.0%
- 國際收入：7,892萬美元，按年增長16.2%，主要受歐洲市場帶動；約八成國際收入以歐元計價
其他重點：
- Medicares 服務報銷計劃佔租金收入63.4%（上半年），反映對政府計劃的高度依賴
- 三大供應商合共佔原材料採購約39.1%（上半年），供應鏈集中風險值得留意
- 期內授予兩名新入職員工合共最多281,897股限制性股票單位（包括時間歸屬及表現歸屬部分），作為入職誘因
- 公司維持對遞延稅項資產的全額估值備抵
管理層展望：
雖然公司未有在季度報告中提供具體盈利指引，但從現金流改善及回購行動來看，管理層似乎對營運現金流前景審慎樂觀。公司將繼續專注於國際市場擴張及成本控制，以縮窄虧損。投資者需關注Medicare報銷政策變動、供應鏈集中風險，以及新產品（如Simeox及Aurora CPAP）的市場滲透進度。
⚠️ 潛在影響
Inogen 正處於業務轉型期，國際業務增長強勁是亮點，但美國本土收入持續下滑及租金收入萎縮仍需警惕。股份回購顯示管理層對長期價值的信心，惟公司尚未實現盈利，投資者宜密切留意現金流狀況及後續季度毛利率走勢。
展開英文正文
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to Commission file number: 001-36309 INOGEN, INC. (Exact name of registrant as specified in its charter) Delaware 33-0989359 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 500 Cummings Center, Suite 2800 Beverly, Massachusetts 01915 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (805) 562-0500 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.001 par value INGN The NASDAQ Stock Market LLC (NASDAQ Global Select Market) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐ Smaller reporting company ☒ 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. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ As of August 1, 2026, the registrant had 26,538,337 shares of common stock, par value $0.001 per share, outstanding. TABLE OF CONTENTS Part I – Financial Information Page Item 1. Financial Statements 3 Consolidated Balance Sheets (unaudited) as of June 30, 2026 and December 31, 2025 3 Consolidated Statements of Comprehensive Loss (unaudited) for the Three and Six Months Ended June 30, 2026 and June 30, 2025 4 Consolidated Statements of Stockholders’ Equity (unaudited) for the Three and Six Months Ended June 30, 2026 and June 30, 2025 5 Consolidated Statements of Cash Flows (unaudited) for the Six Months Ended June 30, 2026 and June 30, 2025 6 Condensed Notes to the Consolidated Financial Statements (unaudited) 8 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3. Quantitative and Qualitative Disclosures about Market Risk 32 Item 4. Controls and Procedures 33 Part II – Other Information Item 1. Legal Proceedings 34 Item 1A. Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults Upon Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 36 SIGNATURES 37 2 INOGEN, INC. PART I – FINANCIAL INFORMATION Item 1. Financial Statements Inogen, Inc. Consolidated Balance Sheets (unaudited) (amounts in thousands, except share and per share amounts) June 30, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents $ 87,276 $ 103,729 Marketable securities 18,263 15,848 Restricted cash 1,303 1,289 Accounts receivable, net 46,157 38,863 Inventories 28,633 25,969 Prepaid expenses and other current assets 12,504 12,601 Total current assets 194,136 198,299 Property and equipment, net 31,781 36,362 Goodwill 10,395 10,698 Intangible assets, net 27,447 30,763 Operating lease right-of-use asset 14,914 16,501 Other assets 6,899 6,002 Total assets $ 285,572 $ 298,625 Liabilities and stockholders' equity Current liabilities Accounts payable and accrued expenses $ 39,678 $ 33,941 Accrued payroll 12,796 10,629 Warranty reserve - current 10,414 10,116 Operating lease liability - current 3,253 3,163 Deferred revenue - current 4,723 5,503 Income tax payable — 183 Total current liabilities 70,864 63,535 Long-term liabilities Warranty reserve - noncurrent 17,961 18,194 Operating lease liability - noncurrent 12,541 14,313 Deferred revenue - noncurrent 2,857 3,603 Deferred tax liability 6,485 6,749 Total liabilities 110,708 106,394 Commitments and contingencies (Note 9) Stockholders' equity Common stock, $0.001 par value per share; 200,000,000 shares authorized; 26,730,437 and 27,232,350 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 27 27 Additional paid-in capital 359,519 363,545 Accumulated deficit (187,758 ) (175,584 ) Accumulated other comprehensive income 3,076 4,243 Total stockholders' equity 174,864 192,231 Total liabilities and stockholders' equity $ 285,572 $ 298,625 See accompanying condensed notes to the consolidated financial statements. 3 Inogen, Inc. Consolidated Statements of Comprehensive Loss (unaudited) (amounts in thousands, except share and per share amounts) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Revenue Sales revenue $ 83,525 $ 79,172 $ 155,929 $ 147,642 Rental revenue 11,559 13,105 24,264 26,915 Total revenue 95,084 92,277 180,193 174,557 Cost of revenue Cost of sales revenue 44,949 43,469 85,126 81,552 Cost of rental revenue, including depreciation of $2,475 and $3,017 for the three months ended and $5,103 and $6,051 for the six months ended, respectively 6,863 7,467 13,932 15,292 Total cost of revenue 51,812 50,936 99,058 96,844 Gross profit Gross profit-sales revenue 38,576 35,703 70,803 66,090 Gross profit-rental revenue 4,696 5,638 10,332 11,623 Total gross profit 43,272 41,341 81,135 77,713 Operating expense Research and development 5,871 5,209 10,968 9,243 Sales and marketing 24,824 25,390 49,427 49,147 General and administrative 17,673 16,871 35,172 33,108 Total operating expense 48,368 47,470 95,567 91,498 Loss from operations (5,096 ) (6,129 ) (14,432 ) (13,785 ) Other income Interest income, net 861 1,123 1,741 2,152 Other income, net 231 701 189 1,057 Total other income, net 1,092 1,824 1,930 3,209 Loss before benefit for income taxes (4,004 ) (4,305 ) (12,502 ) (10,576 ) Benefit for income taxes (154 ) (153 ) (328 ) (250 ) Net loss (3,850 ) (4,152 ) (12,174 ) (10,326 ) Other comprehensive (loss) income, net of tax Change in foreign currency translation adjustment (350 ) 3,926 (1,195 ) 5,781 Change in net unrealized (losses) gains on foreign currency hedging (142 ) 36 (179 ) (696 ) Less: reclassification adjustment for net gains (losses) included in net loss 164 (606 ) 201 (739 ) Total net change in unrealized gains (losses) on foreign currency hedging 22 (570 ) 22 (1,435 ) Change in net unrealized (losses) gains on marketable securities (11 ) 42 6 42 Total other comprehensive (loss) income, net of tax (339 ) 3,398 (1,167 ) 4,388 Comprehensive loss $ (4,189 ) $ (754 ) $ (13,341 ) $ (5,938 ) Basic net loss per share attributable to common stockholders (Note 6) $ (0.14 ) $ (0.15 ) $ (0.45 ) $ (0.40 ) Diluted net loss per share attributable to common stockholders (Note 6) $ (0.14 ) $ (0.15 ) $ (0.45 ) $ (0.40 ) Weighted average number of shares used in calculating net loss per share attributable to common stockholders: Basic shares of common stock 27,045,095 26,962,465 27,183,000 26,068,421 Diluted shares of common stock 27,045,095 26,962,465 27,183,000 26,068,421 See accompanying condensed notes to the consolidated financial statements. 4 Inogen, Inc. Consolidated Statements of Stockholders’ Equity (unaudited) (amounts in thousands, except share amounts) Three months ended June 30, 2026 and June 30, 2025 Accumulated Additional other Total Common stock paid-in Accumulated comprehensive stockholders' Shares Amount capital deficit income (loss) equity Balance, March 31, 2025 26,887,242 $ 27 $ 357,447 $ (159,011 ) $ (511 ) $ 197,952 Stock-based compensation — — 2,293 — — 2,293 Stock issued 153,148 — — — — - Net loss — — — (4,152 ) — (4,152 ) Other comprehensive income — — — — 3,398 3,398 Balance, June 30, 2025 27,040,390 $ 27 $ 359,740 $ (163,163 ) $ 2,887 $ 199,491 Balance, March 31, 2026 27,365,116 $ 27 $ 363,372 $ (183,908 ) $ 3,415 $ 182,906 Stock-based compensation — — 1,771 — — 1,771 Stock issued 212,371 — — — — — Repurchases of common stock (847,050 ) — (5,624 ) — — (5,624 ) Net loss — — — (3,850 ) — (3,850 ) Other comprehensive loss — — — — (339 ) (339 ) Balance, June 30, 2026 26,730,437 $ 27 $ 359,519 $ (187,758 ) $ 3,076 $ 174,864 Six months ended June 30, 2026 and June 30, 2025 Accumulated Additional other Total Common stock paid-in Accumulated comprehensive stockholders' Shares Amount capital deficit income (loss) equity Balance, December 31, 2024 23,902,338 $ 24 $ 328,174 $ (152,837 ) $ (1,501 ) $ 173,860 Stock-based compensation — — 4,440 — — 4,440 Stock issued 580,003 — 489 — — 489 Tax withholding related to vesting of restricted stock units (68,376 ) — (570 ) — — (570 ) Issuance of common stock from securities purchase agreement 2,626,425 3 27,207 — — 27,210 Net loss — — — (10,326 ) — (10,326 ) Other comprehensive income — — — — 4,388 4,388 Balance, June 30, 2025 27,040,390 $ 27 $ 359,740 $ (163,163 ) $ 2,887 $ 199,491 Balance, December 31, 2025 27,232,350 $ 27 $ 363,545 $ (175,584 ) $ 4,243 $ 192,231 Stock-based compensation — — 3,721 — — 3,721 Stock issued 745,216 — 373 — — 373 Tax withholding related to vesting of restricted stock units (101,979 ) — (622 ) — — (622 ) Repurchases of common stock (1,145,150 ) — (7,498 ) — — (7,498 ) Net loss — — — (12,174 ) — (12,174 ) Other comprehensive loss — — — — (1,167 ) (1,167 ) Balance, June 30, 2026 26,730,437 $ 27 $ 359,519 $ (187,758 ) $ 3,076 $ 174,864 See accompanying condensed notes to the consolidated financial statements. 5 Inogen, Inc. Consolidated Statements of Cash Flows (unaudited) (amounts in thousands) Six months ended June 30, 2026 2025 Cash flows from operating activities Net loss $ (12,174 ) $ (10,326 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 9,601 10,405 Loss on rental units and other assets 1,261 1,655 Provision for sales revenue returns and doubtful accounts 3,845 3,248 Provision for inventory losses 681 447 Stock-based compensation expense 3,721 4,440 Deferred income taxes (73 ) 80 Other 104 267 Changes in operating assets and liabilities: Accounts receivable (11,739 ) (11,037 ) Inventories (6,225 ) (23 ) Prepaid expenses and other current assets 74 (2,609 ) Operating lease right-of-use asset 1,617 1,687 Other noncurrent assets 965 861 Accounts payable and accrued expenses 5,738 5,612 Accrued payroll 2,218 (4,526 ) Warranty reserve 65 638 Deferred revenue (1,526 ) (1,554 ) Income tax payable (180 ) (135 ) Operating lease liability (1,712 ) (1,748 ) Earnout liability — (9,822 ) Net cash used in operating activities (3,739 ) (12,440 ) Cash flows from investing activities Purchases of available-for-sale securities (13,079 ) (18,703 ) Maturities of available-for-sale securities 10,670 — Investment in property and equipment (921 ) (976 ) Production and purchase of rental equipment (1,779 ) (4,932 ) Net cash used in investing activities (5,109 ) (24,611 ) (continued on next page) See accompanying condensed notes to the consolidated financial statements. 6 Inogen, Inc. Consolidated Statements of Cash Flows (continued) (unaudited) (amounts in thousands) Six months ended June 30, 2026 2025 Cash flows from financing activities Proceeds from employee stock purchases 373 489 Payment of employment taxes related to vesting of restricted stock units (622 ) (570 ) Repurchases of common stock (7,498 ) — Payments of accrued earnout — (3,178 ) Proceeds from issuance of common stock from securities purchase agreement — 27,210 Net cash (used in) provided by financing activities (7,747 ) 23,951 Effect of exchange rates on cash 156 642 Net decrease in cash, cash equivalents, and restricted cash (16,439 ) (12,458 ) Cash, cash equivalents, and restricted cash, beginning of period 105,018 117,415 Cash, cash equivalents, and restricted cash, end of period $ 88,579 $ 104,957 Supplemental disclosures of cash flow information Cash paid during the period for income taxes, net of refunds received $ 482 $ 482 Supplemental disclosure of non-cash transactions Property and equipment in accounts payable and accrued expenses 103 360 See accompanying condensed notes to the consolidated financial statements. 7 Inogen, Inc. Condensed Notes to the Consolidated Financial Statements (unaudited) (amounts in thousands, except share and per share amounts) 1. Business overview Inogen, Inc., or the Company, is a medical technology company focused on the development, manufacture, and commercialization of respiratory products, including portable and stationary oxygen concentrators, airway clearance devices, and continuous positive airway pressure, or CPAP, masks for the treatment of chronic respiratory conditions. The Company's portfolio includes portable oxygen concentrator systems designed to optimize output, weight, sound levels, and battery life, as well as stationary oxygen concentrators, the Simeox airway clearance system and Aurora CPAP masks. The Company operates both as a medical technology company and as a home medical equipment provider, with accreditation across all 50 U.S. states and a broad network of patients, prescribers, providers, and distribution partners. The Company generates the majority of its revenue from the sale and rental of portable oxygen concentrator systems and related accessories to patients, third-party payors, home healthcare providers, resellers, and distributors. The Company's products are marketed in the United States through direct-to-consumer and prescriber, as well as through business-to-business partnerships, and internationally through distributors and medical equipment providers. The Company's product offerings include multiple configurations of its Inogen One®, Rove, At Home, and Voxi® systems, in addition to Simeox and Aurora products and related accessories. 2. Basis of presentation and summary of significant accounting policies Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. The results of operations for the three and six months ended June 30, 2026 shown in this report are not necessarily indicative of results to be expected for the full year ending December 31, 2026. In the opinion of the Company’s management, the information contained herein reflects all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the Company’s results of operations, financial position, cash flows, and stockholders’ equity. Certain footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to Securities and Exchange Commission, or SEC, rules and regulations relating to interim financial statements. The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K filed with the SEC on February 27, 2026. Except as further described below, there have been no significant changes in the Company’s accounting policies from those disclosed in its Annual Report on Form 10-K filed with the SEC on February 27, 2026. Basis of consolidation The consolidated financial statements include the accounts of Inogen, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. Accounting estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases these estimates and assumptions upon historical experience, existing and known circumstances, authoritative accounting pronouncements and other factors that management believes to be reasonable. Significant areas requiring the use of management estimates relate to revenue recognition, warranty reserves and expense, determining the stand-alone selling price and service period of performance obligations, rental asset valuations and write-downs, accounts receivable allowances for credit losses, returns and adjustments, impairment of goodwill, impairment of long-lived assets, stock-based compensation expense, income taxes, fair value of acquired intangible assets, goodwill, and financing receivable. Actual results could differ from these estimates. Reclassifications Certain reclassifications have been made to prior years’ financial statements to conform to current period financial statements’ presentation with no effect on previously reported results of operations, financial position, cash flows, or stockholders’ equity. These 8 changes consisted of reclassifications to certain line items in the accompanying consolidated statement of cash flows and did not change total operating, financing or investing activities as previously reported. Recently issued accounting pronouncements not yet adopted There have been no changes to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s consolidated financial statements and footnote disclosures, from those disclosed in the 2025 Annual Report on Form 10-K. 3. Fair value measurements Cash, cash equivalents, marketable securities, and restricted cash The following table summarizes fair value measurements by level for the assets measured at fair value on a recurring basis for cash, cash equivalents, marketable securities, and restricted cash: As of June 30, 2026 Gross Cash Adjusted unrealized and cash Marketable Restricted cost gains (losses) Fair value equivalents securities cash Cash $ 19,263 $ — $ 19,263 $ 19,263 $ — $ — Level 1: Money market accounts 39,654 — 39,654 38,351 — 1,303 Level 2: Corporate bonds 7,111 (5 ) 7,106 — 7,106 — U.S. Treasury securities 14,117 33 14,150 2,993 11,157 — Institutional Insured Liquidity Deposit Savings 26,669 — 26,669 26,669 — — Total $ 106,814 $ 28 $ 106,842 $ 87,276 $ 18,263 $ 1,303 As of December 31, 2025 Gross Cash Adjusted unrealized and cash Marketable Restricted cost gains Fair value equivalents securities cash Cash $ 27,858 $ — $ 27,858 $ 27,858 $ — $ — Level 1: Money market accounts 49,453 — 49,453 48,164 — 1,289 Level 2: Corporate bonds 7,221 6 7,227 — 7,227 — U.S. Treasury securities 10,098 17 10,115 1,494 8,621 — Institutional Insured Liquidity Deposit Savings 26,213 — 26,213 26,213 — — Total $ 120,843 $ 23 $ 120,866 $ 103,729 $ 15,848 $ 1,289 Derivative instruments and hedging activities The Company records the assets or liabilities associated with derivative instruments and hedging activities at fair value based on Level 2 inputs in other current assets or other current liabilities, respectively, in the consolidated balance sheets. The Company had a related receivable of $266 and a payable of $373 as of June 30, 2026 and December 31, 2025, respectively. 9 Accumulated other comprehensive income (loss) The components of accumulated other comprehensive income (loss) were as follows: Foreign Unrealized Unrealized Accumulated currency gains gains other translation on marketable on cash comprehensive adjustments securities flow hedges income (loss) Balance as of December 31, 2025 $ 4,221 $ 22 $ — $ 4,243 Other comprehensive (loss) income (1,195 ) 6 22 (1,167 ) Balance as of June 30, 2026 $ 3,026 $ 28 $ 22 $ 3,076 Comprehensive income (loss) is the total net earnings and all other non-owner changes in equity. Except for net loss, unrealized gains and losses on cash flow hedges, and unrealized gains and losses on marketable securities, the Company does not have any transactions or other economic events that qualify as comprehensive income (loss). 4. Balance sheet components Restricted cash The Company's restricted cash is a legally restricted deposit held as a compensating balance against its corporate credit card balances. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Company's consolidated balance sheet that are shown in aggregate in the accompanying consolidated statement of cash flows: June 30, June 30, 2026 2025 Cash and cash equivalents $ 87,276 $ 103,685 Restricted cash 1,303 1,272 Total cash, cash equivalents, and restricted cash $ 88,579 $ 104,957 Accounts receivable and allowance for credit losses, returns, and adjustments Net accounts receivable (gross accounts receivable, net of allowances) balance concentrations by major category as of June 30, 2026 and December 31, 2025 were as follows: June 30, December 31, Net accounts receivable 2026 2025 Rental (1) $ 5,044 $ 4,725 Business-to-business and other receivables 41,113 34,138 Total net accounts receivable $ 46,157 $ 38,863 (1) Rental includes Medicare, Medicaid/other government, private insurance, and patient pay. The following table sets forth the accounts receivable allowances as of June 30, 2026 and December 31, 2025: June 30, December 31, Allowances - accounts receivable 2026 2025 Credit losses $ 321 $ 60 Sales returns 473 418 Total allowances - accounts receivable $ 794 $ 478 Concentration of customers and vendors The Company primarily sells its products to traditional home medical equipment providers, distributors, and resellers in the United States and in foreign countries on a credit basis. The Company also sells its products direct-to-consumers primarily on a prepayment basis. One customer represented more than 10% of the Company's total revenue for the three and six months ended June 30, 2026 and 2025. No customer represented more than 10% of the Company’s net accounts receivable balance as of June 30, 2026 and December 31, 2025. The Company also rents products directly to consumers for insurance reimbursement, which resulted in a customer concentration relating to Medicare’s service reimbursement programs. Medicare’s service reimbursement programs accounted for 63.4% and 59.0% of rental revenue in the six months ended June 30, 2026 and 2025, respectively. 10 The Company currently purchases raw materials from a limited number of vendors, which resulted in a concentration of three major vendors. For the six months ended June 30, 2026, the Company’s three major vendors accounted for 15.1%, 12.9%, and 11.1% of total raw material purchases, respectively. For the six months ended June 30, 2025, the Company’s three major vendors accounted for 17.4%, 11.0%, and 9.8% of total raw material purchases, respectively. A portion of revenue is earned from sales outside the United States. Approximately 79.5% and 76.0% of international revenue for the three months ended June 30, 2026 and 2025, respectively, were invoiced in Euros. Approximately 80.6% and 77.4% of international revenue for the six months ended June 30, 2026 and 2025, respectively, were invoiced in Euros. A breakdown of the Company’s revenue from U.S. and international sources for the three and six months ended June 30, 2026 and 2025, respectively, is as follows: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 U.S. revenue $ 53,831 $ 56,354 $ 101,272 $ 106,649 International revenue 41,253 35,923 78,921 67,908 Total revenue $ 95,084 $ 92,277 $ 180,193 $ 174,557 Inventories Inventories are stated at the lower of cost and net realizable v