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Corporate Overview February 24, 2026
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2 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this communication that are not historical facts, including, but not limited to, statements regarding Inogen’s future business plans, market opportunities, financial outlook, growth strategies, and anticipated operational results, are forward-looking statements. Words such as “aims, ” “believes, ” “anticipates,” “plans, ” “expects, ” “will, ” “intends, ” “potential, ” “possible, ” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including but not limited to, risks and uncertainties relating to Inogen’s 2026 first quarter and full year financial guidance; market acceptance of its products; competition; its sales, marketing and distribution capabilities; its planned sales, marketing, and research and development activities; and risks associated with international operations. Information on these and additional risks, uncertainties, and other information affecting Inogen’s business operating results are contained in its Annual Report on Form 10-K for the period ended December 31, 2024, and in its other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Inogen disclaims any obligation to update these forward-looking statements except as may be required by law. Non-GAAP Financial Measures Inogen has presented certain financial information in accordance with U.S. GAAP and also on a non-GAAP basis for the three and twelve months ended December 31, 2025, and December 31, 2024, and for the fiscal year ended December 31, 2023. Management believes that these non-GAAP financial measures, taken in conjunction with U.S. GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of Inogen’s core operating results. Management uses these non-GAAP measures to compare Inogen’s performance relative to forecasts and strategic plans, to benchmark Inogen’s performance externally against competitors, and for certain compensation decisions. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Inogen's operating results as reported under U.S. GAAP . Inogen encourages investors to carefully consider its results under U.S. GAAP , as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between U.S. GAAP and non-GAAP results are presented in the accompanying tables of this presentation.
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3 Who We Are Diversifying from Single-Product Oxygen Company to a Respiratory Care Platform Oxygen Therapy Airway Clearance Sleep Therapy Digital Solutions Inogen Rove 6 Inogen Rove 4 Inogen At Home Simeox H Simeox 200 Inogen Connect Patient Portal (US only) IoT Gateway Connectivity Aurora F1 Full Face Mask Inogen Voxi 5 Aurora P1 Nasal Pillow Mask Aurora N1 Nasal Mask Inogen Connect® Bluetooth App (US only)
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4 Investment Thesis Transforming Inogen into a Respiratory Care Global Leader Evolving into a diversified respiratory care platform Transforming from a single-product oxygen company into an integrated portfolio serving ~70 million patients across COPD, bronchiectasis, and sleep apnea in the United States Proven core franchise with meaningful runway Differentiated POC technology supported by a trusted brand, established distribution, and a large conversion opportunity as the market continues shifting from oxygen tanks (59% penetration remaining) Strategic portfolio expansion into large, growing markets, materially increases estimated TAM • Voxi 5 SOC (launched 2025): Expands oxygen addressable market by ~$300 million and enables Inogen to serve the 90% of LTOT patients who use an SOC • Simeox airway clearance: Positioned to enter a ~$500 million U.S. bronchiectasis market as reimbursement advances • Aurora CPAP masks: Entering a ~$2.2 billion U.S. market growing high-single-digits with ~20-30% patient overlap with COPD • Future innovations expected to leverage the installed base for capital-efficient growth Compelling turnaround underway Delivering positive adjusted EBITDA in FY25, the first time since 2021, and mid-single digit revenue growth over the last two years Well-capitalized for sustainable, organic growth Current balance sheet supports ongoing investment in commercial execution and portfolio expansion as well as allows us to return $30 million to shareholders through our share repurchase program Clear opportunity to enhance operating efficiency Mid- to long-term margin expansion potential as scale benefits, cost discipline, and integration synergies accumulate World-class leadership and board A proven team with a strong operating track record, positioned to guide Inogen through its next growth phase
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5 The Inogen Difference Mission To provide an ecosystem of innovative solutions that improve quality of life for our patients with chronic respiratory conditions and their caregivers Vision To be a global market leader within innovative, evidence-based chronic respiratory care solutions Strategic Priorities • Drive top line growth • Advance profitability • Expand innovation pipeline Improving Lives Through Respiratory Care Strategy To provide fully connected solutions for home respiratory care patients to improve predictive health
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6 Management Team Relying on Proven Leaders for Our Next Wave of Growth Kevin R.M. Smith President, CEO and Director Michael Bourque Executive Vice President, Chief Financial Officer Jennifer Yi Boyer Executive Vice President, Enterprise Enablement and Chief Human Resources Officer Gregoire Ramade Chief Commercial Officer Naga Rameswamy Chief Technology Officer Philip Corrin Senior Vice President, Operations and Supply Chain Krishna Jhaveri Chief Medical Officer Adrien Mithalal Senior Vice President, Research and Development Paul Andreassi Senior Vice President, Chief Quality and Regulatory Affairs Kevin P. Smith General Counsel and Executive Vice President, Business Development
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7 The Inogen Difference Executing a Turnaround Under New Leadership 10% FY23-FY25 Revenue Improvement 7of last 8 Quarters of Mid-Single Digit Revenue Growth 107% FY23-FY25 Adjusted EBITDA Improvement 10% FY23-FY25 Gross Margin Improvement FY23-FY25 Net Loss Improvement 2023 2024 2025 Total Revenue $316M $336M $349M Operating Loss ($109M) ($43M) ($30M) Net Loss ($102M) ($36M) ($23M) Adjusted EBITDA ($37.8M) ($9.5M) $2.7M 78% 72% FY23-FY25 Operating Loss Improvement
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8 Market Opportunity Leveraging Our Market Leading Position to Adjacent Markets Bronchiectasis / CF ~4M U.S. patients have airway clearance needs COPD ~15-20M U.S. patients have COPD ~20 to 40% of COPD patients also have airway clearance needs Obstructive Sleep Apnea ~50M U.S. patients have OSA ~20 to 30% of COPD patients also have OSA Inogen is expanding to disease states that have significant overlap with COPD We are leveraging Inogen’s commercial infrastructure for new therapeutic areas: • Inogen’s Patient Brand Recognition • Pulmonologist Confidence • Existing Distributor Relationships ~30% of COPD patients are on LTOT either continuously or use during exercise and/or sleep 1. Notes: COPD = chronic obstructive pulmonary disease, OSA = obstructive sleep apnea. 2. Source: Health Advances interviews and analysis, PurpleLab, CDC.gov, American Lung Association, Agustí A 2023 Am J Respir Crit Care Med, Syamlal 2023 J Asthma, Pace 2022 Ann Fam Med, Izquierdo 2023 Chronic Obstr Pulm Dis., Kosmas 2016 American College of Chest Physicians, Polverino 2018 ERS, Du 2023 Sleep Medicine, Liu 2025 Medicine, Teodorescu 2016 JAMA, Chalmers 2017 NP J Prim Care Respir Med, ElectroMed investor presentation, Vezir 2023 Cureus J Med.
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9 2024 Portable Oxygen Concentrators POC U.S. Market $0.4B TAM LSD CAGR Total Addressable Market $0.4B Simeox Airway Clearance $0.5B TAM HSD CAGR Future Markets Airway Clearance Total Addressable Market $3.4B Aurora Masks 2026 Added CPAP Masks and Accessories Total Addressable Market $2.9B CPAP U.S. Masks $2.2B TAM HSD CAGR 2025 Added Stationary Oxygen Concentrators Total Addressable Market $0.7B SOC U.S. Market $0.3B TAM LSD CAGR Voxi 5 Market Opportunity Unlocking Growth by Moving into Large, Growing Markets + + + Moving Inogen’s weighted average market growth rate from low-single digits to high-single digits Source: Health Advances interviews and analysis, CMS, Purple Lab, SEC filings, company websites, Meddevice Tracker 2023, Needham Survey 2025, Freedom Broker 2025, Verified Markets Report 2025, Global Growth Insights 2025, BCC 2022.
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10 Market Opportunity Capitalizing on Our POC Business to Drive Long Term Growth Source: Analysis of new patients starts based on publicly available information, claims data analyses, analyst reports and interviews. Tanks includes portable gas tanks and homefill systems. The conversion of units to new patient starts assumes that 100% of new units are allocated to new patient starts. POCs are beginning to displace tanks, significant opportunity for further conversion exists Approximately 350,000 patients start on tanks annually Tanks 62% POC 38% Ambulatory Oxygen New Patient Starts 2019 2025 Tanks 41%POC 59% If you don’t have an Inogen, you don’t have an Inogen. Trusted by 200k+ Physicians Nationwide 20+ Years of Innovation Leadership Design & Assembled in the U.S. Best-in-Class Products from a Trusted Brand Inogen has 20+ years of global leadership in the long-term oxygen therapy market Portable oxygen concentrators are small and easily carried by patients
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11 Expand Innovation Pipeline Launching New Products to Expand Product Offerings Launched in Q2 2025 Voxi 5 Stationary Oxygen Concentrator combines affordability with durability, setting a new standard in oxygen therapy. 1. 45dBA when measured at 2 m (6.6 ft) from device at 3 L/min and 5 L/min. 2. Oxygen Concentration at 1-5 L/min: 87 – 96%. 3. Device height of 16.7in. 4. 3-Year Sieve Bed Warranty for a total of 8,000 hours. FDA Cleared in Q1 2025 Simeox 200 Airway Clearance Device, a unique approach to bronchial mucus clearance that helps lung disease patients efficiently, easily, comfortably clear their lungs 1,2,3 • 1-5 L/min of quiet1, pure2 oxygen flow • Compact size3 saves customers’ space • Caster wheels allow for worry free movement • 3-Year Sieve Bed Warranty, providing reliable, long-term performance4 • Patented pneumatic signal that liquefy and transport bronchial mucus • Enhanced user experience with Automated modes (adapt mode and triggering feature) • Remote control to facilitate the use of the device Simeox H is our legacy product available international only Launched in Q1 2026 Aurora Masks offer a portfolio of quality masks that deliver the comfort, fit, and performance required by CPAP patients. Aurora F1 Full Face Mask Aurora P1 Nasal Pillow Mask Aurora N1 Nasal Mask In three separate 30-day paired analysis (N=46 full face mask, N=46 nasal cushion user, and N=48 nasal pillow mask users), patients reported higher satisfaction with the Aurora masks compared to their current mask.1, 2, 3 1. 1. AMG CPAP Mask Trial Study Aug 2025, 30-day study of 46 patients using CPAP therapy with a full face mask for: at least 6 months, at least 5 nights a week, and at least 4 hours a night. 2. 2. AMG CPAP Mask Trial Study Aug 2025, 30-day study of 46 patients using CPAP therapy with a nasal cushion mask for: at least 6 months, at least 5 nights a week, and at least 4 hours a night. 3. 3. AMG CPAP Mask Trial Study Aug 2025, 30-day study of 48 patients using CPAP therapy with a nasal pillow mask for: at least 6 months, at least 5 nights a week, and at least 4 hours a night. 1. Sands, D. et al. Efficacy of the Simeox® Airway -Clearance Technology in the Homecare Treatment of Children with Clinically Stable Cystic Fibrosis: A Randomized Controlled Trial. Children 2023, 10, 204. 2. K. Walicka-Serzysko et al. Addition of a new airway clearance device to chest physiotherapy in children with pulmonary exacerbation of cystic fibrosis. J Mother Child 2021 Jan 26;24(3):16 -24 3. I. Solovic et al. Feasibility and benefits of an innovative airway clearance device in COPD patients hospitalized for acute exacerbation European Respiratory Journal 2020 56: 952; DOI:10.1183/13993003.congress -2020.952
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12 Expand Innovation Pipeline Building Digital Solutions to Drive Greater Value Stakeholders Time Patient Physician HME Location/ Fleet Management Compliance Tracking RPM/RTM Platform AI alerts and exacerbation prediction Patient-facing app Digital Roadmap Connectivity 2025
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13 U.S. Rentals 15% U.S. Sales 45% International Sales 40% Fiscal Year 2025 Highlighting Key Financials 1. As of December 31, 2025 2. May not sum due to rounding $349M Annual Revenue $8.0M Adjusted Net Loss $2.7M Adjusted EBITDA $121M Cash, cash equivalents, marketable securities & restricted cash 1 $0.0M Debt 1 Revenue Breakdown 2 (12 Months ended December 31, 2025) ~$349M44.2% Gross Margin
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14 $316 $336 $349 2023 2024 2025 2026 Outlook Revenue over Time Financial Outlook Year 2026 Delivering on our Strategic Priorities Drive Top Line Growth • Accelerate POC conversion from oxygen tanks • Scale new products by leveraging market leading position in POC • Expand internationally Advance Profitability • Continue financial discipline and cost management efforts • Invest in high-ROI commercial and digital initiatives • Drive positive Adjusted EBITDA Expand Innovation Pipeline • Launch new products that expand product portfolio and improve outcomes • Build digital tools that enhance patient engagement, reliability, and outcomes $ in Millions ~6% Growth
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15 Financial Investments Balancing Capital Allocation with Reinvesting in the Company Return of Capital Disciplined M&A Invest in Business CAPITAL ALLOCATION PRIORITIES Invest in Core Business • Continue to develop best-in-class POCs and SOCs • Launch new products in large, growing markets, leveraging Inogen’s core capabilities Return of Capital • Executing a share repurchase authorization of $30M over the next two years to return excess cash to shareholders Disciplined M&A • Evaluating potential M&A to accelerate strategy and path to profitability
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16 Looking Ahead Revenue High-single-digit revenue growth Profitability 10% or better Adjusted EBITDA Innovation Launch at least 1 new product per year that is accretive to our gross margin profile Setting Longer-Term Goals
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17 Improving lives through respiratory care. Evolving into a diversified respiratory care platform Proven core POC franchise with meaningful runway Strategic portfolio expansion into large, growing markets, materially increasing TAM Compelling turnaround underway Well-capitalized for sustainable, organic growth Clear opportunity to enhance operating efficiency World-class leadership and board Investment Thesis Why Inogen will Win
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Improving lives through respiratory care.
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19 GAAP to Non-GAAP Reconciliations Twelve months ended December 31, Non-GAAP EBITDA and Adjusted EBITDA 2025 2024 2023 Net loss (GAAP) $ (22,747) $ (35,888) $ (102,449) Non-GAAP adjustments: Interest income, net (4,385) (5,190) (6,574) (Benefit) provision for income taxes (632) (588) 105 Depreciation and amortization 20,659 21,004 18,152 EBITDA (non-GAAP) (7,105) (20,662) (90,766) Stock-based compensation 8,014 7,397 7,427 Acquisition-related expenses — 784 2,413 Restructuring-related and other charges — — 3,426 Impairment charges — — 32,894 Change in fair value of earnout liability — 3,000 6.822 Legal and settlement expenses 1,784 — — Adjusted EBITDA (non-GAAP) $ 2,693 $ (9,481) $ (37,784) Twelve months ended December 31, Operating Expense Loss from Operations Net Loss Diluted EPS Non-GAAP Financial Metrics 2025 2024 2025 2024 2025 2024 2025 2024 Financial Results (GAAP) $ 184,472 $ 197,257 $ (30,207) $ (42,516) $ (22,747) $ (35,888) $ (0.86) $ (1.52) Non-GAAP adjustments: Amortization of intangibles 4,920 4,330 4,920 4,330 4,920 4,330 0.18 0.18 Stock-based compensation 8,014 7,397 8,014 7,397 8,014 7,397 0.30 0.31 Acquisition-related expenses — 784 — 784 — 784 — 0.03 Change in fair value of earnout liability — 3,000 — 3,000 — 3,000 — 0.13 Legal and settlement expenses 1,784 — 1,784 — 1,784 — 0.07 — Income tax impact of adjustments (1) — — — — — — — — Adjusted $ 169,754 $ 181,746 $ (15,489) $ (27,005) $ (8,029) $ (20,377) $ (0.30) $ (0.86) 1.Income tax impact of adjustments represents the tax impact related to the non-GAAP adjustments listed above and reflects an effective tax rate of 0% for 2025 and 2024 (in thousands, except per share amount)