Download PDF

1. Company Snapshot

1.a. Company Description

Inogen, Inc., a medical technology company, develops, manufactures, and markets portable oxygen concentrators to patients, physicians and other clinicians, and third-party payors in the United States and internationally.Its oxygen concentrators are used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions.The company offers Inogen One, a portable device that concentrate the air around the patient to provide a single source of supplemental oxygen; Inogen At Home stationary oxygen concentrators; Inogen Tidal Assist Ventilators, as well as related accessories.


The company also rents its products directly to patients.Inogen, Inc.was incorporated in 2001 and is headquartered in Goleta, California.

Show Full description

1.b. Last Insights on INGN

Inogen's recent performance was negatively impacted by weaker consumer and rental sales, which offset the company's seventh consecutive quarter of mid-single-digit revenue growth. The company's Q3 loss of $0.2 per share was slightly better than the Zacks Consensus Estimate, but still a loss. Despite rising B2B demand, the stock dipped following the earnings release. Inogen's appointment of Naga Rameswamy as Chief Technology Officer may not have had a significant impact on the company's short-term performance. The company's medical technology products continue to face challenges.

1.c. Company Highlights

2. Inogen's Q4 2025 Earnings: A Strong Foundation for Future Growth

Inogen's total revenue for Q4 2025 was $81.7 million, a 2% increase year-over-year, while the full-year revenue reached $348.7 million, representing a 4% increase. The company's international business was a bright spot, with Q4 revenue of $32.5 million, up 14.8% year-over-year. Inogen's gross margin for Q4 was 43.1%, and 44.2% for the full year. The company's net loss for the full year was $22.7 million, an improvement of 36.6% compared to 2024. Actual EPS came out at '-0.26', beating estimates at '-0.36'. The company achieved positive adjusted EBITDA of $2.7 million for the full year, its first year of adjusted EBITDA profitability since 2021.

Publication Date: Mar -09

📋 Highlights
  • International Revenue Growth:: Q4 revenue rose 14.8% to $32.5M, outpacing overall growth.
  • Adjusted EBITDA Profitability:: Full-year positive adjusted EBITDA of $2.7M marked first profitability since 2021.
  • Strong Cash Position:: $120.9M in cash and equivalents with no debt, enabling $30M share repurchase program.
  • Market Expansion:: Addressable market expanded to $3.4B, driven by new products like Voxi 5 and CPAP masks.
  • Net Loss Improvement:: Full-year net loss reduced 36.6% to $22.7M compared to 2024.

Financial Performance Highlights

Inogen's financial performance was marked by a significant improvement in its adjusted EBITDA, driven by its focus on operational efficiency and cost management. The company's cash position remains strong, with $120.9 million in cash, cash equivalents, and marketable securities, and no debt. Inogen has initiated a $30 million share repurchase program, reflecting its confidence in its strategy and ability to generate cash.

Guidance and Outlook

For 2026, Inogen expects revenue growth of approximately 6% year-over-year, with a range of $366 million to $373 million. The company's new products, including Voxi 5, Simeox, and Aurora CPAP masks, are expected to drive growth and expand the company's addressable market. Analysts estimate next year's revenue growth at 7.9%. Inogen aims to drive positive adjusted EBITDA, building on the momentum established, and targets high single-digit revenue growth and reaching 10% or better adjusted EBITDA over the next 3 to 5 years.

Valuation and Growth Prospects

Inogen's current valuation metrics indicate a P/S Ratio of 0.51 and an EV/EBITDA of -21.91. The company's diversified product portfolio and expanding addressable market, increasing from approximately $400 million to approximately $3.4 billion, are expected to drive future growth. With a focus on growing its existing POC and SoC products, scaling Voxi, launching CPAP masks, and building momentum for Simeox, Inogen is well-positioned to achieve its growth targets. As the company continues to invest in new product launches and strategic initiatives, its strong foundation is expected to translate into future growth.

3. NewsRoom

Card image cap

Inogen (NASDAQ:INGN) Stock Price Crosses Below Two Hundred Day Moving Average – Should You Sell?

Mar -12

Source: defenseworld.net

Card image cap

Inogen Announces Participation in the KeyBanc Virtual Life Sciences & MedTech Investor Forum

Mar -05

Source: businesswire.com

Card image cap

Inogen Stock Dips Despite Q4 Earnings Beat, Revenues Up Y/Y

Feb -25

Source: zacks.com

Card image cap

Inogen, Inc. (INGN) Q4 2025 Earnings Call Transcript

Feb -25

Source: seekingalpha.com

Card image cap

Inogen (INGN) Reports Q4 Loss, Misses Revenue Estimates

Feb -25

Source: zacks.com

Card image cap

Inogen Announces Fourth Quarter and Full Year 2025 Financial Results and Provides 2026 Financial Outlook

Feb -24

Source: businesswire.com

Card image cap

Inogen Announces $30 Million Share Repurchase Program

Feb -24

Source: businesswire.com

Card image cap

Inogen (INGN) May Report Negative Earnings: Know the Trend Ahead of Next Week's Release

Feb -17

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.70%)

6. Segments

Oxygen Concentrators and Related Accessories

Expected Growth: 2.5%

Inogen's oxygen concentrators and related accessories growth is driven by increasing demand from aging population, rising prevalence of COPD, and growing adoption of portable oxygen therapy. Additionally, Inogen's innovative products, strong brand recognition, and expanding distribution channels contribute to the 2.5% growth rate.

Respiratory Products

Expected Growth: 3.5%

Inogen's Respiratory Products segment growth of 3.5% is driven by increasing adoption of portable oxygen concentrators, expanding sales channels, and growing demand for home oxygen therapy. Additionally, the company's focus on product innovation, strategic partnerships, and expanding into new markets also contribute to the segment's growth.

7. Detailed Products

Inogen One G4

A portable oxygen concentrator designed for oxygen therapy patients, providing freedom and independence.

Inogen At Home

A stationary oxygen concentrator designed for oxygen therapy patients who require continuous flow oxygen at home.

Inogen Connect

A remote monitoring platform that allows clinicians to remotely monitor and manage oxygen therapy patients.

Inogen Oxygen Therapy

A comprehensive oxygen therapy solution that includes oxygen concentrators, accessories, and services.

8. Inogen, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Inogen's products are highly specialized and customized, making it difficult for substitutes to emerge. However, the company's reliance on oxygen concentrators and portable oxygen concentrators makes it vulnerable to substitutes in the long run.

Bargaining Power Of Customers

Inogen's customers are primarily individuals with chronic obstructive pulmonary disease (COPD) and other respiratory conditions. These customers have limited bargaining power due to their reliance on Inogen's products for their health and well-being.

Bargaining Power Of Suppliers

Inogen relies on a few key suppliers for components and materials. While these suppliers have some bargaining power, Inogen's large order volumes and long-term contracts mitigate this risk.

Threat Of New Entrants

The respiratory therapy industry has high barriers to entry, including regulatory hurdles, high research and development costs, and the need for specialized manufacturing facilities. These barriers make it difficult for new entrants to compete with Inogen.

Intensity Of Rivalry

The respiratory therapy industry is highly competitive, with several established players competing for market share. Inogen faces intense competition from companies like Philips Respironics, ResMed, and Invacare.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 9.67%
Debt Cost 3.95%
Equity Weight 90.33%
Equity Cost 9.44%
WACC 8.91%
Leverage 10.70%

11. Quality Control: Inogen, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Sight Sciences

A-Score: 4.4/10

Value: 6.4

Growth: 5.8

Quality: 3.6

Yield: 0.0

Momentum: 9.5

Volatility: 1.0

1-Year Total Return ->

View Full Report
Stock-Card
Paragon 28

A-Score: 4.3/10

Value: 6.6

Growth: 1.7

Quality: 4.7

Yield: 0.0

Momentum: 8.5

Volatility: 4.3

1-Year Total Return ->

View Full Report
Stock-Card
Alphatec Holdings

A-Score: 4.2/10

Value: 4.4

Growth: 5.4

Quality: 2.9

Yield: 0.0

Momentum: 10.0

Volatility: 2.7

1-Year Total Return ->

View Full Report
Stock-Card
Senseonics Holdings

A-Score: 3.7/10

Value: 6.6

Growth: 5.7

Quality: 3.8

Yield: 0.0

Momentum: 5.0

Volatility: 1.0

1-Year Total Return ->

View Full Report
Stock-Card
Inogen

A-Score: 3.6/10

Value: 9.6

Growth: 1.4

Quality: 4.2

Yield: 0.0

Momentum: 3.0

Volatility: 3.3

1-Year Total Return ->

View Full Report
Stock-Card
Biomerica

A-Score: 2.8/10

Value: 8.5

Growth: 2.8

Quality: 3.5

Yield: 0.0

Momentum: 1.0

Volatility: 0.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

6.1$

Current Price

6.1$

Potential

-0.00%

Expected Cash-Flows