In a report released today, Michael Matson from Needham maintained a Buy rating on Inogen, with a price target of $12.00.
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Michael Matson has given his Buy rating due to a combination of factors, including Inogen’s better‑than‑expected first‑quarter 2026 revenue and adjusted EBITDA performance, as well as stable full‑year guidance. He also notes that international sales outpaced expectations, U.S. sales were in line, and margin expansion continued, with both gross and EBITDA margins improving year over year.
Matson highlights that Inogen has returned to mid‑single‑digit revenue growth and views upcoming product launches, such as the Voxi 5 stationary concentrator and Aurora CPAP mask, as potential catalysts for stronger growth in 2026. Despite a modest slowdown in constant‑currency growth in the quarter, he believes the company’s ongoing diversification strategy positions it for better long‑term growth and profitability, supporting his unchanged $12 price target and Buy rating.