Analyst Michael Matson of Needham reiterated a Buy rating on Inogen, retaining the price target of $12.00.
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Michael Matson has given his Buy rating due to a combination of factors that highlight Inogen’s positive financial performance and growth potential. The company reported a modest beat in both revenue and adjusted EBITDA for the third quarter of 2025, exceeding consensus expectations. This performance was bolstered by stronger-than-expected B2B sales, despite a shortfall in DTC sales.
Additionally, Inogen’s recent product launch, the Voxi 5 stationary oxygen concentrator, and its consistent revenue growth over the past seven quarters are promising indicators of its ongoing turnaround. The company has returned to mid-single-digit revenue growth, and there is potential for further improvement driven by the new product and adjustments in sales strategies. The guidance for the fourth quarter of 2025 suggests a revenue growth of 9-12%, which reinforces the positive outlook and supports the Buy rating.