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Inogen (INGN)
NASDAQ:INGN
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Inogen
(NASDAQ:INGN)
47Neutral
Positive Factors
Revenue Growth
Inogen's B2B sales beat estimates due to new customer wins, increased business from existing customers, and further share gains from Philips.
Strategic Partnerships
INGN announced a new strategic collaboration with the Chinese medical device manufacturer Jiangsu Yuyue Medical Equipment & Supply Co., Ltd.
Negative Factors
Direct-to-Consumer Challenges
DTC sales missed estimates due to a decline in sales rep headcount.
Inogen (INGN) vs. S&P 500 (SPY)
Market Cap
$204.81M
Dividend YieldN/A
Average Volume (3M)377.25K
Price to Earnings (P/E)―
Beta (1Y)1.89
Revenue Growth6.35%
EPS Growth65.58%
CountryUS
Employees834
SectorHealthcare
Sector Strength78
IndustryMedical Equipment & Supplies
Share Statistics
EPS (TTM)-1.52
Shares Outstanding26,529,545
10 Day Avg. Volume515,102
30 Day Avg. Volume377,245
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.59
Price to Cash Flow (P/CF)-16.30
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$10.00Price Target Upside26.90% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
Inogen Business Overview & Revenue Model
Company DescriptionInogen, Inc. (INGN) is a medical technology company primarily operating in the healthcare sector, specializing in the development, manufacturing, and distribution of portable oxygen concentrators. These devices are designed to improve the quality of life for patients with chronic respiratory conditions by providing them with a more convenient and mobile solution for oxygen therapy, compared to traditional oxygen tanks.
How the Company Makes MoneyInogen generates revenue primarily through the sale and rental of its portable oxygen concentrators. The company sells its products directly to consumers as well as through home medical equipment providers, distributors, and resellers. Inogen also engages in a rental business model, where it rents equipment directly to patients, often reimbursed by Medicare and other insurance providers. Additional revenue streams include service contracts and the sale of accessories related to the oxygen concentrators. Significant partnerships with homecare providers and international distributors further expand its market reach and contribute to its earnings.
Inogen Financial Statement Overview
Summary
Inogen faces a challenging financial landscape with declining revenues, persistent losses, and reduced equity. The slight improvement in cash flows is overshadowed by ongoing profitability issues and declining equity, indicating the need for strategic improvements.Income Statement
Inogen has experienced a decline in revenue over the recent years, with a notable revenue drop from $377.24M in 2022 to $335.71M in 2024. The gross profit margin improved slightly from 40.38% in 2023 to 46.08% in 2024, but the company continues to suffer from negative EBIT and net income, indicating operational and profitability challenges. The net profit margin remains negative, reflecting ongoing financial struggles.45
Neutral
Balance Sheet
The company's balance sheet shows a moderate debt-to-equity ratio of 0.11 in 2024, suggesting low leverage. However, the consistent decrease in stockholders' equity from $370.23M in 2021 to $173.86M in 2024 indicates financial deterioration. The equity ratio decreased from 75.64% in 2021 to 58.70% in 2024, showing reduced financial stability.55
Neutral
Cash Flow
Inogen's cash flow from operations turned positive in 2024 with $5.91M, a significant improvement from negative cash flows in previous years. The free cash flow to net income ratio is positive in 2024, suggesting some ability to generate cash despite losses. However, the free cash flow growth rate shows volatility, highlighting operational inefficiencies.50
Neutral
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 335.70M | 315.66M | 377.24M | 358.00M | 308.49M | Gross Profit |
| 154.74M | 126.70M | 153.53M | 176.48M | 138.18M | EBIT |
| -42.52M | -109.39M | 19.08M | -12.39M | -12.03M | EBITDA |
| -42.52M | -58.34M | -24.95M | 30.87M | 6.56M | Net Income Common Stockholders |
| -35.89M | -102.45M | -83.77M | -6.33M | -5.83M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 113.80M | 128.47M | 187.01M | 245.51M | 231.22M | Total Assets |
| 296.19M | 326.19M | 405.04M | 489.51M | 461.85M | Total Debt |
| 19.41M | 21.92M | 23.28M | 26.67M | 10.01M | Net Debt |
| -94.39M | -103.57M | -163.74M | -208.85M | -201.95M | Total Liabilities |
| 122.33M | 121.38M | 107.64M | 119.29M | 112.23M | Stockholders Equity |
| 173.86M | 204.81M | 297.41M | 370.23M | 349.62M |
| Cash Flow | Free Cash Flow | |||
| 5.91M | -30.25M | -58.75M | -434.00K | 19.42M | Operating Cash Flow |
| 5.91M | -3.23M | -37.53M | 23.63M | 37.01M | Investing Cash Flow |
| -13.97M | -59.31M | -10.88M | -14.64M | -25.64M | Financing Cash Flow |
| 265.00K | 960.00K | 380.00K | 15.00M | 2.07M |
Inogen Technical Analysis
Negative
7.88
Price Trends
9.97
Negative
9.70
Negative
9.72
Negative
Market Momentum
-0.79
Positive
32.10
Neutral
12.19
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INGN, the sentiment is Negative. The current price of 7.88 is below the 20-day moving average (MA) of 9.11, below the 50-day MA of 9.97, and below the 200-day MA of 9.72, indicating a bearish trend. The MACD of -0.79 indicates Positive momentum. The RSI at 32.10 is Neutral, neither overbought nor oversold. The STOCH value of 12.19 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for INGN.
Inogen Risk Analysis
Inogen disclosed 62 risk factors in its most recent earnings report. Inogen reported the most risks in the “Legal & Regulatory” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Inogen Peers Comparison
Overall Rating
UnderperformOutperform
Sector (49)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $140.97B | 76.57 | 9.03% | ― | 17.60% | 16.84% | |
72 Outperform | $21.37B | 24.96 | 7.24% | 0.87% | 3.84% | -9.29% | |
72 Outperform | $2.28B | 66.97 | 19.39% | ― | 82.74% | ― | |
61 Neutral | $218.94M | ― | -43.28% | ― | -3.92% | -18.67% | |
49 Neutral | $6.90B | 0.02 | -54.05% | 2.46% | 24.91% | -3.14% | |
48 Neutral | $667.28M | ― | -22.87% | ― | 7.08% | 20.45% | |
47 Neutral | $204.81M | ― | -18.95% | ― | 6.35% | 65.58% |
* Healthcare Sector Average
Performance Comparison
INGN
Inogen
7.88
0.74
10.36%
BSX
Boston Scientific
96.42
30.38
46.00%
OFIX
Orthofix
16.76
2.47
17.28%
ZBH
Zimmer Biomet Holdings
104.03
-21.48
-17.11%
NVRO
Nevro Corp
5.78
-8.56
-59.69%
TMDX
TransMedics Group
67.08
-15.28
-18.55%
Inogen Earnings Call Summary
Earnings Call Date: Feb 25, 2025 | % Change Since: -17.23% | Next Earnings Date: May 1, 2025
Earnings Call Sentiment Positive
Inogen's earnings call highlighted notable achievements in revenue growth, strategic collaborations, and product innovations, contributing positively to the company's outlook. However, challenges remain with declines in direct-to-consumer and rental revenues, alongside a continued net loss. The positive aspects, especially strategic partnerships and product clearances, suggest optimism for future growth.Highlights
Revenue Growth
Inogen delivered over $335 million in revenue for 2024, representing a 6.4% growth over the prior year. Fourth quarter revenue achieved was over $80 million, reflecting a 5.5% year-over-year growth.
Strategic Collaboration with Yuwell Medical
Inogen announced a collaboration and investment from Yuwell Medical, expediting entry into the Chinese market and adding $27 million in capital with a 9.9% ownership stake.
FDA Clearance for Simeox Device
In December, Inogen received FDA 510(k) clearance for the Simeox airway clearance device, expanding its product portfolio and addressing a larger patient population.
Improved Profitability Metrics
Inogen reported two quarters of adjusted EBITDA profitability in 2024 and expects continued improvement in 2025.
Advancements in Digital Health Offerings
Inogen launched updates to its digital health offerings, enhancing device connectivity and remote accessibility for patients and partners.
Lowlights
Decline in Direct-to-Consumer Sales
Direct-to-consumer sales decreased by 21.3% to $15.6 million due to a downsized sales force.
Decrease in Rental Revenue
Rental revenue decreased by 16.5% to $13.8 million, driven by a mix shift to private payers and lower average billing rates.
Continued GAAP Net Loss
Inogen reported a GAAP net loss of $9.8 million for the fourth quarter of 2024 and a full-year GAAP net loss of $35.9 million.
Company Guidance
During the fourth quarter 2024 earnings call, Inogen provided detailed guidance for 2025, highlighting several key metrics. The company expects first quarter 2025 revenue to range from $79 million to $81 million, representing 1% to 4% growth compared to the first quarter of 2024. Full-year 2025 revenue is projected between $352 million and $355 million, indicating a 5% to 6% increase over 2024. Inogen anticipates gross margins for 2025 to be between 43% and 45%, influenced by the introduction of Simeox and Yuwell products. The company aims to reach adjusted EBITDA breakeven by managing expenses while leveraging its existing cost structure. Significant growth is expected in the business-to-business channel, while the direct-to-consumer channel faces challenges due to a reduced sales force. Inogen's collaboration with Yuwell, which recently closed, is not expected to significantly impact 2025 results immediately, but it is anticipated to contribute positively in the future.Inogen Corporate Events
Executive/Board Changes
Inogen Board Reshuffle with Sahney Appointment
Neutral
Feb 3, 2025
On January 30, 2025, Thomas A. West resigned from his position as a director on Inogen’s Board, with no disagreements reported with the company’s operations. The following day, Mira Kirti Sahney was appointed to the Board, bringing extensive experience from her roles in various medical device companies, which is expected to bolster Inogen’s leadership as it seeks to strengthen its position in the respiratory care industry. Sahney will assume roles on the Compliance Committee and Nominating and Governance Committee, with her compensation aligned with the company’s director policy.
Private Placements and FinancingBusiness Operations and Strategy
Inogen Announces Strategic Collaboration with Yuwell
Positive
Jan 27, 2025
On January 25, 2025, Inogen announced a strategic collaboration with Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. to expand their product portfolio and innovation pipeline, and to enter the Chinese market. This partnership involves distribution agreements and a $27.2 million equity investment from Yuwell, enhancing Inogen’s market positioning and financial stability.
Product-Related AnnouncementsBusiness Operations and Strategy
Inogen Expands U.S. Market with FDA Clearance
Positive
Dec 30, 2024
Inogen, Inc. announced that it has received FDA 510(k) clearance for its Simeox 200 device, designed to enhance airway clearance and improve bronchial drainage for patients with chronic respiratory diseases. The clearance allows Inogen to expand its market reach in the U.S. and requires the company to make a $13 million milestone payment as part of a previous agreement. This development signifies a step forward in Inogen’s efforts to introduce innovative respiratory solutions and could potentially impact their market positioning and stakeholder engagements.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.