Education
About Us
Working with TipRanks
Follow Us
Inogen (INGN)
NASDAQ:INGN
Top Page
Inogen
(NASDAQ:INGN)
Select Model
Select Model
Rating:53Neutral
Price Target:
$6.50
▲(4.67% Upside)
Action:ReiteratedDate:02/27/26
Overall score reflects a company in transition: earnings-call guidance and strategic progress (adjusted EBITDA inflection, cash/no debt, buyback, new products) are meaningful positives, but they are tempered by weak financial performance quality (ongoing losses and cash burn) and a neutral-to-weak technical picture. Valuation provides limited support due to negative earnings and no dividend yield data.
Positive Factors
International revenue growth
Sustained international POC growth diversifies revenue away from weaker U.S. channels, expands addressable markets via HME relationships and tenders, and supports multi-year volume scalability. This structural geographic diversification reduces single-market risk and improves long-term revenue resilience.
Strong balance sheet and liquidity
Large cash reserves and no debt provide financial flexibility to fund R&D, commercial launches, or opportunistic buybacks without raising capital. This conservative leverage profile supports strategic execution and buffers the business through cyclical or investment-driven periods over the next several quarters.
Product diversification and innovation
Broadening beyond portable concentrators into airway clearance, sleep therapy, and digital tools expands TAM (management cites ~ $3.4B) and reduces reliance on a single product. Regular, margin-accretive product launches and cross-sell potential create durable growth avenues and improve long-term revenue mix.
Negative Factors
Ongoing GAAP losses
Persistent GAAP losses indicate the company has not yet converted operational improvements into accounting profitability. Continued net losses erode equity and limit retained-earnings capacity to self-fund growth, increasing reliance on cash reserves or external capital if losses persist longer term.
Negative operating and free cash flow
Repeated negative operating and free cash flows constrain the firm's ability to finance new product commercialization, working capital, and shareholder returns internally. Even with current cash buffers, prolonged cash burn weakens financial flexibility and raises the risk of funding dilution or debt if the operating profile doesn't improve.
Channel mix driving margin pressure
A structural shift toward B2B sales and higher POC penetration improves volume but compresses gross margins due to different pricing and reimbursement dynamics. If DTC and rental declines persist, margin recovery will be harder, limiting the company's ability to translate revenue growth into sustainable operating profits.
Inogen (INGN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$165.61M
Dividend YieldN/A
Average Volume (3M)175.29K
Price to Earnings (P/E)―
Beta (1Y)1.26
Revenue Growth4.68%
EPS Growth55.37%
CountryUS
Employees766
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.26
Shares Outstanding27,148,481
10 Day Avg. Volume170,224
30 Day Avg. Volume175,293
Financial Highlights & Ratios
PEG Ratio0.18
Price to Book (P/B)0.95
Price to Sales (P/S)0.52
P/FCF Ratio-8.46
Enterprise Value/Market Cap0.48
Enterprise Value/Revenue0.23
Enterprise Value/Gross Profit0.48
Enterprise Value/Ebitda-19.33
Forecast
1Y Price Target
$13.00Price Target Upside109.34% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.68
Revenue Forecast (FY)$385.25M
Inogen Business Overview & Revenue Model
Company DescriptionInogen, 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.
How the Company Makes MoneyInogen generates revenue primarily through the sale and rental of its portable oxygen concentrators. The company has a direct-to-consumer sales model, alongside a business-to-business approach, where it partners with healthcare providers and distributors to reach patients. Key revenue streams include the sale of oxygen concentrators, which can be purchased outright or rented, along with ongoing sales of related accessories and supplies. Additionally, Inogen benefits from reimbursement from Medicare and private insurance companies, which can significantly contribute to its earnings. The company has also established strategic partnerships with various healthcare organizations that help enhance its market presence and facilitate access to its products for patients in need.
Inogen Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call presented a clear operational and strategic turnaround: mid-single-digit revenue growth, >20% unit growth, strong international momentum, return to adjusted EBITDA profitability for the year, a strengthened balance sheet with no debt and a $30M buyback authorization, and meaningful product diversification with early traction for new launches. Headwinds remain — notably U.S. sales and rental declines, gross margin compression from channel mix, timing shifts of large orders into H1 2026, and an ongoing GAAP net loss — but management provided guidance for continued adjusted EBITDA positivity, 2026 revenue growth (mid-single digits to ~6% at midpoint) and longer-term targets (high single-digit growth and ≥10% adjusted EBITDA in 3–5 years). Overall, the positive operational progress, profitability inflection, cash position and portfolio expansion outweigh the near-term channel and timing challenges.Q4-2025 Updates
Positive Updates
Revenue Growth and Unit Volume Expansion
Q4 2025 revenue of $81.7M (approx. $82M) and full-year 2025 revenue of $348.7M, up 2% in Q4 and 4% for the year year-over-year; unit volumes grew >20% YoY in Q4 and for the full year, driven by POC demand and conversion from tanks to POCs.
International Business Strength
International Q4 revenue of $32.5M, up ~14.8%-15% YoY; full-year growth was primarily driven by international POC sales growing ~18.4%, with successful HME relationships and tenders expanding global presence.
Return to Adjusted EBITDA Profitability
Delivered positive adjusted EBITDA of $2.7M for full-year 2025 — first adjusted EBITDA profitability since 2021; Q4 adjusted EBITDA improved to negative $1.7M from negative $3.6M a year earlier.
Substantial Reduction in Adjusted Net Loss
Full-year adjusted net loss narrowed to $8.0M in 2025, a 60.6% improvement from $20.4M in 2024; GAAP net loss improved to $22.7M (down 36.6% YoY).
Strong Balance Sheet and Capital Return Plan
Ended 2025 with $120.9M in cash, equivalents, marketable securities and restricted cash, zero debt (up $3.4M vs 2024); Board authorized a $30M share repurchase program to be executed in 2026–2027.
Product Innovation and Portfolio Diversification
Expanded from a single-product POC company to a multi-product respiratory care platform (oxygen therapy, sleep therapy, airway clearance, digital health); launched Simeox limited release, Voxi 5 stationary concentrator, Aurora CPAP masks (FDA 510(k) cleared) and an Inogen patient portal.
Early Commercial Traction for New Products
Simeox generated >$6M global revenue in 2025 (primarily international, cash-pay) with positive clinical/commercial feedback; Voxi showed strong sequential growth post-launch; Aurora masks showed high patient satisfaction in studies and are being commercialized via B2B channels.
Expanded Addressable Market and Long-Term Targets
Estimated TAM expanded from ~$400M (POC only) to ~ $3.4B across the combined portfolio (airway clearance +$500M, Voxi +$300M, sleep masks ~$2.2B); management targets high single-digit revenue growth and ≥10% adjusted EBITDA within 3–5 years and plans to launch ≥1 new product per year.
Operating Expense Discipline
Q4 operating expenses $44.5M; adjusted operating expenses down to $41.4M from $43.7M a year earlier, a 5.2% reduction, reflecting cost management while investing in R&D and launches.
Negative Updates
U.S. Sales and Direct-to-Consumer (DTC) Pressure
U.S. sales in Q4 were $36.1M, down 5.1% YoY (from $38.0M); DTC channel showed sustained declines though improving sequentially (Q1 -27% → Q2 -21% → Q3 -18% → Q4 -15%).
Rental Revenue Decline
Rental revenue of $13.1M in Q4, down 4.5% YoY (from $13.8M), driven by a mix shift to lower private payer reimbursement rates and fewer patients on service.
Gross Margin Compression
Total gross margin was 43.1% in Q4 2025, down 220 basis points YoY; full-year gross margin 44.2%, down 190 bps YoY — roughly two-thirds of the compression attributed to channel mix (greater proportion of POC sales to business customers).
Order Timing and Timing-Related Revenue Pressure
Management cited a shift of several large customer orders from Q4 into the first half of 2026 due to customer capital/budget constraints; timing impact estimated at a few hundred basis points to Q4 results and some orders will 'sprinkle' through H1 2026, creating front‑loaded pressure.
Quarterly Profitability Uncertainty
Despite full-year adjusted EBITDA positivity, Q4 adjusted EBITDA remained negative (-$1.7M) and management did not commit to consistent quarterly adjusted EBITDA positivity for all 2026 quarters given seasonality and planned incremental R&D/investments.
Continued GAAP Losses
GAAP net loss for full-year 2025 remained $22.7M and Q4 GAAP net loss was $7.1M (though improved), indicating the company has not yet returned to GAAP profitability.
Channel Mix Creating Short-Term Headwinds for Legacy Channels
Shift toward B2B sales and higher POC penetration of new starts (estimate ~59% now vs ~40% historically) benefits B2B but applies pressure to DTC and rental channels in the near term.
Company Guidance
Management guided full‑year 2026 revenue of $366–$373 million (≈6% year‑over‑year growth at the midpoint) and said Q1 2026 revenue is expected to be roughly in line with Q1 2025, with stronger growth back‑half (Q2/Q3 seasonally strongest) and mid‑single‑digit B2B POC growth while rental revenue is expected to decline; the company expects to remain adjusted‑EBITDA positive for full‑year 2026 (building on $2.7M adjusted EBITDA in 2025), is targeting high single‑digit revenue growth and ≥10% adjusted EBITDA over the next 3–5 years, plans to launch at least one new product per year (with new launches expected to be gross‑margin accretive), and announced a $30M share repurchase program to be executed over 2026–2027, supported by $120.9M cash and no debt.Inogen Financial Statement Overview
Summary
Mixed fundamentals: strong 2025 revenue rebound and improved gross margin, plus low leverage supports flexibility, but the company remains unprofitable with renewed negative operating/free cash flow, keeping overall financial quality below average.Income Statement
Revenue rebounded in 2025 (+47.3% YoY) after declines in 2023, and gross margin improved to ~47.6% (vs ~40.1% in 2023). However, profitability remains pressured: net losses persist (2025 net margin ~-6.5%), and operating results are still negative (EBITDA margin ~-8.2% in 2025). Overall, top-line momentum and better gross profitability are positives, but the business has not yet translated that into consistent operating leverage.38
Negative
Balance Sheet
The balance sheet looks relatively conservative with low leverage: 2025 debt-to-equity is ~0.09 and total debt is modest ($17.5M) versus equity ($192.2M). Total assets have trended down since 2021, and returns remain negative due to ongoing losses (2025 return on equity ~-11.8%). Strength is financial flexibility from low debt; weakness is continued value erosion risk if losses persist.72
Positive
Cash Flow
Cash generation is a key weak spot. 2025 operating cash flow and free cash flow were both negative (-$11.2M), reversing the positive operating cash flow in 2024 (+$5.9M). Free cash flow has been consistently negative in most years (notably -$58.8M in 2022 and -$29.8M in 2023), indicating ongoing cash burn and limited self-funding capacity despite some year-to-year improvement at times.27
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 348.67M | 335.70M | 315.66M | 377.24M | 358.00M |
| Gross Profit | 165.89M | 154.74M | 126.70M | 153.53M | 176.48M |
| EBITDA | -2.72M | -21.51M | -58.34M | -9.57M | 30.87M |
| Net Income | -22.75M | -35.89M | -102.45M | -83.77M | -6.33M |
Balance Sheet | |||||
| Total Assets | 298.63M | 296.19M | 326.19M | 405.04M | 489.51M |
| Cash, Cash Equivalents and Short-Term Investments | 119.58M | 113.80M | 128.47M | 187.01M | 245.51M |
| Total Debt | 17.48M | 19.41M | 21.92M | 23.28M | 26.67M |
| Total Liabilities | 106.39M | 122.33M | 121.38M | 107.64M | 119.29M |
| Stockholders Equity | 192.23M | 173.86M | 204.81M | 297.41M | 370.23M |
Cash Flow | |||||
| Free Cash Flow | -21.60M | -11.18M | -29.75M | -58.75M | -302.00K |
| Operating Cash Flow | -11.22M | 5.91M | -3.23M | -37.53M | 23.63M |
| Investing Cash Flow | -26.21M | -13.97M | -59.31M | -10.88M | -14.64M |
| Financing Cash Flow | 24.18M | 265.00K | 960.00K | 380.00K | 15.00M |
Inogen Technical Analysis
Neutral
6.21
Price Trends
6.26
Negative
6.93
Negative
7.06
Negative
Market Momentum
-0.05
Negative
52.04
Neutral
79.63
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INGN, the sentiment is Neutral. The current price of 6.21 is above the 20-day moving average (MA) of 5.86, below the 50-day MA of 6.26, and below the 200-day MA of 7.06, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 52.04 is Neutral, neither overbought nor oversold. The STOCH value of 79.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $196.12M | 23.07 | 20.20% | ― | 16.05% | 29.48% | |
72 Outperform | $330.76M | 26.32 | 10.53% | ― | 18.90% | 29.22% | |
68 Neutral | $3.86B | -15.77 | -19.24% | ― | 8.97% | -1024.86% | |
66 Neutral | $79.84M | 55.88 | 3.64% | ― | 16.88% | ― | |
53 Neutral | $165.61M | -7.12 | -13.27% | ― | 4.68% | 55.37% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $63.83M | -0.51 | -106.20% | ― | 4.65% | 68.71% |
* Healthcare Sector Average
INGN
Inogen
6.10
-2.03
-24.97%
ELMD
Electromed
23.70
-2.48
-9.47%
LIVN
LivaNova
70.60
28.88
69.22%
XTNT
Xtant Medical Holdings
0.57
0.12
26.67%
VMD
Viemed Healthcare
8.70
1.15
15.23%
OM
Outset Medical
3.49
-6.53
-65.17%
Inogen Corporate Events
Business Operations and StrategyStock BuybackFinancial DisclosuresProduct-Related Announcements
Inogen Posts 2025 Results and Launches Share Buyback
Positive
Feb 24, 2026
Inogen reported its fourth-quarter and full-year 2025 results on February 24, 2026, showing 2025 revenue up 3.9% to $348.7 million, driven by strong international portable oxygen concentrator sales, and a sharply reduced GAAP net loss of $22.7 million with positive adjusted EBITDA of $2.7 million. The company introduced new products including the Voxi 5 concentrator, Aurora CPAP masks, and the Simeox airway clearance device, expanded digital tools and a China-focused collaboration with Yuwell Medical, and its board approved on February 20, 2026 a share repurchase program of up to $30 million, underscoring improved balance sheet strength and positioning Inogen to pursue mid-single-digit revenue growth and further profitability gains in 2026.
Inogen’s fourth-quarter 2025 revenue grew 2.0% to $81.7 million, with margin pressure from channel mix but improved operating loss, reflecting material cost reductions and operational efficiencies. Year-end cash and marketable securities of $120.9 million with no debt, combined with refined reporting of U.S. sales, international sales, and U.S. rentals, highlight a business shifting toward higher-growth international channels while seeking to return capital to shareholders and enhance long-term value creation.
The most recent analyst rating on (INGN) stock is a Buy with a $14.00 price target. To see the full list of analyst forecasts on Inogen stock, see the INGN Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.