Inogen (INGN) AI Stock Analysis

• Market Cap: $216.05M
• Dividend Yield: N/A
• Average Volume (3M): 245.49K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.41
• Revenue Growth: 5.15%
• EPS Growth: 73.29%
• Country: US
• Employees: 766
• Sector: Healthcare
• Sector Strength: 51
• Industry: Medical - Devices
• EPS (TTM): -0.15
• Shares Outstanding: 27,040,390
• 10 Day Avg. Volume: 165,882
• 30 Day Avg. Volume: 245,485
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.39
• Enterprise Value/Revenue: 0.25
• Enterprise Value/Gross Profit: 0.57
• Enterprise Value/Ebitda: -3.19
• 1Y Price Target: $11.00
• Price Target Upside: 39.59% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 60 Neutral
• Price Target: $8.00 ▲(1.52% Upside)

Inogen's overall stock score is driven by a promising turnaround phase highlighted in the earnings call and positive technical indicators. However, significant financial challenges and a negative valuation environment weigh on the score. Recent corporate events show strategic leadership strengthening, which could support future growth.

Positive Factors

Financial Performance

INGN's 2Q25 revenue and adjusted EBITDA beat consensus.

Product Launch

INGN launched a stationary oxygen concentrator called Voxi 5.

Revenue Growth

INGN's sixth consecutive quarter of positive revenue growth is encouraging.

Negative Factors

Gross Margin

Gross margin was down 330 bps Y/Y.

Profitability Challenges

INGN still has a long way to go to reach sustained non-GAAP EPS profitability.

Sales Challenges

DTC sales missed estimate due to a decline in sales rep headcount.

Inogen Business Overview & Revenue Model

Company Description

Inogen, Inc. is a medical technology company that specializes in the development and manufacturing of innovative portable oxygen concentrators (POCs) for patients with respiratory conditions. Founded in 2001 and headquartered in Goleta, California, Inogen operates primarily in the healthcare sector, focusing on providing high-quality and cost-effective oxygen therapy solutions. Its core products include a range of portable oxygen concentrators designed to improve the quality of life for individuals with chronic obstructive pulmonary disease (COPD) and other respiratory disorders, allowing them greater mobility and independence.

How the Company Makes Money

Inogen generates revenue through multiple channels, primarily by selling its portable oxygen concentrators directly to patients and through rental agreements. The company offers its products under both cash sales and reimbursement models, where insurance providers may cover a portion of the costs. Key revenue streams include sales of its POCs, service and maintenance contracts, and rental income from its products. Additionally, Inogen benefits from partnerships with various healthcare providers and distribution networks, enabling broader access to its products. The company's focus on innovation and expanding its product offerings also contributes to its revenue growth, as it seeks to capture a larger share of the respiratory therapy market.

Inogen Financial Statement Overview

Summary

Inogen faces significant financial challenges with declining revenues and profitability. While the balance sheet shows low leverage and a strong equity position, ongoing losses and negative free cash flow are concerning. The company needs to address operational inefficiencies and improve cash flow management to enhance its financial health.

Income Statement

Inogen's income statement reveals a challenging financial situation with declining revenue and profitability. The company experienced a revenue growth of 6.35% from 2023 to 2024, but this follows a significant decline from previous years. The gross profit margin improved slightly to 46.08% in 2024, but the net profit margin remains negative at -10.69%, indicating ongoing losses. EBIT and EBITDA margins are also negative, reflecting operational inefficiencies.

Balance Sheet

The balance sheet shows a moderate financial position with a debt-to-equity ratio of 0.11, indicating low leverage. However, the return on equity is negative due to consistent net losses. The equity ratio stands at 58.69%, suggesting a solid equity base relative to total assets. Despite these strengths, the declining stockholders' equity over the years is a concern.

Cash Flow

Cash flow analysis indicates some improvement in operating cash flow, turning positive in 2024. However, free cash flow remains negative, reflecting ongoing capital expenditure challenges. The operating cash flow to net income ratio is positive, but the free cash flow to net income ratio is negative, highlighting cash flow management issues.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	343.47M	335.70M	315.66M	377.24M	358.00M	308.49M
Gross Profit	149.71M	154.74M	126.70M	153.53M	176.48M	138.18M
EBITDA	-26.58M	-21.51M	-58.34M	-59.75M	30.87M	6.56M
Net Income	-26.05M	-35.89M	-102.45M	-83.77M	-6.33M	-5.83M
Balance Sheet
Total Assets	312.04M	296.19M	326.19M	405.04M	489.51M	461.85M
Cash, Cash Equivalents and Short-Term Investments	122.43M	113.80M	128.47M	187.01M	245.51M	231.22M
Total Debt	19.04M	19.41M	21.92M	23.28M	26.67M	10.01M
Total Liabilities	112.55M	122.33M	121.38M	107.64M	119.29M	112.23M
Stockholders Equity	199.49M	173.86M	204.81M	297.41M	370.23M	349.62M
Cash Flow
Free Cash Flow	-16.46M	-11.18M	-30.25M	-58.75M	-434.00K	19.42M
Operating Cash Flow	-8.47M	5.91M	-3.23M	-37.53M	23.63M	37.01M
Investing Cash Flow	-12.77M	-13.97M	-59.31M	-10.88M	-14.64M	-25.64M
Financing Cash Flow	24.13M	265.00K	960.00K	380.00K	15.00M	2.07M

Inogen Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 7.88
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INGN, the sentiment is Positive. The current price of 7.88 is above the 20-day moving average (MA) of 7.47, above the 50-day MA of 7.08, and below the 200-day MA of 8.05, indicating a neutral trend. The MACD of 0.32 indicates Negative momentum. The RSI at 60.87 is Neutral, neither overbought nor oversold. The STOCH value of 78.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for INGN.

Inogen Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VMD	74 Outperform	$285.85M	20.09	10.79%	―	17.11%	45.34%
ELMD	70 Outperform	$206.48M	28.26	17.18%	―	16.97%	48.56%
INGN	60 Neutral	$216.05M	―	-13.46%	―	5.15%	73.29%
Sector *	51 Neutral	$7.90B	-0.33	-41.69%	2.23%	23.45%	-1.99%
SENS	46 Neutral	$374.35M	―	-102.61%	―	5.94%	25.16%
LUNG	44 Neutral	$69.68M	―	-66.88%	―	18.24%	4.81%
RCEL	42 Neutral	$115.53M	―	-935.73%	―	38.32%	-1.31%

Inogen Corporate Events

Inogen Announces Key Executive Appointments

Inogen, Inc. announced key executive appointments effective July 28, 2025. Jennifer Yi Boyer has been designated as an executive officer, expanding her role to include significant policy-making functions. She has been with Inogen since February 2022 and brings extensive experience in human resources and strategic leadership. Mary Wright has been appointed as Chief Accounting Officer and designated as an executive officer. Wright has been with Inogen since 2015 and has a strong background in accounting and financial leadership. These appointments reflect Inogen’s strategic focus on strengthening its leadership team.

Inogen Approves 2023 Equity Incentive Plan Expansion

On May 14, 2025, Inogen, Inc. held its annual meeting of stockholders where they approved the Amended and Restated 2023 Equity Incentive Plan, which increases the number of shares available for issuance by 750,000. This decision, effective immediately upon approval, reflects the company’s strategic move to enhance its equity incentive offerings. Additionally, the meeting saw the election of Class II directors and the ratification of Deloitte & Touche LLP as the independent registered public accounting firm for 2025, alongside an advisory vote approving executive compensation.