Inogen (INGN) AI Stock Analysis

• Market Cap: $191.67M
• Dividend Yield: N/A
• Average Volume (3M): 187.61K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.17
• Revenue Growth: 4.68%
• EPS Growth: 55.37%
• Country: US
• Employees: 766
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.20
• Shares Outstanding: 27,148,481
• 10 Day Avg. Volume: 148,408
• 30 Day Avg. Volume: 187,607
• PEG Ratio: 0.09
• Price to Book (P/B): 1.25
• Price to Sales (P/S): 0.65
• P/FCF Ratio: -19.40
• Enterprise Value/Market Cap: 0.60
• Enterprise Value/Revenue: 0.33
• Enterprise Value/Gross Profit: 0.71
• Enterprise Value/Ebitda: -14.22
• 1Y Price Target: $13.00
• Price Target Upside: 88.41% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): -0.95
• Revenue Forecast (FY): $355.75M

• Rating: 43 Neutral
• Price Target: $6.50 ▼(-5.80% Downside)

Inogen's overall stock score reflects significant financial and technical challenges. The company's declining profitability, negative cash flows, and bearish technical indicators weigh heavily on the score. While the earnings call showed some positive strategic developments, the financial and valuation concerns are more pressing.

Positive Factors

Revenue Growth

Consistent revenue growth indicates a robust demand for Inogen's products and successful market penetration, supporting long-term business stability.

International B2B Expansion

Strong international B2B growth enhances Inogen's global market presence, diversifying revenue streams and reducing dependency on domestic markets.

Product Innovation

The launch of new products like the Voxi 5 demonstrates Inogen's commitment to innovation, potentially capturing new market segments and driving future growth.

Negative Factors

Declining Profitability

Decreasing gross profit margins suggest challenges in cost management or pricing power, potentially impacting long-term profitability.

Negative Cash Flows

Negative free cash flow indicates difficulties in cash generation, which could limit Inogen's ability to invest in growth opportunities or manage debt.

Decreased Direct-to-Consumer Sales

A significant drop in direct-to-consumer sales may reflect challenges in reaching end-users directly, affecting revenue diversification and growth potential.

Inogen Business Overview & Revenue Model

Company Description

Inogen, Inc. is a medical technology company that specializes in the development and manufacturing of portable oxygen concentrators for patients with chronic obstructive pulmonary disease (COPD) and other respiratory conditions. Founded in 2001 and headquartered in Goleta, California, Inogen operates within the healthcare sector, focusing on innovative solutions that enhance the quality of life for individuals requiring supplemental oxygen. The company offers a range of products, including its flagship Inogen One line of portable oxygen concentrators, which are designed to provide patients with mobility and independence while delivering high-quality oxygen therapy.

How the Company Makes Money

Inogen 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 Financial Statement Overview

Summary

Inogen faces significant financial challenges with declining revenues and profitability. The balance sheet shows low leverage and a strong equity position, but ongoing losses and negative free cash flow are concerning. Improvements in operating cash flow are noted, but free cash flow remains negative, highlighting cash flow management issues.

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	347.03M	335.70M	315.66M	377.24M	358.00M	308.49M
Gross Profit	160.96M	154.74M	126.70M	153.53M	176.48M	138.18M
EBITDA	-8.08M	-21.51M	-58.34M	-9.57M	30.87M	6.56M
Net Income	-25.38M	-35.89M	-102.45M	-83.77M	-6.33M	-5.83M
Balance Sheet
Total Assets	307.01M	296.19M	326.19M	405.04M	489.51M	461.85M
Cash, Cash Equivalents and Short-Term Investments	124.50M	113.80M	128.47M	187.01M	245.51M	231.22M
Total Debt	18.22M	19.41M	21.92M	23.28M	26.67M	10.01M
Total Liabilities	109.83M	122.33M	121.38M	107.64M	119.29M	112.23M
Stockholders Equity	197.18M	173.86M	204.81M	297.41M	370.23M	349.62M
Cash Flow
Free Cash Flow	-24.44M	-11.18M	-29.75M	-58.75M	-302.00K	19.67M
Operating Cash Flow	-13.29M	5.91M	-3.23M	-37.53M	23.63M	37.01M
Investing Cash Flow	-13.15M	-13.97M	-59.31M	-10.88M	-14.64M	-25.64M
Financing Cash Flow	24.11M	265.00K	960.00K	380.00K	15.00M	2.07M

Inogen Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 6.90
• 50DMA: Negative
• 100DMA: Negative
• 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 Negative. The current price of 6.9 is above the 20-day moving average (MA) of 6.89, below the 50-day MA of 7.60, and below the 200-day MA of 7.30, indicating a bearish trend. The MACD of -0.16 indicates Negative momentum. The RSI at 42.47 is Neutral, neither overbought nor oversold. The STOCH value of 68.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for INGN.

Inogen Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ELMD	78 Outperform	$248.97M	31.85	19.02%	―	16.05%	29.48%
VMD	72 Outperform	$274.49M	22.29	10.53%	―	18.90%	29.22%
LIVN	63 Neutral	$3.43B	-15.72	-17.63%	―	8.97%	-1024.86%
XTNT	59 Neutral	$101.50M	68.63	3.64%	―	16.88%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
INGN	43 Neutral	$191.67M	-6.80	-13.27%	―	4.68%	55.37%
OM	43 Neutral	$75.79M	-0.31	-92.33%	―	4.65%	68.71%

Inogen Corporate Events

Inogen Inc’s Earnings Call Highlights Growth and Innovation

Inogen Inc’s recent earnings call conveyed a positive sentiment, underscoring consistent revenue growth, successful product launches, and profitability improvements. Despite facing challenges in direct-to-consumer sales and rental revenue, the company’s strategic focus on business-to-business channels and innovation has yielded favorable outcomes.

Inogen Reports Growth and Raises Revenue Outlook

Inogen, Inc. is a global medical technology company specializing in innovative respiratory products for homecare settings, aimed at improving the quality of life for patients with chronic respiratory conditions. In its latest earnings report for the second quarter of 2025, Inogen announced a 4.0% increase in revenue year-over-year, reaching $92.3 million, marking the sixth consecutive quarter of growth. The company also reported a GAAP net loss of $4.2 million and an adjusted net loss of $0.7 million, alongside a positive adjusted EBITDA of $2.1 million.