Inogen (INGN) AI Stock Analysis

• Market Cap: $182.83M
• Dividend Yield: N/A
• Average Volume (3M): 189.23K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.36
• Revenue Growth: 5.73%
• EPS Growth: 72.50%
• Country: US
• Employees: 766
• Sector: Healthcare
• Sector Strength: 37
• Industry: Medical - Devices
• EPS (TTM): -0.25
• Shares Outstanding: 26,887,241
• 10 Day Avg. Volume: 172,704
• 30 Day Avg. Volume: 189,229
• PEG Ratio: -0.25
• Price to Book (P/B): 0.84
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -9.31
• Enterprise Value/Market Cap: 0.42
• Enterprise Value/Revenue: 0.06
• Enterprise Value/Gross Profit: 0.49
• Enterprise Value/Ebitda: -0.60
• 1Y Price Target: $10.50
• Price Target Upside: 54.41% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 4

• Rating: 51 Neutral
• Price Target: $7.00 ▲(2.94%Upside)

Inogen faces significant financial and valuation challenges, impacting its overall stock score. The primary strengths are in the earnings call, where strategic initiatives and operational improvements provide some optimism. Technical analysis offers a neutral to slightly positive outlook, but the valuation remains a major concern with ongoing losses. The financial performance heavily weighs down the score due to persistent profitability issues.

Positive Factors

Management Strategy

The new management team has made significant progress with a turnaround which is not reflected in its share price.

Revenue Growth

INGN has returned to positive mid-single digit revenue growth, and there is potential for growth to accelerate further.

Negative Factors

Profitability Issues

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. (INGN) is a medical technology company that specializes in the development, manufacturing, and marketing of innovative portable oxygen concentrators. Headquartered in the United States, Inogen primarily serves patients with chronic respiratory conditions such as Chronic Obstructive Pulmonary Disease (COPD). The company's core product line includes portable oxygen concentrators that provide supplemental long-term oxygen therapy to patients in a user-friendly and mobile format, enabling greater freedom and improved quality of life compared to traditional oxygen therapy solutions.

How the Company Makes Money

Inogen generates revenue primarily through the sale and rental of its portable oxygen concentrators. The company operates through multiple sales channels including direct-to-consumer sales, partnerships with home medical equipment providers, and direct sales to healthcare facilities. Inogen's revenue model is bolstered by recurring rental revenue, which provides a steady income stream. Additionally, the company benefits from reimbursement through Medicare and private insurance plans for patients who qualify for oxygen therapy, further enhancing its revenue generation capabilities. Inogen also invests in research and development to innovate and expand its product offerings, maintaining a competitive edge in the respiratory care market.

Inogen Financial Statement Overview

Summary

Inogen's financial performance faces significant challenges with declining revenue and profitability. Despite a slight revenue growth and improved gross profit margin, ongoing losses and negative free cash flow are concerning. The balance sheet shows low leverage but declining stockholders' equity is a worry.

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	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
EBITDA	-21.51M	-58.34M	-24.95M	30.87M	6.56M
Net Income	-35.89M	-102.45M	-83.77M	-6.33M	-5.83M
Balance Sheet
Total Assets	296.19M	326.19M	405.04M	489.51M	461.85M
Cash, Cash Equivalents and Short-Term Investments	113.80M	128.47M	187.01M	245.51M	231.22M
Total Debt	19.41M	21.92M	23.28M	26.67M	10.01M
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	-11.18M	-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

• Technical Analysis Sentiment: Neutral
• Last Price: 6.80
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 6.8 is below the 20-day moving average (MA) of 6.94, above the 50-day MA of 6.63, and below the 200-day MA of 8.36, indicating a neutral trend. The MACD of -0.08 indicates Positive momentum. The RSI at 49.23 is Neutral, neither overbought nor oversold. The STOCH value of 17.48 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for INGN.

Inogen Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VMD	77 Outperform	$255.32M	21.66	9.79%	―	19.97%	17.21%
ELMD	70 Outperform	$156.32M	23.36	16.56%	―	14.85%	64.96%
Sector *	60 Neutral	HK$17.07B	6.10	-7.44%	2.88%	11.55%	-28.15%
RCEL	55 Neutral	$158.08M	―	-407.50%	―	32.24%	-66.93%
LUNG	52 Neutral	$133.45M	―	-60.68%	―	19.84%	5.77%
INGN	51 Neutral	$182.83M	―	-14.10%	―	5.73%	72.50%
SENS	51 Neutral	$433.64M	―	-161.19%	―	1.64%	16.02%

Inogen Corporate Events

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.

The most recent analyst rating on (INGN) stock is a Hold with a $10.00 price target. To see the full list of analyst forecasts on Inogen stock, see the INGN Stock Forecast page.