Inogen (INGN) AI Stock Analysis

• Market Cap: $227.95M
• Dividend Yield: N/A
• Average Volume (3M): 209.71K
• 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: 45
• Industry: Medical - Devices
• EPS (TTM): -0.15
• Shares Outstanding: 27,040,390
• 10 Day Avg. Volume: 201,857
• 30 Day Avg. Volume: 209,714
• 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: 0.37
• Enterprise Value/Revenue: 0.25
• Enterprise Value/Gross Profit: 0.57
• Enterprise Value/Ebitda: -3.19
• 1Y Price Target: $9.50
• Price Target Upside: 12.69% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 2

• Rating: 60 Neutral
• Price Target: $8.00 ▼(-5.10% Downside)

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

Revenue Growth

Consistent revenue growth over multiple quarters indicates strong market demand and effective business strategies, supporting long-term expansion.

Innovation and Product Launches

Launching new products like Voxi 5 showcases Inogen's commitment to innovation, potentially enhancing market position and driving future growth.

Leadership Strengthening

Strengthening leadership with experienced executives can improve strategic decision-making and operational efficiency, supporting long-term success.

Negative Factors

Declining Direct-to-Consumer Sales

A significant decline in direct-to-consumer sales may indicate challenges in market penetration and customer acquisition, affecting revenue stability.

Gross Margin Pressure

Decreasing gross margins suggest cost pressures and pricing challenges, which can impact profitability and financial health over time.

Negative Free Cash Flow

Negative free cash flow indicates potential liquidity issues and limits the company's ability to invest in growth opportunities or reduce debt.

Inogen Business Overview & Revenue Model

Company Description

Inogen, 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 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: 8.43
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• 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 8.43 is above the 20-day moving average (MA) of 8.34, above the 50-day MA of 7.48, and above the 200-day MA of 7.95, indicating a bullish trend. The MACD of 0.28 indicates Positive momentum. The RSI at 57.04 is Neutral, neither overbought nor oversold. The STOCH value of 34.27 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	262.97M	20.01	10.00%	―	17.11%	45.34%
ELMD	70 Outperform	199.04M	28.13	―	―	16.97%	48.56%
INGN	60 Neutral	$227.95M	―	-13.46%	―	5.15%	73.29%
SENS	46 Neutral	382.90M	-4.59	-327.88%	―	5.94%	25.16%
LUNG	46 Neutral	72.12M	-1.24	-82.41%	―	18.24%	4.81%
RCEL	42 Neutral	139.75M	-2.66	―	―	38.32%	-1.31%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

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.