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Inogen (INGN)
NASDAQ:INGN
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Inogen
(NASDAQ:INGN)
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Rating:50Neutral
Price Target:
$7.00
▲(12.72% Upside)
The score is held down primarily by still-negative profitability and TTM cash flow despite improving revenue and margins, while a low-leverage balance sheet provides some support. Technicals are neutral and do not add strong confirmation. The earnings call was a relative positive with continued revenue growth and adjusted EBITDA profitability, but valuation remains challenged due to losses and no dividend.
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 (INGN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$190.85M
Dividend YieldN/A
Average Volume (3M)175.29K
Price to Earnings (P/E)―
Beta (1Y)1.25
Revenue Growth4.68%
EPS Growth55.37%
CountryUS
Employees766
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.20
Shares Outstanding27,148,481
10 Day Avg. Volume170,224
30 Day Avg. Volume175,293
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)1.25
Price to Sales (P/S)0.65
P/FCF Ratio-19.40
Enterprise Value/Market Cap0.60
Enterprise Value/Revenue0.33
Enterprise Value/Gross Profit0.71
Enterprise Value/Ebitda-14.22
Forecast
1Y Price Target
$13.00Price Target Upside109.34% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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:Nov 05, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Feb 24, 2026
Earnings Call Sentiment Positive
The earnings call highlighted consistent revenue growth, strong international B2B performance, and successful product launches, demonstrating positive momentum and strategic execution. However, challenges such as decreased direct-to-consumer sales and rental revenue decline were noted, impacting overall profitability.Q3-2025 Updates
Positive Updates
Consistent Revenue Growth
Seventh consecutive period of mid-single-digit revenue growth with over $92 million in total revenue, driven by a 15% year-over-year unit growth.
Strong International B2B Performance
International B2B achieved 19% year-over-year growth, driven by expanding into high opportunity global markets.
Adjusted EBITDA Profitability
Third consecutive quarter of adjusted EBITDA profitability with $2.3 million, highlighting consistent execution.
Voxi 5 Product Launch
Successful launch of the Voxi 5, a new stationary oxygen concentrator, with positive early market reception.
Positive Operating Cash Flow
Generated positive operating cash flow of $2.2 million or $4.6 million excluding one-time legal and settlement expenses.
Negative Updates
Decreased Direct-to-Consumer Sales
Direct-to-consumer sales decreased 17.9% year-over-year as the company shifted towards a leaner operating model.
Rental Revenue Decline
Rental revenue decreased 4.4% year-over-year, driven by a higher mix of lower private payer reimbursement rates.
Gross Margin Decrease
Total gross margin decreased by 182 basis points, primarily due to increased B2B sales as a percentage of total revenue.
Company Guidance
During the third quarter of 2025, Inogen demonstrated solid progress across its strategic priorities, achieving a seventh consecutive period of mid-single-digit revenue growth, with total revenue surpassing $92 million. Key drivers included a 15% year-over-year unit growth in portable oxygen concentrators (POCs), buoyed by a 19% increase in international B2B sales and a 7% growth in domestic B2B sales. The company also reported an adjusted EBITDA of $2.3 million, marking its third consecutive quarter of adjusted EBITDA profitability. Despite a decrease in direct-to-consumer sales by 17.9% and rental revenue by 4.4%, the company maintained a strong financial position with $124.5 million in cash and equivalents. Inogen is on track to meet its full-year revenue guidance of $354 million to $357 million, reflecting approximately 6% year-over-year growth. The company remains focused on expanding its innovation pipeline, highlighted by the launch of the Voxi 5 stationary oxygen concentrator, and advancing its strategy in the large and growing COPD market, which represents a $600 million long-term conversion opportunity.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
Negative
6.21
Price Trends
6.98
Negative
7.66
Negative
7.22
Negative
Market Momentum
-0.06
Negative
35.19
Neutral
47.45
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 6.21 is below the 20-day moving average (MA) of 6.80, below the 50-day MA of 6.98, and below the 200-day MA of 7.22, indicating a bearish trend. The MACD of -0.06 indicates Negative momentum. The RSI at 35.19 is Neutral, neither overbought nor oversold. The STOCH value of 47.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $240.21M | 30.87 | 19.02% | ― | 16.05% | 29.48% | |
72 Outperform | $275.25M | 22.08 | 10.53% | ― | 18.90% | 29.22% | |
66 Neutral | $95.48M | 69.02 | 3.64% | ― | 16.88% | ― | |
63 Neutral | $3.52B | -15.55 | -17.63% | ― | 8.97% | -1024.86% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $190.85M | -6.19 | -13.27% | ― | 4.68% | 55.37% | |
45 Neutral | $82.68M | -0.43 | -92.33% | ― | 4.65% | 68.71% |
* Healthcare Sector Average
INGN
Inogen
6.21
-4.41
-41.53%
ELMD
Electromed
28.69
-2.36
-7.60%
LIVN
LivaNova
62.38
14.75
30.97%
XTNT
Xtant Medical Holdings
0.70
0.20
39.13%
VMD
Viemed Healthcare
7.30
-0.70
-8.75%
OM
Outset Medical
5.57
-6.61
-54.27%
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.