Inogen (INGN) AI Stock Analysis

• Market Cap: $158.55M
• Dividend Yield: N/A
• Average Volume (3M): 175.29K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.26
• 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: 170,224
• 30 Day Avg. Volume: 175,293
• 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: 0.40
• Enterprise Value/Revenue: 0.18
• Enterprise Value/Gross Profit: 0.40
• Enterprise Value/Ebitda: -7.93
• 1Y Price Target: $13.00
• Price Target Upside: 109.34% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• 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 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 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

Modest TTM revenue growth and stabilized gross margin (~46%) show improving operations, and the balance sheet is conservative with low leverage (debt-to-equity ~0.09). However, profitability and cash generation remain weak with negative TTM net margin (~-7%) and negative TTM operating/free cash flow, keeping overall financial quality below average.

Income Statement

TTM (Trailing-Twelve-Months) revenue is up modestly (about 3.5% vs. the prior annual period), and gross margin has stabilized in the mid‑40% range (TTM ~46%), showing decent product economics. However, profitability remains the core issue: TTM operating and net margins are still negative (net margin ~-7%), even though losses have narrowed meaningfully from 2022–2023 levels. Overall, the top line is improving and cost structure appears to be recovering, but the business has not yet returned to sustainable profitability.

Balance Sheet

The balance sheet looks relatively conservative with low leverage: TTM debt-to-equity is ~0.09 and has stayed low across periods. Equity remains sizable relative to assets, which provides a cushion and financial flexibility. The key weakness is ongoing losses, reflected in negative returns on equity (TTM roughly -13%), which can gradually erode the equity base if profitability doesn’t improve.

Cash Flow

Cash generation is inconsistent. TTM operating cash flow is negative and free cash flow is also negative, indicating the company is currently consuming cash to run the business. While 2024 showed positive operating cash flow, the reversal in TTM raises execution risk. The brighter spot is that cash burn has generally improved versus the deeper outflows seen in 2022–2023, but the company still needs a sustained return to positive operating cash flow to support a stronger cash profile.

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: 6.21
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• 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 Negative. The current price of 6.21 is below the 20-day moving average (MA) of 6.26, below the 50-day MA of 6.61, and below the 200-day MA of 7.15, indicating a bearish trend. The MACD of -0.24 indicates Positive momentum. The RSI at 35.31 is Neutral, neither overbought nor oversold. The STOCH value of 33.53 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	$243.79M	31.20	19.02%	―	16.05%	29.48%
VMD	72 Outperform	$307.95M	25.95	10.53%	―	18.90%	29.22%
XTNT	66 Neutral	$81.48M	55.88	3.64%	―	16.88%	―
LIVN	63 Neutral	$3.57B	-16.21	-17.63%	―	8.97%	-1024.86%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
INGN	50 Neutral	$158.55M	-5.64	-13.27%	―	4.68%	55.37%
OM	48 Neutral	$88.85M	-0.34	-92.33%	―	4.65%	68.71%