Download PDF

1. Company Snapshot

1.a. 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.

Show Full description

1.b. Last Insights on INGN

Inogen's recent performance was negatively impacted by weaker consumer and rental sales, which offset the company's seventh consecutive quarter of mid-single-digit revenue growth. The company's Q3 loss of $0.2 per share was slightly better than the Zacks Consensus Estimate, but still a loss. Despite rising B2B demand, the stock dipped following the earnings release. Inogen's appointment of Naga Rameswamy as Chief Technology Officer may not have had a significant impact on the company's short-term performance. The company's medical technology products continue to face challenges.

1.c. Company Highlights

2. Inogen's Q3 2025 Earnings: Steady Growth and Margin Pressures

Inogen reported total revenue of $92.4 million for Q3 2025, a 4% increase year-over-year, driven primarily by higher demand from international and domestic business-to-business sales. The company's domestic B2B revenue grew 6.6% to $24.9 million, while international B2B revenue increased 18.8% to $38.4 million. Despite the revenue growth, the company's rental gross margin declined by 470 basis points due to a true-up adjustment and headwinds in the rental business, including a decrease in Medicare patients and capped patients. Inogen's EPS came in at -$0.2, slightly better than the estimated -$0.22.

Publication Date: Nov -29

📋 Highlights
  • Revenue Growth:: $92.4M revenue (+4% YoY), driven by 7% domestic B2B (+$1.5M) and 19% international B2B (+$6.1M) growth.
  • Unit Demand Surge:: 15% YoY unit growth from POC adoption, with international B2B leading at 18.8% ($38.4M).
  • COPD Market Potential:: $600M long-term opportunity from oxygen therapy conversion in underpenetrated COPD patient segments.
  • Margin Pressures:: 470 bps decline in rental gross margin (-350 bps from true-up adjustment, -70 bps from Medicare/capped patient headwinds).
  • China Expansion:: Strategic partnership with UL for entry into China, a major untapped market, with plans for 2026 Voxi 5 launch.

Revenue Growth Drivers

The company's revenue growth was driven by a 15% year-over-year increase in unit sales, with continued market conversion from portable oxygen tanks to portable oxygen concentrators (POCs). Inogen's international expansion efforts also contributed to the growth, with the company achieving 19% year-over-year growth in international B2B revenue. The company's management reiterated its revenue guidance for the year and expects to continue growing in the upper single-digit to double-digit range in the future.

Margin Pressures and Future Opportunities

Despite the revenue growth, Inogen's gross margin was impacted by the mix shift from direct-to-consumer (DTC) to B2B sales, which are more profitable but have different margin profiles. The company's management noted that the headwinds in the rental business are stabilizing, and the company is making progress towards reimbursement for its Simeox product in Europe and China. Analysts estimate Inogen's revenue growth to be 8.4% next year, which is slightly higher than the company's current growth rate.

Valuation Metrics

Inogen's current valuation metrics indicate that the company's stock is trading at a P/S Ratio of 0.55, which is relatively low compared to its historical averages. The company's P/E Ratio is -7.37, indicating that the stock is not profitable on a trailing twelve-month basis. The company's EV/EBITDA ratio is -8.68, which also indicates that the company's valuation is sensitive to its profitability. With a ROE of -13.21% and ROIC of -12.8%, Inogen's profitability metrics are negative, indicating that the company is currently not generating profits.

3. NewsRoom

Card image cap

Inogen, Inc $INGN Shares Sold by Campbell & CO Investment Adviser LLC

Nov -17

Source: defenseworld.net

Card image cap

Slow Progress At Inogen

Nov -11

Source: seekingalpha.com

Card image cap

Inogen Stock Dips Despite Q3 Earnings Beat, Revenues Up Y/Y

Nov -06

Source: zacks.com

Card image cap

Inogen, Inc. (INGN) Q3 2025 Earnings Call Transcript

Nov -05

Source: seekingalpha.com

Card image cap

Inogen (INGN) Reports Q3 Loss, Misses Revenue Estimates

Nov -05

Source: zacks.com

Card image cap

Inogen Announces Third Quarter 2025 Financial Results

Nov -05

Source: businesswire.com

Card image cap

Inogen to Report Third Quarter 2025 Financial Results on November 5, 2025

Oct -15

Source: businesswire.com

Card image cap

Why Fast-paced Mover Inogen (INGN) Is a Great Choice for Value Investors

Sep -30

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.70%)

6. Segments

Oxygen Concentrators and Related Accessories

Expected Growth: 2.5%

Inogen's oxygen concentrators and related accessories growth is driven by increasing demand from aging population, rising prevalence of COPD, and growing adoption of portable oxygen therapy. Additionally, Inogen's innovative products, strong brand recognition, and expanding distribution channels contribute to the 2.5% growth rate.

Respiratory Products

Expected Growth: 3.5%

Inogen's Respiratory Products segment growth of 3.5% is driven by increasing adoption of portable oxygen concentrators, expanding sales channels, and growing demand for home oxygen therapy. Additionally, the company's focus on product innovation, strategic partnerships, and expanding into new markets also contribute to the segment's growth.

7. Detailed Products

Inogen One G4

A portable oxygen concentrator designed for oxygen therapy patients, providing freedom and independence.

Inogen At Home

A stationary oxygen concentrator designed for oxygen therapy patients who require continuous flow oxygen at home.

Inogen Connect

A remote monitoring platform that allows clinicians to remotely monitor and manage oxygen therapy patients.

Inogen Oxygen Therapy

A comprehensive oxygen therapy solution that includes oxygen concentrators, accessories, and services.

8. Inogen, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Inogen's products are highly specialized and customized, making it difficult for substitutes to emerge. However, the company's reliance on oxygen concentrators and portable oxygen concentrators makes it vulnerable to substitutes in the long run.

Bargaining Power Of Customers

Inogen's customers are primarily individuals with chronic obstructive pulmonary disease (COPD) and other respiratory conditions. These customers have limited bargaining power due to their reliance on Inogen's products for their health and well-being.

Bargaining Power Of Suppliers

Inogen relies on a few key suppliers for components and materials. While these suppliers have some bargaining power, Inogen's large order volumes and long-term contracts mitigate this risk.

Threat Of New Entrants

The respiratory therapy industry has high barriers to entry, including regulatory hurdles, high research and development costs, and the need for specialized manufacturing facilities. These barriers make it difficult for new entrants to compete with Inogen.

Intensity Of Rivalry

The respiratory therapy industry is highly competitive, with several established players competing for market share. Inogen faces intense competition from companies like Philips Respironics, ResMed, and Invacare.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 9.67%
Debt Cost 3.95%
Equity Weight 90.33%
Equity Cost 9.44%
WACC 8.91%
Leverage 10.70%

11. Quality Control: Inogen, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Alphatec Holdings

A-Score: 4.5/10

Value: 6.6

Growth: 5.4

Quality: 2.9

Yield: 0.0

Momentum: 10.0

Volatility: 2.3

1-Year Total Return ->

View Full Report
Stock-Card
Paragon 28

A-Score: 4.5/10

Value: 6.6

Growth: 1.7

Quality: 4.6

Yield: 0.0

Momentum: 10.0

Volatility: 4.3

1-Year Total Return ->

View Full Report
Stock-Card
Senseonics Holdings

A-Score: 3.7/10

Value: 6.0

Growth: 5.6

Quality: 2.5

Yield: 0.0

Momentum: 7.0

Volatility: 1.0

1-Year Total Return ->

View Full Report
Stock-Card
Biomerica

A-Score: 3.6/10

Value: 8.2

Growth: 2.8

Quality: 3.5

Yield: 0.0

Momentum: 6.5

Volatility: 0.7

1-Year Total Return ->

View Full Report
Stock-Card
Inogen

A-Score: 3.6/10

Value: 8.8

Growth: 1.4

Quality: 4.5

Yield: 0.0

Momentum: 4.0

Volatility: 2.7

1-Year Total Return ->

View Full Report
Stock-Card
Sight Sciences

A-Score: 3.1/10

Value: 7.0

Growth: 5.8

Quality: 4.1

Yield: 0.0

Momentum: 1.0

Volatility: 1.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

6.93$

Current Price

6.93$

Potential

-0.00%

Expected Cash-Flows