Inogen (INGN) AI Stock Analysis

• Market Cap: $189.77M
• Dividend Yield: N/A
• Average Volume (3M): 177.75K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.24
• 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: 203,518
• 30 Day Avg. Volume: 177,752
• 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: 0.61
• Enterprise Value/Revenue: 0.33
• Enterprise Value/Gross Profit: 0.71
• Enterprise Value/Ebitda: -14.22
• 1Y Price Target: $13.00
• Price Target Upside: 85.98% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): -0.95
• Revenue Forecast (FY): $355.75M

• Rating: 48 Neutral
• Price Target: $7.50 ▲(7.30% Upside)

Inogen's overall stock score is primarily impacted by its challenging financial performance and bearish technical indicators. The negative P/E ratio and lack of dividend yield further weigh on the valuation. However, positive aspects from the earnings call, such as revenue growth and strategic execution, provide some optimism.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong demand for Inogen's products and effective market penetration, supporting long-term business stability.

International B2B Expansion

Strong international B2B growth enhances Inogen's market position globally, diversifying revenue streams and reducing reliance on domestic markets.

Product Innovation

The launch of Voxi 5 underscores Inogen's commitment to innovation, potentially capturing more market share and meeting diverse customer needs.

Negative Factors

Decreased Direct-to-Consumer Sales

Declining direct-to-consumer sales may indicate challenges in consumer engagement or market saturation, impacting long-term revenue potential.

Rental Revenue Decline

A decline in rental revenue suggests pressure on recurring income streams, potentially affecting cash flow and profitability over time.

Negative Free Cash Flow

Negative free cash flow indicates potential liquidity issues, limiting Inogen's ability to invest in growth opportunities and manage debt.

Inogen Business Overview & Revenue Model

Company Description

Inogen, Inc. is a medical technology company that specializes in the development and manufacturing of innovative portable oxygen concentrators (POCs) for patients with respiratory conditions. Founded in 2001 and headquartered in Goleta, California, Inogen operates primarily in the healthcare sector, focusing on providing high-quality and cost-effective oxygen therapy solutions. Its core products include a range of portable oxygen concentrators designed to improve the quality of life for individuals with chronic obstructive pulmonary disease (COPD) and other respiratory disorders, allowing them greater mobility and independence.

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. 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	-14.39M	-11.18M	-30.25M	-58.75M	-434.00K	19.42M
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: 6.99
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

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 6.99 is below the 20-day moving average (MA) of 8.26, below the 50-day MA of 8.34, and below the 200-day MA of 7.76, indicating a bearish trend. The MACD of -0.26 indicates Positive momentum. The RSI at 26.41 is Positive, neither overbought nor oversold. The STOCH value of 5.37 is Positive, 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	70 Outperform	$201.80M	28.52	17.18%	―	16.97%	48.56%
VMD	68 Neutral	$242.17M	19.27	10.53%	―	18.90%	29.22%
XTNT	61 Neutral	$103.88M	-20.78	-9.80%	―	15.16%	-39.18%
LIVN	52 Neutral	$2.75B	―	-17.63%	―	8.97%	-1024.86%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
OM	50 Neutral	$214.01M	―	-87.65%	―	2.47%	56.93%
INGN	48 Neutral	$189.77M	―	-13.27%	―	4.68%	55.37%

Inogen Corporate Events

Inogen Inc’s Earnings Call Highlights Growth and Innovation

Inogen Inc’s recent earnings call conveyed a positive sentiment, underscoring consistent revenue growth, successful product launches, and profitability improvements. Despite facing challenges in direct-to-consumer sales and rental revenue, the company’s strategic focus on business-to-business channels and innovation has yielded favorable outcomes.

Inogen Reports Growth and Raises Revenue Outlook

Inogen, Inc. is a global medical technology company specializing in innovative respiratory products for homecare settings, aimed at improving the quality of life for patients with chronic respiratory conditions. In its latest earnings report for the second quarter of 2025, Inogen announced a 4.0% increase in revenue year-over-year, reaching $92.3 million, marking the sixth consecutive quarter of growth. The company also reported a GAAP net loss of $4.2 million and an adjusted net loss of $0.7 million, alongside a positive adjusted EBITDA of $2.1 million.