Want to see INGN full AI Analyst Report?
Top Page
Inogen
(NASDAQ:INGN)
Select Model
Select Model
Rating:53Neutral
Price Target:
$6.00
▲(8.30% Upside)
Action:Reiterated
Date:10/02/26
The score is held back primarily by weak profitability and cash flow (ongoing losses and negative TTM operating cash flow/FCF). Partially offsetting this are improving revenue/margins, a low-leverage balance sheet, and a moderately positive earnings-call backdrop (raised adjusted EBITDA guidance despite lowered revenue guidance). Technicals are modestly supportive short term but weaker longer term, and valuation is constrained by a negative P/E and no dividend yield.
Positive Factors
International Growth
Sustained double-digit international growth across ten consecutive quarters indicates expanding geographic reach and durable demand for Inogen’s products. A broader commercial footprint can reduce reliance on any single market and provide a stronger platform for future product launches and scale.
Negative Factors
Persistent Losses and Cash Burn
The revenue recovery has not yet translated into sustainable GAAP earnings or consistent free cash flow. Continued losses and cash consumption could erode the equity base over time and constrain strategic flexibility unless margin improvements become sufficiently large and durable.
Read all positive and negative factors
Positive Factors
Negative Factors
International Growth
Sustained double-digit international growth across ten consecutive quarters indicates expanding geographic reach and durable demand for Inogen’s products. A broader commercial footprint can reduce reliance on any single market and provide a stronger platform for future product launches and scale.
Read all positive factors
Inogen (INGN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$164.01M
Dividend YieldN/A
Average Volume (3M)354.77K
Price to Earnings (P/E)―
Beta (1Y)1.07
Revenue Growth3.15%
EPS Growth14.61%
CountryUS
Employees753
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.90
Shares Outstanding26,538,338
10 Day Avg. Volume395,159
30 Day Avg. Volume354,770
Financial Highlights & Ratios
PEG Ratio0.18
Price to Book (P/B)0.95
Price to Sales (P/S)0.52
P/FCF Ratio-8.46
Enterprise Value/Market Cap0.51
Enterprise Value/Revenue0.24
Enterprise Value/Gross Profit0.48
Enterprise Value/Ebitda-15.30
Forecast
1Y Price Target
$13.00Price Target Upside134.66% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.77
Revenue Forecast (FY)$356.40M
Inogen Business Overview & Revenue Model
Company Description
Inogen, Inc. operates as a medical technology enterprise dedicated to designing, fabricating, and distributing oxygen concentration equipment. These cutting-edge devices are engineered to provide continuous oxygen support for patients managing per...
How the Company Makes Money
Inogen makes money primarily by selling portable oxygen concentrators and related consumables/accessories through multiple commercial channels. A core revenue stream is direct-to-consumer sales, where the company markets and sells (or in some case...
Inogen Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Neutral
The call highlighted clear commercial and product progress — notably strong international revenue growth (+15% YoY), continued POC unit expansion (>12% YoY), early traction for new products (Voxi shipments >5,000; Aurora account count doubled), margin improvement (adjusted gross margin +65 bps) and a raised adjusted EBITDA outlook. Offsetting these positives are ongoing headwinds in the U.S. DTC channel (U.S. sales -2% YoY), a 12% decline in rental revenue, a downward revision to full-year revenue guidance (midpoint reduction of ~ $11.5M), and continued dependency on distributor purchase timing and reimbursement/regulatory milestones. Overall the company shows momentum in strategic growth areas and improved unit economics, but macro and channel mix pressures keep near-term top-line growth constrained.Positive Updates
Total Revenue Growth
Total revenue of $95.1 million in Q2 2026, up 3% year-over-year, driven by international growth, POC demand, and contributions from new products Voxi and Aurora.
Negative Updates
U.S. Revenue Decline
U.S. sales were $42.3 million, down 2% year-over-year as B2B gains did not fully offset pressure in the direct-to-consumer (DTC) channel.
Read all updates
Q2-2026 Updates
Positive
Negative
Total Revenue Growth
Total revenue of $95.1 million in Q2 2026, up 3% year-over-year, driven by international growth, POC demand, and contributions from new products Voxi and Aurora.
Read all positive updates
Company Guidance
Inogen updated full‑year 2026 revenue guidance to $355–$361 million (≈3% growth at the midpoint), down from a prior $366–$373 million range, and raised full‑year adjusted EBITDA guidance to about $4.0 million (≈48% growth versus $2.7M in 2025); Q3 revenue is expected to be roughly in line with Q3 2025 ($92.4M). In Q2 the company reported $95.1M revenue (+3% YoY), adjusted EBITDA $2.4M (+15% YoY), adjusted gross margin 45.6% (up 65 bps), total gross margin 45.5%, GAAP net loss $(3.9)M (adjusted net loss < $0.1M, ~95% improvement), operating cash flow $2.9M, free cash flow $1.0M, cash of ~$106.8–$107M, no debt, and repurchased ~1.1M shares for $7.5M YTD. Management’s guidance assumes continued strong POC demand (U.S. unit volume +12%), international strength ($41.3M, +15% and 10th consecutive quarter of double‑digit growth) and accelerating contributions from new products (Voxi/Aurora contributing >100 bps), offset partially by ongoing DTC channel mix pressure, U.S. rental declines ($11.6M, -12%), and timing of select international distributor purchases.Inogen Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
68
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 354.30M | 348.67M | 335.70M | 315.66M | 377.24M | 358.00M |
| Gross Profit | 173.22M | 165.89M | 154.74M | 126.70M | 153.53M | 176.48M |
| EBITDA | -5.45M | -2.72M | -15.47M | -58.34M | -9.57M | 30.29M |
| Net Income | -24.59M | -22.75M | -35.89M | -102.45M | -83.77M | -6.33M |
Balance Sheet | ||||||
| Total Assets | 285.57M | 298.63M | 296.19M | 326.19M | 405.04M | 489.51M |
| Cash, Cash Equivalents and Short-Term Investments | 105.54M | 119.58M | 113.80M | 128.47M | 187.01M | 245.51M |
| Total Debt | 15.79M | 17.48M | 19.41M | 21.92M | 23.28M | 26.67M |
| Total Liabilities | 110.71M | 106.39M | 122.33M | 121.38M | 107.64M | 119.29M |
| Stockholders Equity | 174.86M | 192.23M | 173.86M | 204.81M | 297.41M | 370.23M |
Cash Flow | ||||||
| Free Cash Flow | -9.69M | -21.60M | -11.18M | -29.75M | -58.75M | -302.00K |
| Operating Cash Flow | -2.52M | -11.22M | 5.91M | -3.23M | -37.53M | 23.63M |
| Investing Cash Flow | -6.71M | -26.21M | -13.97M | -59.31M | -10.88M | -14.64M |
| Financing Cash Flow | -7.52M | 24.18M | 265.00K | 960.00K | 380.00K | 15.00M |
Inogen Technical Analysis
Positive
5.54
Price Trends
5.63
Positive
6.04
Positive
6.22
Positive
Market Momentum
0.18
Negative
71.84
Negative
87.82
Negative
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 5.54 is above the 20-day moving average (MA) of 5.54, below the 50-day MA of 5.63, and below the 200-day MA of 6.22, indicating a bullish trend. The MACD of 0.18 indicates Negative momentum. The RSI at 71.84 is Negative, neither overbought nor oversold. The STOCH value of 87.82 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $229.47M | 20.21 | 23.38% | ― | 15.28% | 53.24% | |
69 Neutral | $4.21B | 22.14 | 15.41% | ― | 12.39% | ― | |
67 Neutral | $362.60M | 25.24 | 10.30% | ― | 25.21% | 6.14% | |
53 Neutral | $164.01M | -6.87 | -13.17% | ― | 3.15% | 14.61% | |
52 Neutral | $76.04M | -0.99 | -62.25% | ― | -1.26% | 79.82% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
44 Neutral | $45.73M | -3.96 | -23.45% | ― | -14.27% | -132.84% |
* Healthcare Sector Average
INGN
Inogen
6.42
-1.62
-20.15%
ELMD
Electromed
28.11
3.56
14.50%
LIVN
LivaNova
77.27
25.49
49.23%
XTNT
Xtant Medical Holdings
0.33
-0.47
-58.88%
VMD
Viemed Healthcare
9.60
2.72
39.53%
OM
Outset Medical
4.01
-8.60
-68.20%
Inogen Corporate Events
Business Operations and StrategyStock BuybackM&A Transactions
Inogen Streamlines Operations With Major Asset Divestiture
Positive
Sep 30, 2026
On September 29, 2026, Inogen entered into an agreement to sell substantially all assets of its U.S. oxygen rental business to Rotech Healthcare for an estimated cash consideration of up to about $25 million, with closing expected in the fourth qu...
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.