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Inogen
(NASDAQ:INGN)
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Rating:49Neutral
Price Target:
$6.50
▲(4.67% Upside)
Action:Reiterated
Date:07/02/26
INGN scores below average primarily due to persistent losses and ongoing negative, volatile free cash flow despite improving revenue and gross margin trends and a conservatively levered balance sheet. Technical signals are mixed with no strong momentum confirmation, while valuation remains constrained by a negative P/E and no dividend support. The latest earnings call and recent corporate actions add some credibility to the turnaround plan, but near-term U.S. headwinds and still-negative EBITDA limit the overall score.
Positive Factors
Balance Sheet Strength
A strong liquidity position and zero debt provide durable financial flexibility to fund product launches, clinical programs and international expansion without immediate refinancing risk. This supports execution through the current unprofitable transition and cushions cash burn while management scales operations.
Negative Factors
Negative Cash Flow
Persistently negative free cash flow and sharply worsening FCF growth reduce the firm's ability to self-fund working capital and growth. Even with cash on hand, ongoing cash burn pressures capital allocation, limits optionality for investments, and risks depleting reserves if profitability doesn't improve.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
A strong liquidity position and zero debt provide durable financial flexibility to fund product launches, clinical programs and international expansion without immediate refinancing risk. This supports execution through the current unprofitable transition and cushions cash burn while management scales operations.
Read all positive factors
Inogen (INGN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$178.69M
Dividend YieldN/A
Average Volume (3M)387.79K
Price to Earnings (P/E)―
Beta (1Y)1.10
Revenue Growth3.39%
EPS Growth19.78%
CountryUS
Employees766
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.91
Shares Outstanding27,074,516
10 Day Avg. Volume310,281
30 Day Avg. Volume387,791
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 Cap0.53
Enterprise Value/Revenue0.27
Enterprise Value/Gross Profit0.55
Enterprise Value/Ebitda-18.16
Forecast
1Y Price Target
$12.00Price Target Upside93.24% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.76
Revenue Forecast (FY)$369.27M
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 generates revenue primarily by selling and renting portable oxygen concentrators and by selling consumables and accessories associated with those devices. Key revenue streams typically include: (1) direct-to-consumer sales in which patients...
Inogen Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Neutral
The call reflects a company in transition: solid top-line growth driven by international expansion, strong unit volume gains, new product launches with encouraging early clinical and commercial signals, and a healthy balance sheet. Offsetting these positives are meaningful near-term headwinds in the U.S. market (declining direct and rental sales), higher operating losses due to accelerated R&D and commercial investments, and reliance on a FX tailwind. Management reaffirmed full-year guidance and expects EBITDA improvement, but several financial metrics remain under pressure in the near term.Positive Updates
Revenue Growth and Beat
Total revenue of $85.1M for Q1 2026, up 3.4% year-over-year and above company expectations; total sales revenue increased 5.7% driven by international POC growth and favorable FX.
Negative Updates
U.S. Sales Decline and Channel Mix Headwinds
U.S. sales were $34.7M, down 5% year-over-year as the market structurally converts toward POCs, creating pressure on direct-to-consumer and rental channels.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth and Beat
Total revenue of $85.1M for Q1 2026, up 3.4% year-over-year and above company expectations; total sales revenue increased 5.7% driven by international POC growth and favorable FX.
Read all positive updates
Company Guidance
Inogen reaffirmed full-year 2026 revenue guidance of $366M–$373M (≈$369.5M midpoint, ~6% growth at midpoint) and guided Q2 revenue of $94M–$97M (≈$95.5M midpoint, ≈3.5% YoY growth), said Q2 and Q3 should be the strongest quarters for profitability and reiterated a goal of full‑year adjusted EBITDA improvement (after Q1 adjusted EBITDA of –$1.4M vs. ~breakeven a year ago); Q1 operating metrics cited on the call included $85.1M total revenue (+3.4% YoY), U.S. sales $34.7M (–5% YoY), international $37.7M (+18% YoY), adjusted gross margin 44.7% (+30 bps YoY), adjusted operating expenses $43.0M (+5.1%), adjusted R&D $4.1M (+$0.9M), adjusted SG&A $39M (+3.1%), GAAP net loss $8.3M, adjusted net loss $4.0M, cash and equivalents $111.5M with zero debt, and the company repurchased ~298,000 shares for ~$1.9M; management also expects Aurora and Voxi 5 to scale in H2 and continues to invest in clinical evidence and commercial expansion.Inogen Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
72
Positive
Cash Flow
32
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 351.50M | 348.67M | 335.70M | 315.66M | 377.24M | 358.00M |
| Gross Profit | 171.29M | 165.89M | 154.74M | 126.70M | 153.53M | 176.48M |
| EBITDA | -5.23M | -2.72M | -15.47M | -58.34M | -9.57M | 30.29M |
| Net Income | -24.90M | -22.75M | -35.89M | -102.45M | -83.77M | -6.33M |
Balance Sheet | ||||||
| Total Assets | 285.93M | 298.63M | 296.19M | 326.19M | 405.04M | 489.51M |
| Cash, Cash Equivalents and Short-Term Investments | 111.47M | 119.58M | 113.80M | 128.47M | 187.01M | 245.51M |
| Total Debt | 16.93M | 17.48M | 19.41M | 21.92M | 23.28M | 26.67M |
| Total Liabilities | 103.02M | 106.39M | 122.33M | 121.38M | 107.64M | 119.29M |
| Stockholders Equity | 182.91M | 192.23M | 173.86M | 204.81M | 297.41M | 370.23M |
Cash Flow | ||||||
| Free Cash Flow | -10.24M | -21.60M | -11.18M | -29.75M | -58.75M | -302.00K |
| Operating Cash Flow | -1.11M | -11.22M | 5.91M | -3.23M | -37.53M | 23.63M |
| Investing Cash Flow | -26.15M | -26.21M | -13.97M | -59.31M | -10.88M | -14.64M |
| Financing Cash Flow | -1.89M | 24.18M | 265.00K | 960.00K | 380.00K | 15.00M |
Inogen Technical Analysis
Neutral
6.21
Price Trends
6.64
Negative
6.43
Positive
6.86
Negative
Market Momentum
0.05
Negative
51.19
Neutral
36.63
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INGN, the sentiment is Neutral. The current price of 6.21 is below the 20-day moving average (MA) of 6.51, below the 50-day MA of 6.64, and below the 200-day MA of 6.86, indicating a neutral trend. The MACD of 0.05 indicates Negative momentum. The RSI at 51.19 is Neutral, neither overbought nor oversold. The STOCH value of 36.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
82 Outperform | $376.16M | 37.24 | 22.14% | ― | 16.79% | 45.17% | |
76 Outperform | $407.90M | 27.46 | 10.66% | ― | 23.10% | 22.75% | |
71 Outperform | $4.59B | 42.45 | 9.13% | ― | 12.40% | ― | |
56 Neutral | $57.91M | 31.28 | 3.68% | ― | -0.32% | ― | |
54 Neutral | $87.40M | -1.13 | -55.88% | ― | 2.01% | 85.71% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $178.69M | -7.25 | -12.90% | ― | 3.39% | 19.78% |
* Healthcare Sector Average
INGN
Inogen
6.60
-0.89
-11.88%
ELMD
Electromed
45.43
24.65
118.62%
LIVN
LivaNova
83.62
37.49
81.27%
XTNT
Xtant Medical Holdings
0.41
-0.28
-40.38%
VMD
Viemed Healthcare
12.02
4.87
68.11%
OM
Outset Medical
4.72
-16.18
-77.42%
Inogen Corporate Events
Business Operations and StrategyExecutive/Board Changes
Inogen Appoints New Chief Operating Officer for Growth
Positive
Jul 1, 2026
Inogen has created the new role of chief operating officer and appointed industry veteran Andy Reding, effective July 6, 2026, in a move aimed at strengthening its leadership structure and execution capabilities. The appointment, announced on July...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Inogen Shareholders Approve Expanded Equity Incentive Plan
Positive
Jun 11, 2026
At its June 5, 2026 annual meeting, Inogen, Inc. shareholders approved an amended and restated 2023 Equity Incentive Plan that increases the pool of shares available for equity awards by 750,000, immediately expanding the company’s capacity ...
Business Operations and StrategyExecutive/Board Changes
Inogen Adds Director Amid Cooperation Agreement With Shareholder
Positive
Apr 6, 2026
On April 6, 2026, Inogen announced that veteran medical device executive Vafa Jamali will join its board as an independent Class I director, effective at the 2026 annual meeting or June 15, 2026, whichever comes first, with a term running to the 2...
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.