olivLaw · US equity research
Inogen, Inc. INGN
Orthopedic, Prosthetic & Surgical Appliances & Supplies · SIC 3842 · Vertical: Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842)
Inogen develops and sells respiratory health products, mainly portable oxygen concentrators, the Simeox airway clearance device and, since 2025, CPAP masks. In the second quarter of 2026 it reported revenue of 95.1 million USD, and its 2026 guidance points to revenue between 355 and 361 million USD.
At the close of 04 Nov 2026, Inogen, Inc. (INGN) stock was 7.22 USD (+2.85% on the day), with market capitalisation 191.6 m USD, beta 0.90, 52-week range 5.09–7.39 USD. Latest reported quarter (Q2 2026): revenue of 95.1 m USD (+3.0% YoY), net income of -3.9 m USD, diluted EPS -0.14 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 68.6
- strong (55–70)
- Bollinger (20, 2)
- 5.89 – 7.54
- in the upper half of the band · %B 0.81 · band width 24.6%
- SMA 50 / 200
- 5.93 / 6.24
- mixed trend
- MACD (12, 26, 9)
- 0.35 / 0.35
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +21.5% | −1.1% | +22.6 pp | — |
| 3 months | +10.1% | −0.5% | +10.5 pp | — |
| 6 months | +1.5% | +4.4% | −2.8 pp | — |
| Year to date | +7.4% | +12.3% | −4.9 pp | — |
| 1 year | −10.4% | +13.5% | −24.0 pp | −2.5% |
| 3 years | +35.5% | +76.4% | −41.0 pp | −4.2% |
| 5 years | −80.4% | +63.7% | −144.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 88.8 m | 80.1 m | 82.3 m | 92.3 m | 92.4 m | 81.7 m | 85.1 m | 95.1 m |
| Cost of revenue | 47.5 m | 43.8 m | 45.9 m | 50.9 m | 51.1 m | 46.5 m | 47.2 m | 51.8 m |
| Gross profit | 41.3 m | 36.3 m | 36.4 m | 41.3 m | 41.3 m | 35.2 m | 37.9 m | 43.3 m |
| Research & development | 3.5 m | 5.9 m | 4.0 m | 5.2 m | 4.8 m | 5.3 m | 5.1 m | 5.9 m |
| Operating income | -7.8 m | -11.4 m | -7.7 m | -6.1 m | -7.1 m | -9.3 m | -9.3 m | -5.1 m |
| Depreciation & amortisation | 4.2 m | 5.1 m | 5.2 m | 4.0 m | 3.9 m | 5.0 m | 4.9 m | 3.4 m |
| Pre-tax income | -6.1 m | -10.1 m | -6.3 m | -4.3 m | -5.4 m | -7.4 m | -8.5 m | -4.0 m |
| Income tax | -101.0 k | -330.0 k | -97.0 k | -153.0 k | -146.0 k | -236.0 k | -174.0 k | -154.0 k |
| Net income | -6.0 m | -9.8 m | -6.2 m | -4.2 m | -5.3 m | -7.1 m | -8.3 m | -3.9 m |
| Diluted EPS | -0.25 | -0.41 ≈ | -0.25 | -0.15 | -0.20 | -0.26 ≈ | -0.30 | -0.14 |
| Operating cash flow | 7.0 m ≈ | -3.0 m | -16.8 m | 4.4 m ≈ | 2.2 m ≈ | -943.0 k | -6.7 m | 2.9 m ≈ |
| Capex | 1.7 m ≈ | 329.0 k | 292.0 k | 684.0 k ≈ | 568.0 k ≈ | 979.0 k | 210.0 k | 711.0 k ≈ |
| Share repurchases | — | — | — | — | — | — | 1.9 m | 5.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 358.1 m | 361.9 m | 308.5 m | 358.0 m | 377.2 m | 315.7 m | 335.7 m | 348.7 m |
| Revenue YoY | +43.6% | +1.1% | −14.8% | +16.1% | +5.4% | −16.3% | +6.4% | +3.9% |
| Net income | 51.8 m | 21.0 m | -5.8 m | -6.3 m | -83.8 m | -102.4 m | -35.9 m | -22.7 m |
| Net income YoY | +146.9% | −59.6% | −127.8% | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | 2.30 | 0.94 | -0.27 | -0.28 | -3.67 | -4.42 | -1.52 | -0.86 |
| Diluted EPS YoY | +139.6% | −59.1% | −128.7% | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 14.5% | 5.8% | -1.9% | -1.8% | -22.2% | -32.5% | -10.7% | -6.5% |
| Free cash flow | 51.9 m | 37.5 m | 32.6 m | 18.2 m | -40.9 m | -8.5 m | 2.6 m | -13.7 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 103.7 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 192.2 m USD
- Total assets
- 298.6 m USD
- Debt / equity
- unavailable
- Current ratio
- 3.12x
- ROE
- -12.4%
- ROA
- -7.6%
- FCF margin
- -3.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 308.5 m | 358.0 m | 377.2 m | 315.7 m | 335.7 m | 348.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 170.3 m | 181.5 m | 223.7 m | 189.0 m | 181.0 m | 194.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 138.2 m | 176.5 m | 153.5 m | 126.7 m | 154.7 m | 154.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Research & development | 14.1 m | 16.6 m | 21.9 m | 20.8 m | 21.6 m | 19.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | -12.0 m | 9.2 m | -85.2 m | -109.4 m | -42.5 m | -30.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 18.6 m | 21.6 m | 23.5 m | 18.2 m | 21.0 m | 20.7 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 6.6 m ≈ | 30.9 m ≈ | -61.7 m ≈ | -91.2 m ≈ | -21.5 m ≈ | -9.5 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Pre-tax income | -5.3 m | 8.7 m | -83.3 m | -102.3 m | -36.5 m | -23.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 549.0 k | 15.0 m | 504.0 k | 105.0 k | -588.0 k | -632.0 k | SEC (XBRL)· 27 Feb 2026verified |
| Net income | -5.8 m | -6.3 m | -83.8 m | -102.4 m | -35.9 m | -22.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | -0.27 | -0.28 | -3.67 | -4.42 | -1.52 | -0.86 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 22.0 m | 22.5 m | 22.9 m | 23.2 m | 23.7 m | 26.6 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 212.0 m | 235.5 m | 187.0 m | 125.5 m | 113.8 m | 103.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 29.7 m | 24.5 m | 62.7 m | 42.2 m | 29.6 m | 38.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | 24.8 m | 31.9 m | 34.1 m | 21.8 m | 24.8 m | 26.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 305.7 m | 329.2 m | 304.6 m | 207.1 m | 185.5 m | 198.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 28.2 m | 38.9 m | 43.3 m | 50.3 m | 44.4 m | 36.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 33.2 m | 33.0 m | 32.9 m | 10.1 m | 9.5 m | 10.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 68.8 m | 60.1 m | 177.0 k | 34.6 m | 30.5 m | 30.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 461.9 m | 489.5 m | 405.0 m | 326.2 m | 296.2 m | 298.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 12.5 m | 10.3 m | 18.2 m | 13.5 m | 16.6 m | 20.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 56.7 m | 61.5 m | 65.3 m | 72.5 m | 76.7 m | 63.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 112.2 m | 119.3 m | 107.6 m | 121.4 m | 122.3 m | 106.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 349.6 m † | 370.2 m † | 297.4 m † | 204.8 m † | 173.9 m † | 192.2 m † | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 37.0 m | 23.6 m | -37.5 m | -3.2 m | 5.9 m | -11.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 4.4 m | 5.5 m | 3.3 m | 5.2 m | 3.4 m | 2.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | 32.6 m ≈ | 18.2 m ≈ | -40.9 m ≈ | -8.5 m ≈ | 2.6 m ≈ | -13.7 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -25.6 m | -14.6 m | -10.9 m | -59.3 m | -14.0 m | -26.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | 2.1 m | 15.0 m | 380.0 k | 960.0 k | 265.0 k | 24.2 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 191.6 m USD
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -6.9% | 55 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -2.6% | 0 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.7x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -2.6% | 0 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial55/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
INOGEN, INC. (INGN). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 348.7 m USD in 2025; YoY growth 3.9%; net margin -6.9%; ROE -13.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.7x
What contradicts it
- Revenue CAGR 3Y: -2.6%
- FCF yield: -2.6%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842) · same industry (4-digit SIC) · compared with 23 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ISRGIntuitive Surgical, Inc. | 167.1 bn | 58.3 | 18.0% | 25.5% | +20.5% | −16% / +55% |
| EWEdwards Lifesciences Corporation | 57.1 bn | 56.2 | 9.7% | 15.3% | +11.5% | +15% / +47% |
| SNNSmith & Nephew plc | 28.5 bn | 45.3 | 11.8% | 10.1% | +6.1% | −2% / +25% |
| STESTERIS plc | 24.2 bn | 30.0 | 11.4% | 13.3% | +8.7% | −7% / +23% |
| ZBHZimmer Biomet Holdings, Inc. | 20.8 bn | 27.9 | 6.0% | 9.0% | +7.2% | +13% / −5% |
| ALGNAlign Technology, Inc. | 11.6 bn | 24.0 | 11.9% | 11.8% | +0.9% | +12% / −23% |
| MSAMsa Safety Inc | 6.8 bn | 22.8 | 22.1% | 15.0% | +3.7% | +10% / +2% |
| ESTAEstablishment Labs Holdings Inc. | 2.0 bn | — | -175.3% | -15.8% | +27.1% | −3% / +161% |
| ENOVEnovis Corp | 1.4 bn | — | -54.3% | -48.0% | +6.7% | −19% / −51% |
| CDRECadre Holdings, Inc. | 1.3 bn | 38.0 | 10.6% | 5.3% | +7.5% | −28% / −4% |
| AVRAnteris Technologies Global Corp. | 596.4 m | — | -75.1% | -4,619.3% | −29.2% | +49% / unavailable |
| COCHEnvoy Medical, Inc. | 549.6 m | — | — | -11,304.8% | +7.1% | +749% / +216% |
| ZJYLJin Medical International Ltd. | 483.7 m | 309.0 | 4.1% | 5.8% | −12.0% | −39% / −87% |
| SMTISanara Medtech Inc. | 297.0 m | — | -147.7% | -29.2% | +19.0% | +55% / −0% |
| INGNInogen, Inc. | 191.6 m | — | -13.1% | -6.9% | +3.9% | −10% / +35% |
| LAKELakeland Industries, Inc. | 88.7 m | — | -19.6% | -14.0% | +15.2% | −41% / −39% |
| NTRBNutriband Inc. | 73.9 m | — | -100.7% | -430.4% | −4.8% | +23% / +140% |
| APTAlpha Pro Tech, Ltd. | 58.6 m | 14.1 | 6.6% | 6.8% | +2.3% | +25% / +17% |
| CLGNCollPlant Biotechnologies Ltd | 54.2 m | — | -117.6% | -484.6% | +360.4% | −81% / −92% |
| MYOMyomo, Inc. | 51.5 m | — | -123.8% | -33.5% | +25.7% | +46% / −58% |
| MLSSMilestone Scientific Inc. | 29.2 m | — | -121.7% | -44.0% | +4.0% | +6% / −61% |
| LFWDLifeward Ltd. | 17.2 m | — | -225.6% | -141.3% | −14.1% | −13% / −90% |
| CUPRCuprina Holdings (Cayman) Limited | 14.1 m | — | -1,115.0% | -9,366.7% | +9.2% | −64% / unavailable |
| BBLGBone Biologics Corporation | 1.2 m | — | -47.5% | — | 0.0% | −77% / −98% |
1- and 3-year price returns: for INGN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Inogen develops and sells respiratory health products, mainly portable oxygen concentrators, the Simeox airway clearance device and, since 2025, CPAP masks. In the second quarter of 2026 it reported revenue of 95.1 million USD, and its 2026 guidance points to revenue between 355 and 361 million USD.
SWOT
Strengths
- The company has a specialized portable concentrator portfolio and a direct-to-consumer distribution model, and it carries no debt with substantial liquidity in mid-2026.
- Inogen has long experience in oxygen therapy and a home service network for patients, which supports relationships with prescribers and providers.
- International expansion and the Yuwell collaboration diversify revenue sources and bring new products into the portfolio.
Weaknesses
- US sales declined in 2026, and reliance on a small number of large customers makes revenue sensitive to the loss of one partner.
- The company reported GAAP net losses in recent quarters, and operating margins remain thin.
- Reliance on single-source suppliers for some components exposes production to interruptions and cost increases.
Opportunities
- A US launch of Simeox and securing reimbursement for it could open a large airway clearance market.
- A broader Aurora mask rollout in 2026 could add revenue in the sleep apnea CPAP market.
- Greater POC adoption in place of tanks could increase rental volumes, especially if reimbursement becomes more favourable.
Threats
- Reimbursement cuts and competitive bidding in government programs could reduce prices and margins.
- Large competitors adopting direct-to-consumer sales could gain share and raise customer acquisition costs.
- Trade tensions, tariffs and supply chain disruptions could affect component costs and availability.
Risks
- Customer concentrationhigh
A small number of large customers generate a significant share of revenue, and lower orders from one of them could affect results.
- Reimbursement changeshigh
Medicare, Medicaid and private payer policies can change rates and coverage terms, which could affect rental revenue.
- Intensifying competitionmedium
Entry by well-funded competitors and adoption of direct-to-consumer models could reduce market share and margins.
- Single-source suppliersmedium
Some components come from a single or limited group of suppliers, which could cause production delays.
- Regulatory and compliancelow
FDA and EU requirements, as well as anti-bribery and export laws, could impose extra costs or penalties if not met.
Investment thesis
What would need to be true (bull case)
- Rising international revenue and new product launches show the diversification strategy could support growth over the medium term.
- Improving gross margin and adjusted EBITDA suggest operational discipline could lead to higher profitability.
- A debt-free balance sheet and solid liquidity give flexibility for innovation investment and share repurchases.
What would break the thesis
- US sales remained below the prior-year level, which could signal difficulty in converting the core market.
- The company continues to report GAAP net losses, and the modest revenue growth guidance could test investor patience.
- If reimbursement cuts or direct-to-consumer competition intensify, margins could come under renewed pressure.
What to watch
- Third-quarter results and the pace of US sales versus the prior yearQ3 2026
- Results of the Simeox H SCOPE study in China and progress on Simeox reimbursement in the US2026
- Delivery against revenue guidance of 355-361 million USD and adjusted EBITDA of about 4.0 million USD2026
- Changes to Medicare home oxygen coverage rules and outcomes of competitive biddingnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Inogen, Inc. is a medical technology company focused on respiratory health that designs, manufactures and markets portable oxygen concentrators (POCs) for long-term oxygen therapy in patients with chronic respiratory conditions. The company broadened its portfolio with the Simeox device, acquired with Physio-Assist in 2023 and cleared by the FDA in December 2024, and by distributing the Voxi 5 stationary concentrator and Aurora CPAP masks in the United States under the 2025 Yuwell partnership. Its direct-to-consumer model, including direct rentals, sets it apart from most manufacturers, which sell through home medical equipment providers.
In the United States, part of sales goes to home medical equipment providers, distributors and resellers, while the rest is sold or rented directly to patients. The company notes that its top ten customers account for a significant share of revenue, so losing a major customer would have a considerable effect. Inogen is based in Beverly, Massachusetts, and trades on Nasdaq under the symbol INGN.
Its strategy aims to raise penetration of portable oxygen therapy over other modalities, expand into more countries and regions, drive innovation through new products, and support adoption with clinical evidence and key opinion leader advocacy. The company invests in clinical studies and works with a Scientific Advisory Board to change prescriber behaviour.
Segments
Portable oxygen concentrators (POC)
The Inogen One and Inogen Rove lines are the core products, designed for patients who need long-term oxygen and want to stay mobile. They include the Intelligent Delivery technology and the Inogen Connect platform, and the Rove 6 was launched in Canada in the second quarter of 2026.
Stationary concentrators and Voxi 5
The Inogen At Home stationary concentrator and the Voxi 5, introduced in 2025 through the Yuwell collaboration, provide continuous oxygen at home or in clinical settings. Voxi 5 is offered to home oxygen providers and directly to patients, and the company also supplies it to rental patients who need secondary oxygen sources.
Simeox and Aurora CPAP masks
Simeox is an airway clearance device for removing mucus from the lungs, aimed mainly at patients with bronchiectasis, while Aurora are masks for CPAP therapy of obstructive sleep apnea. Both extend the addressable market; Simeox is in a limited US market release, and Aurora masks launched in November 2025 with a broader rollout planned for 2026.
Market context
Demand for oxygen therapy is tied to chronic respiratory disease, especially COPD, a progressive condition with no cure that can require long-term oxygen as it advances. The company estimates about 200 million people worldwide have COPD, and the annual economic cost of COPD in the United States was projected at about 50 billion USD. The market is competitive, and reimbursement rules and the traditional tank delivery model shape how quickly portable concentrators are adopted.
Beyond oxygen therapy, companies in the sector are expanding into airway clearance and CPAP therapy for sleep apnea, markets seen as large and growing. Their development depends on reimbursement coverage and on the clinical evidence the company can generate.
Trends
- Adoption of portable concentratorsmixed
Home medical equipment providers have invested in tank delivery infrastructure, which may make the move to portable concentrators less attractive. If these countervailing forces ease, POC adoption could accelerate.
- Direct-to-consumer salestailwind
The direct-to-patient model, including direct rentals billed to Medicare, gives the company a distribution advantage. Competitors adopting similar models must meet accreditation and state licensing requirements, which could limit their spread.
- Reimbursement pressureheadwind
Changes to Medicare and Medicaid policies, including competitive bidding and rate reductions, could affect rental revenue and provider margins. The company expects more consolidation in the sector.
- International expansionmixed
International revenue is growing faster than US revenue, and the Canada launch and the Yuwell partnership in Asia-Pacific suggest geographic diversification. US sales, however, remained below the prior-year level in the second quarter of 2026.
Competitive position
Inogen competes with manufacturers and distributors of POCs and with providers of tank delivery, stationary concentrators, transfilling concentrators and liquid oxygen. The company notes that many large competitors have greater financial and research resources, stronger name recognition and established distribution networks, and increasingly adopt direct-to-consumer sales models.
Inogen's edge lies in its POC specialization and its ability to combine direct sales with direct-to-patient rental, a strategy most competitors cannot easily replicate. Cost per lead has risen, which the company partly attributes to competition, and entry by lower-priced competitors remains a risk.
- Yuwell (Jiangsu Yuyue Medical Equipment & Supply)
Strategic partner since 2025 that distributes Voxi 5 and Aurora in the US and certain POCs in Asia-Pacific; also a possible competitor in some segments.
- Large concentrator and respiratory therapy manufacturers
Companies with multiple product lines and established distribution networks that can offer discounts, bundles and more aggressive financing.
- Tank and liquid oxygen suppliers
The traditional delivery model is the main alternative to POCs, and home equipment providers have an interest in keeping it.
- Pharmaceutical companies and alternative therapy providers
Compete indirectly through drug treatments for the same chronic respiratory conditions.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report30 Sept 2026Material agreement · Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report01 Jul 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report11 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report08 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement28 Apr 2026
- Current report06 Apr 2026Material agreement · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report30 Mar 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Inogen, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Inogen, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Inogen, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.