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INGN

Inogen, Inc.

INGN

Inogen, Inc. • NASDAQ
$7.08 ▼ -0.56% (-0.04)
Market Cap $192.21 M
52w High $12.91
52w Low $5.70
Dividend Yield 0%
P/E -7.08
Volume 50.79K
Outstanding Shares 27.15M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $92.39M ▲ $54.07M ▲ $-5.294M ▼ -5.73% ▼ $-0.2 ▼ $-221K ▼
Q2-2025 $92.277M ▲ $47.47M ▲ $-4.152M ▲ -4.499% ▲ $-0.15 ▲ $911K ▲
Q1-2025 $82.28M ▲ $44.028M ▼ $-6.174M ▲ -7.504% ▲ $-0.25 ▲ $-2.467M ▲
Q4-2024 $80.081M ▼ $47.675M ▼ $-9.757M ▼ -12.184% ▼ $-0.41 ▼ $-6.306M ▼
Q3-2024 $88.834M $49.136M $-5.963M -6.713% $-0.25 $-2.478M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $124.504M ▲ $307.009M ▼ $109.834M ▼ $197.175M ▼
Q2-2025 $122.43M ▲ $312.04M ▲ $112.549M ▲ $199.491M ▲
Q1-2025 $118.893M ▲ $308.412M ▲ $110.46M ▼ $197.952M ▲
Q4-2024 $113.795M ▼ $296.185M ▼ $122.325M ▲ $173.86M ▼
Q3-2024 $120.663M $306.172M $120.768M $185.404M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-5.294M ▼ $2.167M ▼ $-82K ▲ $418K ▲ $2.8M ▲ $64K ▼
Q2-2025 $-4.152M ▲ $4.35M ▲ $-22.573M ▼ $0 ▼ $-17.582M ▼ $480K ▲
Q1-2025 $-6.174M ▲ $-16.79M ▼ $-2.038M ▼ $23.951M ▲ $5.124M ▼ $-18.828M ▼
Q4-2024 $-9.757M ▼ $-3.018M ▼ $11.54M ▲ $-260K ▼ $8.134M ▲ $-6.157M ▼
Q3-2024 $-5.963M $6.992M $305K $441K $7.802M $2.139M

Five-Year Company Overview

Income Statement

Income Statement Inogen’s sales have been relatively steady over the last few years, with a small rebound recently but still below earlier peaks. The main issue is profitability: the company has struggled to turn those sales into lasting profits. Operating results have been negative in most years, and net losses have become a recurring pattern, with only a brief break-even period earlier in the period. Losses did worsen notably at one point, and while there are signs of slight improvement in the most recent year, the business is still not earning its cost through the income statement. Overall, the picture is of a company with a real market and stable demand, but still working hard to regain efficiency, control costs, and restore consistent profitability.

Balance Sheet

Balance Sheet The balance sheet shows a company that is still financially flexible but gradually drawing down its cushions. Total assets and cash have trended lower over time, reflecting ongoing losses and the use of resources to support the business. Debt remains quite modest, which is a clear strength and reduces financial risk. However, shareholders’ equity has shrunk meaningfully as losses accumulated, signaling that the financial buffer for absorbing future setbacks is thinner than it used to be. In short, leverage is low and liquidity is still present, but the overall financial foundation is not as strong as it once was and needs rebuilding through better performance.

Cash Flow

Cash Flow Cash generation has been mixed. Operating cash flow dipped into negative territory earlier in the period, then recovered to roughly break-even, and most recently turned modestly positive. That is an encouraging direction, but the level of cash generation is still limited relative to the business needs. After taking into account ongoing, though not heavy, capital spending, free cash flow has remained negative in recent years. This means the company is still consuming cash overall rather than consistently producing it, and continued improvement in operating efficiency is important if it wants to fund growth and innovation from its own cash flows rather than from its balance sheet over time.

Competitive Edge

Competitive Edge Inogen has a clear niche in portable oxygen concentrators, with a strong brand in a specialized corner of respiratory care. Its key advantages include lightweight, patient-friendly devices, patented oxygen delivery technology, and a reputation for reliability and portability. The company also benefits from a dual go-to-market approach: direct-to-consumer relationships that deepen brand loyalty and a broad business-to-business network that extends reach through home medical equipment providers and distributors worldwide. That said, the market is competitive, reimbursement environments can shift, and the company has faced challenges in its direct-to-consumer channel. The moat is real but not unassailable, and continued execution on service quality, product performance, and channel management is crucial.

Innovation and R&D

Innovation and R&D Inogen’s story is driven by innovation. Its core technology focuses on precise, breath-triggered oxygen delivery that is designed to be more efficient and more convenient than traditional tank-based systems. The company has invested heavily over time in making devices smaller, lighter, quieter, and longer-lasting on a single charge, and it has built a sizable portfolio of patents around these capabilities. Product lines such as the Inogen One series and newer Rove devices, along with stationary systems, show a progression of improvements tailored to different patient needs. Looking ahead, the company is signaling efforts toward digital connectivity, remote monitoring, and broader respiratory offerings, as well as expansion into large international markets. These innovation efforts are a strategic strength but also a cost burden, and the key question is how effectively they translate into better margins and more durable growth.

Summary

Inogen operates in an important and growing area of healthcare, with well-regarded products and real technological differentiation in portable oxygen therapy. Financially, however, it is in a transition phase: revenue is relatively stable but not yet translating into reliable profits, equity has eroded, and free cash flow is still negative, even as operating cash flow shows improvement. The company maintains low debt and retains a reasonable cash cushion, which gives it time to execute its strategy, but not unlimited room for prolonged underperformance. Strategic opportunities lie in deepening its niche leadership, leveraging its brand and patents, and expanding internationally and into connected care. At the same time, it must tighten operations, improve returns on its innovation spending, and stabilize its direct-to-consumer and partner channels to move from a story of promise to one of consistent financial strength.

NEWS

November 5, 2025 · 7:30 AM UTC

Inogen Announces Third Quarter 2025 Financial Results

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October 15, 2025 · 8:30 AM UTC

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

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September 25, 2025 · 4:05 PM UTC

Inogen Announces the Appointment of Naga Rameswamy as Chief Technology Officer

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