Inogen, Inc. (INGN)

In the past six months, Inogen's stock price has declined, with a share price of $6.71 as of December 19, 2025, a 20.40% decrease from $8.43 on December 23, 2024. Over the past year, the stock has delivered a -29.02% change, with a 52-week range between $5.70 and $12.91. Inogen announced its third-quarter 2025 financial results, reporting total revenue of $92.4 million, a 4% increase year-over-year, driven by higher demand from international and domestic business-to-business sales. Inogen announced the launch of Aurora CPAP Masks for Obstructive Sleep Apnea in the United States. Inogen announced preliminary revenue results for the fourth quarter and full-year 2025. Inogen reported a 5.5% increase in total revenue for Q4 2024 to $80.1 million and a 6.4% increase for the full year 2024 to $335.7 million, driven by higher demand in international and domestic B2B sales. A strategic collaboration with Yuwell was announced to expand Inogen's product portfolio and global reach. Philips was banned from the portable oxygen concentrator market by the FDA, which was seen as a significant market opportunity for Inogen.

While specific detailed information on demand seasonality for Inogen, Inc. products is not extensively provided in the search results, the second and third quarters are typically the company's strongest. General risks mentioned in older reports include "seasonal variations in customer operations." The company's business model suggests that demand may be influenced by factors such as patient diagnoses, healthcare spending cycles, and potentially seasonal respiratory illness trends.

Inogen, Inc. is a global medical technology company focused on designing, manufacturing, and marketing respiratory products for homecare, aiming to improve the quality of life for oxygen therapy users through portable technology. Their core products are portable oxygen concentrators (POCs) like the Inogen One and Rove systems, which are designed for patients with chronic respiratory conditions. Inogen also offers stationary oxygen concentrators and airway clearance devices, and they have a wireless connectivity platform called Inogen Connect. In January 2026, Inogen launched Aurora CPAP Masks for Obstructive Sleep Apnea in the United States. The company uses a multi-channel sales model, including direct-to-consumer sales, sales to Home Medical Equipment providers, and a domestic rental fleet.

Inogen, Inc. develops, manufactures, and markets its respiratory health products in the United States and internationally, with the majority of its revenue generated in the United States. International sales to distributors and home medical equipment (HME) providers represent its largest revenue stream and a key pillar of its long-term growth strategy. Inogen has been actively expanding into new geographies internationally, with its international business-to-business revenue showing significant growth. A strategic partnership and investment with Yuwell in January 2025 aims to expand into the fast-growing Asia-Pacific market.

Inogen is recognized as a key innovator in the respiratory care space, particularly for its patented pulse-flow technology. The company's products are independently considered among the best in the U.S. market. Inogen's brand reputation is also supported by its patient-centric mission, aiming to improve the quality of life for oxygen therapy users. Inogen's brand reputation has been positively influenced by its "turnaround strategy" which has resulted in seven consecutive quarters of mid-single-digit revenue growth and strong portable oxygen concentrator sales through its business-to-business channels. The company's efforts to expand internationally have also enhanced its brand visibility and reinforced its position as a global oxygen therapy partner. The launch of new products like the Voxi 5 stationary concentrator and the Aurora CPAP Masks further demonstrates its commitment to innovation and expanding its comprehensive respiratory care solutions.

Inogen, Inc. is a publicly traded company listed on the Nasdaq Global Select Market under the ticker symbol INGN. Ownership is distributed among institutional investors, mutual funds, and individual investors. Major institutional shareholders include BlackRock, Inc., The Vanguard Group Inc, Acadian Asset Management LLC, Camber Capital Management LP, Armistice Capital, Llc, Ameriprise Financial Inc, Dimensional Fund Advisors Lp, Geode Capital Management, Llc, and Morgan Stanley. Institutional ownership accounts for approximately 65% of the company's shares. Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. holds a significant stake of 9.67%. Insiders collectively hold a smaller stake of 1.41%. William J. Phd Link is noted as a significant individual shareholder, possessing 3.70 million shares, equating to 13.75% of the company as of July 2025.