Inogen, Inc. (INGN)

In the past six months (April to October 2025), Inogen's stock has shown some volatility, with a 5.28% rise in the past month but a 4.57% decrease over the last year as of October 25, 2025. In Q1 2025, Inogen announced revenue of $82.3 million, a 5.5% year-over-year growth, driven by strong performance in B2B channels, and reported a GAAP net loss of $6.2 million and positive adjusted EBITDA of $36,000. In Q2 2025, total revenue was $92.3 million, a 4% increase year-over-year, and the company reported a GAAP net loss of $4.2 million and adjusted EBITDA of $2.1 million, also raising its full-year 2025 revenue guidance. Inogen introduced the Voxi 5 stationary oxygen concentrator in June 2025 and appointed Naga Rameswamy as Chief Technology Officer in September 2025. B. Riley initiated coverage of Inogen with a "buy" rating and a $14.00 price target, and Needham analysts also upgraded Inogen's stock to a "Buy" rating with a $12 price target. There have been various institutional purchases and sales of Inogen stock.

Demand for Inogen's portable oxygen concentrator products exhibits seasonality, with Google search interest typically peaking in the summer and fall months. Inogen has historically seen its strongest revenue in the second and third quarters, which can lead to quarter-to-quarter variability in the company's financial results.

Inogen, Inc. is a medical technology company specializing in respiratory products for homecare, operating within the Medical Equipment, Supplies & Distribution sector, focusing on the respiratory care market and portable oxygen concentrators (POCs). Its major products include portable and stationary oxygen concentrators, an airway clearance device, batteries, accessories, and rental programs.

Inogen, Inc. has a global presence, developing, manufacturing, and marketing its respiratory health products in the United States and internationally. The company's distribution channels include direct-to-consumer sales, domestic business-to-business (B2B) sales to home medical equipment (HME) providers and distributors, and international B2B sales. In 2024, international B2B sales accounted for 34.9% of Inogen's revenue, while domestic B2B contributed 24.9%, direct-to-consumer sales 23.2%, and rentals 17.0%. Inogen has a strategic focus on strengthening its presence in international markets through partnerships and direct sales efforts, including a collaboration for portable oxygen concentrator distribution in China. The company also sells to countries in Canada, Europe, the Asia-Pacific region, Latin America, the Middle East, and Africa, often through large distributors.

Inogen has maintained a positive brand reputation, driven by its focus on innovation, product quality, and patient-centric solutions, and is recognized as a market leader in portable oxygen concentrators. Inogen continues to invest in research and development to enhance the performance, portability, and efficiency of its oxygen concentrators. Customer reviews highlight ease of use, good customer service, and the quality of Inogen's equipment. The company's efforts to improve profitability, disciplined cost management, and expanding relationships with customers have also positively impacted its standing.

Inogen, Inc. is heavily dominated by institutional owners, who collectively hold approximately 73% to 74.74% of the company's shares, while individual investors hold about 2.78% to 16% of the shares. Major institutional shareholders include BlackRock, Inc., Vanguard Group Inc, Jiangsu Yuyue Medical Equipment & Supply Co., Ltd., Kent Lake PR LLC, Acadian Asset Management Llc, Camber Capital Management LP, Ameriprise Financial Inc, Dimensional Fund Advisors Lp, Renaissance Technologies Llc, Morgan Stanley, State Street Corp., and SEI Investments Co. Insiders own approximately 2.18% of the stock.