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Inogen, Inc., a medical technology company, develops, manufactures, and markets respiratory health products in the United States and internationally. The company offers portable oxygen concentrators used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions. It provides Inogen One and Inogen Rove, an ambulatory solution for long-term oxygen therapy; Rove 4, a portable oxygen concentrator; Rove 6 concentrator; Inogen Voxi 5, a stationary oxygen concentrator; Aurora for continuous positive airway pressure; CPAP masks; Simeox for airway clearance treatment; and related accessories. It also rents its products directly to patients. Inogen, Inc. was incorporated in 2001 and is headquartered in Beverly, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $349M | $-10M | $-23M | $-22M | -11.8% | 3.9% | -36.6% |
| 2024 | $336M | $-22M | $-36M | $-11M | -20.6% | 6.4% | -65.0% |
| 2023 | $316M | $-58M | $-102M | $-30M | -50.0% | -16.3% | 22.3% |
| 2022 | $377M | $-10M | $-84M | $-59M | -28.2% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 377.24 | 315.66 | 335.70 | 348.67 |
| Operating Revenue | - | 377.24 | 315.66 | 335.70 | 348.67 |
| Cost Of Revenue | - | 223.71 | 188.96 | 180.96 | 194.40 |
| Gross Profit | - | 153.53 | 126.70 | 154.74 | 154.26 |
| Operating Expense | - | 186.62 | 203.19 | 197.26 | 184.47 |
| Research And Development | - | 21.94 | 20.84 | 21.61 | 19.40 |
| Selling General And Administration | - | 164.67 | 182.35 | 175.65 | 165.07 |
| Total Expenses | - | 410.32 | 392.15 | 378.22 | 378.88 |
| Operating Income | - | -33.08 | -76.49 | -42.52 | -30.21 |
| Total Operating Income As Reported | - | -85.24 | -109.39 | -42.52 | -30.21 |
| EBITDA | - | -9.57 | -58.34 | -21.51 | -9.55 |
| Normalized EBITDA | - | 42.59 | -25.45 | -21.51 | -9.55 |
| EBIT | - | -33.08 | -76.49 | -42.52 | -30.21 |
| Interest Income | - | 2.84 | 6.57 | 5.19 | 4.38 |
| Net Interest Income | - | 2.84 | 6.57 | 5.19 | 4.38 |
| Other Non Operating Income Expenses | - | -0.86 | 0.47 | 0.85 | 2.44 |
| Other Income Expense | - | -53.02 | -32.43 | 0.85 | 2.44 |
| Interest Income Non Operating | - | 2.84 | 6.57 | 5.19 | 4.38 |
| Net Non Operating Interest Income Expense | - | 2.84 | 6.57 | 5.19 | 4.38 |
| Pretax Income | - | -83.27 | -102.34 | -36.48 | -23.38 |
| Tax Provision | - | 0.50 | 0.10 | -0.59 | -0.63 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -10.95 | -6.91 | 0 | 0 |
| Net Income Continuous Operations | - | -83.77 | -102.45 | -35.89 | -22.75 |
| Net Income From Continuing And Discontinued Operation | - | -83.77 | -102.45 | -35.89 | -22.75 |
| Net Income From Continuing Operation Net Minority Interest | - | -83.77 | -102.45 | -35.89 | -22.75 |
| Net Income | - | -83.77 | -102.45 | -35.89 | -22.75 |
| Net Income Common Stockholders | - | -83.77 | -102.45 | -35.89 | -22.75 |
| Net Income Including Noncontrolling Interests | - | -83.77 | -102.45 | -35.89 | -22.75 |
| Normalized Income | - | -42.56 | -76.46 | -35.89 | -22.75 |
| Diluted NI Availto Com Stockholders | - | -83.77 | -102.45 | -35.89 | -22.75 |
| Basic Average Shares | - | 22.85 | 23.18 | 23.65 | 26.60 |
| Diluted Average Shares | - | 22.85 | 23.18 | 23.65 | 26.60 |
| Reconciled Depreciation | - | 23.51 | 18.15 | 21 | 20.66 |
| Reconciled Cost Of Revenue | - | 223.71 | 188.96 | 180.96 | 194.40 |
| Total Unusual Items | - | -52.16 | -32.89 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | - | -52.16 | -32.89 | 0 | 0 |
| Special Income Charges | - | -52.16 | -32.89 | 0 | 0 |
| Write Off | - | 0 | 32.89 | 0 | 0 |
| Impairment Of Capital Assets | 0 | 0 | 32.89 | - | - |
| General And Administrative Expense | - | 43.90 | 75.26 | 72.58 | 67.38 |
| Other Gand A | - | 43.90 | 75.26 | 72.58 | 67.38 |
| Gain On Sale Of Ppe | 0 | -52.16 | 0 | 0 | - |
| Rent Expense Supplemental | - | 14.80 | 17.43 | 19.72 | 18.77 |
| Selling And Marketing Expense | - | 120.77 | 107.09 | 103.07 | 97.69 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Inogen, Inc.this co. | INGN | $171M | -7.51 | 0.89 | -11.8% | -8.86 |
| MediWound Ltd. | MDWD | $186M | -7.78 | 4.26 | -54.7% | -8.81 |
| Stereotaxis, Inc. | STXS | $184M | -8.49 | 13.63 | -160.5% | -8.55 |
| Quanterix Corporation | QTRX | $179M | -1.67 | 0.61 | -36.2% | -2.05 |
| Journey Medical Corporation | DERM | $171M | -14.98 | 5.38 |
| - |
| - |
| - |
| - |
| -35.9% |
| -51.87 |
| ADC Therapeutics SA | ADCT | $168M | -1.18 | -0.90 | 76.7% | -0.27 |
| Protalix BioTherapeutics, Inc. | PLX | $162M | - | 3.36 | -13.7% | - |
| Korro Bio, Inc. | KRRO | $161M | -1.38 | 3.13 | -228.0% | -2.20 |
| CVRx, Inc. | CVRX | $156M | - | 3.97 | -135.6% | - |
| Peer Median | - | -4.72 | 3.66 | -45.5% | -5.38 | |