Inogen
Provides portable oxygen and respiratory devices through consumer, provider, and distributor channels.
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Profile
Generates revenue from portable oxygen concentrators, airway clearance, stationary oxygen, and CPAP-mask products. U.S. direct-to-consumer sales and rentals sit alongside sales through home medical equipment and distribution channels, including an international footprint.
Portable oxygen concentrators under the Inogen One and Inogen Rove brands provide supplemental long-term oxygen therapy for people with chronic respiratory conditions. The portfolio also includes the Simeox airway-clearance system, Voxi 5 stationary oxygen concentrators, and Aurora CPAP masks.
In the United States, products are sold and rented directly to consumers and sold through home medical equipment providers, distributors, and resellers. Outside the United States, sales run through distributors, resellers, home medical equipment providers, and large house accounts across many countries.
Research and development focuses on functionality, ease of use, total cost of ownership, next-generation concentrators, and Simeox. The business depends on regulated-device manufacturing, quality systems, commercial channels, and respiratory-product development.
Company facts
Categories
Key statistics
Year to date −17.0% · Average volume (30d) 240.4K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating |
|---|---|---|---|---|
| May 22, 2025 | Needham | Upgrade | Hold | Buy |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | −$0.15 | −$0.14 | +8.7% | $95.2M | $95.1M | −0.2% | −6.78% |
| May 7, 2026Q1 FY26 | −$0.24 | −$0.30 | −25.0% | $82.4M | $85.1M | +3.4% | −2.36% |
| Feb 24, 2026Q4 FY25 | −$0.36 | −$0.26 | +27.8% | $85.1M | $81.7M | −3.9% | +2.91% |
| Nov 5, 2025Q3 FY25 | −$0.22 | −$0.20 | +9.1% | $88.6M | $92.4M | +4.3% | −4.87% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $82.3M | $92.3M | $92.4M | $81.7M | $85.1M | $95.1M | |
| Gross profit | $36.4M | $41.3M | $47.0M | $41.2M | $41.8M | $43.3M | |
| Operating income | −$7.7M | −$6.1M | −$7.1M | −$9.3M | −$8.4M | −$5.1M | |
| Net income | −$6.2M | −$4.2M | −$5.3M | −$7.1M | −$8.3M | −$3.9M | |
| Diluted EPS | −$0.25 | −$0.15 | −$0.20 | −$0.26 | −$0.30 | −$0.14 | |
| Gross margin | 44.2% | 44.8% | 50.8% | 50.4% | 49.1% | 45.5% | |
| Operating margin | -9.3% | -6.6% | -7.7% | -11.4% | -9.9% | -5.4% |
Fiscal years (4-quarter sums)FY21 $358.0M · FY22 $377.2M · FY23 $315.7M · FY24 $335.7M · FY25 $348.7M
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $105.5M · Total debt $15.8M · Total assets $285.6M · Shareholders' equity $174.9M
Dividends
No dividends on record.
Ownership
Shares outstanding 27.07M · Float 23.68M · 87.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Yuwell (Hong Kong) Holdings Limited | 2.63M | 9.90% | 13G | Feb 24, 2025 |
| BlackRock, Inc. | 1.75M | 6.46% | 13F | Aug 7, 2026 |
| Acadian Asset Management LLC | 1.10M | 4.05% | 13F | Aug 13, 2026 |
| Armistice Capital, LLC | 1.10M | 4.05% | 13F | Aug 14, 2026 |
| Vanguard Capital Management LLC | 1.04M | 3.84% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 1, 2026 | Boyer Jennifer M. Yi | officer: EVP Entrprs Enblmnt, Ch HR Off | −10,938 | $6.60 |
| May 29, 2026 | Boyer Jennifer M. Yi | officer: EVP Entrprs Enblmnt, Ch HR Off | −10,770 | $6.53 |
Peers
- ResMed
Mobi POC overlaps in portable long-term oxygen therapy
- Philips (ADR)
Respironics POC placements retain a narrower oxygen overlap
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Inogen | $5.50 | −0.09% | $148.9M | — | — | 0.4 | +3.0% |
| ResMed | $240.33 | +0.01% | $34.86B | 23.1 | 19.8 | 6.2 | +8.6% |
| Philips (ADR) | $26.72 | +0.06% | $26.12B | 19.9 | 13.7 | 1.3 | −2.9% |
| Median | 21.5 | 16.7 | 3.7 | +2.8% |




