INGNNasdaqOrthopedic, Prosthetic & Surgical Appliances & SuppliesUS GAAP · USD

Inogen Inc

Inogen Inc designs, markets, and sells portable and stationary oxygen concentrators and related respiratory products for people needing long-term oxygen therapy. The company sells through a mix of U.S. business-to-business channels, direct-to-consumer channels, and international distributors, with a growing emphasis on expanding its respiratory product portfolio and overseas reach.

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Revenue349m USD
+3.9 %y/y
Operating profit (EBIT)-30.2m USD
+29.0 %y/y
EBIT margin-8.7%
+4.0 ppy/y
Net income-22.7m USD
+36.6 %y/y
Free cash flow-13.7m USD
−637.9 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-200-1000100200300400m USD2020: 308 m USD2020: EBIT -12 m USD20202021: 358 m USD2021: EBIT 9.2 m USD20212022: 377 m USD2022: EBIT -85 m USD20222023: 316 m USD2023: EBIT -109 m USD20232024: 336 m USD2024: EBIT -43 m USD20242025: 349 m USD2025: EBIT -30 m USD2025349-30
RevenueOperating profit (EBIT)
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Business

Share of revenue
Portable oxygen concentrators55 %

Battery-powered and portable oxygen therapy devices sold to patients and channel partners.

Stationary oxygen concentrators10 %

Home-use oxygen concentrators, including the Voxi 5 introduced through the Yuwell collaboration.

Oxygen rentals15 %

U.S. rental revenue from concentrator deployments to patients on service.

Accessories and replacement parts10 %

Consumables, replacement components, and related support items for installed devices.

Partner-distributed respiratory products10 %

Third-party respiratory products distributed in the U.S. and selected international markets.

Customers

Inogen sells primarily to home medical equipment providers, distributors, resellers, and other business partners that serve long-term oxygen therapy patients. It also sells direct to consumers in the U.S., where patients buy for cash or insurance-supported use, and it has some exposure to charitable organizations and large house accounts internationally.

U.S. business-to-business partners

HME providers, distributors, and resellers that buy concentrators to serve oxygen therapy patients and shift away from tank delivery models.

Direct-to-consumer patients

Patients purchasing directly in the U.S. through cash or insurance-related channels, often influenced by consumer advertising and prescriber outreach.

International distributors and house accounts

Distributors, resellers, gas companies, and home oxygen providers that buy for resale or local patient support across Europe and other markets.

Private label and strategic collaborators

Channel partners and collaborators that broaden product access and help scale distribution into new markets and product lines.

Charitable and institutional buyers

Smaller but relevant buyers that contribute to channel diversity and can support patient access programs.

Strategy

Inogen is focused on expanding its U.S. B2B channel, improving direct-to-consumer productivity, and increasing international adoption through distributors and regional support infrastructure. It is also broadening its product portfolio through the Yuwell collaboration, which adds respiratory products in the U.S. and selected overseas markets while supporting entry into China.

Expand domestic B2B channel penetrationShort term

The U.S. market still has low POC penetration, so more HME and reseller adoption can drive volume growth.

Increase international adoptionMedium term

Europe offers reimbursement-supported demand and the company already has a meaningful overseas base.

Improve direct-to-consumer executionShort term

Better lead generation and sales productivity can offset pressure in the consumer channel.

Broaden the respiratory product portfolioMedium term

New products can deepen channel relationships and reduce dependence on a narrow oxygen concentrator mix.

Geography

Q1/2026

The U.S. remains the largest market, but international sales are a major part of the business and represented 39.8% of total revenue in 2025. Europe is the core overseas market, accounting for 85.0% of international sales in 2025, while the company also sells into several other regions and has begun using partners to expand in Asia-Pacific and Latin America.

United States56 %
Other countries (US filing)44 %

Share of the revenue the company reports by geography.

Risks

The business is exposed to customer concentration, reimbursement complexity, and intense competition in respiratory care. It also depends on third-party manufacturers and distributors, so supply-chain disruption, regulatory issues, or weaker partner demand can quickly affect revenue and margins.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Customer concentration1Reimbursement and payer dependence2Cybersecurity and IT disruption3Competitive pressure4Supplier and manufacturing dependence5Regulatory and compliance risk6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Customer concentrationImpact: HighLikelihood: High

    A small number of distributors, HME providers, and partners generate a large share of revenue, so lost volume can materially reduce sales.

    Exposure: Top 10 customers were 38.9% of 2025 revenue

  2. Reimbursement and payer dependenceImpact: HighLikelihood: Medium

    A meaningful portion of demand depends on insurance and Medicare-related reimbursement, which can change utilization and economics.

    Exposure: U.S. rentals and insurance-supported patient channels

  3. Cybersecurity and IT disruptionImpact: MediumLikelihood: High

    Customer support, sales operations, and internal systems depend on networked IT infrastructure that can be attacked or fail.

    ExposureOrder processingCustomer dataSupport operations
  4. Competitive pressureImpact: MediumLikelihood: Medium

    The company operates in a crowded respiratory device market where rivals can win share through price, features, or channel relationships.

    Exposure: Portable oxygen concentrators and related respiratory products

  5. Supplier and manufacturing dependenceImpact: MediumLikelihood: Medium

    Reliance on contract manufacturers and limited suppliers can create quality, timing, and cost risks.

    Exposure: Foxconn in the Czech Republic and other third-party providers

  6. Regulatory and compliance riskImpact: MediumLikelihood: Medium

    Medical devices are subject to FDA and international regulatory oversight, and additional clearances or enforcement actions could slow launches or sales.

    ExposureU.SEUOther international markets
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Accounting

Judgemental items
Revenue recognition

The company sells products, rentals, service contracts, and freight revenue, so timing and classification can materially affect reported revenue.

Impact: Point-in-time product sales versus rental/service recognition

Goodwill and acquired intangible assets

Acquisitions such as Physio-Assist create assets that must be assessed for impairment and amortization.

Impact: Potential non-cash impairment charges

Rental asset accounting

New rental deployments are a principal use of cash and require capitalization and depreciation over time.

Impact: Affects operating expenses, assets, and cash flow presentation

Allowance and credit risk

Sales are made on credit to distributors and HME providers, so collectability estimates matter.

Impact: Accounts receivable valuation and bad debt expense

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Last updated: 24/09/2026