Inogen, Inc.

inogen.com

What Do They Do?

Sells portable and home oxygen concentrators, airway-clearing devices and sleep-apnea masks to patients, home medical equipment providers and distributors.

How Do They Make Money?

Money comes mainly from product sales and rentals. Some customers pay before products are delivered; rentals run in one-month periods, with payment from insurers, patients or Medicare.

FY2025 revenue

Who Are Their Customers?

Home medical equipment providers, distributors and resellers buy on credit, while consumers buy directly, usually in advance. Inogen also rents directly to consumers and collects from private insurers, patients and Medicare; internationally, it sells through distributors and resellers and directly to large accounts.

Do Revenues Turn Into Profits?

No. It lost $22.7M in FY2025.

Operating income, FY2025

−9% of revenue

▼ −29% (Loss) vs FY2024 (−$42.5M, −13%)

Net income, FY2025

−7% of revenue

▼ −37% (Loss) vs FY2024 (−$35.9M, −11%)

Free cash flow, FY2025

−4% of revenue

▼ Now a loss vs FY2024 ($2.6M, 1%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +3%; vs $92.3M in Q2 FY2025
Net income: ▼ −7% (Loss); vs −$4.2M in Q2 FY2025

Aug 6, 2026 Raised adjusted EBITDA guidance to approximately $4.0 million Full-year revenue guidance is now $355 million to $361 million.
Mar 30, 2026 Appointed Jason Richardson CFO, succeeding Michael Bourque Bourque stepped down and remained as an adviser through June 30, 2026.

Flat. Revenue was $348.7M in FY2025, about the same as the $358M of FY2021.

Broader product range The older product description centered on portable oxygen concentrators; the latest also describes stationary oxygen concentrators, airway-clearing devices and sleep-apnea masks.

Who Do They Compete With?

Competes with Rhythm Healthcare, Caire Medical, Drive DeVilbiss Healthcare, O2 Concepts, React Health, Nidek Medical Products, Precision Medical, 3B Medical, SysMed, GCE Healthcare, and Respironics

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