Inogen Inc INGN
Inogen, Inc. is a medical technology business that primarily focuses on respiratory health. We develop, manufacture, and market innovative respiratory health products, including portable oxygen concentrators, or POCs, used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions and the Simeox® product for airway clearance treatment. In addition, we have started distributing the Inogen Voxi® 5 stationary oxygen concentrator as well as the Aurora® continuous positive airway pressure, or CPAP, masks in the United States. Our proprietary Inogen One® and Inogen Rove® POC systems concentrate the air around the patient to offer a source of supplemental oxygen 24 hours a day, seven days a week with a battery and can be plugged into an outlet when at home, in a car, or in a public place with outlets available. While often used together with stationary oxygen concentrators and oxygen compressed gas tanks, our POCs are designed to reduce the patient's reliance on stationary concentrators and scheduled deliveries of tanks with a finite supply of oxygen, thereby improving patient quality of life and fostering mobility. Our Simeox product is a technology-enabled mucus management device predominantly aimed at serving patients requiring airway clearance, such as those with bronchiectasis – a condition characterized by damaged and widened bronchi that can occur in patients with cystic fibrosis, chronic obstructive pulmonary disease, or COPD, or other chronic respiratory diseases. The Voxi 5 stationary oxygen concentrator is used to provide continuous, long-term oxygen therapy to patients who need supplemental oxygen at home or in clinical settings. The Aurora CPAP masks are used to deliver CPAP therapy through a separate device primarily for treating obstructive sleep apnea, or OSA.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $295.3M | $278.8M | $251.6M | $320.5M | $311.7M | $280.2M | $340.5M | $336.0M | $225.5M | $168.2M |
| Cost of revenue | $194.4M | $181.0M | $189.0M | $223.7M | $181.5M | $170.3M | $190.1M | $179.5M | $128.2M | $105.5M |
| Gross profit | $154.3M | $154.7M | $126.7M | $153.5M | $176.5M | $138.2M | $171.9M | $178.6M | $121.2M | $97.3M |
| R&D | $19.4M | $21.6M | $20.8M | $21.9M | $16.6M | $14.1M | $9.4M | $7.0M | $5.3M | $5.1M |
| SG&A | $67.4M | $72.6M | $75.3M | $43.9M | $37.9M | $38.6M | $37.1M | $38.0M | $37.6M | $31.8M |
| Total operating expenses | $184.5M | $197.3M | $236.1M | $238.8M | $167.2M | $150.2M | $152.1M | $140.7M | $93.6M | $74.4M |
| Operating income | -$30.2M | -$42.5M | -$109.4M | -$85.2M | $9.2M | -$12.0M | $19.8M | $37.9M | $27.6M | $22.9M |
| Interest expense | — | — | — | — | — | — | — | — | — | $6.0K |
| Pre-tax income | -$23.4M | -$36.5M | -$102.3M | -$83.3M | $8.7M | -$5.3M | $24.3M | $40.5M | $29.7M | $22.7M |
| Income tax | $632.0K | $588.0K | $105.0K | $504.0K | $15.0M | $549.0K | $3.3M | $11.4M | $8.7M | $2.2M |
| Net income | $22.7M | $35.9M | $102.4M | $83.8M | $6.3M | -$5.8M | $20.9M | $51.8M | $21.0M | $20.5M |
| EPS, basic | -0.86 | -1.52 | -4.42 | -3.67 | -0.28 | -0.27 | 0.96 | 2.44 | 1.02 | 1.02 |
| EPS, diluted | -0.86 | -1.52 | -4.42 | -3.67 | -0.28 | -0.27 | 0.94 | 2.30 | 0.96 | 0.97 |
| Shares, diluted (wtd. avg.) | 26.6M | 23.7M | 23.2M | 22.9M | 22.5M | 22.0M | 22.2M | 22.5M | 21.9M | 21.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $103.7M | $113.8M | $125.5M | $187.0M | $235.5M | $212.0M | $198.0M | $196.6M | $143.0M | $92.9M |
| Short-term investments | $15.8M | $0 | $3.0M | — | $10.0M | $19.3M | $11.1M | $43.7M | $31.0M | $21.0M |
| Receivables | $38.9M | $29.6M | $42.2M | $62.7M | $24.5M | $29.7M | $34.3M | $37.0M | $31.4M | $30.8M |
| Inventory | $26.0M | $24.8M | $21.8M | $34.1M | $31.9M | $24.8M | $35.7M | $27.1M | $18.8M | $14.3M |
| Total current assets | $198.3M | $185.5M | $207.1M | $304.6M | $329.2M | $305.7M | $292.2M | $314.6M | $228.5M | $161.5M |
| Property, plant and equipment | $36.4M | $44.4M | $50.3M | $43.3M | $38.9M | $28.2M | $19.4M | $22.3M | $20.1M | $25.2M |
| Goodwill | $10.7M | $9.5M | $10.1M | $32.9M | $33.0M | $33.2M | $33.0M | $2.3M | $2.4M | — |
| Other intangibles | $30.8M | $30.5M | $34.6M | $177.0K | $60.1M | $68.8M | $77.5M | $3.8M | $4.7M | $241.0K |
| Total assets | $298.6M | $296.2M | $326.2M | $405.0M | $489.5M | $461.9M | $447.3M | $375.9M | $275.1M | $214.0M |
| Accounts payable | $20.3M | $16.6M | $13.5M | $18.2M | $10.3M | $12.5M | $16.4M | $13.7M | $9.5M | $5.7M |
| Total current liabilities | $63.5M | $76.7M | $72.5M | $65.3M | $61.5M | $56.7M | $50.2M | $46.6M | $33.9M | $22.8M |
| Total liabilities | $106.4M | $122.3M | $121.4M | $107.6M | $119.3M | $112.2M | $102.7M | $65.5M | $48.0M | $32.0M |
| Retained earnings | -$175.6M | -$152.8M | -$116.9M | -$14.5M | $69.3M | $75.6M | $81.4M | $60.5M | $8.6M | -$12.4M |
| Total equity | $192.2M | $173.9M | $204.8M | $297.4M | $370.2M | $349.6M | $344.6M | $310.4M | $227.0M | $182.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$11.2M | $5.9M | -$3.2M | -$37.5M | $23.6M | $37.0M | $40.6M | $60.0M | $60.5M | $31.0M |
| Depreciation and amortisation | $20.7M | $21.0M | $18.2M | $23.5M | $21.6M | $18.6M | $13.8M | $11.3M | $12.3M | $13.6M |
| Stock-based compensation | $8.0M | $7.4M | $7.4M | $12.3M | $10.9M | $8.2M | $9.1M | $12.8M | $9.6M | $7.3M |
| Capital expenditure | $2.5M | $3.4M | $5.2M | $3.3M | $5.5M | $4.4M | $3.1M | $8.0M | $2.9M | $1.7M |
| Investing cash flow | -$26.2M | -$14.0M | -$59.3M | -$10.9M | -$14.6M | -$25.6M | -$44.1M | -$25.0M | -$24.4M | -$11.9M |
| Financing cash flow | $24.2M | $265.0K | $960.0K | $380.0K | $15.0M | $2.1M | $4.9M | $18.3M | $14.0M | $7.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001294133-26-000009.
Plot the figures US dollars
- Buybacks
- Goodwill
- Receivables
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | — | — | — | — | — | — | — | — | — | — |
| Goodwill | — | $2.4M | $2.3M | $33.0M | $33.2M | $33.0M | $32.9M | $10.1M | $9.5M | $10.7M |
| Receivables | $30.8M | $31.4M | $37.0M | $34.3M | $29.7M | $24.5M | $62.7M | $42.2M | $29.6M | $38.9M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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