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Inogen

Portable oxygen concentrators for home care

Overview

Inogen makes and sells portable oxygen concentrators for people with chronic breathing problems like COPD. These devices pull in air from the surroundings, remove nitrogen, and deliver concentrated oxygen to the user, allowing them to move around and stay independent while receiving oxygen therapy. The product is designed to be light and easy to carry, with models available to buy or rent directly from Inogen, and through a network of distributors and home medical equipment providers. What sets Inogen apart is its direct-to-consumer approach (and rental option) that bypasses traditional durable medical equipment sellers, aiming to build direct relationships with patients. The company operates in the home medical equipment market, targeting those who need long-term oxygen therapy. Its goal is to improve patients’ quality of life by providing portable, user-friendly oxygen solutions and expanding access to oxygen therapy.

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About Inogen

Simplify's Rating
Why Inogen is rated
C+
Rated C on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Healthcare

Company Size

501-1,000

Company Stage

IPO

Headquarters

Goleta, California

Founded

2001

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Simplify's Take

What believers are saying

  • Q2 2026 revenue rose 3.0% to $95.1 million; adjusted EBITDA turned positive at $2.4 million.
  • The September 2026 Rotech sale simplifies operations and adds up to $25 million cash.
  • Yuwell's 9.9% strategic stake and 2026 buyback authorization reinforce capital access and international expansion.

What critics are saying

  • U.S. rental revenue fell 9.8% in first-half 2026; divestiture signals structural weakness, not recovery.
  • Third-quarter 2026 revenue will roughly match 2025, showing U.S. channel mix still suppresses growth.
  • If Rotech integration or reimbursement shifts stall, Inogen loses rental cash flow and investor confidence.

What makes Inogen unique

  • Inogen owns a focused respiratory platform, now anchored by portable oxygen concentrators and supply contracts.
  • Rotech distribution plus direct-to-consumer cash-pay channels give Inogen two separate patient acquisition engines.
  • International POC expansion delivered 14.8% revenue growth in Q2 2026, supporting global brand reach.

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Funding

Total Funding

$170.5M

Below

Industry Average

Funded Over

8 Rounds

Post IPO Equity funding comparison data is currently unavailable. We're working to provide this information soon!
Post IPO Equity Funding Comparison Coming Soon

Benefits

  • 401(k) Retirement Plan
  • 401(k) Company Match

Stock Price

Growth & Insights and Company News

Headcount

6 month growth

0%

1 year growth

0%

2 year growth

0%
Business Wire
Sep 30th, 2026
Inogen sells US oxygen rental business to Rotech for $25M, boosts buyback by $15M

Inogen has agreed to sell its US oxygen rental business to Rotech Healthcare for up to $25 million in cash. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions. The medical technology company also signed a long-term supply agreement with Rotech, which will distribute Inogen's oxygen concentrators through its national network. The rental business generated $24.3 million in revenue during the first half of 2026, down 9.8% year-over-year. Following the deal, Inogen will focus on a streamlined commercial model whilst partnering with home medical equipment providers. The company expects the transaction to increase both revenue growth and adjusted operating income. Inogen's board has approved a $15 million increase to its share repurchase authorisation, bringing the total to $45 million.

Yahoo Finance
Aug 10th, 2026
Inogen Q2 earnings beat estimates as sales rise 3% Y/Y to $95.1M, but 2026 outlook cut

Inogen reported breakeven earnings for Q2 2026, beating the Zacks Consensus Estimate by 17.7%. This compares to an adjusted loss of 2 cents per share in the prior-year quarter. Revenues reached $95.1 million, up 3% year over year and slightly ahead of estimates. The growth was driven by strong international demand for portable oxygen concentrators, favourable exchange rates and new product contributions. International sales climbed 14.8% to $41.3 million, marking the 10th consecutive quarter of double-digit growth. However, US sales declined 2.3% to $42.3 million, whilst US rental revenues fell 11.8% to $11.6 million. Adjusted gross margin improved 65 basis points to 45.6%, driven by cost improvements and lower warranty expenses. Year to date, Inogen's shares have fallen 10%.

Yahoo Finance
Aug 7th, 2026
Inogen raises 2026 EBITDA guidance to $4M on 15% international growth despite US sales headwinds

Inogen reported strong international revenue growth of 15% year-over-year in Q2 2026, marking its 10th consecutive quarter of double-digit international growth. The company's core portable oxygen concentrator unit volume grew over 12%, outpacing overall market growth. Gross margin expanded by 65 basis points to 45.6%, driven by cost improvements and lower warranty expenses. Inogen raised its full-year adjusted EBITDA guidance to approximately $4 million, representing 48% growth over 2025. However, the company lowered its full-year revenue guidance to $355–361 million from $366–373 million. US sales declined 2% year-over-year due to channel mix challenges, whilst US rental revenue decreased 12%. New products Voxy and Aurora are gaining traction, with Voxy shipping over 5,000 units. Inogen maintains a strong balance sheet with $106.8 million in cash and no debt.

Startup Rise Asia
Jul 23rd, 2026
Yuwell Medical invests $27M in US respiratory firm Inogen, targets top three global ranking

Yuwell Medical has announced a strategic investment in Inogen, a US-based respiratory health company. Through its Hong Kong subsidiary, Yuwell will invest approximately $27.2 million for a 9.9% stake in Inogen's common stock. The partnership will focus on four key areas: international distribution, trademark licensing, joint research and development, and supply chain optimisation. Both companies specialise in oxygen concentrators and aim to combine their expertise across different markets. At Yuwell's 2025 Global Core Partner Conference, Chairman Alex Wu outlined the company's five-year vision to become one of the top three global players in home medical health. Yuwell identified respiratory treatment solutions, diabetes care, and emergency services as its three strategic priorities for international expansion.

Associated Press
Jul 1st, 2026
Inogen appoints Andy Reding as chief operating officer to drive growth and profitability

Inogen, a medical technology company specialising in respiratory products, has appointed Andy Reding as Chief Operating Officer, effective 6 July 2026. Reding will oversee revenue and operational performance whilst aligning cross-functional priorities as the company pursues new product launches and geographic expansion. Reding brings over 30 years of experience in medical technology. Most recently, he served as Chief Commercial Officer at Viant Medical for six years, where he led teams across 25 facilities. He previously held leadership roles at Hillrom Respiratory Health, managing sales, marketing and product development. As part of his employment, Reding will receive 130,000 restricted stock units vesting over three years. He holds an MBA from the University of South Carolina and a bachelor's degree from Marquette University.

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