INGN

MKT CAP:$191M

Inogen, Inc.

Market Cap

$191M

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$6.79+$0.16 (+2.34%)

Apr 21, 2026

Company Details

Inogen, Inc., a medical technology company, develops, manufactures, and markets portable oxygen concentrators to patients, physicians and other clinicians, and third-party payors in the United States and internationally. Its oxygen concentr...

CEO

Kevin R. Smith

IPO Date

Feb 14, 2014

Website

www.inogen.com

Key Metrics TTM

Revenue

$349M

+3.9% YoY

Net Income

-$23M

EPS (Diluted)

-$0.86

Free Cash Flow

-$21M

Revenue / Share

$12.83

Gross Margin

47.6%

Operating Margin

-8.7%

Net Margin

-6.5%

FCF Margin

-6.1%

P/S

0.5x

P/E

—

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 27, 2026

$349M+3.9%EPS -$0.85

Q4 2025

Feb 27, 2026

$82M+2.0%EPS -$0.26

Q3 2025

Nov 6, 2025

$92M+4.0%EPS -$0.20

Q2 2025

Aug 8, 2025

$92M+4.0%EPS -$0.15

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$80M	$35M	-$14M
Q2 22	$103M	$46M	-$3M
Q3 22	$105M	$43M	-$10M
Q4 22	$88M	$29M	-$58M
Q1 23	$72M	$31M	-$22M
Q2 23	$84M	$34M	-$12M
Q3 23	$84M	$34M	-$47M
Q4 23	$76M	$28M	-$29M
Q1 24	$78M	$34M	-$16M
Q2 24	$89M	$43M	-$7M
Q3 24	$89M	$41M	-$8M
Q4 24	$80M	$36M	-$11M
Q1 25	$82M	$36M	-$8M
Q2 25	$92M	$41M	-$6M
Q3 25	$92M	$47M	-$7M
Q4 25	$82M	$41M	-$9M

Valuation

Quarter	P/S	P/E
Q1 22	0.5x	—
Q2 22	0.5x	—
Q3 22	0.5x	—
Q4 22	0.5x	—
Q1 23	0.5x	—
Q2 23	0.5x	—
Q3 23	0.6x	—
Q4 23	0.6x	—
Q1 24	0.6x	—
Q2 24	0.6x	—
Q3 24	0.6x	—
Q4 24	0.6x	—
Q1 25	0.6x	—
Q2 25	0.6x	—
Q3 25	0.6x	—
Q4 25	0.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$18M	-$22M
Q2 22	$6M	$355.0K
Q3 22	-$9M	-$14M
Q4 22	-$15M	-$23M
Q1 23	-$6M	-$13M
Q2 23	$4M	-$5M
Q3 23	$2M	-$3M
Q4 23	-$3M	-$9M
Q1 24	-$5M	-$9M
Q2 24	$7M	$2M
Q3 24	$7M	$2M
Q4 24	-$3M	-$6M
Q1 25	-$17M	-$19M
Q2 25	$4M	$480.0K
Q3 25	$2M	$64.0K
Q4 25	-$943.0K	-$3M

Capital Expenditures

Quarter	CapEx
Q1 22	$4M
Q2 22	$5M
Q3 22	$5M
Q4 22	$7M
Q1 23	$7M
Q2 23	$9M
Q3 23	$5M
Q4 23	$6M
Q1 24	$4M
Q2 24	$5M
Q3 24	$5M
Q4 24	$3M
Q1 25	$2M
Q2 25	$4M
Q3 25	$2M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-7.5%	+5.5%
Q2 22	+1.8%	+18.2%
Q3 22	+13.2%	+33.4%
Q4 22	+15.3%	+76.4%
Q1 23	-10.2%	+0.1%
Q2 23	-19.1%	-10.2%
Q3 23	-20.3%	+13.0%
Q4 23	-13.8%	-28.4%
Q1 24	+8.1%	+0.2%
Q2 24	+6.1%	+0.4%
Q3 24	+5.8%	-26.1%
Q4 24	+5.5%	-12.8%
Q1 25	+5.5%	-4.6%
Q2 25	+4.0%	+2.7%
Q3 25	+4.0%	+3.0%
Q4 25	+2.0%	-0.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	3.3%
Q2 22	$3M	2.9%
Q3 22	$4M	3.3%
Q4 22	$3M	3.5%
Q1 23	$3M	4.8%
Q2 23	$3M	3.9%
Q3 23	$2M	2.1%
Q4 23	-$1M	-1.4%
Q1 24	$2M	3.1%
Q2 24	$2M	2.0%
Q3 24	$1M	1.7%
Q4 24	$2M	2.1%
Q1 25	$2M	2.6%
Q2 25	$2M	2.5%
Q3 25	$2M	1.9%
Q4 25	$2M	2.2%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$5M	$15M	$28M
Q2 22	$6M	$13M	$30M
Q3 22	$5M	$15M	$34M
Q4 22	$6M	$1M	$29M
Q1 23	$5M	$19M	$28M
Q2 23	$4M	$15M	$27M
Q3 23	$4M	$17M	$26M
Q4 23	$7M	$25M	$26M
Q1 24	$7M	$17M	$27M
Q2 24	$6M	$19M	$26M
Q3 24	$4M	$19M	$26M
Q4 24	$6M	$18M	$24M
Q1 25	$4M	$16M	$24M
Q2 25	$5M	$17M	$25M
Q3 25	$5M	$18M	$25M
Q4 25	$5M	$16M	$23M

Revenue by Geography

Quarter	Non Us	United States	Non-US
Q1 22	$28M	$52M	—
Q2 22	—	$66M	$37M
Q3 22	—	$90M	$15M
Q4 22	—	$67M	$21M
Q1 23	—	$53M	$19M
Q2 23	—	$60M	$23M
Q3 23	—	$58M	$26M
Q4 23	—	$54M	$22M
Q1 24	—	$52M	$26M
Q2 24	—	$58M	$31M
Q3 24	—	$57M	$32M
Q1 25	—	$50M	$32M
Q2 25	—	$56M	$36M
Q3 25	—	$54M	$38M
Q4 25	—	$49M	$33M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$213M	$10M	$223M
Q2 22	$224M	$0	$224M
Q3 22	$210M	$0	$210M
Q4 22	$187M	$0	$187M
Q1 23	$164M	$10M	$175M
Q2 23	$168M	$2M	$170M
Q3 23	$125M	$13M	$138M
Q4 23	$125M	$3M	$128M
Q1 24	$107M	$12M	$120M
Q2 24	$98M	$20M	$118M
Q3 24	$106M	$15M	$121M
Q4 24	$114M	$0	$114M
Q1 25	$119M	$0	$119M
Q2 25	$104M	$19M	$122M
Q3 25	$108M	$17M	$125M
Q4 25	$104M	$16M	$120M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	23M	+0.2%	+2.6%
Q2 22	23M	+0.4%	-0.1%
Q3 22	23M	+0.2%	+0.1%
Q4 22	23M	+0.2%	+1.0%
Q1 23	23M	+0.4%	+1.1%
Q2 23	23M	+0.6%	+1.3%
Q3 23	23M	+0.4%	+1.5%
Q4 23	23M	+0.4%	+1.7%
Q1 24	23M	+0.4%	+1.7%
Q2 24	24M	+0.9%	+2.0%
Q3 24	24M	+0.6%	+2.2%
Q4 24	24M	-0.4%	+1.5%
Q1 25	25M	+6.4%	+7.5%
Q2 25	27M	+7.1%	+14.2%
Q3 25	26M	-2.1%	+11.2%
Q4 25	27M	+2.9%	+14.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$287.1K	280
Q2 22	$369.2K	280
Q3 22	$376.4K	280
Q4 22	$308.0K	286
Q1 23	$252.3K	286
Q2 23	$292.4K	286
Q3 23	$293.6K	286
Q4 23	$200.3K	379
Q1 24	$205.9K	379
Q2 24	$234.2K	379
Q3 24	$234.4K	379
Q4 24	$224.9K	356
Q1 25	$231.1K	356
Q2 25	$259.2K	356
Q3 25	$259.5K	356
Q4 25	$260.3K	314

Revenue / Employee