INGN Stock Overview
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.
No risks detected for INGN from our risk checks.
Price History & Performance
|Historical stock prices|
|Current Share Price||US$24.28|
|52 Week High||US$44.30|
|52 Week Low||US$22.28|
|1 Month Change||-15.19%|
|3 Month Change||-0.90%|
|1 Year Change||-44.82%|
|3 Year Change||-49.22%|
|5 Year Change||-74.36%|
|Change since IPO||60.26%|
Recent News & Updates
Inogen, Inc.'s (NASDAQ:INGN) Intrinsic Value Is Potentially 64% Above Its Share Price
In this article we are going to estimate the intrinsic value of Inogen, Inc. ( NASDAQ:INGN ) by estimating the...
Inogen: Structural, Supply Chain Headwinds Remain
Summary Inogen came in with a mixed set of numbers, however, longer-term structural headwinds remain in situ. The hold rating on INGN remains intact following Q2 earnings, and I've noticed similar themed risks looking ahead. Chief to the downside risk is a further slowdown in its B2B and D2C segments which could accelerate losses further. Balancing the debate is the return INGN generates on its invested capital. Investment summary After carefully digesting the moving parts involved with previous analyses, there remains no change to the thesis on Inogen, Inc. (NASDAQ:INGN). I'm reiterating a hold on INGN after: a). The company's most recent set of numbers and; b). Uncertainties to FY22 guidance from ongoing supply-chain headwinds. I've covered INGN at lengths previously both here and here and noted the following thematic has remained consistent after the second quarter: INGN's direct-to-consumer ("DTC") and business-to-business ("B2B") segments have been adversely impacted by the pandemic - in 2020, a combination of limited salesforce expansion, reduced volume and purchase order cancellations; by Q1 FY2 - lagging growth in the DTC and B2B businesses clamped margin growth. "Pricing dynamics are more extreme in the portable oxygen concentrator ("POC") market relative to others. INGN's product mix is the most expensive option within the segment." The wind-back of COVID-19 protocols combined with this less benign pricing environment are key headwinds set to impact INGN's business model looking ahead. Fluidity in supply of semiconductors and semiconductor inventory are key challenges until POC redesign efforts are realized. With that, trends remain unchanged and supply chain disruptions in particular have blurred management's ability to provide full-year guidance. INGN Q2 earnings walkthrough illustrates challenges INGN came in with a mixed set of second quarter numbers vertically down the P&L. Revenue of $103.4 million ("mm") saw a marginal year-on-year increase, with growth of ~180bps at the top line. The bulk of the upside was underpinned by a 22% YoY gain in rental revenue to $14.08mm, whereas sales revenue tightened ~110bps YoY to ~$89.3mm. Certainly, Medicare and various commercial payors have reduced the bureaucratic overhang for oxygen therapy since the onset of the pandemic. This may inflect positively to revenue on INGN's rental business. At the same time, however, its B2B channels have continued to narrow as COVID-19 continues to play havoc on travel, physician office restrictions, and labor shortage in hospitals. Most notably are the supply chain issues INGN continues to incur as a result of global semiconductor shortages. In Q1 FY22, it had to temporarily suspend operations for ~6 weeks due to this issue. The shortages have limited the company's ability to produce and sell systems and batteries and may potentially hurt FY22 numbers if it happens again. This is coupled by the surging gas price, hurting margins for semiconductor manufacturers and buyers downstream. To offset, management had started to re-engineer some POC components to overcome this hurdle, but this will take time. INGN has, per the 10-Q: "attempted to mitigate the impact of this increased supply shortage, but it has and will likely continue to negatively impact [its] ability to manufacture product, and [it] could be forced to slowdown or temporarily halt production again." However, the impact was still felt at the cost of revenue ("COR") line, with the COR margin in Q2 FY22 spiking 5 percentage points YoY to 55.2% on quarterly COR of $57.1mm ($2.50/share). Important for INGN, is that it saw some upside in its international B2B segment, with a c.71.5% YoY gain in sales to $37.4mm for the quarter. Domestically, however, B2B sales narrowed 59.3% to $11.2mm YoY, but the company gained traction towards the back end of the quarter as it began to fulfil backlog demand within the channel. Moreover, B2B receivables increased 39.2% YoY to $25.6mm, as seen in Exhibit 1. The segment also contains one customer with a receivable balance of $3.8mm as of 30 June, that has received extended payment terms via an offered direct financing plan. Exhibit 1. INGN net accounts receivable - note c.39% YoY gain to ~$25.7mm in B2B receivables Data: INGN Q2 FY22 10-Q; pp.13 - Accounts receivable and allowance for bad debts, returns, and adjustments.
|INGN||US Medical Equipment||US Market|
Return vs Industry: INGN underperformed the US Medical Equipment industry which returned -29.9% over the past year.
Return vs Market: INGN underperformed the US Market which returned -21.5% over the past year.
|INGN Average Weekly Movement||6.4%|
|Medical Equipment Industry Average Movement||8.5%|
|Market Average Movement||6.9%|
|10% most volatile stocks in US Market||15.6%|
|10% least volatile stocks in US Market||2.8%|
Stable Share Price: INGN is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 6% a week.
Volatility Over Time: INGN's weekly volatility (6%) has been stable over the past year.
About the Company
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 concentrators are used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions. The company offers Inogen One, a portable device that concentrate the air around the patient to provide a single source of supplemental oxygen; Inogen At Home stationary oxygen concentrators; Inogen Tidal Assist Ventilators, as well as related accessories.
Inogen Fundamentals Summary
|INGN fundamental statistics|
Is INGN overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|INGN income statement (TTM)|
|Cost of Revenue||US$185.73m|
Last Reported Earnings
Jun 30, 2022
Next Earnings Date
|Earnings per share (EPS)||-1.24|
|Net Profit Margin||-8.03%|
How did INGN perform over the long term?See historical performance and comparison
Is INGN undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score 5/6
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Key Valuation Metric
Which metric is best to use when looking at relative valuation for INGN?
Other financial metrics that can be useful for relative valuation.
|What is INGN's n/a Ratio?|
Price to Sales Ratio vs Peers
How does INGN's PS Ratio compare to its peers?
|INGN PS Ratio vs Peers|
|Company||PS||Estimated Growth||Market Cap|
CSII Cardiovascular Systems
HLTH Cue Health
Price-To-Sales vs Peers: INGN is good value based on its Price-To-Sales Ratio (1.6x) compared to the peer average (2.3x).
Price to Earnings Ratio vs Industry
How does INGN's PE Ratio compare vs other companies in the US Medical Equipment Industry?
Price-To-Sales vs Industry: INGN is good value based on its Price-To-Sales Ratio (1.6x) compared to the US Medical Equipment industry average (3.8x)
Price to Sales Ratio vs Fair Ratio
What is INGN's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
|Current PS Ratio||1.6x|
|Fair PS Ratio||1.9x|
Price-To-Sales vs Fair Ratio: INGN is good value based on its Price-To-Sales Ratio (1.6x) compared to the estimated Fair Price-To-Sales Ratio (1.9x).
Share Price vs Fair Value
What is the Fair Price of INGN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: INGN ($24.28) is trading below our estimate of fair value ($41.95)
Significantly Below Fair Value: INGN is trading below fair value by more than 20%.
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.
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How is Inogen forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?
Future Growth Score1/6
Future Growth Score 1/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: INGN is forecast to remain unprofitable over the next 3 years.
Earnings vs Market: INGN is forecast to remain unprofitable over the next 3 years.
High Growth Earnings: INGN is forecast to remain unprofitable over the next 3 years.
Revenue vs Market: INGN's revenue (8.2% per year) is forecast to grow faster than the US market (7.6% per year).
High Growth Revenue: INGN's revenue (8.2% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: INGN is forecast to be unprofitable in 3 years.
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How has Inogen performed over the past 5 years?
Past Performance Score0/6
Past Performance Score 0/6
Growing Profit Margin
Earnings vs Industry
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: INGN is currently unprofitable.
Growing Profit Margin: INGN is currently unprofitable.
Past Earnings Growth Analysis
Earnings Trend: INGN is unprofitable, and losses have increased over the past 5 years at a rate of 50.8% per year.
Accelerating Growth: Unable to compare INGN's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: INGN is unprofitable, making it difficult to compare its past year earnings growth to the Medical Equipment industry (0.6%).
Return on Equity
High ROE: INGN has a negative Return on Equity (-7.95%), as it is currently unprofitable.
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How is Inogen's financial position?
Financial Health Score6/6
Financial Health Score 6/6
Short Term Liabilities
Long Term Liabilities
Financial Position Analysis
Short Term Liabilities: INGN's short term assets ($315.4M) exceed its short term liabilities ($59.3M).
Long Term Liabilities: INGN's short term assets ($315.4M) exceed its long term liabilities ($54.2M).
Debt to Equity History and Analysis
Debt Level: INGN is debt free.
Reducing Debt: INGN had no debt 5 years ago.
Debt Coverage: INGN has no debt, therefore it does not need to be covered by operating cash flow.
Interest Coverage: INGN has no debt, therefore coverage of interest payments is not a concern.
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What is Inogen current dividend yield, its reliability and sustainability?
Dividend Score 0/6
Cash Flow Coverage
Dividend Yield vs Market
|Inogen Dividend Yield vs Market|
|Market Bottom 25% (US)||1.7%|
|Market Top 25% (US)||4.7%|
|Industry Average (Medical Equipment)||1.9%|
|Analyst forecast in 3 Years (Inogen)||n/a|
Notable Dividend: Unable to evaluate INGN's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.
High Dividend: Unable to evaluate INGN's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.
Stability and Growth of Payments
Stable Dividend: Insufficient data to determine if INGN's dividends per share have been stable in the past.
Growing Dividend: Insufficient data to determine if INGN's dividend payments have been increasing.
Earnings Payout to Shareholders
Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.
Cash Payout to Shareholders
Cash Flow Coverage: Unable to calculate sustainability of dividends as INGN has not reported any payouts.
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How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Nabil Shabshab (57 yo)
Mr. Nabil Shabshab is President, Chief Executive Officer and Director at Inogen, Inc. since joining on February 8, 2021. He served as Worldwide President of Diabetes Care and Digital Health at Becton, Dick...
CEO Compensation Analysis
|Nabil Shabshab's Compensation vs Inogen Earnings|
|Date||Total Comp.||Salary||Company Earnings|
|Jun 30 2022||n/a||n/a|
|Mar 31 2022||n/a||n/a|
|Dec 31 2021||US$7m||US$588k|
Compensation vs Market: Nabil's total compensation ($USD7.04M) is above average for companies of similar size in the US market ($USD2.91M).
Compensation vs Earnings: Insufficient data to compare Nabil's compensation with company performance.
Experienced Management: INGN's management team is not considered experienced ( 1.2 years average tenure), which suggests a new team.
Experienced Board: INGN's board of directors are not considered experienced ( 1.3 years average tenure), which suggests a new board.
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
|03 Mar 22||SellUS$156,619||Benjamin Anderson-Ray||Individual||4,516||US$34.68|
|Owner Type||Number of Shares||Ownership Percentage|
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
|Ownership||Name||Shares||Current Value||Change %||Portfolio %|
Inogen, Inc.'s employee growth, exchange listings and data sources
- Name: Inogen, Inc.
- Ticker: INGN
- Exchange: NasdaqGS
- Founded: 2001
- Industry: Health Care Equipment
- Sector: Healthcare
- Implied Market Cap: US$555.198m
- Shares outstanding: 22.87m
- Website: https://www.inogen.com
Number of Employees
- Inogen, Inc.
- 301 Coromar Drive
- United States
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|INGN||NasdaqGS (Nasdaq Global Select)||Yes||Common Stock||US||USD||Feb 2014|
|6IO||DB (Deutsche Boerse AG)||Yes||Common Stock||DE||EUR||Feb 2014|
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/09/30 00:00|
|End of Day Share Price||2022/09/30 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.