INGN on Nasdaq

Inogen Inc

Inogen, Inc. is a medical technology business that primarily focuses on respiratory health.4 From its latest annual report

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Last updated Oct 19, 2026.

Overview

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  • TickerINGN on Nasdaq2
  • IndustryOrthopedic, Prosthetic & Surgical Appliances & Supplies2
  • HeadquartersGoleta, United States2
  • Incorporated inDE3
  • Business address500 Cummings Center, Suite 2800, Beverly, Ma 019153
  • Filer categoryAccelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI549300J8WJIVTOJ8IH972
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 34609842

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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 …4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

52.2%Gross margin5
-10.2%Operating margin5
-7.7%Net margin5
5.9%Revenue growth, 20255
-11.8%Return on equity5
-$13.7MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Regions

United States brought in 53% of the revenue Inogen Inc broke down this way in fiscal 2025.

  1. United States$156.5M553%down 3% from 2024
  2. Outside the United States$138.8M547%up 18% from 2024
Regions by year
Regions202320242025
United States$162.2M$161.5M$156.5M
Outside the United States$89.4M$117.2M$138.8M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue66¢$194.4M
  • Research and development7¢$19.4M
  • Other costs27¢$80.9M
  • Income tax0¢$632.0K

Out of $295.3M in revenue.5 The company lost money this year.

Financial statements

Revenue67895$295.3M in 2025−13% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $340.5M$340.5M20192020: $280.2M$280.2M2020−18%2021: $311.7M$311.7M2021+11%2022: $320.5M$320.5M2022+3%2023: $251.6M$251.6M2023−22%2024: $278.8M$278.8M2024+11%2025: $295.3M$295.3M2025+6%
Gross profit67895$154.3M in 2025−10% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $171.9M$171.9M20192020: $138.2M$138.2M2020−20%2021: $176.5M$176.5M2021+28%2022: $153.5M$153.5M2022−13%2023: $126.7M$126.7M2023−17%2024: $154.7M$154.7M2024+22%2025: $154.3M$154.3M2025−0%
Operating income67895-$30.2M in 2025
-$150.0M-$100.0M-$50.0M0$50.0M2019: $19.8M$19.8M20192020: -$12.0M-$12.0M20202021: $9.2M$9.2M20212022: -$85.2M-$85.2M20222023: -$109.4M-$109.4M2023+28%2024: -$42.5M-$42.5M2024−61%2025: -$30.2M-$30.2M2025−29%
Net income67895-$22.7M in 2025
-$150.0M-$100.0M-$50.0M0$50.0M2019: $20.9M$20.9M20192020: -$5.8M-$5.8M20202021: -$6.3M-$6.3M2021+9%2022: -$83.8M-$83.8M2022+1223%2023: -$102.4M-$102.4M2023+22%2024: -$35.9M-$35.9M2024−65%2025: -$22.7M-$22.7M2025−37%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Sales revenue$295.3M$278.8M$251.6M
Rental revenue$53.4M$56.9M$64.1M
Total revenue$348.7M$335.7M$315.7M
Cost of sales revenue$163.8M$148.7M$158.6M
Cost of rental revenue, including depreciation of $11,798, $12,592 and $12,893, respectively$30.6M$32.3M$30.3M
Total cost of revenue$194.4M$181.0M$189.0M
Gross profit-sales revenue$131.5M$130.1M$93.0M
Gross profit-rental revenue$22.8M$24.6M$33.7M
Total gross profit$154.3M$154.7M$126.7M
Research and development$19.4M$21.6M$20.8M
Sales and marketing$97.7M$103.1M$107.1M
General and administrative$67.4M$72.6M$75.3M
Impairment charges$32.9M
Total operating expense$184.5M$197.3M$236.1M
Loss from operations-$30.2M-$42.5M-$109.4M
Interest income, net$4.4M$5.2M$6.6M
Other income, net$2.4M$850.0K$468.0K
Total other income, net$6.8M$6.0M$7.0M
Loss before (benefit) provision for income taxes-$23.4M-$36.5M-$102.3M
(Benefit) provision for income taxes-$632.0K-$588.0K$105.0K
Net loss-$22.7M-$35.9M-$102.4M
Change in foreign currency translation adjustment$5.7M-$2.6M$1.4M
Change in net unrealized gains (losses) on foreign currency hedging$2.0M-$324.0K
Less: reclassification adjustment for net (losses) gains included in net loss-$2.0M$324.0K
Change in net unrealized gains (losses) on marketable securities$22.0K-$136.0K$110.0K
Total other comprehensive income (loss), net of tax$5.7M-$2.7M$1.5M
Comprehensive loss-$17.0M-$38.6M-$101.0M
Basic net loss per share attributable to common stockholders (Note 2)-$0.86-$1.52-$4.42
Diluted net loss per share attributable to common stockholders (Note 2)-$0.86-$1.52-$4.42
Basic shares of common stock26.6M shares23.7M shares23.2M shares
Diluted shares of common stock26.6M shares23.7M shares23.2M shares
Depreciation$11.8M$12.6M$12.9M

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Leadership

Who has led Inogen Inc, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Raymond Huggenberger2014–2017
  2. Scott Wilkinson2017–2020
  3. Nabil Shabshab2021–2023

Chair

  1. Heath Lukatch2014

President

  1. Raymond Huggenberger2014–2016
  2. Scott Wilkinson2016–2020
  3. Nabil Shabshab2021–2023

Chief financial officer

  1. Alison Bauerlein2014–2021
  2. Michael K. Sergesketter2021–2023
  3. Kristin A. Caltrider2022–2023
  4. Michael J. Bourque2024–now

Chief operating officer

  1. Scott Wilkinson2016–2017
  2. Andrew P. Reding2026–now
201520202025
Board members and other officers (32)

Timeline

  1. Feb 8, 2021New chief executive Nabil Shabshab becomes CEO13
  2. Mar 3, 2017New chief executive Scott Wilkinson becomes CEO14
  3. Apr 2, 2014New chief executive Raymond Huggenberger becomes CEO15
  4. Nov 27, 2001Founded Inogen Inc is founded2

Filings

273 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 61 major events, 133 insider forms, 22 large holders, 37 other. The latest 20:

  1. Sep 30, 20268-K EDGAR
  2. Sep 3, 20264 EDGAR
  3. Sep 3, 20264 EDGAR
  4. Sep 3, 20264 EDGAR
  5. Aug 7, 202610-Q EDGAR
  6. Aug 6, 20268-K EDGAR
  7. Jul 24, 2026S-8 EDGAR
  8. Jul 9, 20264 EDGAR
  9. Jul 9, 20263 EDGAR
  10. Jul 6, 20264 EDGAR
  11. Jul 1, 2026144 EDGAR
  12. Jul 1, 20268-K EDGAR
  13. Jun 12, 2026S-8 EDGAR
  14. Jun 11, 20268-K EDGAR
  15. Jun 9, 20264 EDGAR
  16. Jun 9, 20264 EDGAR
  17. Jun 9, 20263 EDGAR
  18. Jun 9, 20264 EDGAR
  19. Jun 9, 20264 EDGAR
  20. Jun 9, 20264 EDGAR

The 273 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

8 open-market trades by officers, directors and large owners since October 2021: 2 buys and 6 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 1, 2026Yi Boyer Jennifer MEVP Entrprs Enblmnt, Ch HR OffSale10,938$6.60$72.2KForm 4
May 29, 2026Yi Boyer Jennifer MEVP Entrprs Enblmnt, Ch HR OffSale10,770$6.53$70.3KForm 4
Mar 3, 2025Bourque Michael J.EVP, CFO & TreasurerBuy3,000$8.32$25.0KForm 4
Mar 3, 2025Smith Kevin Raymond MerrillCEO and PresidentBuy11,709$8.56$100.2KForm 4
May 10, 2024Somer JasonEVP, Gen. Counsel & SecretarySale10,000$8.56$85.6KForm 4
Sep 1, 2022Glezer StanislavEVP, R&D & Chief Med. OfficerSale1,576$28.16$44.4KForm 4
Sep 1, 2022Somer JasonEVP, Gen. Counsel & SecretarySale1,145$28.16$32.2KForm 4
Mar 3, 2022Anderson Ray Benjamin MDirectorSale4,516$34.68$156.6KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.1,748,986$11.3M0.0%+101,902
Armistice Capital, LLC1,096,000$7.1M0.2%−104,000
Vanguard Capital Management LLC1,038,316$6.7M0.0%+1,611
Ameriprise Financial Inc983,028$6.3M0.0%+123,485
Aqr Capital Management LLC937,334$6.0M0.0%+510,216
DAFNA Capital Management LLC845,179$5.5M1.0%No change
Arrowstreet Capital, Limited Partnership743,252$4.8M0.0%+157,093
Morgan Stanley646,276$4.2M0.0%+105,111
Geode Capital Management, LLC641,521$4.1M0.0%+27,992
State Street Corp591,943$3.8M0.0%+18,739
Federated Hermes, Inc.534,936$3.5M0.0%+20,280
Jpmorgan Chase & Co480,308$3.3M0.0%+52,652
Dimensional Fund Advisors LP488,645$3.2M0.0%−21,177
Renaissance Technologies LLC476,700$3.1M0.0%−2,100
Goldman Sachs Group Inc435,585$2.8M0.0%−144,515
ExodusPoint Capital Management, LP393,803$2.5M0.0%+63,362
Jacobs Levy Equity Management, Inc388,788$2.5M0.0%+91,819
Prudential Financial Inc328,970$2.1M0.0%−40,100
UBS Group AG301,596$1.9M0.0%+117,087
Moore Capital Management, LP289,128$1.9M0.0%+9,229
Readystate Asset Management LP266,334$1.7M0.1%New
Peapod Lane Capital LLC262,775$1.7M1.1%+4,130
Vanguard Portfolio Management LLC252,756$1.6M0.0%+27,190
Mackenzie Financial Corp210,860$1.4M0.0%New
Steward Partners Investment Advisory, LLC201,531$1.3M0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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