Inogen Inc
INGN · Orthopedic, Prosthetic & Surgical Appliances & Supplies · 27.1M shares · +1%/yr ↑ dilution · EDGAR filings ↗
Reference price $6.53 · est. market cap ~$177M — last insider sale, 2026-05-29 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D51Well-capitalized but persistently unprofitable oxygen-concentrator maker with negative returns and only low-single-digit revenue growth.
Strengths
- Strong liquidity and balance sheet: cash runway 34.8 quarters (89th pct), current ratio 3.1, no meaningful debt, tangible book at 75th pct
- 96 issued patents and an established POC franchise with new Simeox/Yuwell collaboration optionality
Risks
- Negative EBITDA, operating margin -8.7%, ROE -11.8% and negative FCF — the model is not yet working
- Highly competitive, easy-entry market with rising lead costs and reimbursement pressure
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -6.5%)
- Cash burnNegative free cash flow (-13.7M)
- Strong balance sheetStrong balance sheet — $120M cash & investments, ~35 quarters of runway
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
44.2%
Operating margin
-8.7%
Net margin
-6.5%
Return on equity
-11.8%
Return on assets
-7.6%
Revenue growth (QoQ)
4.1%
Current ratio
3.1×
Free cash flow
-$14M
EBITDA
-$10M
Tangible book value
$151M
Cash & investments
$120M
Cash runway
35q
Stock comp / revenue
2.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-05 | Rider Heather D. | Grant | 28K | — |
| 2026-06-05 | King Kevin M | Grant | 28K | — |
| 2026-06-05 | Mora Elizabeth | Grant | 28K | — |
| 2026-06-05 | Jamali Vafa | Grant | 28K | — |
| 2026-06-05 | Ladone Mary Kay | Grant | 28K | — |
| 2026-06-05 | Boehnlein Glenn S | Grant | 28K | — |
| 2026-06-05 | Sahney Mira Kirti | Grant | 28K | — |
| 2026-05-29 | Yi Boyer Jennifer M | Sell | 11K | $6.53 |
| 2026-03-01 | Wright Mary E | Option exercise | 3.0K | — |
| 2026-03-01 | Wright Mary E | Tax withheld | 1.2K | $6.10 |
| 2026-03-01 | Yi Boyer Jennifer M | Option exercise | 4.7K | — |
| 2026-03-01 | Yi Boyer Jennifer M | Grant | 3.6K | — |
| 2026-03-01 | Yi Boyer Jennifer M | Tax withheld | 2.0K | $6.10 |
| 2026-03-01 | Yi Boyer Jennifer M | Option exercise | 7.3K | — |
| 2026-03-01 | Yi Boyer Jennifer M | Tax withheld | 3.9K | $6.10 |
| 2026-03-01 | Yi Boyer Jennifer M | Option exercise | 13K | — |
| 2026-03-01 | Yi Boyer Jennifer M | Tax withheld | 7.0K | $6.10 |
| 2026-03-01 | Ramade Gregoire | Option exercise | 13K | — |
| 2026-03-01 | Ramade Gregoire | Tax withheld | 6.0K | $6.10 |
| 2026-03-01 | Smith Kevin P. | Grant | 1.5K | $6.10 |
| 2026-03-01 | Smith Kevin P. | Option exercise | 14K | — |
| 2026-03-01 | Smith Kevin P. | Tax withheld | 6.3K | $6.10 |
| 2026-03-01 | Bourque Michael J. | Grant | 874 | $6.10 |
| 2026-03-01 | Bourque Michael J. | Option exercise | 25K | — |
| 2026-03-01 | Bourque Michael J. | Tax withheld | 9.3K | $6.10 |
| 2026-03-01 | Bourque Michael J. | Grant | 29K | — |
| 2026-03-01 | Bourque Michael J. | Tax withheld | 11K | $6.10 |
| 2026-03-01 | Bourque Michael J. | Option exercise | 17K | — |
| 2026-03-01 | Bourque Michael J. | Tax withheld | 6.4K | $6.10 |
| 2026-03-01 | Smith Kevin Raymond Merrill | Grant | 685 | $6.10 |
| 2026-03-01 | Smith Kevin Raymond Merrill | Grant | 33K | — |
| 2026-03-01 | Smith Kevin Raymond Merrill | Tax withheld | 16K | $6.10 |
| 2026-03-01 | Smith Kevin Raymond Merrill | Option exercise | 28K | — |
| 2026-03-01 | Smith Kevin Raymond Merrill | Tax withheld | 14K | $6.10 |
| 2026-03-01 | Smith Kevin Raymond Merrill | Option exercise | 30K | — |
| 2026-03-01 | Smith Kevin Raymond Merrill | Tax withheld | 15K | $6.10 |
| 2026-03-01 | Yi Boyer Jennifer M | Tax withheld | 2.5K | $6.10 |
| 2026-03-01 | Wright Mary E | Grant | 1.5K | $6.10 |
| 2026-03-01 | Wright Mary E | Option exercise | 1.8K | — |
| 2026-03-01 | Wright Mary E | Tax withheld | 675 | $6.10 |
| 2026-03-01 | Wright Mary E | Grant | 1.4K | — |
| 2026-03-01 | Wright Mary E | Tax withheld | 520 | $6.10 |
| 2026-03-01 | Wright Mary E | Option exercise | 2.8K | — |
| 2026-03-01 | Wright Mary E | Tax withheld | 1.1K | $6.10 |
| 2025-12-01 | Ramade Gregoire | Option exercise | 32K | — |
| 2025-12-01 | Smith Kevin Raymond Merrill | Option exercise | 28K | — |
| 2025-12-01 | Smith Kevin Raymond Merrill | Tax withheld | 14K | $6.95 |
| 2025-12-01 | Ramade Gregoire | Tax withheld | 13K | $6.95 |
| 2025-09-01 | Smith Kevin Raymond Merrill | Grant | 1.5K | $7.99 |
| 2025-09-01 | Bourque Michael J. | Grant | 1.5K | $7.99 |
| 2025-09-01 | Smith Kevin P. | Grant | 1.5K | $7.99 |
| 2025-09-01 | Smith Kevin P. | Option exercise | 18K | — |
| 2025-09-01 | Smith Kevin P. | Tax withheld | 8.0K | $7.99 |
| 2025-05-14 | King Kevin M | Grant | 31K | — |
| 2025-05-14 | Boehnlein Glenn S | Grant | 31K | — |
| 2025-05-14 | Rider Heather D. | Grant | 31K | — |
| 2025-05-14 | Sahney Mira Kirti | Grant | 31K | — |
| 2025-05-14 | Mora Elizabeth | Grant | 31K | — |
| 2025-05-14 | Ladone Mary Kay | Grant | 31K | — |
| 2025-03-03 | Bourque Michael J. | Buy | 3.0K | $8.32 |
| 2025-03-03 | Smith Kevin Raymond Merrill | Buy | 12K | $8.56 |
| 2025-03-01 | Bourque Michael J. | Option exercise | 25K | — |
| 2025-03-01 | Bourque Michael J. | Tax withheld | 9.8K | $8.33 |
| 2025-03-01 | Bourque Michael J. | Grant | 48K | — |
| 2025-03-01 | Bourque Michael J. | Tax withheld | 19K | $8.33 |
| 2025-03-01 | Smith Kevin Raymond Merrill | Grant | 1.5K | $8.33 |
| 2025-03-01 | Smith Kevin Raymond Merrill | Option exercise | 28K | — |
| 2025-03-01 | Smith Kevin Raymond Merrill | Tax withheld | 14K | $8.33 |
| 2025-03-01 | Smith Kevin Raymond Merrill | Grant | 54K | — |
| 2025-03-01 | Smith Kevin Raymond Merrill | Tax withheld | 26K | $8.33 |
| 2025-03-01 | Smith Kevin P. | Grant | 1.2K | $8.33 |
| 2025-03-01 | Bourque Michael J. | Grant | 600 | $8.33 |
| 2025-01-31 | Sahney Mira Kirti | Grant | 9.1K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07443124 ↗ | Simeox 200 US Study Bronchiectasis, Mucus; Plug | NA | Not Yet Recruiting | 2026-05-01 |
| NCT06555484 ↗ | Acute Effects of Supplemental Oxygen on Memory Testing in Healthy Adult Volunteers Cognition | NA | Completed | 2024-10-31 |
| NCT06000332 ↗ | Evaluation of POC Pulse-dose Demand Oxygen Delivery for Nocturnal Hypoxemia Nocturnal Hypoxemia | NA | Completed | 2023-12-21 |
| NCT05719363 ↗ | Portable Oxygen Concentrator in Non-hospitalized Patients With Chronic Heart Failure Heart Failure | NA | Completed | 2023-11-21 |
| NCT05212831 ↗ | Portable Oxygen Concentrator (POC) Versus Standard of Care in Long-COVID: Randomized Crossover Exploratory Pilot Study. COVID-19 | NA | Completed | 2023-03-02 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-11 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-04-06 | Material agreementExec/director changeReg FDExhibits | filing ↗ |
| 2026-03-30 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-02-24 | ResultsReg FDExhibits | filing ↗ |
| 2026-01-12 | ResultsExhibits | filing ↗ |
| 2025-11-05 | ResultsExhibits | filing ↗ |
| 2025-08-07 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-11 | 2026-06-05 | 0001294133-26-000021 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001294133-26-000016 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001294133-26-000014 ↗ |
| 8-K | 2026-04-06 | 2026-04-06 | 0001193125-26-143703 ↗ |
| 8-K | 2026-03-30 | 2026-03-24 | 0001193125-26-131855 ↗ |
| 10-K | 2026-02-27 | 2025-12-31 | 0001193125-26-082630 ↗ |
| 8-K | 2026-02-24 | 2026-02-20 | 0001193125-26-066968 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001193125-26-009878 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001193125-25-269484 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001193125-25-265750 ↗ |
| 10-Q | 2025-08-08 | 2025-06-30 | 0000950170-25-105835 ↗ |
| 8-K | 2025-08-07 | 2025-08-07 | 0000950170-25-105080 ↗ |