Inogen Inc (NASDAQ: INGN)

Inogen, Inc. is a medical technology business that primarily focuses on respiratory health. It develops manufactures and markets innovative products including portable oxygen concentrators, stationary oxygen concentrators, airway clearance devices, and CPAP masks for patients with chronic respiratory conditions. Its portable oxygen concentrators concentrate ambient air to deliver supplemental oxygen continuously while allowing patients to remain active and independent. The company also provides stationary oxygen concentrators for home use and airway clearance devices that help patients manage mucus buildup in the lungs.

Revenue is generated through the sale and rental of portable oxygen concentrators such as the Inogen One and Inogen Rove systems, stationary oxygen concentrators including the Inogen At Home and Voxi 5 models, airway clearance devices like the Simeox, and CPAP masks under the Aurora brand. The company serves patients directly, home medical equipment providers, distributors, resellers, and receives reimbursement from Medicare, Medicaid, and private insurers. In 2025 the company reported total revenue of $209.8 million from United States operations and approximately $130.0 million from international markets. Revenue includes both product sales and rental agreements with patients and providers.

Inogen operates in a highly competitive respiratory care market alongside companies such as Rhythm Healthcare, Caire Medical, Drive DeVilbiss Healthcare, O2 Concepts, React Health, Nidek Medical Products, Precision Medical, 3B Medical, SysMed Inc, and GCE Healthcare. The company differentiates itself through proprietary technologies like Intelligent Delivery Technology in its portable oxygen concentrators and a direct to consumer rental model that handles Medicare billing on behalf of patients. Inogen leverages a strong patent portfolio and ongoing clinical studies to support product efficacy and differentiate its offerings. Its unique direct to consumer rental approach reduces reliance on traditional home medical equipment providers and creates additional value for patients and payors. Inogen continues to invest in research and development to expand its product pipeline and address emerging respiratory conditions.

The company's customer base includes individual patients requiring long term oxygen therapy, home medical equipment providers, distributors, and resellers in the United States and internationally. Revenue is also derived from governmental programs such as Medicare and Medicaid, as well as private insurance payors that reimburse for rental and purchase of respiratory devices. The company distributes its products to customers in over seventy countries outside the United States through a network of distributors and house accounts. A significant portion of rental revenue is reimbursed by Medicare fee for service programs. The company offers clinical support and billing assistance to help patients navigate insurance paperwork and equipment setup.