Here's Why You Should Add Inogen Stock to Your Portfolio Now

Inogen, Inc. INGN is well-poised for growth in the coming quarters due to high prospects in the portable oxygen concentrator (POC) space. The optimism, led by solid third-quarter 2025 performance and a strong product portfolio, seems justified. However, issues like stiff competition and forex volatility are major downsides.

The Zacks Rank #2 (Buy) company’s shares have lost 23.8% so far this year against the industry’s 4.2% growth. The S&P 500 has risen 18.9% during the same timeframe.

The renowned provider of POCs has a market capitalization of $187.6 million. The company projects 37.8% earnings growth for 2026 and anticipates continued business improvements going forward. Inogen’s P/S ratio of 0.5 compared with the industry’s 3.8 makes its valuation attractive.

Let us delve deeper.

Factors Driving INGN’s Prospects

Huge Prospects in the POC Space: Inogen’s proprietary Inogen One and Inogen Rove systems concentrate the air around the patient to offer a source of supplemental oxygen anytime, anywhere, with a battery and can be plugged into an outlet. The Inogen One systems reduce the patient’s reliance on stationary concentrators and scheduled deliveries of tanks with a finite supply of oxygen, improving patient quality of life and fostering mobility.

Per management, the company is positioned in the market as both a medical technology company and a home medical equipment provider that is accredited in all 50 states in the United States with a significant patient, prescriber and provider reach. Inogen’s products are sold internationally via distributors and medical equipment companies outside of the United States and through direct patient and prescriber sales, resellers and home medical equipment companies in the United States. Per a report by Data Bridge Market Research, the POCs market was estimated to be $1.58 billion in 2022 and is anticipated to reach $3.03 billion by 2030 at a CAGR of 8.5%.

Inogen sold approximately 51,100 and 143,100 oxygen systems during the three months (up 16.4% year over year) and nine months (up 20.2%) ended Sept. 30, 2025, respectively.

Product Portfolio: We are encouraged by Inogen’s expanding product portfolio and potential to drive future growth. During the third quarter of 2025, Inogen initiated a limited market release of the Simeox airway clearance device in the United States. During the second quarter, the company launched a new stationary oxygen concentrator, Voxi 5, designed to enhance access to high-quality oxygen therapy for long-term care patients. INGN anticipates that the Rove 4 will make a meaningful contribution to revenue growth in 2025. Additionally, in December 2024, the company received FDA clearance to market Simeox in the United States, expanding its ability to meet the diverse needs of patients with chronic respiratory conditions.

INGN finalized the strategic collaboration with Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. during the first quarter. The strategic collaboration is expected to broaden Inogen’s product portfolio by distributing select respiratory products in the United States and other key territories, enhance its innovation pipeline through R&D collaboration and accelerate the brand’s entry into the Chinese market. This looks promising for the stock.

Further strengthening its global presence, Inogen announced a strategic collaboration with Yuwell in January 2025. Yuwell is a leading global provider of home healthcare medical devices. The partnership is expected to expand Inogen’s product offerings through the U.S. and international distribution of select respiratory devices, support innovation via joint R&D initiatives and facilitate the company’s entry into the Chinese market.

Strong Q3 Results: Inogen delivered mixed third-quarter results last month, reflecting a 4% year-over-year increase in quarterly revenues. Third-quarter domestic and international business-to-business sales were up 6.6% and 18.8%, respectively, on a year-over-year basis. For 2025, Inogen now expects revenues in the range of $354-$357 million (reflecting approximately 6% growth at the midpoint of the range from the comparable 2024 revenues).

INGN: Key Risks to Watch

Seasonality Impact: The third quarter of 2025 reflected typical seasonal softness, particularly within the direct-to-consumer (DTC) channel. Management anticipates challenges in lead generation and heightened advertising headwinds over the upcoming quarters. Additionally, the DTC segment faced revenue pressure due to a leaner, more streamlined sales team — a factor that’s likely to further impact Inogen’s second-quarter performance.

Forex Volatility: International markets contribute a significant portion to Inogen’s overall revenues. However, management expects overseas sales to remain volatile in the near term, mainly due to the varying size and timing of distributor orders. Additionally, unfavorable foreign exchange trends are projected to weigh on revenue growth, as the strengthening U.S. dollar continues to pressure conversions from the euro and other currencies. In the third quarter of 2025, adverse currency movements negatively impacted international sales by 350 basis points.

Inogen, Inc Price

Inogen, Inc price | Inogen, Inc Quote

INGN’s Estimate Trend

Inogen has been witnessing a positive estimate revision trend for 2025. In the past 60 days, the Zacks Consensus Estimate for its loss per share has narrowed 5.3% to 90 cents.

The Zacks Consensus Estimate for 2025 revenues is pegged at $356 million, suggesting a 6.1% improvement from the year-ago reported number.

Other Stocks to Consider

Some other top-ranked stocks from the broader medical space are Medpace Holdings MEDP, Intuitive Surgical ISRG and Sight Sciences SGHT.

Medpace, currently carrying a Zacks Rank #2, reported a third-quarter 2025 earnings per share (EPS) of $3.86, which surpassed the Zacks Consensus Estimate by 10.29%. Revenues of $659.9 million beat the Zacks Consensus Estimate by 3.04%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

MEDP has an estimated earnings growth rate of 17.1% for 2025 compared with the industry’s 16.6% growth. The company beat earnings estimates in each of the trailing four quarters, the average surprise being 14.28%.

Intuitive Surgical, sporting a Zacks Rank #1 at present, posted a third-quarter 2025 adjusted EPS of $2.40, exceeding the Zacks Consensus Estimate by 20.6%. Revenues of $2.51 billion topped the Zacks Consensus Estimate by 3.9%.

ISRG has an estimated long-term earnings growth rate of 15.7% compared with the industry’s 11.9% growth. The company’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 16.34%.

Sight Sciences, currently carrying a Zacks Rank #2, reported a third-quarter 2025 adjusted loss per share of 16 cents, which surpassed the Zacks Consensus Estimate by 38.46%. Revenues of $20 million outperformed the Zacks Consensus Estimate by 16%.

SGHT’s earnings beat estimates in three of the trailing four quarters and missed once, the average surprise being 8.73%.

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This article originally published on Zacks Investment Research (zacks.com).

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