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 10.3% in the past six months against the industry’s 5.2% growth. The S&P 500 has risen 11.8% during the same timeframe.

The renowned provider of POCs has a market capitalization of $182.4 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 3.4 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 portable oxygen concentrators extract and concentrate ambient air to deliver supplemental oxygen anytime and anywhere, using battery power or standard electrical outlets. These systems reduce dependence on stationary concentrators and scheduled oxygen tank deliveries, enhancing patient mobility and quality of life.

Management positions Inogen as both a medical technology company and a home medical equipment provider, accredited across all 50 U.S. states with broad patient, prescriber and provider reach. Internationally, Inogen sells through distributors and medical equipment companies, while U.S. sales are driven by direct channels, resellers and home medical equipment providers.

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 its potential to support future growth. In the third quarter of 2025, the company began a limited U.S. market release of the Simeox airway clearance device, following the FDA clearance in December 2024, broadening its ability to address diverse chronic respiratory needs.

Earlier, Inogen launched the Voxi 5 stationary oxygen concentrator to improve access to high-quality oxygen therapy for long-term care patients. Management also expects the Rove 4 portable concentrator to contribute meaningfully to 2025 revenue growth.

Strategically, Inogen finalized a collaboration with Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. in the first quarter, aimed at expanding its product portfolio, advancing joint R&D, and accelerating entry into the Chinese market. This momentum was reinforced in January 2025 through a broader partnership with Yuwell, a global home healthcare leader, further strengthening Inogen’s U.S. and international distribution footprint and long-term growth outlook.

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. The company is yet to report its fourth-quarter 2025 results. For 2025, Inogen now expects revenues to be 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: Third-quarter 2025 results reflected customary seasonal softness, most notably in the direct-to-consumer (DTC) channel. Management expects ongoing pressure from weaker lead generation and elevated advertising headwinds in the coming quarters. The DTC segment also experienced revenue drag from a leaner, more streamlined sales organization, a dynamic that is likely to continue to weigh on near-term performance.

Foreign Exchange Volatility: International markets represent a meaningful share of Inogen’s revenue base, but management expects near-term volatility, driven by the uneven timing and size of distributor orders. Revenue growth is also likely to be pressured by unfavorable foreign exchange movements, as a stronger U.S. dollar weighs on euro and other currency translations. In the third quarter of 2025, currency headwinds reduced international revenues by approximately 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 2026. In the past 60 days, the Zacks Consensus Estimate for its loss per share has narrowed 20% to 56 cents.

The Zacks Consensus Estimate for 2026 revenues is pegged at $391.6 million, suggesting a 10% 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 long-term earnings growth rate of 17.9% compared with the industry’s 15.5% growth. The company beat on earnings 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 12.7% 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%.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

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

Zacks Investment Research