Inogen
Inogen (NASDAQ:INGN) is a publicly traded medical device manufacturer founded in 2001 that designs, produces, and sells portable oxygen concentrators, stationary oxygen systems, CPAP masks, and airway clearance technology, selling primarily through B2B channels to Home Medical Equipment providers and international distributors across 59 countries.
- Company typePublic
- Founded2001
- HeadquartersGoleta, United States
- Headcount501–1,000
- GTM typeB2B
- OfferingHardware or Manufacturing
What Inogen does
Inogen, Inc. (NASDAQ:INGN) is a publicly traded medical device company founded in 2001 and headquartered in Beverly, Massachusetts, that manufactures portable oxygen concentrators (POCs) and related respiratory care equipment. Its core technology centers on proprietary Intelligent Delivery Technology, a pulse-dose oxygen delivery system that detects inspiration and delivers oxygen within the first 250 milliseconds of breath, with replaceable sieve beds that customers can swap in the field. The current product portfolio includes the Inogen One G5, Rove 4, and Rove 6 portable concentrators, the Voxi 5 stationary concentrator, the newly launched Aurora CPAP mask family for sleep apnea, and the Simeox airway clearance technology acquired from Physio-Assist in 2023. The Inogen Connect mobile app provides fleet management, device monitoring, and software updates over Bluetooth.
Inogen sells primarily through a B2B go-to-market model targeting Home Medical Equipment (HME) providers in the United States and international distributors across 59 countries, with pricing conducted via quote-based sales rather than published list pricing. Revenue is generated predominantly through hardware sales of POCs and accessories, supplemented by US rental income (which declined 8% in the most recent reporting period) and an emerging CPAP accessories stream. The company has sold more than one million POC units cumulatively, employs 251-500 people, and operates a European subsidiary (Inogen Europe BV) in the Netherlands. Inogen is debt-free with $120.9 million in cash as of Q4 2025 and holds 31 US patents plus one Canadian patent covering its core device technology.
FY2025 revenue was approximately $349 million (4% YoY growth), with Q1 2026 revenue of $85.1 million and FY2026 guidance of $366-$373 million. International revenue grew 15-18% YoY, and unit volume grew approximately 20% on market conversion from traditional oxygen tanks to POCs. The company remains EBITDA-negative (-$9.5M in 2025) but has shown a clear profitability turnaround from 2023's -$45.7M EBITDA loss. Recent strategic activity includes the 2023 Physio-Assist acquisition, the January 2026 Aurora CPAP launch, the May 2026 Brazil launch of Rove 6, a $30 million share repurchase program authorized in February 2026, and leadership changes in early 2026 (new CFO, CMO, VP B2B Sales, and board director Vafa Jamali) associated with a cooperation agreement with activist investor Kent Lake Partners LP.
Inogen firmographics
Firmographics- Name
- Inogen
- Legal name
- Inogen, Inc.
- Website
- https://provider.inogen.com
- Company type
- Public
- Founded year
- 2001
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Inogen (NASDAQ:INGN) is a publicly traded medical device manufacturer founded in 2001 that designs, produces, and sells portable oxygen concentrators, stationary oxygen systems, CPAP masks, and airway clearance technology, selling primarily through B2B channels to Home Medical Equipment providers and international distributors across 59 countries.
- Ownership category
- akta.pro rank
Inogen industry classification
Industry- Product category
- Portable Oxygen Concentrators
- NAICS
- Home Health Equipment Rental (532283), Surgical Appliance and Supplies Manufacturing (339113)
- SIC
- Electromedical & Electrotherapeutic Apparatus (3845), Wholesale-Medical, Dental & Hospital Equipment & Supplies (5047)
- akta.pro primary industry
- Oxygen Therapy Systems (Concentrators, Cylinders, Liquid O2, HFNC) (HLAHAGAD)
- akta.pro secondary industries
- Respiratory & Sleep Therapy Equipment (Oxygen, CPAP/BiPAP, Nebulizers) (HSABAKAD), Noninvasive Ventilation Interfaces & Consumables (Masks, Tubing, Humidifiers, Filters) (HLAHAGAG)
Keywords
Where Inogen is headquartered
LocationHeadquarters
- HQ city
- Goleta
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Inogen business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Personnel, Technology or R&D, Operations, Marketing or Sales
Revenue model
- Portable Oxygen Concentrator Sales: Inogen generates revenue primarily through the sale of portable oxygen concentrators (POCs) to HME providers. The company sells a range of products including the Inogen One G5, Rove 4, Rove 6, and Voxi 5 stationary concentrators, along with accessories and replacement parts.
- Oxygen Therapy Rentals: The company generates revenue from rentals of oxygen therapy equipment in the U.S. market, though U.S. rentals declined 8% due to fewer patients on service.
- Accessories and Replacement Parts: Sales of accessories including batteries, power supplies, carry bags, backpacks, and replacement columns/sieve beds for the POC product line.
- CPAP Masks: Aurora CPAP masks launched in January 2026, representing the company's expansion into the sleep apnea market with full face, nasal cushion, and nasal pillows options.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Contact sales for all product pricing |
Go-to-market motion3 records
Distribution channels3 records
Marketing channels4 records
Inogen product offering
Product offeringCore offering
Inogen manufactures and sells portable oxygen concentrators (POCs), stationary oxygen concentrators, CPAP masks, and airway clearance technology primarily through a B2B model targeting Home Medical Equipment (HME) providers in the US and internationally across 59 countries. The company's core POC lineup includes the Inogen One G5, Rove 4, and Rove 6 systems, all featuring proprietary Intelligent Delivery Technology for breath-triggered oxygen delivery. Inogen is also an accredited homecare provider offering oxygen therapy equipment rentals directly to US patients.
Product overview
Inogen provides a portfolio of respiratory care products centered on portable oxygen concentrators (POCs) and stationary oxygen systems, supplemented by sleep apnea masks and airway clearance technology acquired through the Physio-Assist acquisition. The core portable oxygen concentrator lineup includes the Inogen One G5 (6-flow settings, up to 1260 ml/min), Rove 4 (4-flow settings, up to 840 ml/min), and Rove 6 (6-flow settings, up to 1260 ml/min), all featuring proprietary Intelligent Delivery Technology for breath-triggered oxygen delivery. The stationary Voxi 5 delivers continuous flow oxygen (1-5 L/min) for home use. The Aurora CPAP mask family (F1 Full Face, N1 Nasal, P1 Nasal Pillows) marks Inogen's entry into sleep apnea therapy. The acquired Simeox technology addresses airway clearance for bronchiectasis. The Inogen Connect mobile app enables patients and providers to monitor device health, track fleet operations, and receive software updates.
Differentiator
Problem solved
Functional benefit
Brands
- Aurora Masks: CPAP masks for obstructive sleep apnea treatment, including F1 Full Face, N1 Nasal Cushion, and P1 Nasal Pillows models
- Voxi 5
- Rove
- Inogen One G5
- Inogen Connect
Products and services
- Inogen One G5 System Portable oxygen concentrator with six flow settings delivering up to 1260 ml of medical-grade oxygen per minute. Weighs 2.2 kg (4.7 lbs) with single battery. Features Intelligent Delivery Technology with breath detection for oxygen delivery within first 250 milliseconds of inspiration. Expected service life up to 8 years.
- Inogen Rove 6 System
Quantifiable outcome
- 19% lower mortality risk associated with high mobility POC group vs low mobility POC group
- +3 more outcomes
Companies that use Inogen
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles3 records
Inogen technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Inogen partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- International DistributorscoreNetwork of international distributors across the United States, Europe, Mexico, Singapore, India, Australia, New Zealand, and additional countries enabling global presence in 59 countries.
Scale indicators17 records
Recent moves7 records
Expansion highlights5 records
Inogen competitors and assessment
Company assessmentEmerging players
- O2 Concepts: Niche manufacturer of portable oxygen concentrators (Oxlife Independence) competing in the same HME provider channel. Comparable product category with a smaller commercial footprint than Inogen.
- Belluscura: Emerging competitor in portable oxygen concentrators with the X-PLOR and DISCOV-R product lines. Targets the same POC patient and HME channel as Inogen but with a smaller installed base and narrower product range.
- Yuwell Medical: Chinese medical device company in oxygen concentrators, sleep therapy, and respiratory care — a competitor in international markets where Inogen is expanding (15–18% growth) and a current investor in Inogen, signaling strategic interest in the POC market.
Direct peers
- Philips Respironics: Direct competitor across Inogen's respiratory portfolio — portable and stationary oxygen concentrators, CPAP devices and masks. Operates a similar B2B channel to HME providers and shares overlap in COPD and sleep apnea patient populations.
- ResMed: Global leader in sleep apnea and respiratory care, including CPAP masks that directly compete with Inogen's Aurora CPAP mask portfolio. Comparable B2B motion into HME/respiratory channels and overlapping patient base in chronic respiratory disease.
- Drive DeVilbiss Healthcare: Manufactures portable and stationary oxygen concentrators distributed through the same HME provider channel as Inogen. Closely comparable product portfolio and customer base, particularly across the U.S. durable medical equipment market.
- Caire (Chart Industries): Oxygen therapy specialist (a Chart Industries business) producing portable and stationary oxygen concentrators for home and clinical use. Directly comparable technology stack, customer base, and distribution model to Inogen's POC business.
- React Health (formerly 3B Medical / Invacare Supply): Holds the former Invacare respiratory portfolio — including portable oxygen concentrators and sleep therapy devices — and reaches the same HME providers as Inogen. Closely comparable channel and end-user overlap.
Broad incumbents
- Fisher & Paykel Healthcare: Broader respiratory care incumbent with CPAP mask and humidification products overlapping with Inogen's Aurora masks and Rove POC ecosystem. Larger, more diversified portfolio with global hospital and home care distribution.
- Medtronic (Respiratory Interventions): Broader medtech incumbent whose Respiratory, GI & Informatics division overlaps with Inogen's addressable disease states. Inogen's new board member Vafa Jamali is a former Medtronic executive, reflecting category adjacency rather than direct product overlap.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Inogen social profiles
Digital presenceInogen financial estimates
Financial estimateRevenue estimate
Valuation estimate
Inogen leadership team
Management profileNumber of profiles
Profiles7 records
Inogen subsidiaries and ownership
Company hierarchySubsidiaries1 record
Inogen funding detail
Funding detailFunding overview
Funding rounds7 records
Investors6 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Inogen M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Inogen
What does Inogen do?
Inogen manufactures and sells portable oxygen concentrators (POCs), stationary oxygen concentrators, CPAP masks, and airway clearance technology primarily through a B2B model targeting Home Medical Equipment (HME) providers in the US and internationally across 59 countries. The company's core POC lineup includes the Inogen One G5, Rove 4, and Rove 6 systems, all featuring proprietary Intelligent Delivery Technology for breath-triggered oxygen delivery. Inogen is also an accredited homecare provider offering oxygen therapy equipment rentals directly to US patients.
Is Inogen a public or private company?
Inogen is a public company. It is classified as public and is currently operating.
When was Inogen founded?
Inogen was founded in 2001. It employs 501 to 1,000 people.
Where is Inogen based?
Inogen is headquartered in Goleta, United States, in the North America region.
How does Inogen make money?
Four revenue lines are on record. Portable Oxygen Concentrator Sales are the primary driver. The others are oxygen Therapy Rentals, accessories and Replacement Parts and CPAP Masks.
Who are Inogen's main competitors?
Emerging players on record are O2 Concepts, Belluscura and Yuwell Medical. Direct peers are Philips Respironics, ResMed, Drive DeVilbiss Healthcare, Caire (Chart Industries) and React Health (formerly 3B Medical / Invacare Supply). Broad incumbents are Fisher & Paykel Healthcare and Medtronic (Respiratory Interventions).
Does Inogen have an API?
No public API is recorded for Inogen.
What industry is Inogen in?
Inogen's product category is Portable Oxygen Concentrators. Its primary akta.pro industry code is HLAHAGAD, Oxygen Therapy Systems (Concentrators, Cylinders, Liquid O2, HFNC), with a secondary code of HSABAKAD, Respiratory & Sleep Therapy Equipment (Oxygen, CPAP/BiPAP, Nebulizers). Its NAICS code is 532283 and its SIC code is 3845.