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Inogen, Inc. is a medical technology business that primarily focuses on respiratory health. We develop, manufacture, and market innovative respiratory health products, including portable oxygen concentrators, or POCs, used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions and the Simeox product for airway clearance treatment.
The business is unprofitable at the operating level (-8.66% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 3.9%, steady but not accelerating. Free cash flow declined 638% despite revenue growth, conversion is weakening.
Free cash flow declined 638% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$14M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$351M
▲ +3.9% YoY
Net Income (TTM)
-$25M
▲ +36.6% YoY
Op. Margin
-9.07%
▲ +4.0pp YoY
ROIC
-11.95%
▲ +4.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$4M
▼ -637.9% YoY
Op. Cash Flow (TTM)
-$1M
▼ -289.7% YoY
Net Debt
-$93M
Net Cash Position
Cash & Equiv.
$110M
5Y CAGR: +2.5%
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