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Inogen, Inc. INGN is well-poised for growth in the coming quarters, courtesy of high prospects in the portable oxygen concentrator (POC) space. The optimism, led by solid second-quarter 2024 performance and a strong product portfolio, seems justified. However, issues like stiff competition and forex volatility are major downsides.
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The Zacks Rank #3 (Hold) company’s shares have risen 45.8% year to date compared with 4.2% growth of the industry. The S&P 500 has increased 25.6% during the same time frame.
The renowned provider of POCs has a market capitalization of $222.5 million. The company projects 61% earnings growth for 2024 and expects to witness continued improvements in its business going forward. Inogen’s P/S ratio of 0.61X compared with the industry’s 2.8X makes its valuation attractive.
Image Source: Zacks Investment Research
Let us delve deeper.
Huge Prospects in the POC Space: We are optimistic about POCs’ superiority over conventional oxygen therapy (known as the delivery model). Inogen primarily develops, manufactures and markets innovative POCs to provide supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions.
Inogen showed strong prospects in the POC (Portable Oxygen Concentrator) market, driven by a 20% year-over-year business-to-business (B2B) channel growth for the second consecutive quarter during the third quarter. This was due to increasing recognition of the benefits of Inogen’s solutions, including quality, ease of servicing and long service life. Per a report by Future Market Insights, the POCs market was valued at $2.2 billion in 2022 and is anticipated to reach $4.3 billion by 2034 at a CAGR of 6.7%.
Product Portfolio: We are optimistic about Inogen’s expanding product portfolio. The company launched the lightest POC in the market, Rove 4, during the third quarter. The device has advanced features such as 840 milliliters of medical-grade oxygen per minute and up to 5 hours and 45 minutes of battery life. Early adoption appears promising, especially for identifying patients earlier in their disease state and enabling potential upgrades in the future. The company believes that Rove 4 will significantly boost the top line in 2025.
Additionally, INGN continues to engage with the FDA on clearance for Simeox, with updates expected upon regulatory approval. The company is developing the device for managing respiratory conditions.
Strong Q3 Results: Inogen’s robust year-over-year uptick in domestic and international business-to-business sales buoys optimism. Solid year-over-year top and bottom-line performances were encouraging. Further, the expansion of the adjusted gross margin bodes well.
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