Inogen (INGN) Corporate presentation summary

Strategic transformation and market positioning

• Transitioning from a single-product oxygen company to a diversified respiratory care platform, targeting COPD, bronchiectasis, and sleep apnea markets with an integrated portfolio serving approximately 70 million U.S. patients.

• Leveraging established brand recognition, pulmonologist confidence, and distributor relationships to expand into adjacent therapeutic areas with significant patient overlap.

• Strategic portfolio expansion includes new launches in stationary oxygen concentrators, airway clearance, and CPAP masks, increasing the total addressable market to $3.4 billion.

• Focused on driving top-line growth, advancing profitability, and expanding the innovation pipeline through connected solutions and digital health tools.

• Well-capitalized with a strong balance sheet, supporting ongoing investments and a $30 million share repurchase program.

Financial performance and turnaround

• Achieved positive adjusted EBITDA in FY25 for the first time since 2021, with a 107% improvement from FY23 to FY25.

• Revenue grew from $316M in 2023 to $349M in 2025, with mid-single digit growth over the last two years.

• Operating loss improved by 72% and net loss by 78% from FY23 to FY25.

• Gross margin increased by 10% over the same period, reaching 44.2% in 2025.

• Ended 2025 with $121M in cash and no debt, positioning for sustainable, organic growth.

Product innovation and pipeline expansion

• Launched Voxi 5 stationary oxygen concentrator in Q2 2025, expanding the oxygen market by $300M.

• Introduced Aurora CPAP masks in Q1 2026, targeting a $2.2B U.S. market with high patient overlap.

• FDA-cleared Simeox 200 airway clearance device in Q4 2024, entering a $500M U.S. bronchiectasis market.

• Building digital solutions, including patient-facing apps and remote monitoring, to enhance engagement and predictive health.

• Committed to launching at least one new product per year that is accretive to gross margin.