Industry Overview - The Medical Instruments industry is experiencing a significant transformation due to the integration of generative AI (genAI), which is reshaping diagnostics, patient monitoring, and intervention workflows [1][4] - The FDA is implementing a Total Product Lifecycle (TPLC) oversight framework to enhance safety, transparency, and data integrity in the industry [1] Market Trends - The global AI in healthcare market is projected to grow at a CAGR of 38.5% from 2024 to 2030, despite facing geopolitical challenges such as tariffs and supply chain issues [2] - The generative AI market in healthcare was valued at $1.8 billion in 2023 and is expected to grow at a CAGR of 33.2% from 2024 to 2032 [4] - The diagnostics market is anticipated to grow at a CAGR of 24.6% by 2034, driven by advancements in AI applications [4] M&A Activity - The medical instruments sector is witnessing a surge in merger and acquisition (M&A) activity, with 305 transactions announced in 2024, totaling over $63.1 billion, a significant increase from 134 deals in 2023 [5] - Notable M&A transactions include UnitedHealth Group's $3.3 billion acquisition of Amedisys and Stryker's $4.9 billion purchase of Inari Medical [5] Financial Performance - The Zacks Medical Instruments industry has underperformed the S&P 500, declining 15.4% compared to the broader sector's decline of 17.4% [10] - The industry is currently trading at a forward P/E of 28.46X, higher than the broader industry's 19.32X and the S&P 500's 22.80X [12] Company Highlights - **Teleflex**: Expected 2025 sales of $3.33 billion, a 9.3% increase from 2024, with EPS projected at $14.06, indicating a 0.4% rise [18] - **Integer Holdings**: Anticipated 2025 sales of $1.87 billion, a 7.8% increase from 2024, with EPS expected to rise by 20.4% to $6.38 [22] - **Inogen**: Projected 2025 sales of $355.2 million, a 5.8% increase from 2024, with EPS expected to improve by 37.5% to a loss of 95 cents [26]

Group 1 - Inogen (INGN) has shown a 9.5% increase in stock price over the past four weeks, with a mean price target of $11 indicating a potential upside of 49.3% [1] - The average price target ranges from a low of $7.00 to a high of $14.00, with a standard deviation of $3.61, suggesting variability in analysts' estimates [2] - Analysts have shown strong agreement in revising earnings estimates higher, which correlates with potential stock price increases [4][11] Group 2 - The Zacks Consensus Estimate for the current year has increased by 0.5% over the last 30 days, indicating positive sentiment among analysts [12] - INGN holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] - While the consensus price target may not be a reliable indicator of stock gains, it does provide a directional guide for price movement [14]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR Delaware 33-0989359 (State or other jurisdiction of incorporation or organization) 859 Ward Drive Goleta, CA 93111 (Address of principal executive offices) (Zip Code) (I.R.S. Employer Identification No.) Registrant's telephone number, including area code: (805) 562-0500 Securities ...

Core Insights - Inogen, Inc. reported an adjusted loss per share of 2 cents for Q2 2025, an improvement from a loss of 7 cents in the same quarter last year and better than the Zacks Consensus Estimate of a 22 cents loss [1][7] - Revenues for the quarter reached $92.3 million, reflecting a 4% year-over-year increase and surpassing the Zacks Consensus Estimate by 1.2% [2][7] - The company experienced a significant decline in domestic direct-to-consumer sales, which fell by 21.1% year-over-year [10][18] Revenue Performance - Inogen's total revenues for Q2 2025 were $92.3 million, up 4% year-over-year, with a similar increase at constant exchange rates [2][3] - Domestic business-to-business sales increased by 19.3% to $25.4 million, while international business-to-business sales rose by 17.7% to $35.9 million [9] - Rental revenues decreased by 8.6% to $13.1 million, attributed to lower average billing rates [8][18] Profitability and Expenses - Adjusted gross profit for the quarter was $44.4 million, down 3.3% year-over-year, with an adjusted gross margin of 48.1%, a contraction of 360 basis points [11] - Sales and marketing expenses decreased by 0.9% to $25.4 million, while research and development expenses fell by 7.3% to $5.2 million [12] - Adjusted operating loss was $2.6 million, an improvement from a loss of $3 million in the prior year [12] Financial Position - At the end of Q2 2025, Inogen had cash and cash equivalents of $103.7 million, down from $118.9 million at the end of Q1 2025, with no debt on its balance sheet [13] - Cumulative net cash used in operating activities was $12.4 million, compared to a net cash provided of $1.9 million a year ago [13] Future Guidance - For Q3 2025, Inogen expects revenues between $91 million and $93 million, indicating approximately 4% growth at the midpoint from Q2 2024 [14] - For the full year 2025, the revenue outlook is set between $354 million and $357 million, reflecting about 6% growth at the midpoint from 2024 [15] Product Developments - Inogen launched the Voxi 5, a new stationary oxygen concentrator aimed at enhancing access to oxygen therapy for long-term care patients [17] - The company also introduced the Inogen Patient Portal, designed to empower patients in managing their care [17]

Company Performance - Inogen reported a quarterly loss of $0.15 per share, better than the Zacks Consensus Estimate of a loss of $0.22, and an improvement from a loss of $0.24 per share a year ago [1] - The quarterly report represents an earnings surprise of +31.82%, following a previous surprise of +51.92% when the company posted a loss of $0.25 per share against an expected loss of $0.52 [2] - Inogen's revenues for the quarter ended June 2025 were $92.28 million, surpassing the Zacks Consensus Estimate by 1.76% and up from $88.76 million year-over-year [3] Market Performance - Inogen shares have declined approximately 31.3% since the beginning of the year, contrasting with the S&P 500's gain of 7.9% [4] - The current consensus EPS estimate for the upcoming quarter is -$0.18 on revenues of $92.91 million, and -$0.95 on revenues of $354.02 million for the current fiscal year [8] Industry Outlook - The Medical - Instruments industry, to which Inogen belongs, is currently ranked in the bottom 41% of over 250 Zacks industries, indicating potential challenges ahead [9] - The performance of Inogen's stock may be influenced by the overall outlook for the industry, as top-ranked industries tend to outperform the bottom half by more than 2 to 1 [9]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $92.3 million, an increase of 4% year-over-year, primarily driven by higher demand in business-to-business channels [17][18] - Adjusted EBITDA was $2.1 million in Q2 2025, compared to $1.3 million in the prior period, marking the second consecutive quarter of positive adjusted EBITDA [21][12] - GAAP net loss decreased to $4.2 million in Q2 2025 from a loss of $5.6 million in the prior period, with loss per diluted share improving to $0.15 from $0.24 [21] Business Line Data and Key Metrics Changes - Domestic business-to-business revenue increased by 19.3% to $25.4 million, while international business-to-business revenue rose by 17.7% to $35.9 million [17][18] - Direct-to-consumer sales decreased by 21.1% to $17.8 million, attributed to a smaller, more efficient team [18] - Rental revenue decreased by 8.6% to $13.1 million, primarily due to a higher mix of lower private payer reimbursement rates [19] Market Data and Key Metrics Changes - The company reported unit growth of 19% in overall unit volumes, driven by market conversion from portable oxygen tanks to portable oxygen concentrators [6] - The portable oxygen concentrators (POCs) are expected to increase from an estimated 23% to 58% of the total ambulatory market in the U.S. over the next five years [7] Company Strategy and Development Direction - The company focuses on increasing patient access, leveraging brand strength, and expanding its portfolio through new products and geographic reach [8] - The rollout of the Patient First initiative aims to strengthen direct-to-consumer sales and rental channels [9] - The introduction of VOXI5, a new stationary oxygen concentrator, is expected to enhance the product portfolio and improve access to therapy for long-term care patients [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to accelerate growth and enhance profitability, with expectations of achieving full-year adjusted EBITDA breakeven in 2025 [12][22] - The company remains focused on operational efficiency and optimizing performance across rental operations [10] - Management highlighted the importance of the VOXI5 launch in expanding the addressable market and driving future growth [30] Other Important Information - The company reported cash and cash equivalents of $123.7 million with no debt outstanding as of June 30, 2025 [21] - The company generated $4.4 million in operating cash flow in Q2 2025, reflecting a focus on working capital optimization [22] Q&A Session Summary Question: Initial demand for VOXI5 and revenue contribution - Management noted that initial demand for VOXI5 has been positive and is included in the guidance for the rest of the year, with a more significant impact expected in Q4 [28][30] Question: Updates on reimbursement for Cemiox - Management is working on generating health economic data and clinical data to support reimbursement, with trials ongoing internationally [31][32] Question: Guidance for the second half of the year - The company expects 7% growth at the midpoint for the second half, with mid single-digit growth in Q3 and low double-digit growth in Q4 [36][37] Question: Drivers behind profitability and cash flow - Management highlighted the focus on profitability, with positive adjusted EBITDA in the last two quarters and a strong cash position [39][42] Question: Pricing and gross margins for VOXI5 - Management refrained from providing specific gross margin expectations but indicated that VOXI5 would enhance profitability across various channels [47][48] Question: Connectivity features on products - Management confirmed that they are creating an ecosystem for connectivity, enhancing brand loyalty and value for both B2B customers and patients [52][53]

August 7, 2025 Supplemental Financial Information Use of Non-GAAP Financial Measures Inogen has presented certain financial information in accordance with U.S. GAAP and also on a non-GAAP basis for the three and six months ended June 30, 2025, and June 30, 2024. Management believes that non-GAAP financial measures, taken in conjunction with U.S. GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of In ...

[Recent Highlights and Executive Summary](index=1&type=section&id=Recent%20Highlights) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Kevin Smith noted Inogen's successful turnaround, with six quarters of revenue growth, two quarters of positive adjusted EBITDA, and raised full-year guidance - Achieved **six consecutive quarters of mid-single-digit revenue growth**[3](index=3&type=chunk) - Delivered **two consecutive quarters of positive adjusted EBITDA**[3](index=3&type=chunk) - Raised **full-year revenue guidance** due to strong first-half performance[3](index=3&type=chunk) [Key Achievements](index=1&type=section&id=Key%20Achievements) In Q2 2025, Inogen achieved **$92.3 million revenue** (4.0% YoY), **$2.1 million adjusted EBITDA**, **$4.4 million operating cash flow**, and launched new products Q2 2025 Key Financial Achievements | Metric | Value (Millions) | | :-------------------------------- | :--------------- | | Revenue | $92.3 | | GAAP Net Loss | $(4.2) | | Adjusted Net Loss | $(0.7) | | Adjusted EBITDA | $2.1 | | Operating Cash Flow | $4.4 | | Cash, Cash Equivalents, Marketable Securities, and Restricted Cash (as of June 30, 2025) | $123.7 | - Introduced **Voxi™ 5**, a new stationary oxygen concentrator (SOC) for long-term care patients in the U.S.[7](index=7&type=chunk) - Launched **Inogen Patient Portal** to empower patients with self-service options for managing insurance, ordering accessories, and accessing support[7](index=7&type=chunk) [Second Quarter 2025 Financial Results](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Results) [Overview of Q2 Performance](index=1&type=section&id=Overview%20of%20Q2%20Performance) Inogen reported a **4.0% year-over-year revenue increase** to **$92.3 million** in Q2 2025, driven by higher international and domestic B2B demand, despite a gross margin decrease to **44.8%** and improved net losses Q2 2025 Financial Performance Highlights | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | Change (%) | | :-------------------- | :----------------- | :----------------- | :--------- | | Total Revenue | $92.3 | $88.8 | +4.0% | | Total Gross Margin | 44.8% | 48.1% | -3.3 pp | | Total Operating Expense | $47.5 | $49.8 | -4.7% | | GAAP Net Loss | $(4.2) | $(5.6) | Improved by $1.4 | | Adjusted Net Loss | $(0.7) | $(1.6) | Improved by $0.9 | | Adjusted EBITDA | $2.1 | $1.3 | +$0.8 | - Revenue growth was primarily driven by increased demand from **international and domestic business-to-business customers**[4](index=4&type=chunk) - The decrease in gross margin was mainly attributed to increased **business-to-business sales** as a percentage of total revenue[5](index=5&type=chunk) [Financial Outlook](index=2&type=section&id=Full%20Year%20and%20Third%20Quarter%202025%20Financial%20Outlook) [Full Year 2025 Guidance](index=2&type=section&id=Full%20Year%202025%20Guidance) Inogen raised its full-year 2025 revenue expectations to **$354 million to $357 million**, projecting approximately **6% growth** and anticipating Adjusted EBITDA breakeven Full Year 2025 Financial Guidance | Metric | Guidance Range | | :----------------- | :----------------- | | Reported Revenue | $354 million to $357 million | | Revenue Growth (midpoint) | ~6% YoY | | Adjusted EBITDA | Breakeven | [Third Quarter 2025 Guidance](index=2&type=section&id=Third%20Quarter%202025%20Guidance) For Q3 2025, Inogen projects reported revenue between **$91 million and $93 million**, reflecting an approximate **4% year-over-year growth** at the midpoint Third Quarter 2025 Financial Guidance | Metric | Guidance Range | | :----------------- | :----------------- | | Reported Revenue | $91 million to $93 million | | Revenue Growth (midpoint) | ~4% YoY | [Company Information](index=2&type=section&id=Company%20Information) [About Inogen](index=2&type=section&id=About%20Inogen) Inogen, Inc. is a global medical technology company specializing in innovative respiratory products for homecare, developing, manufacturing, and marketing therapy devices for chronic respiratory conditions - Inogen is a leading global medical technology company offering innovative respiratory products for homecare[13](index=13&type=chunk) - The company develops, manufactures, and markets best-in-class respiratory therapy devices for chronic respiratory conditions[13](index=13&type=chunk) - Inogen partners with patients, prescribers, home medical equipment providers, and distributors to make its products widely available[13](index=13&type=chunk) [Investor Relations & Contact](index=2&type=section&id=Investor%20Relations%20%26%20Contact) Inogen provided details for its Q2 2025 conference call, including dial-in information, webcast access, and investor contact email - A conference call was scheduled for **August 7, 2025**, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time[11](index=11&type=chunk) - Live audio webcast and archived recording available on the Inogen Investor Relations website (http://investor.inogen.com/)[11](index=11&type=chunk)[12](index=12&type=chunk) - Investor contact email: **ir@inogen.net**[17](index=17&type=chunk) [Legal and Non-GAAP Disclosures](index=3&type=section&id=Forward-Looking%20Statements%20and%20Non-GAAP%20Financial%20Measures) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section contains a standard disclaimer regarding forward-looking statements, emphasizing inherent risks and uncertainties that could cause actual results to differ materially from anticipated outcomes - Statements regarding future business plans, market opportunities, financial outlook, growth strategies, and anticipated operational results are forward-looking[15](index=15&type=chunk) - Forward-looking statements are subject to risks and uncertainties, including those related to financial guidance, market acceptance, competition, sales capabilities, and international operations[15](index=15&type=chunk) - Information on risks and uncertainties is contained in the company's Annual Report on Form 10-K and other SEC filings[15](index=15&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) Inogen presents certain financial information on both U.S. GAAP and non-GAAP bases, including adjusted EBITDA and adjusted net loss, to provide useful supplemental information for performance comparison and strategic planning - Non-GAAP measures (EBITDA, adjusted EBITDA, adjusted operating expense, adjusted net loss, adjusted diluted EPS) are presented to supplement U.S. GAAP results[16](index=16&type=chunk) - Management uses non-GAAP measures to compare performance against forecasts, benchmark against competitors, and for compensation decisions[16](index=16&type=chunk) - Investors are encouraged to consider both U.S. GAAP and non-GAAP information, along with reconciliations, for a full understanding of the business[16](index=16&type=chunk) [Consolidated Financial Statements (GAAP)](index=4&type=section&id=Consolidated%20Financial%20Statements%20%28GAAP%29) [Consolidated Statements of Comprehensive Loss](index=4&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Loss) For Q2 2025, Inogen's total revenue increased by **4.0% to $92.3 million**, with lower operating expenses leading to an improved loss from operations and a reduced net loss of **$(4.2) million** Consolidated Statements of Comprehensive Loss (Q2 2025 vs Q2 2024) | Metric (in thousands) | Q2 2025 | Q2 2024 | Change ($) | Change (%) | | :-------------------------------- | :------ | :------ | :--------- | :--------- | | Total Revenue | $92,277 | $88,765 | $3,512 | +4.0% | | Sales Revenue | $79,172 | $74,425 | $4,747 | +6.4% | | Rental Revenue | $13,105 | $14,340 | $(1,235) | -8.6% | | Gross Profit | $41,341 | $42,737 | $(1,396) | -3.3% | | Total Operating Expense | $47,470 | $49,801 | $(2,331) | -4.7% | | Loss from Operations | $(6,129) | $(7,064) | $935 | Improved | | Net Loss | $(4,152) | $(5,590) | $1,438 | Improved | | Diluted Net Loss Per Share | $(0.15) | $(0.24) | $0.09 | Improved | Consolidated Statements of Comprehensive Loss (Six Months Ended June 30, 2025 vs 2024) | Metric (in thousands) | 6M 2025 | 6M 2024 | Change ($) | Change (%) | | :-------------------------------- | :------ | :------ | :--------- | :--------- | | Total Revenue | $174,557 | $166,790 | $7,767 | +4.7% | | Sales Revenue | $147,642 | $137,520 | $10,122 | +7.4% | | Rental Revenue | $26,915 | $29,270 | $(2,355) | -8.0% | | Gross Profit | $77,713 | $77,108 | $605 | +0.8% | | Total Operating Expense | $91,498 | $100,446 | $(8,948) | -8.9% | | Loss from Operations | $(13,785) | $(23,338) | $9,553 | Improved | | Net Loss | $(10,326) | $(20,168) | $9,842 | Improved | | Diluted Net Loss Per Share | $(0.40) | $(0.86) | $0.46 | Improved | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, Inogen's total assets increased to **$312.0 million** from **$296.2 million**, driven by marketable securities and accounts receivable, while total liabilities decreased and stockholders' equity rose Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | Change ($) | | :-------------------------------- | :------------ | :---------------- | :--------- | | Cash and Cash Equivalents | $103,685 | $113,795 | $(10,110) | | Marketable Securities | $18,745 | $0 | $18,745 | | Total Current Assets | $203,121 | $185,451 | $17,670 | | Total Assets | $312,040 | $296,185 | $15,855 | | Total Current Liabilities | $67,068 | $76,686 | $(9,618) | | Total Liabilities | $112,549 | $122,325 | $(9,776) | | Total Stockholders' Equity | $199,491 | $173,860 | $25,631 | [Condensed Consolidated Cash Flow](index=6&type=section&id=Condensed%20Consolidated%20Cash%20Flow) For the six months ended June 30, 2025, Inogen reported a net cash outflow from operating activities of **$(12.4) million**, with significant financing inflows of **$24.0 million** from common stock issuance, leading to a smaller overall net decrease in cash Condensed Consolidated Cash Flow Highlights (Six Months Ended June 30, in thousands) | Metric | 2025 | 2024 | Change ($) | | :------------------------------------------ | :------- | :------- | :--------- | | Net Cash Provided by (Used in) Operating Activities | $(12,440) | $1,940 | $(14,380) | | Net Cash Used in Investing Activities | $(24,611) | $(25,820) | $1,209 | | Net Cash Provided by Financing Activities | $23,951 | $84 | $23,867 | | Net Decrease in Cash, Cash Equivalents and Restricted Cash | $(12,458) | $(24,013) | $11,555 | - The significant increase in net cash from financing activities was driven by **$27.2 million in proceeds from the issuance of common stock** from a securities purchase agreement[24](index=24&type=chunk) [Supplemental Data and Non-GAAP Reconciliations](index=7&type=section&id=Supplemental%20Financial%20Information%20and%20Non-GAAP%20Reconciliations) [Revenue by Region and Category](index=7&type=section&id=Revenue%20by%20Region%20and%20Category) In Q2 2025, Inogen's revenue growth was primarily fueled by strong **domestic B2B sales (+19.3%)** and **international B2B sales (+17.7%)**, offsetting declines in D2C sales and rentals, with an increase in units sold Q2 2025 Revenue by Region and Category (in thousands) | Category | Q2 2025 | Q2 2024 | Change ($) | Change (%) | | :-------------------------- | :------ | :------ | :--------- | :--------- | | Business-to-business domestic sales | $25,406 | $21,287 | $4,119 | +19.3% | | Business-to-business international sales | $35,923 | $30,531 | $5,392 | +17.7% | | Direct-to-consumer domestic sales | $17,843 | $22,607 | $(4,764) | -21.1% | | Direct-to-consumer domestic rentals | $13,105 | $14,340 | $(1,235) | -8.6% | | Total Revenue | $92,277 | $88,765 | $3,512 | +4.0% | Q2 2025 Operational Metrics | Metric | Q2 2025 | Q2 2024 | | :------------------------ | :------ | :------ | | Units Sold | 49,000 | 41,300 | | Net Rental Patients (period-end) | 50,400 | 51,900 | Six Months Ended June 30, 2025 Revenue by Region and Category (in thousands) | Category | 6M 2025 | 6M 2024 | Change ($) | Change (%) | | :-------------------------- | :------ | :------ | :--------- | :--------- | | Business-to-business domestic sales | $46,860 | $37,806 | $9,054 | +23.9% | | Business-to-business international sales | $67,908 | $56,566 | $11,342 | +20.1% | | Direct-to-consumer domestic sales | $32,874 | $43,148 | $(10,274) | -23.8% | | Direct-to-consumer domestic rentals | $26,915 | $29,270 | $(2,355) | -8.0% | | Total Revenue | $174,557 | $166,790 | $7,767 | +4.7% | [Reconciliation of Non-GAAP Measures](index=7&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section provides detailed reconciliations of U.S. GAAP to non-GAAP financial measures, showing that for Q2 2025, Adjusted EBITDA improved to **$2.1 million** and Adjusted Net Loss significantly improved to **$(0.7) million** Non-GAAP EBITDA and Adjusted EBITDA Reconciliation (in thousands) | Metric | Q2 2025 | Q2 2024 | 6M 2025 | 6M 2024 | | :-------------------------- | :------ | :------ | :------ | :------ | | Net loss (GAAP) | $(4,152) | $(5,590) | $(10,326) | $(20,168) | | EBITDA (non-GAAP) | $(212) | $(1,585) | $(2,323) | $(12,451) | | Adjusted EBITDA (non-GAAP) | $2,081 | $1,258 | $2,117 | $(6,384) | Non-GAAP Adjusted Financial Metrics Reconciliation (Q2 2025 vs Q2 2024, in thousands) | Metric | GAAP 2025 | Adjusted 2025 | GAAP 2024 | Adjusted 2024 | | :-------------------- | :-------- | :------------ | :-------- | :------------ | | Operating Expense | $47,470 | $43,968 | $49,801 | $45,770 | | Loss from Operations | $(6,129) | $(2,627) | $(7,064) | $(3,033) | | Net Loss | $(4,152) | $(650) | $(5,590) | $(1,559) | | Diluted EPS | $(0.15) | $(0.02) | $(0.24) | $(0.07) | Non-GAAP Adjusted Financial Metrics Reconciliation (6M 2025 vs 6M 2024, in thousands) | Metric | GAAP 2025 | Adjusted 2025 | GAAP 2024 | Adjusted 2024 | | :-------------------- | :-------- | :------------ | :-------- | :------------ | | Operating Expense | $91,498 | $84,710 | $100,446 | $92,259 | | Loss from Operations | $(13,785) | $(6,997) | $(23,338) | $(15,151) | | Net Loss | $(10,326) | $(3,538) | $(20,168) | $(11,981) | | Diluted EPS | $(0.40) | $(0.14) | $(0.86) | $(0.51) |

Core Viewpoint - Stock markets are experiencing significant volatility due to the ongoing trade war, economic slowdown expectations, and rising inflation, leading the Federal Reserve to maintain steady interest rates, which poses challenges for retail investors in stock selection and achieving returns [1] Group 1: Broker Recommendations - Following brokers' recommendations can simplify stock selection, with Urban Outfitters, Inc. (URBN), Inogen, Inc. (INGN), and Southwest Gas Holdings, Inc. (SWX) identified as worthwhile investments [2] - Brokers have direct communication with top management, providing them with insights into company performance and industry conditions, which aids in assessing stock potential [3] Group 2: Stock Selection Strategy - A screening strategy for potential winners includes stocks with broker rating upgrades of 1% or more over the last four weeks, current prices above $5, and an average 20-day trading volume greater than 100,000 [5] - Stocks with a Zacks Rank of 1 (Strong Buy) or 2 (Buy) have a proven success record, and those with a VGM Score of A or B combined with a Zacks Rank 1 or 2 offer the best upside potential [6] Group 3: Company Insights - Urban Outfitters, based in Philadelphia, is a lifestyle specialty retailer with a projected 20% year-over-year earnings increase for fiscal 2026 and a 9.1% upward revision in broker ratings over the past four weeks, currently holding a Zacks Rank 2 [7][8] - Inogen, a medical technology company focused on respiratory health, is expected to see a 24.3% year-over-year earnings growth in 2025, with a 25% upward revision in broker ratings and a Zacks Rank 2 [9][10] - Southwest Gas, a regulated utility providing natural gas services, anticipates an 18.4% year-over-year earnings increase in 2025, with a 14.3% upward revision in broker ratings and currently holding a Zacks Rank 1 [10][11]

Group 1 - Needham analyst Mike Matson upgraded Inogen, Inc from Hold to Buy, with a price forecast of $12 [1] - Inogen reported total revenue of $82.3 million for the first quarter, a 5.5% increase from the prior year, or 7.1% at constant currency rates, driven by higher demand from both international and domestic business-to-business customers [1] - The company has returned to mid-single-digit revenue growth, with expectations for further acceleration in the second half of 2025 and into 2026 [2] Group 2 - Management's strategy includes expanding Inogen's focus beyond core offerings into a more diversified respiratory device portfolio, creating multiple new avenues for growth [2] - Management anticipates nearing adjusted EBITDA breakeven in 2025, which is viewed as a positive indicator of progress [3] - The decline in Inogen's direct-to-consumer sales is attributed to a smaller DTC sales force, with projections for margin improvements as these sales stabilize or return to growth [3] Group 3 - Inogen shares are trading higher by 14% to $6.795 [4]