Inogen Upgraded: Analyst Sees Growth, EBITDA Breakthrough

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]