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• Dexcom for oxygen users
• The Apple of portable oxygen concentrators

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Inogen's major products are portable and stationary oxygen concentrators:

• Inogen One G4: A compact and lightweight portable oxygen concentrator designed for individuals needing supplemental oxygen on the go.
• Inogen One G5: An enhanced portable oxygen concentrator offering higher oxygen output and extended battery life for active users.
• Inogen Rove 6: A newer generation portable oxygen concentrator providing improved features and performance for oxygen therapy.
• Inogen At Home: A quiet and energy-efficient stationary oxygen concentrator designed for continuous oxygen delivery within the home setting.

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Inogen (INGN) primarily sells its products to other companies, operating predominantly through business-to-business (B2B) channels. According to its annual filings, specifically the 2023 Form 10-K, Inogen explicitly states that no single customer accounted for 10% or more of its total revenue for the years ended December 31, 2023, 2022, and 2021. This indicates that Inogen does not have individually "major customers" that are significant enough to be publicly disclosed by name.

Instead of relying on a few large customers, Inogen distributes its products through a broad network of partners. These customer companies can be categorized as follows:

• Domestic Home Medical Equipment (HME) / Durable Medical Equipment (DME) Providers: These companies are healthcare providers in the United States that rent or sell various medical equipment, including oxygen therapy devices, directly to patients who have been prescribed oxygen therapy.
• International Distributors: This network consists of various companies across different geographies that purchase Inogen's products. These distributors then resell the products to oxygen patients, rental providers, or other healthcare entities in their respective international markets. This category includes both traditional HME/DME distributors and larger respiratory product companies.

While specific names of individual major customer companies are not disclosed due to Inogen's diversified customer base, these categories represent the types of entities that form its primary B2B customer base in the medical equipment and respiratory care industries.

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• Venture Corporation Limited (V03)
• Flex Ltd. (FLEX)
• Sanmina Corporation (SANM)
• Benchmark Electronics, Inc. (BHE)

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Kevin R.M. Smith, President, CEO and Director

Kevin R.M. Smith joined Inogen as Chief Executive Officer, President, and a member of the Board of Directors in November 2023. Before Inogen, he served as CEO, President, and Executive Director at Sirtex Medical Limited, a medical device company, from 2019 to 2023, having previously been Executive Vice President of Sales & Marketing, Americas. Mr. Smith also served as interim President and Chief Executive Officer and Director at OncoSec Medical, Inc. from 2021 to 2022. His prior roles include senior positions at Sensium Healthcare Ltd., Teleflex, Hillrom Holdings, and ZOLL Medical Corporation. Notably, as Chief Commercial Officer at Sensium Healthcare Ltd., he was responsible for revising the growth strategy and arranging the sale of the business to The Surgical Company. He holds an MBA in Global Management from the University of Phoenix and a Bachelor of Science in Marketing from the University of Kentucky.

Michael Bourque, Executive Vice President, Chief Financial Officer

Michael Bourque joined Inogen as the Executive Vice President, Chief Financial Officer in March 2024. Prior to Inogen, he served as CFO and Treasurer of Chase Corporation, a global specialty chemicals company, from 2021 to 2023. Chase Corporation was acquired by KKR & Co. Inc. Mr. Bourque also held the position of CFO at Keystone Dental and served as Senior Vice President, CFO, and Treasurer of Analogic Corporation from 2014 to 2018. From 2011 to 2014, he was Vice President of Finance for Axcelis Technologies. He holds a Bachelor of Science in Accounting from Bentley University and is a Certified Public Accountant.

Krishna Jhaveri, Chief Medical Officer

Krishna Jhaveri became Inogen's Chief Medical Officer in February 2023. She brings over a decade of experience as a physician scientist with expertise in research, clinical development, medical affairs, regulatory affairs, product launches, and pharmacovigilance across the medical devices and biopharmaceutical sectors.

Gregoire Ramade, Senior Vice President, Chief Commercial Officer

Gregoire Ramade joined Inogen in November 2023. Before Inogen, he was with Vapotherm from May 2016 to October 2023, where he progressed from Vice President, International to Senior Vice President and Chief Commercial Officer. From January 2013 to May 2016, Mr. Ramade served as Vice President of Global Marketing and Business Development at Becton Dickinson Medical-Pharmaceutical Systems. He also held various marketing and product management roles at Philips Healthcare and Philips Respironics between 2004 and 2012. Mr. Ramade earned a Bachelor's degree in International Business with a minor in Economics from the American University of Paris and an MBA in International Business and Marketing from the Ecole Nationale des Ponts et Chaussées School of International Management.

Naga Rameswamy, Chief Technology Officer

Naga Rameswamy was appointed Inogen's Chief Technology Officer on September 29, 2025. He brings over two decades of leadership experience in the medical device industry, specializing in innovation, R&D, and digital transformation. Prior to Inogen, Mr. Rameswamy served as Vice President & Global Head of the Digital Health Platform at Alcon, where he was responsible for integrating devices, software, EMRs, and Cloud. He spent nearly twenty years at GE Healthcare, ultimately as Vice President of Digital Health Engineering, where he led advancements in secure device connectivity, remote diagnostics, fleet reliability, and care management platforms. Mr. Rameswamy holds a Bachelor of Science in Electronics & Telecom from the University of Madras, India, a Master's in Technology Management from the University of Maryland, and a Master's in Healthcare Technology Management, a joint degree from The Medical College of Wisconsin and Marquette University.

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1. Supply Chain and Manufacturing Challenges: Inogen has faced significant disruptions due to component part shortages, particularly semiconductor chips, and manufacturing challenges. These issues have led to production halts, unshipped orders, and negatively impacted revenue in both domestic and international channels.
2. Competition and Pricing Pressures: The company operates in a highly competitive respiratory market, especially in the long-term oxygen therapy sector. This competition, driven by technological advancements and new market entrants, along with heightened pricing pressures and commoditization risks, threatens Inogen's market share, margins, and ability to sustain growth.
3. Regulatory and Reimbursement Risks: Inogen is exposed to extensive federal, state, and international regulations. Potential changes in reimbursement policies, particularly under Medicare and other payors, represent a significant threat to the company's revenue and overall financial condition.

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The addressable markets for Inogen's main products, primarily portable oxygen concentrators, are substantial both globally and in the U.S.

Global Market for Portable Oxygen Concentrators

• The global portable oxygen concentrators market was valued at approximately USD 1.9 billion in 2024. It is projected to reach around USD 3.5 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 6.97% from 2025-2033.
• Other estimates indicate the global portable oxygen concentrators market size was USD 2.14 billion in 2025 and is predicted to surpass approximately USD 4.53 billion by 2034, growing at a CAGR of 8.68% between 2024 and 2034.
• Another projection states the global portable oxygen concentrator market will achieve a value of USD 2.2 billion by 2024, with projections estimating it will reach USD 4.3 billion by 2034, at a CAGR of 6.7% during the forecast period.
• The market for portable oxygen concentrators also grew from USD 2.71 billion in 2024 to USD 3.08 billion in 2025, and is expected to reach USD 7.47 billion by 2032, growing at a CAGR of 13.50%.

U.S. Market for Portable Oxygen Concentrators

• North America holds a significant share of the global portable oxygen concentrator market, accounting for over 38.9% in 2024.
• The U.S. portable oxygen concentrators market size was estimated at USD 592.97 million in 2024 and is predicted to be worth approximately USD 1388.25 million by 2034, with a CAGR of 8.88% from 2025 to 2034.
• The portable oxygen concentrator market in the United States is expected to expand at a CAGR of 3.9% through 2034.
• For the broader U.S. oxygen concentrator market (which includes both portable and stationary devices), the size was estimated at USD 1.72 billion in 2025 and is projected to reach USD 3.09 billion by 2033, growing at a CAGR of 7.6% from 2025 to 2033.

Overall Oxygen Concentrator Market

• The global oxygen concentrator market, encompassing both portable and stationary devices, was valued at nearly USD 1.1 billion in 2023 and is expected to increase to USD 1.7 billion over the forecast period.
• The global oxygen therapy market, a broader category, was estimated at USD 34.8 billion in 2023 and is projected to reach USD 54.14 billion by 2030, with a CAGR of 6.83% from 2024 to 2030.

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Expected Drivers of Future Revenue Growth for Inogen (INGN)

• International Business-to-Business (B2B) Expansion: Inogen has consistently reported strong growth in its international B2B segment, with an 18.8% year-over-year increase in Q3 2025, making it the company's largest revenue segment. This growth is driven by higher demand and successful expansion into new geographies. Management emphasizes international expansion as a key pillar of its long-term growth strategy, with continued emphasis on this area for Q4 2025 and beyond.
• Domestic Business-to-Business (B2B) Growth: The domestic B2B channel has also demonstrated positive momentum, with a 6.6% year-over-year growth in Q3 2025, driven by increased demand from new customers and resellers and disciplined commercial execution.
• New Product Launches and Innovation Pipeline: The introduction of new products such as Voxi 5, with sales expected to materialize in 2026, and the limited U.S. market release of the Simeox airway clearance device are anticipated to be significant catalysts for long-term growth. Inogen remains focused on strengthening its innovation pipeline.
• Market Conversion within the COPD Market: Inogen is focused on accelerating growth within the large and underpenetrated Chronic Obstructive Pulmonary Disease (COPD) market, which represents a substantial long-term conversion opportunity. The continued market conversion from portable oxygen tanks to portable oxygen concentrators (POCs) has already fueled year-over-year unit growth of more than 15%.
• Advancing Reimbursement Efforts: Ongoing reimbursement efforts for products like Simeox across the U.S., Europe, and China are crucial for the commercial success and broader adoption of these new offerings, which will contribute to future revenue growth.

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Share Repurchases

No significant share repurchase programs or activities were identified for Inogen (INGN) over the last 3-5 years.

Share Issuance

• Inogen entered into a securities purchase agreement with Yuwell (Hong Kong) Holdings Limited for the purchase of 2,626,425 shares of common stock, which raised approximately $27.2 million for the company, as detailed in the 2024 10-K report.

Inbound Investments

• In January 2025, Yuwell (Hong Kong) Holdings Limited agreed to invest approximately $27.2 million in Inogen, acquiring a 9.9% common equity interest as part of a strategic collaboration.

Outbound Investments

• In September 2023, Inogen completed the acquisition of Physio-Assist SAS, a company that developed the Simeox airway clearance device.
• The 2024 10-K report noted contingent obligations related to acquisitions, including potential earnout payments of up to $13.0 million for Physio-Assist.

Capital Expenditures

• Capital expenditures have been significantly driven by investments in rental units, with the company spending approximately 7% and 5% of revenue on capital expenditures for rental units in the two years prior to April 2024.
• Inogen is focusing capital on expanding its product portfolio, including the launch of the Inogen Rove 4 in the U.S., EU, and UK markets in October 2024, and the commercialization of the Simeox device in the U.S. following its FDA clearance in December 2024.
• The company also introduced the Voxi 5 stationary oxygen concentrator to expand its product portfolio and addressable market.