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INGN Inogen

Inogen is a medical technology company offering innovative respiratory products for use in the homecare setting. Inogen primarily develops, manufactures, and markets innovative portable oxygen concentrators used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions.

Company profile

INGN stock data

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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

4 Aug 21
18 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Inogen earnings reports.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
28 Sep 21 Brenton Taylor Common Stock Option exercise Acquire M No No 0.81 12,945 10.49K 69,735
28 Sep 21 Brenton Taylor Stock Option Common Stock Option exercise Dispose M No No 0.81 12,945 10.49K 0
15 Sep 21 Huggenberger Raymond Common Stock Sell Dispose S No Yes 49 4,000 196K 17,583
15 Sep 21 Huggenberger Raymond Common Stock Option exercise Acquire M No No 38.54 4,000 154.16K 21,583
15 Sep 21 Huggenberger Raymond Stock Option Common Stock Option exercise Dispose M No No 38.54 4,000 154.16K 11,806
1 Sep 21 Bart Ben Sanford Common Stock Payment of exercise Dispose F No No 60.57 225 13.63K 4,831
1 Sep 21 Bart Ben Sanford Common Stock Option exercise Acquire M No No 0 273 0 5,056
1 Sep 21 Bart Ben Sanford RSU Common Stock Option exercise Dispose M No No 0 273 0 2,730
1 Sep 21 Brenton Taylor Common Stock Payment of exercise Dispose F No No 60.57 345 20.9K 56,790
1 Sep 21 Brenton Taylor Common Stock Option exercise Acquire M No No 0 273 0 57,135

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

91.7% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 173 152 +13.8%
Opened positions 33 18 +83.3%
Closed positions 12 25 -52.0%
Increased positions 59 56 +5.4%
Reduced positions 50 49 +2.0%
13F shares
Current Prev Q Change
Total value 1.35B 1.56B -13.5%
Total shares 20.73M 20.53M +1.0%
Total puts 20K 37.2K -46.2%
Total calls 14.2K 17.8K -20.2%
Total put/call ratio 1.4 2.1 -32.6%
Largest owners
Shares Value Change
Brown Capital Management 3.69M $240.16M -6.5%
BLK Blackrock 3.17M $206.85M -2.0%
Vanguard 2.35M $153.24M +4.5%
Novo Holdings A/S 2.08M $135.51M -24.6%
STT State Street 787.8K $51.34M +5.1%
Bamco 707.99K $46.14M 0.0%
Dimensional Fund Advisors 597.05K $38.91M +15.7%
Loomis Sayles & Co L P 515.45K $33.59M NEW
New York State Common Retirement Fund 487.98K $31.8M +0.3%
Rockefeller Capital Management 340.46K $22.19M -0.9%
Largest transactions
Shares Bought/sold Change
Novo Holdings A/S 2.08M -680K -24.6%
Loomis Sayles & Co L P 515.45K +515.45K NEW
Brown Capital Management 3.69M -254.31K -6.5%
Caas Capital Management 113.71K +113.71K NEW
Vanguard 2.35M +101.58K +4.5%
Fred Alger Management 229.22K +94.69K +70.4%
Citadel Advisors 205.5K +93.02K +82.7%
Lisanti Capital Growth 92.87K +92.87K NEW
Castleark Management 88.19K +88.19K NEW
Dimensional Fund Advisors 597.05K +80.94K +15.7%

Financial report summary

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Competition
AdaptHealth
Risks
  • We face intense international, national, regional and local competition and if we are unable to compete successfully, it could have an adverse effect on our revenue, revenue growth rate, if any, and market share.
  • We depend on a limited number of customers for a significant portion of our sales revenue and the loss of, or a significant shortfall in demand from, these customers could have a material adverse effect on our financial condition and operating results.
  • We obtain some of the components, subassemblies and completed products included in our products from a single source or a limited group of manufacturers or suppliers, and the partial or complete loss of one or more of these manufacturers or suppliers could cause significant production delays, an inability to meet customer demand, substantial loss in revenue, and an adverse effect on our financial condition and results of operations.
  • If we are unable to continue to enhance our existing products and develop or acquire and market our products that respond to customer needs and preferences and achieve market acceptance, we may experience a decrease in demand for our products and our business could suffer.
  • We are subject to risks associated with public health threats and epidemics, including the COVID-19 pandemic and related PHE.
  • A significant majority of our rental patients who use our product have health coverage under the Medicare program, and recently enacted and future changes in the reimbursement rates or payment methodologies under Medicare, Medicaid and other government programs have affected and could continue to materially and adversely affect our business and operating results.
  • The competitive bidding process or other reimbursement policy changes under Medicare or other third-party payors could negatively affect our business and financial condition.
  • Healthcare reform measures may have a material adverse effect on our business and results of operations.
  • We depend upon reimbursement from Medicare, private payors, Medicaid and payments from patients for a significant portion of our revenue, and if we fail to manage the complex and lengthy reimbursement process, our business and operating results could be adversely affected.
  • We do not have long-term supply contracts with many of our third-party suppliers.
  • We rely upon a third-party contract manufacturer for certain manufacturing operations and our business and results of operations may be adversely affected by risks associated with their business, financial condition and the geography in which they operate.
  • Failure to maintain or obtain new private payor contracts and future reductions in reimbursement rates from private payors could have a material adverse effect on our financial condition and results of operations.
  • If we are unable to manage our anticipated growth effectively, our business could be harmed.
  • We may expand through acquisitions of, or investments in, other companies, each of which may divert our management’s attention, result in additional dilution to our stockholders, increase expenses, disrupt our operations, and harm our results of operations.
  • We are exposed to the credit and non-payment risk of our HME providers, distributors, private label partners and resellers, especially during times of economic uncertainty and tight credit markets, which could result in material losses.
  • Failure to comply with anti-bribery, anti-corruption, and anti-money laundering laws, including the U.S. Foreign Corrupt Practices Act of 1977, as amended, or the FCPA, and similar laws associated with our activities outside of the United States could subject us to penalties and other adverse consequences.
  • If we fail to comply with U.S. export control and economic sanctions or fail to expand and maintain an effective sales force or successfully develop our international distribution network, our business, financial condition and results of operations may be adversely affected.
  • We may be subject to substantial warranty or product liability claims or other litigation in the ordinary course of business that may adversely affect our business, financial condition and results of operations.
  • Increases in our operating costs could have a material adverse effect on our business, financial condition and results of operations.
  • We depend on the services of our senior executives and other key technical personnel, the loss of whom could negatively affect our business.
  • We and our vendors and service providers rely on information technology networks and systems, and if we are unable to protect against service interruptions, data corruption, cybersecurity risks, data security incidents and/or network security breaches, our operations could be disrupted and our business could be negatively affected.
  • Increasing data privacy regulations could impact our business and expose us to increased liability.
  • Our financial condition and results of operations may vary significantly from quarter-to-quarter due to a number of factors, which may lead to volatility in our stock price.
  • If the market opportunities for our products are smaller than we believe they are, our revenues may be adversely affected and our business may suffer.
  • An adverse outcome of a sales and use tax audit or change in U.S. tax laws could have a material adverse effect on our results of operations and financial condition.
  • Changes in accounting principles, or interpretations thereof, could have a significant effect on our financial condition and results of operations.
  • The adoption and interpretation of new tax legislation, tax rulings, or exposure to additional tax liabilities, could materially affect our financial condition, results of operations, and cash flows.
  • The Medicare Fee-For-Service (FFS) sequestration reduction has and may continue to negatively affect our revenue and profits.
  • The implementation of prior authorization rules for DMEPOS under Medicare could negatively affect our business and financial condition.
  • We are subject to extensive federal and state regulation, and if we fail to comply with applicable regulations, we could suffer severe criminal or civil sanctions and be required to make significant changes to our operations that could adversely affect our business, financial condition and results of operations.
  • We are subject to significant regulation by numerous government agencies, including the U.S. Food and Drug Administration, or FDA. We cannot market or commercially distribute our products without obtaining and maintaining necessary regulatory clearances or approvals and such approvals may be revoked or revised if an agency like the FDA believes it necessary.
  • If we modify our FDA cleared devices, we may need to seek additional clearances or approvals, which, if not granted, would prevent us from selling such modified products.
  • A recall of our products, either voluntarily or at the direction of the FDA or another governmental authority, or the discovery of serious safety issues with our products that leads to corrective actions, could have a significant adverse effect on us.
  • If we fail to obtain and maintain regulatory approval in foreign jurisdictions, our market opportunities will be limited.
  • We may be subject to fines, penalties or injunctions if we are determined to be promoting the use of our products for unapproved or “off-label” uses, resulting in damage to our reputation and business.
  • Failure to comply with the Federal Health Insurance Portability and Accountability Act of 1996, or HIPAA, the Health Information Technology for Economic and Clinical Health Act, or HITECH Act, and implementing regulations could result in significant penalties.
  • Regulations requiring the use of “standard transactions” for healthcare services issued under HIPAA may negatively affect our profitability and cash flows.
  • If we fail to comply with state and federal fraud and abuse laws, including anti-kickback, Physician Self-Referral Law, false claims and anti-inducement laws, we could face substantial penalties and our business, results of operations and financial condition could be adversely affected.
  • Our business activities involve the use of hazardous materials, which require compliance with environmental and occupational safety laws regulating the use of such materials. If we violate these laws, we could be subject to significant fines, liabilities or other adverse consequences.
  • Regulatory requirements under Proposition 65 could adversely affect our business.
  • If we are unable to secure and maintain patent or other intellectual property protection for the intellectual property used in our products, we will lose a significant competitive advantage, which may adversely affect our future profitability.
  • Any of our patents may be challenged, invalidated, circumvented or rendered unenforceable. We cannot provide assurance that we will be successful should one or more of our patents be challenged for any reason. If our patent claims are rendered invalid or unenforceable, or narrowed in scope, the patent coverage afforded our products could be impaired, which could make our products less competitive.
  • Our products could infringe or appear to infringe the intellectual property rights of others, which may lead to patent and other intellectual property litigation that could itself be costly, could result in the payment of substantial damages or royalties, prevent us from using technology that is essential to our products, and/or force us to discontinue selling our products.
  • If we are unable to prevent unauthorized use or disclosure of trade secrets, unpatented know-how and other proprietary information, our ability to compete will be harmed.
  • We may be subject to damages resulting from claims that our employees, agents or we have wrongfully used or disclosed alleged trade secrets of other companies.
  • We will incur increased costs as a result of operating as a public company and our management will be required to devote substantial time to compliance initiatives and corporate governance practices.
  • Failure to maintain effective internal controls could cause our investors to lose confidence in us and adversely affect the market price of our common stock. If our internal controls are not effective, we may not be able to accurately report our financial results or prevent fraud.
  • We expect that our stock price will fluctuate significantly, you may have difficulty selling your shares, and you could lose all or part of your investment.
  • If securities or industry analysts do not publish research or publish unfavorable research about our business, our stock price and trading volume could decline.
  • Future sales of shares could cause our stock price to decline.
  • Anti-takeover provisions in our charter documents and under Delaware law could make an acquisition of us, which may be beneficial to our stockholders, more difficult and may prevent attempts by our stockholders to replace or remove our current management and limit the market price of our common stock.
  • We have never paid dividends on our capital stock, and we do not anticipate paying any cash dividends in the foreseeable future.
Management Discussion
  • Sales revenue increased $24.7 million for the three months ended June 30, 2021 from the three months ended June 30, 2020, or an increase of 37.6% from the comparable period. The increase was primarily attributable to increased direct-to-consumer sales and increased worldwide business-to-business sales, primarily due to increased consumer demand and the reduced impact of the COVID-19 pandemic and related PHE. We sold approximately 52,400 oxygen systems during the three months ended June 30, 2021 compared to approximately 42,500 oxygen systems sold during the three months ended June 30, 2020, or an increase of 23.3%. The increase in the number of systems sold resulted mainly from an increase in sales in the direct-to-consumer and worldwide business-to-business channels, primarily due to the reduced impact of the COVID-19 pandemic and related PHE.
Content analysis
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Legalese
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H.S. junior Avg
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