Inogen, Inc (INGN) Files $86.25M IPO

Inogen, Inc (Nasdaq: INGN) filed a registration with he U.S. Securities and Exchange Commission for an Initial Public Offering of its Common Stock. The proposed maximum offering price is $86.25 million. The company plans to list on the Nasdaq Global Market under the ticker, INGN.

The offering is being made via J.P. Morgan, Leerink Swann, William Blair, and Stifel.

Brief financial summary from Inogen: Since adopting our direct-to-consumer strategy in 2009, we have directly sold or rented our Inogen One systems to more than 40,000 patients, growing our revenue from $10.7 million in 2009 to $48.6 million in 2012. We have increased our proportion of both recurring revenue and international revenue. In 2012, 27.6% of our revenue came from international markets and 40.9% from oxygen rentals. Additionally, we have increased our gross margin from 48.0% in 2011 to 49.3% in 2012 by increasing rental mix, improving system reliability, reducing material cost per system and lowering overhead cost per system. Our net loss was $2.6 million in 2009 transitioning to net income of $0.6 million in 2012.

Inogen is a medical technology company that develops, manufactures and markets innovative portable oxygen concentrators used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions.

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