Inogen, Inc. (NASDAQ:INGN) recently announced the commercial launch of Inogen Connect, a new wireless connectivity platform for the Inogen One G4 device, through its direct-to-consumer channel. This is likely to fortify Inogen’s foothold in the global respiratory care devices market.
In fact, the company plans to launch Inogen Connect in the domestic business-to-business channel for the Inogen One G4 in the first quarter of 2019.
Following the announcement, shares of the company rose 2% to $128.52 at close.
About Inogen Connect
Inogen Connect is a mobile application for use by oxygen therapy users which has a back-end database portal. Notably, the app is compatible with Apple (NASDAQ:AAPL) and Android platforms and includes patient features such as oxygen purity status, battery run time, product support functions, notification alerts, and remote software updates.
For investors’ notice, the Inogen One G4 is a single-solution portable oxygen concentrator, capable of providing oxygen. Notably, the company received French reimbursement coverage of the Inogen One G4 in the recent past.
A Peek In to Inogen’s Product Portfolio
An expanding product portfolio has been a key catalyst for Inogen.
Apart from One G4, Inogen One G3 portable oxygen concentrator brings mobility and independence to oxygen therapy users. This platform is the lightest continuous flow oxygen concentrator in the market and consumes much less power than its competitive devices. Moreover, OxyGo FIT is a small and light portable oxygen concentrator offered by the company.
Another important platform is Inogen At Home which is aptly formulated for patients who need oxygen therapy during sleep. This patient group is estimated to represent more than 30% of the total oxygen patient base in the United States.
Market Prospects
MarketWatch predicts that the respiratory care devices market will reach a worth of $24 billion by 2022 at a CAGR of 9.7%.
Increase in pollution levels and urbanization and increasing interests in the human services industry propel growth in the market.
Another key player in the space is ResMed Inc. (NYSE:RMD) whose CPAP Masks for sleep apnea and breathing assistance deserve a mention here.
Price Performance
We believe positive developments such as these are likely to boost Inogen’s shares which have declined 1.5% against the industry’s 5.9% gain over the past year. The current level however compares favorably with the S&P 500 index’s 6.4% decline.
Zacks Rank & Key Picks
Inogen currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Integer Holdings Corporation (NYSE:ITGR) and OPKO Health, Inc. (NASDAQ:OPK) .
Integer Holdings projects earnings growth rate of 31.2% for the fourth quarter. It currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
OPKO Health’s long-term earnings growth rate is projected at 12%. The stock presently carries a Zacks Rank of 2.
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