Who Owns Inogen Company?

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Who owns Inogen?

Understanding the ownership of a company like Inogen is crucial for grasping its strategic direction and how it operates. Inogen, Inc., established in 2001, is a medical technology firm focused on creating portable oxygen concentrators to enhance the lives of individuals needing supplemental oxygen. Its journey into public ownership began with an Initial Public Offering (IPO) on NASDAQ in February 2014, a significant event that provided capital for growth and innovation.

The company's commitment to innovation is evident in its product development, including offerings like the Inogen BCG Matrix, which aims to provide mobility and independence for patients. As of late 2024 and early 2025, Inogen continues to be a prominent entity in the respiratory care sector, reporting nearly $297 million in trailing twelve-month revenues by Q3 2024 and projecting revenues between $352 million and $355 million for the full year 2025. This financial performance underscores its market presence and the ongoing demand for its specialized medical devices.

Delving into Inogen company ownership details reveals a dynamic landscape. Initially, the company was owned by its founders, Alison Bauerlein, Brenton Taylor, and Byron Myers, who envisioned a more mobile solution for oxygen therapy. Following its IPO, Inogen became a publicly traded entity, meaning its ownership is distributed among a broad base of shareholders. Identifying the major shareholders of Inogen involves examining institutional investors, mutual funds, and individual investors who hold significant stakes in the company. The Inogen stock holders and Inogen investors collectively influence the company's trajectory through their investment decisions and voting rights.

The Inogen corporate structure reflects its status as a publicly traded company, with ownership spread across numerous entities. While the founding owners played a pivotal role in its inception, the current Inogen Inc. ownership details are largely determined by public market activity. The question of who is the CEO of Inogen is also integral to understanding its leadership and operational control. Examining Inogen stock ownership history provides context on how the ownership has evolved since its inception and its IPO. Understanding Inogen company acquisition history is also important, though as of current information, there have been no major acquisitions of Inogen itself.

The Inogen company board of directors plays a critical role in overseeing management and strategic decisions, representing the interests of the shareholders. The Inogen company financial ownership is a complex interplay of various investment vehicles and individual holdings. While there isn't a single Inogen company majority owner in the traditional sense, significant institutional investors often hold substantial blocks of shares, influencing corporate governance. The Inogen company minority shareholders also contribute to the overall ownership structure. Inogen company beneficial ownership refers to those who ultimately control or benefit from the shares, even if they are not the registered owners.

Inogen, Inc. was incorporated in Delaware on November 27, 2001, by its three co-founders: Alison Bauerlein, Brenton Taylor, and Byron Myers. Their shared vision was to revolutionize oxygen therapy by developing more portable and effective solutions, inspired by the need for greater mobility for individuals like Mae Krier. This foundational drive set the stage for the company's future innovations in the respiratory care market.

The early development and launch of Inogen's products were significantly bolstered by venture capital. A notable Series C funding round in 2004 successfully raised $15 million, providing the crucial capital needed for initial product development and market entry. This financial backing was instrumental in allowing the founders to pursue their ambitious goal of disrupting the traditional oxygen therapy landscape with their pioneering portable oxygen concentrators.

Founding Visionaries

Alison Bauerlein, Brenton Taylor, and Byron Myers are the co-founders of Inogen, Inc. Their collective aim was to improve oxygen therapy through portable technology.

Incorporation Details

Inogen, Inc. was officially incorporated in Delaware on November 27, 2001. This marked the formal beginning of the company's journey.

Early Funding Success

Venture capital played a key role in Inogen's early stages. A Series C funding round in 2004 secured $15 million, vital for product development and launch.

Market Disruption Goal

The founders' objective was to challenge the established oxygen therapy market. They focused on creating portable concentrators to offer greater patient mobility.

Direct-to-Consumer Strategy

Inogen pioneered a direct-to-consumer (DTC) marketing approach. This strategy aimed to boost patient awareness and facilitate direct customer feedback for product enhancement.

Founders' Equity Information

Specific details regarding the initial equity distribution among the founders at the company's inception are not publicly available. This includes precise percentages or share counts.

While the precise initial equity stakes of the founders are not publicly disclosed, their collective ambition was to fundamentally alter the oxygen therapy market through the introduction of portable concentrators. This strategic direction was supported by an early adoption of a direct-to-consumer (DTC) marketing model. This approach not only increased patient awareness of their innovative products but also provided invaluable direct customer feedback, reinforcing the founders' commitment to product innovation and effective market penetration, aligning with the company's Mission, Vision & Core Values of Inogen. There is no publicly accessible information detailing any early ownership disputes, buyouts, or specific vesting schedules and buy-sell agreements from the company's formative period.

Key Aspects of Inogen's Founding

The early ownership and development of Inogen were shaped by its founders' vision and strategic funding. The company's initial focus was on disrupting the traditional oxygen therapy market.

• Founders: Alison Bauerlein, Brenton Taylor, and Byron Myers.
• Incorporation Date: November 27, 2001.
• Inspiration: Desire for improved mobility in oxygen therapy.
• Early Funding: Secured $15 million in Series C funding by 2004.
• Market Strategy: Pioneered direct-to-consumer (DTC) marketing.
• Ownership Details: Specific initial founder equity splits are not publicly detailed.

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The ownership journey of Inogen saw a significant transformation with its Initial Public Offering (IPO) on NASDAQ on February 13, 2014, trading under the ticker symbol INGN. This public debut successfully raised approximately $86 million by offering 4.4 million shares at $16.00 per share, a price point at the lower end of its initial projection. The capital infusion from the IPO was instrumental in fueling the company's expansion, supporting advancements in its operations, broadening sales channels, and investing in ongoing research and development.

Further refining its shareholder base, Inogen conducted a secondary offering in October 2014. During this event, existing stockholders divested 2,100,775 shares at $21.50 per share, with Inogen itself not receiving any proceeds from these transactions. These strategic financial moves have shaped the current Inogen company ownership breakdown.

As of April 2025, institutional investors are the dominant force in Inogen ownership, holding a substantial 74.82% of the company's shares. Within this, mutual funds represent a significant portion, maintaining their holdings at 41.89% as of April 2025. Insiders collectively hold a smaller stake of 1.41%. By July 2025, prominent institutional shareholders included BlackRock, Inc., holding 6.61% of shares valued around $13.30 million, and The Vanguard Group Inc, with 5.73% valued at $11.54 million. Other key investors are Acadian Asset Management LLC, Kent Lake PR LLC, Camber Capital Management LP, Ameriprise Financial Inc, and Dimensional Fund Advisors LP. William J. Phd Link stands out as the largest individual shareholder, possessing 3.70 million shares, which equates to 13.75% of the company. The 2024 10-K report also highlighted a securities purchase agreement with Yuwell (Hong Kong) Holdings Limited for 2,626,425 shares, securing approximately $27.2 million. This collaboration is anticipated to bolster Inogen's market presence in China and the U.S. and expand its product offerings, influencing the Inogen company financial ownership and strategic direction.

Key Inogen Shareholders

Institutional investors hold the majority of Inogen's stock, significantly influencing its corporate structure and strategic decisions. Understanding these major stakeholders is crucial for assessing the company's direction.

• BlackRock, Inc.
• The Vanguard Group Inc
• Acadian Asset Management LLC
• William J. Phd Link (Largest individual shareholder)
• Yuwell (Hong Kong) Holdings Limited (Strategic partner)

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As of early 2025, Inogen's strategic direction and operational oversight are managed by its executive leadership and Board of Directors. The board comprises individuals with diverse backgrounds, including independent directors, all contributing to the company's governance. The composition of the board reflects a commitment to guiding the company's growth and ensuring alignment with shareholder interests.

The current board members bring a wealth of experience to their roles. Mira Kirti Sahney joined the board in January 2025, bringing significant expertise in the medical device sector. Elizabeth (Beth) Mora serves as the Chairperson of the Board and the Compliance Committee since December 2021. Kevin R.M. Smith, who is also the President and Chief Executive Officer since November 2023, is a key member of the board. Heather D. Rider, a director since 2014, chairs both the Compensation Committee and the Nominating and Governance Committee. Kevin King has been a board member since March 2022. Tom West retired from the board effective January 30, 2025, after serving since April 2023.

Inogen operates under a standard one-share-one-vote structure, common for companies listed on NASDAQ. There are no publicly disclosed dual-class share structures or special voting rights that would concentrate control. The company's proxy statements, such as the one issued on March 27, 2025, detail the voting processes for stockholders, including the election of directors and other corporate matters. While there haven't been recent public proxy fights or significant activist investor campaigns, the board's makeup is designed to blend leadership experience, industry knowledge, and financial insight to effectively steer the company's strategic path and serve the interests of its Inogen stock holders.

Understanding Inogen's Corporate Structure

Inogen's corporate structure is designed to ensure effective governance and alignment with shareholder interests. The company's management team and Board of Directors work collaboratively to set strategic objectives.

• The company adheres to a one-share-one-vote system.
• There are no indications of preferential voting rights for specific shareholders.
• The board composition aims for a balance of expertise and experience.
• Understanding the Target Market of Inogen is crucial for appreciating the company's strategic decisions.

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Inogen has seen significant shifts in its leadership and ownership structure over the past few years, reflecting a strategic pivot towards growth and operational enhancement. These changes are aimed at strengthening the company's market position and expanding its product offerings.

In November 2023, Kevin Smith took over as President and Chief Executive Officer, succeeding Nabil Shabshab. This transition was followed by the appointment of Michael Bourque as Chief Financial Officer in March 2024. Further adjustments to the executive team occurred in April 2024 with the departure of Dr. Stanislav Glezer, Executive Vice President, R&D, and Chief Medical Officer. These leadership updates underscore a focus on driving revenue growth and improving operational efficiency.

A notable development in 2024 was the strategic investment by Yuwell Medical, with Yuwell (Hong Kong) Holdings Limited acquiring a 9.9% stake, amounting to 2,626,425 shares of common stock for approximately $27.2 million. This collaboration is designed to enhance Inogen's product portfolio and facilitate its expansion into the Chinese market. Additionally, in the first quarter of 2025, Inogen made an earn-out payment of $13 million to Physio-Assist, following the FDA clearance of the Simeox product, an airway clearance device, thereby broadening Inogen's product range beyond portable oxygen concentrators (POCs).

Strategic Investment

Yuwell Medical's investment of $27.2 million for a 9.9% stake in April 2024 is a key development. This partnership aims to expand Inogen's product offerings. It also targets accelerated entry into the significant Chinese market.

Product Expansion

The $13 million earn-out payment to Physio-Assist in Q1 2025 signifies the acquisition of the Simeox device. This expands Inogen's capabilities into airway clearance. It diversifies the company's product portfolio beyond its core POC offerings.

Institutional Ownership Trends

Institutional investors held approximately 74.82% of Inogen's shares as of April 2025. This indicates a strong presence of institutional backing. Such ownership often reflects confidence in the company's long-term strategy and market potential.

Financial Performance and Outlook

In Q1 2025, Inogen reported total revenue of $82.3 million, a 5.5% increase year-over-year. The company achieved a positive adjusted EBITDA of $36,000. For the full year 2025, Inogen projects revenue between $352 million and $355 million, aiming for adjusted EBITDA breakeven.

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