RMD - Hammered By Supply Issues Inogen Could Be A 2023 Comeback Story

• Supply chain issues have hit Inogen hard, undermining the company's ability to ship to demand and driving some share loss despite healthy underlying demand trends.
• Management has redesigned its motherboards to use the chips it can find, but supply challenges may not meaningfully resolve until 2023.
• Portable oxygen concentrators continue to gain share within the oxygen therapy market, and Inogen is positioned to benefit from growth in adjacent markets as well as home medical equipment.
• Long-term revenue growth of 6% and double-digit FCF growth can drive a fair value in the high-$40s today, but it will likely take visibility/confidence on revenue reacceleration and margin leverage to move the shares.

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