INGN - Inogen downgraded at William Blair on near-term macro headwinds

• The shares of Inogen Inc. ( NASDAQ: INGN ) fell in the morning hours Tuesday after William Blair downgraded the MedTech company to Market Perform from Outperform, citing the impact of macro headwinds on medical equipment.
• “….we believe that there could be more headwinds than tailwinds in the short term,” William Blair analysts led by Margaret Kaczor wrote about Inogen ( INGN ) which operates in the market for portable oxygen concentrators.
• The analysts argue that the company’s preliminary Q4 results neared the low end of the management guidance even without negative impact from forex headwinds.
• The team predicts an uncertain near-term growth profile for the company as inflation and recessionary risk hurt consumers while the capital budgets for Durable Medical Equipment (DME) likely remain tight.
• A month ago, Seeking Alpha contributor Zach Bristow reaffirmed his Hold rating on Inogen ( INGN ), noting unimpressive forward sales multiple and unsupportive technicals.

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