Who Owns Inogen Company?

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Who owns Inogen today?

Inogen transformed from a 2001 UC Santa Barbara student spinout to a Nasdaq‑listed maker of portable oxygen concentrators after its 2014 IPO. Founders exited executive roles; institutional investors now hold most shares amid a recent restructuring and competitive market pressures.

Major shareholders in 2024–2025 are primarily institutional investors and mutual funds; founders retain minority stakes. Ongoing strategy shifts reflect board and investor influence as the company refocuses after revenue disruptions.

See product context: Inogen Porter's Five Forces Analysis

Founders and early ownership of Inogen trace to 2001, when Alison (Kris) Bauerlein, Brenton Taylor, and Byron Myers launched the company with concentrated equity, standard four-year vesting and one-year cliffs, and IP assigned to the business to secure future institutional investment.

Founding team roles

Bauerlein led finance and operations, Taylor led engineering and product development, Myers led marketing and commercial strategy during inception and early commercialization.

Equity structure

Initial equity concentrated with the three founders; early employee option pools were created to recruit engineering and regulatory talent.

Early financing

Friends-and-family and angel rounds from 2002–2004 preceded convertible notes and institutional seed/Series A funding to support FDA-cleared device development.

Investor profile

Notable early backers included healthcare-focused angels in Southern California and affiliates of New Enterprise Associates; convertible notes featured pro rata and anti-dilution protections.

Pre-IPO dilution

Institutional rounds diluted founder stakes but funded commercialization; by the 2014 IPO founders held meaningful but minority positions with standard 180-day lock-ups.

Governance at IPO

IPO governance used one-share-one-vote; no public record of dual-class or founder super-vote structures, aligning with institutional investor preferences.

As Inogen scaled, founders transitioned to executive roles—Bauerlein as CFO, Taylor as EVP Engineering, Myers in sales/marketing—leading to partial sell-downs and eventual departures; public filings around the 2014 IPO show founders as registered stockholders subject to standard lock-up and standoff clauses.

Key ownership facts

Documented ownership and investor details are available in SEC filings and IPO prospectus; below are concise points relevant to inogen ownership and major investors.

• Founders held concentrated equity at inception with typical four-year vesting and one-year cliff.
• Early funding: friends-and-family, angels (2002–2004), convertible notes pre-Series A with pro rata and anti-dilution.
• Institutional investors included NEA affiliates; Series A and later rounds funded FDA clearance and commercialization.
• By the 2014 IPO founders were minority holders; governance was one-share-one-vote with 180-day lock-ups and no reported dual-class structure.

For background on company revenue and business model context that influenced investor returns see Revenue Streams & Business Model of Inogen. To verify current largest shareholders, insider ownership and up-to-date Inogen shareholders data consult the company proxy statements (DEF 14A) and Form 10-K filings on the SEC EDGAR system.

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Key events shaping Inogen ownership include the 2014 IPO, index inclusions during the 2017–2019 growth phase, COVID-era volatility in 2020–2022, and the 2023–2025 operational reset that shifted stakes toward institutions and passive funds.

As of 2024–2025 SEC 13F and proxy filings, institutional ownership typically exceeds 85% of basic shares outstanding; largest passive holders include BlackRock, Vanguard, and State Street, while active healthcare and small-cap specialists (Wasatch, Renaissance, others) are meaningful holders; insider/founder stakes combined are generally in the low-single digits and no single controlling shareholder or corporate parent exists.

Ownership Snapshot and Governance Focus

Institutional concentration, passive leader positions, and low insider stakes have reshaped governance priorities toward operational metrics and capital allocation.

• Primary ownership: institutional investors > 85%
• Largest passive holders: BlackRock, Vanguard, State Street
• Active investors: Wasatch, Renaissance, small-cap healthcare specialists
• Insiders (founders, execs, directors): combined low-single-digit ownership

For background on corporate purpose and values that inform strategy discussions with investors, see Mission, Vision & Core Values of Inogen.

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The Inogen board of directors follows a one-share-one-vote structure and is composed of a majority of independent directors with med‑tech, DME, and consumer‑health expertise; the CEO sits on the board alongside independent members experienced in respiratory care, supply chain, reimbursement, and public‑company finance.

Voting power mirrors ownership under the single‑class share structure; major passive holders such as BlackRock and Vanguard influence outcomes via proxy platforms while audit, compensation, and nominating/governance committees remain fully independent and focused on governance best practices.

Board composition and voting dynamics

The board maintains a majority of independent directors and committee independence. Large passive institutional holders exert proportional voting influence rather than board seats.

• One‑share‑one‑vote structure — no dual‑class or golden shares
• Committees (audit, compensation, nominating) are fully independent
• Active institutional engagement pushed governance upgrades and refreshed skill matrices
• No public proxy fights leading to board turnover; steady emphasis on ROI and profitable growth targets

For background on company origins and ownership evolution see Brief History of Inogen; recent 2024–2025 SEC filings show top institutional holders collectively owning >30% of outstanding shares, with the largest passive managers each typically holding single‑digit percentage positions and insiders holding low double‑digit aggregate stakes, reinforcing proportional voting aligned with ownership.

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Since 2023 Inogen ownership has trended toward more dispersed institutional control, with insider stakes declining after founder exits and executive changes; passive funds rose from index rebalancing while active managers and hedge funds adjusted positions around product and cost catalysts.

Key ownership data sources include recent SEC 10-K/DEF 14A filings, institutional ownership tables showing passive funds accounting for an increased share in 2024–2025, and proxy disclosures documenting grants and insider changes; for contextual strategy coverage see Marketing Strategy of Inogen.

Leadership transitions

Founder departures and new executive hires through 2024 cut insider concentration while introducing performance-based RSUs/PSUs to align pay with results.

Institutional shifts

Passive holders rose via index rebalances; active growth managers trimmed in restructuring phases; hedge funds increased stakes tactically around catalysts.

Capital priorities

Management prioritized cash preservation and reinvestment over large buybacks, funding R&D and connectivity initiatives deemed critical for long-term growth.

Potential catalysts

Sustained margin recovery and durable end‑market demand are cited by analysts as triggers that could attract longer-duration active investors and reduce ownership churn.

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