Goleta-based Inogen’s public stock offering is looking more and more successful.

After a slight stumble out of the gate with its IPO, Inogen was approaching the $20 mark at press time on March 5. The steady appreciation of the company’s stock since Feb. 14 is a positive sign that Wall Street believes in its strategy of selling oxygen concentrators directly to consumers. It is also a sign that the team of UC Santa Barbara students who founded the company more than a decade ago has built a company that will have a lasting impact.

Inogen’s pivot toward a heavily Medicare-funded model means that its future depends on its ability to navigate the sometimes arcane bidding processes that now govern how it’s paid for its devices. But with cash on-hand from its IPO and a relentless focus on technological innovation and efficiency, Inogen is beginning to emerge as a winner in a high-stakes game.