Carson Block · research-note
Inogen, Inc. (INGN)
27 pages · 0 arc beats · 0 loops
Inogen, Inc. (INGN)
Carson Block · 2019-02 arc beats above · slides in the middle · loops below · scroll → 0 LOOPS
123456789101112131415161718192021222324252627
Deck intelligence map
1 coverage by narrative range · generated from this deck JSON
Narrative range 27 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Whole deck 27 slides 100% 27/27 slides 100% 27/27 slides · 214 hits — 0/27 slides
7.4% 2/27 slides 70.4% 19/27 slides — 0/27 slides
— 0/27 slides
Slide inventory
27 every slide · same image gating as the playbook
03
This is a short-seller research note page. It uses a quote to frame the narrative of management deception.expose_contradiction
04
This is a text-heavy research note page critiquing management's TAM methodology and financial reporting.expose_gap
05
The slide uses a 'fraud-exposure' or 'preempt_rebuttal' logic to discredit management's TAM claims by recalculating the patient population using Medicare data.preempt_rebuttal
06
The slide uses a calculation to challenge management's market sizing claims, citing external sources to validate the author's estimate.expose_contradiction
07
Includes two tables: one showing BETOS product spending 2011-2017, and one showing per-patient spending calculations.expose_contradiction
08
The slide uses a table to demonstrate a -2.6% CAGR in the oxygen therapy patient population, directly challenging management's claims of 7-10% growth.expose_contradiction
09
The slide contains an embedded image of a company presentation slide from August 2018, which is then critiqued by the surrounding text.expose_contradiction
10
The slide contrasts a 2019 quote with a 2018 quote to show management's shifting stance on data validity.expose_contradiction
11
The slide uses a narrative structure to highlight management's shifting market size estimates and questions the validity of external research sources.expose_contradiction
12
The slide highlights factual errors and misinterpretations in a WinterGreen Research report.expose_contradiction
13
The slide uses a side-by-side comparison of text to demonstrate intellectual property theft.expose_contradiction
14
The slide includes a screenshot of an Inogen investor deck page, which the author is critiquing for misrepresenting WHO data.expose_contradiction
15
The slide uses a table to illustrate the 'Sell-Side Capture' and the questionable assumptions behind INGN's market growth projections.expose_contradiction
16
This is a page from an activist short-seller research report exposing data manipulation by sell-side analysts.expose_contradiction
17
The slide uses a skeptical tone to deconstruct the math behind a company's market sizing claims.expose_contradiction
18
The slide uses external survey data to contradict management's claims regarding market size and patient suitability.preempt_rebuttal
19
The slide includes a direct critique of Inogen's billing code interpretation, suggesting a double-counting error.expose_contradiction
20
The slide uses a table to demonstrate that excluding specific post-cap codes changes the ambulatory patient proportion to 67%, contradicting the company's 65% pexpose_contradiction
21
The slide argues that INGN is approaching revenue saturation based on unit sales projections and replacement cycles.analyze_data
22
The slide uses a bottom-up calculation starting from total patient populations, applying penetration and market share assumptions, and dividing by device replacsize_opportunity
23
The slide serves as a critical research note arguing that management is using accounting adjustments to mask business pressure and that growth is slowing.expose_contradiction
24
The charts are empty placeholders, likely indicating missing data or a template structure. The core argument is a critique of management's narrative regarding mexpose_contradiction
25
The slide uses a competitive table to highlight the price disparity between Inogen and Chinese alternatives.compare_peers
26
Includes detailed income statement line items and key operational metrics like units sold and ASP.analyze_data
27
The table highlights a significant negative return (-67%) for Inogen based on the peer average forward P/E multiple.compare_peers