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      "text": "INGN is talking about the exact same data set in both statements, but management has taken a much more skeptical view of CMS data since removing its 7% to 10% growth claim from their presentation.",
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      "text": "Contrast the above statement with management's assertion just two months prior, in November 2018 (emphasis added):",
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      "text": "I would also like to comment on the recently released Medicare data... we believe that the information can serve as a proxy for the entire oxygen therapy market.",
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      "text": "And due to that migration from the Medicare bucket to the Medicare Advantage bucket... it's because people are migrating over to that other bucket.",
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      "text": "And due to that migration from the Medicare bucket to the Medicare Advantage bucket, you actually see if you look at the Medicare bucket in a vacuum that it looks like it's shrinking because some of the key codes, the stationary oxygen concentrator Code E1390 actually is going down year-over-year. And it's not because the pool is shrinking, it's because people are migrating over to that other bucket. So, you've got to look at it in totality to really understand the dynamics of the market. — Bloomberg transcript of INGN presentation at JP Morgan Healthcare Conference, January 9, 2019.",
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