{ "docId": "019dd923-622c-750b-8b96-b98bce058d93", "docSlug": "a08bb897003a", "documentTitle": "Inogen, Inc. (INGN)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2019-02-08 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 12, "pageCount": 27, "prevPage": 11, "nextPage": 13, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide highlights factual errors and misinterpretations in a WinterGreen Research report.", "elementsJson": [ "paragraph", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b96-b98bce058d93/12", "deckHref": "/decks/019dd923-622c-750b-8b96-b98bce058d93", "deckJsonHref": "/decks/019dd923-622c-750b-8b96-b98bce058d93.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-b98bce058d93#slide-12", "components": [ { "bbox": null, "kind": "callout", "text": "WinterGreen seems to have misinterpreted an advertising campaign that Prudential ran!", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-203f-7169-9f94-8a6dc118d8f5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.7, "x": 0.15, "y": 0.25 }, "kind": "paragraph", "text": "Insight regarding 100-year-old federal judges:", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1898dbc8-b204-4934-8a67-cd3af7d904b7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.7, "x": 0.15, "y": 0.34 }, "kind": "paragraph", "text": "Literal vaporware – oxygen products that have not yet been invented:", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2c8fccf8-c1cf-402f-bf27-e6f1325bdc7d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.7, "x": 0.15, "y": 0.5 }, "kind": "paragraph", "text": "There were about 65,000 people age 100 or older in 2000, and the number of centenarians is projected to grow quickly so that there are 421,000 by 2030. Prudential Insurance is projecting that people will live to be 150 years old by that time.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "78503537-5306-45f8-b649-4763a00cb10b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.37 }, "kind": "paragraph", "text": "So it may be that with the aging of the population whole new markets are found. This is what the current fairly aggressive forecast assumes, that there will be a burst of new marketing dollars into this segments that drives significant growth with products that have not even been invented yet, products that are used by well people to increase wellness.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8cbbfc27-0cfb-42dc-93e9-66953de8ce10", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.7, "x": 0.15, "y": 0.58 }, "kind": "paragraph", "text": "As far as we are aware, Prudential insurance never projected that people will live to be 150 years old by 2030. The oldest person currently alive, Kane Tanaka, would only be 127 in 2030. WinterGreen seems to have misinterpreted an advertising campaign that Prudential ran!", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "91c0f5a6-b0be-4672-b704-90769da894e4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.15, "y": 0.28 }, "kind": "paragraph", "text": "After all, federal judges in their 70s and 80s have learned that if they ply their bodies with oxygen they can work well into their 100's. This is pretty good.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ab09d3e9-065d-4d98-9533-71b1eeee291b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.7, "x": 0.15, "y": 0.18 }, "kind": "paragraph", "text": "There are many reasons the markets may get an infusion of marketing dollars. For one, the pharmaceutical companies having trouble developing new drugs, they have begun to turn to medical devices. What better device than an oxygen concentrator to develop new markets.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c24e56b2-6edc-49b5-8493-0f9545e230a6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.7, "x": 0.15, "y": 0.47 }, "kind": "paragraph", "text": "The mathematically impossible 150-year-olds:", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fdf1ac52-a5e8-49ee-8400-2ffad626038e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.09 }, "kind": "paragraph", "text": "Stationary oxygen concentrator markets will grow as people buy more portable oxygen concentrators and need stationary units to compliment the realize the value of mobile supplemental oxygen for almost any medical condition. The casinos have realized the value of oxygen for their clients, and believe that this helps people feel better.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fefe8848-b44c-4b8b-8cb6-ee1cc8589a35", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“Stationary oxygen concentrator markets will grow as people buy more portable oxygen concentrators and need stationary units to compliment the realize the value of mobile supplemental oxygen for almost any medical condition. The casinos have realized the value of oxygen for their clients, and believe that this helps people feel better.” — WinterGreen Research, “Stationary Medical Oxygen Concentrators: Market shares, Market strategies, and Market Forecasts, 2017 to 2023” p103", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-203f-7169-9f94-8c586b7b14b8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.75 }, "kind": "source-note", "text": "Footnotes 18-23", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2e77f795-d3fb-4d6c-a2e6-890a273bad11", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }