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  "documentTitle": "Inogen, Inc. (INGN)",
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  "authorName": "Carson Block",
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  "presentationDate": "2019-02-08 00:00:00",
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  "notes": "The slide uses a table to illustrate the 'Sell-Side Capture' and the questionable assumptions behind INGN's market growth projections.",
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      "text": "Sell-side analysts have eaten up INGN management’s COPD narrative along with the other fairytales, penning bullish reports touting the “Robust, Long-Tailed Sales Growth Story”.",
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      "text": "Estimated US Oxygen Therapy Patients: 4.8",
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      "kind": "paragraph",
      "text": "is caused by long-term exposure to irritating gases or particulate matter, most often from cigarette smoke.",
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      "text": "In the same slide above, management claims the WHO stated that approximately 30 million Americans are living with COPD. This is an extremely misleading statement...",
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      "text": "As much as we criticize sell-side research, we would be the first to state it is several notches above the quality of WinterGreen's work. Therefore, we find irony – if not humor – in seeing the confidently expressed analyst models that are effectively based on WinterGreen's estimates.",
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      "text": "However, the disease is less prevalent than it used to be in the U.S., especially among the elderly... The prevalence of severe airflow obstruction shrank as well... Sell-side analysts have eaten up INGN management's COPD narrative...",
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