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  "documentTitle": "Inogen, Inc. (INGN)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-02-08 00:00:00",
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  "notes": "This is a page from an activist short-seller research report exposing data manipulation by sell-side analysts.",
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      "text": "As it turns out, in consultation with management, they use three layers of numerical manipulation to torture out a figure that is 2.5x the size of the actual patient population.",
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      "kind": "disclaimer",
      "text": "Bloomberg, excludes Zacks Investment Research and ISS-EVA which do not provide price targets. https://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Trends-and-Reports/CMS-Statistics-Reference-Booklet/Downloads/2016_CMS_Stats.pdf",
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      "kind": "metric",
      "text": "Number of Supplier Beneficiaries: 1,198,609",
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      "text": "How exactly do analysts get to ~3.0 million long-term oxygen patients in the U.S. if the real amount is 1.3 million? As it turns out, in consultation with management, they use three layers of numerical manipulation to torture out a figure that is 2.5x the size of the actual patient population.",
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      "text": "One analyst starts out by referencing 1,427,220 Medicare patients using oxygen and supplies in 2015. That would be fine if the source document, the 2016 CMS Statistics Booklet, said anything remotely similar. Instead, the figure the analyst cites represents allowed charges in thousands of dollars. That's not a typo—what the analyst called 1.43 million oxygen patients was actually $1.43 billion in oxygen spending.",
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      "text": "Medicare National DMEPOS HCPCS Aggregate table, CY2016 showing 1,198,609 total supplier beneficiaries and 8,171,004 total supplier claims.",
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      "text": "These models, which are based on flawed foundations, justify bullish target prices.",
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