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  "docSlug": "a08bb897003a",
  "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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  "nDataPoints": 11,
  "notes": "The slide uses external survey data to contradict management's claims regarding market size and patient suitability.",
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      "text": "INGN management’s claim that 90% of ambulatory patients are potential POC users seems greatly unrealistic.",
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      "text": "Bar chart showing distribution of survey respondents' estimates of POC candidate percentages.",
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      "text": "POC candidate percentage: 42.0%",
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      "kind": "paragraph",
      "text": "Regardless of the proportion of the ambulatory population that are candidates for POCs, we believe INGN management overstate the share of the oxygen therapy market that is ambulatory.",
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      "text": "INGN management's claim that 90% of ambulatory patients are potential POC users seems greatly unrealistic. This is well in excess of the estimates of two industry sources with whom we spoke.",
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      "kind": "source-note",
      "text": "Source: Needham & Company 2Q18 HME Survey",
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      "kind": "title",
      "text": "Figure 29 Portion of ambulatory oxygen patients who are candidates for POCs",
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