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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 includes a direct critique of Inogen's billing code interpretation, suggesting a double-counting error.",
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      "text": "INGN’s assumption that 73% of patients are ambulatory, and therefore POC-eligible, is likely incorrect, which calls the credibility of the 65% saturation claim for POCs on the above slide into question.",
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      "text": "POCs remain under penetrated: Based on 2017 U.S. Medicare claims data, ambulatory patients account for 73% of total LTOT patients. Inogen estimates a full POC penetration rate to be 90% of the existing ambulatory patient population, or 65% of the total.",
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      "text": "INGN’s assumption that 73% of patients are ambulatory, and therefore POC-eligible, is likely incorrect, which calls the credibility of the 65% saturation claim for POCs on the above slide into question. We believe INGN have double counted a Medicare billing code that is not appropriate for an “apples to apples” comparison. Instead, we think that ambulatory oxygen therapy patients are 67% of the total.",
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      "text": "Above, we have the Medicare codes for stationary and portable oxygen. The methodology for calculating the total number of ambulatory versus stationary market is simple: take the sum of all the ambulatory codes provided and divide by the sum of the stationary codes.",
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