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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 demonstrate that excluding specific post-cap codes changes the ambulatory patient proportion to 67%, contradicting the company's 65% penetration claim.",
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      "text": "Because 67% of oxygen patients are ambulatory, this further discredits INGN's 65% peak penetration claim.",
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      "text": "addressable proportion of ambulatory patients: 67%",
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      "text": "Because 67% of oxygen patients are ambulatory, this further discredits INGN's 65% peak penetration claim.",
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      "text": "If we incorporate these downward revisions into our earlier forecasts, it is possible that the total potential installed base is between 610,000 and 784,000 units.",
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      "text": "INGN's likely error, which we have shown side by side with the correct calculation, is to include Code E0441 through E0444 in its calculation of ambulatory and stationary services.",
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      "text": "1.3 million total oxygen therapy users * 67% ambulatory users * 90% POC-appropriate = 783,900; 1.3 million total oxygen therapy users * 67% ambulatory users * 70% POC-appropriate = 609,700",
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      "text": "Source: CMS Part B National Summary Data files, 2010-2017",
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      "text": "We See INGN Peak Sales Occurring in Either 2019 or 2020 at Approximately $400 million. We see Peak Profitability of Less Than $50 million.",
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