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  "documentTitle": "Inogen, Inc. (INGN)",
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  "authorName": "Carson Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-02-08 00:00:00",
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      "text": "We believe this is further evidence that INGN are nearing saturation. Would a company that is selling a market-leading product in a category that is only 11% penetrated really be seeing such significant margin pressure at such an early stage in its growth cycle?",
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      "text": "advertising expense as a percentage of sales",
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      "text": "Furthermore, INGN’s return on advertising has decreased over the last 24 months as the company has significantly ramped up its TV advertising and aggressively hired salespeople.",
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      "text": "INGN management spun this as a “[r]eturn on those types of investment” and high sales and marketing spend being “An infrastructure that we need to make sure that we can maintain that market leadership position.” We believe this is further evidence that INGN are nearing saturation. Would a company that is selling a market-leading product in a category that is only 11% penetrated really be seeing such significant margin pressure at such an early stage in its growth cycle?",
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      "text": "“[r]eturn on those types of investment” and high sales and marketing spend being “An infrastructure that we need to make sure that we can maintain that market leadership position.” — Inogen Management",
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