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  "documentTitle": "Inogen, Inc. (INGN)",
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  "authorName": "Carson Block",
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  "notes": "The slide uses a competitive table to highlight the price disparity between Inogen and Chinese alternatives.",
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      "text": "Given the low barriers to entry, it isn’t surprising that Chinese players have cheaper, low-tech, heavier products available for $250 - $500.",
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      "text": "INGN’s price point will likely prove to be a stumbling block, given the retail price of its G4 is over $2,000. In 2017, China’s urban per capita household income was $5,200. 2017 U.S. median household income was $60,336. Given the low barriers to entry, it isn’t surprising that Chinese players have cheaper, low-tech, heavier products available for $250 - $500. The Kingon P2 is available for half the price of a G3, despite its almost identical performance specifications. While we expect that the INGN products are better, if the Chinese products are good enough, we suspect INGN will have a very difficult time generating meaningful revenue in China.",
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      "text": "With quotes like, “In China where it’s not reimbursed and then even if it’s a small percentage that can afford it, you still have a really big number. So that’s why we see this as a big opportunity on the retail side”, we are tempted to send Mr. Wilkinson a copy of “Doing Business in China for Dummies”, which was co-authored by Muddy Waters founder and CIO, Carson Block.",
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      "text": "In China where it’s not reimbursed and then even if it’s a small percentage that can afford it, you still have a really big number. So that’s why we see this as a big opportunity on the retail side — Inogen Management (via Piper Jaffray Health Care Conference 11/29/2018).",
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      "text": "Footnotes 39-42 detailing data sources for the claims and table.",
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      "text": "Comparison table of oxygen concentrator specifications and pricing for Longfian, GBA Oxy-Tech, Kingon, and Inogen.",
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      "text": "Likely Aware of the Upcoming Cliff, Management Have Started to Focus Investors on the \"Big Opportunity in China\".",
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