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  "docSlug": "a08bb897003a",
  "documentTitle": "Inogen, Inc. (INGN)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-02-08 00:00:00",
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  "notes": "Includes detailed income statement line items and key operational metrics like units sold and ASP.",
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      "kind": "callout",
      "text": "In this scenario, 2019 is peak earnings ($47.1 million) because INGN has guided that its 2019 tax provision will be reduced by $12 million, effectively making it zero in our model.",
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      "kind": "disclaimer",
      "text": "Source: http://www.lovegopoc.com/Lovego_G3_portable_oxygen_concentrator-40.html and https://www.aliexpress.com/item/5-hours-battery-life-Lovego-portable-oxygen-concentrator-LG101-Plus-meet-mild-stage-disease-patients-oxygen/32794953467.html",
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      "text": "Net income: $47.1 million",
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      "text": "We modeled INGN's financials for the near term to estimate when the company will hit peak sales. If we assume 2019 annual growth in units of 15%, INGN hits its run-rate unit sales peak this year.",
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      "text": "While INGN now enjoys significant growth, when its market suddenly saturates, investors will likely afford it the same valuation as low- or no-growth medical device companies—a multiple of earnings rather than sales.",
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      "text": "Financial projection table from 2016 to 2020E",
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