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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": "This is a short-seller research note page. It uses a quote to frame the narrative of management deception.",
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      "text": "We calculate the real U.S. TAM is presently approximately only 1.3 million users, which is 57% lower than management’s claim.",
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      "text": "Total Addressable Market (TAM): 1.3 million",
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      "text": "We calculate the real U.S. TAM is presently approximately only 1.3 million users, which is 57% lower than management's claim. We estimate that from 2010 to 2017, the market shrank at a CAGR of -2.6%.",
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      "text": "The thoroughly captured sell-side is picking up the slack though. Analysts are still trumpeting three million user TAM / 7%-10% growth despite these issues.",
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      "text": "Muddy Waters is short Inogen, Inc. (INGN) because we believe management has created an egregiously false narrative about the Total Addressable Market (“TAM”) size and growth.",
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      "text": "INGN embodies much of what is dysfunctional about today’s capital markets: Misleading statements by management, shoddy market research presented as authoritative, and significant enrichment of insiders.",
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      "text": "It appears that management became aware of investor concerns about its market estimates late last year. As recently as November 2018, INGN's investor presentation contained a slide with the estimates of a three to four million user TAM.",
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      "text": "“You gonna believe me, or your lyin’ eyes?” - Richard Pryor",
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      "text": "1. INGN S-1 filed November 27, 2013, p. 2. 2. A December 19, 2018 JP Morgan report. 3. INGN November 2018 investor presentation.",
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