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  "documentTitle": "Inogen, Inc. (INGN)",
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      "text": "At our forecast of peak earnings, we value INGN at $46 per share, a 67% decrease from its current price.",
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      "text": "We expect INGN sales to peak no later than next year... We see China as unlikely to materially change the picture... At our forecast of peak earnings, we value INGN at $46 per share, a 67% decrease from its current price.",
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      "text": "The problems with INGN's blue sky story don't stop there... INGN management states that the potential penetration rate among ambulatory oxygen users is 90%... INGN seemingly overstates the percentage of oxygen users that are ambulatory.",
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      "text": "Using CMS data and information from INGN, it is straightforward to calculate a 2017 U.S. oxygen therapy market of approximately 1.3 million users. This is 57% lower than the WinterGreen / management estimate of three million users.",
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      "text": "We believe the limitations of the market are showing up in INGN's financials right now... INGN boosted its Q3 2018 gross margin by 177 bps... advertising expenditure as a percentage of revenue has risen from 3.1% to 7.8%.",
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      "text": "4 Homecare interviewees stated that their companies typically keep the devices for seven to eight years.",
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