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  "documentTitle": "Inogen, Inc. (INGN)",
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  "authorName": "Carson Block",
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  "notes": "The slide uses a calculation to challenge management's market sizing claims, citing external sources to validate the author's estimate.",
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      "text": "Therefore, using INGN's own methodology, management has overstated the size of the US market by more than 100%.",
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      "text": "7 “So, the error that we’ve seen is people will go to the Medicare data...but it doesn’t represent the entire market. It represents about 60% of the market.” Bloomberg transcript from conference presentation 1/9/2019",
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      "text": "US long-term oxygen therapy market size: 1.31 million",
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      "text": "Adjusting the CMS allowed services figure by the proportion of non-Medicare patients results in a 2017 oxygen therapy patient population estimate of 1.31 million. Therefore, using INGN's own methodology, management has overstated the size of the US market by more than 100%.",
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      "text": "INGN management state that 40% of users are not captured by Medicare because they have either Medicare advantage or private insurance. Therefore, we divide the total Medicare patient population (783,966) by 60%:",
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