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  "documentTitle": "Inogen, Inc. (INGN)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-02-25 00:00:00",
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  "notes": "This is a short-seller research note page. The questions are designed to expose contradictions in the company's public narrative.",
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      "kind": "callout",
      "text": "How do you bridge the missing $1.8 billion to $2.8 billion?",
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      "kind": "list",
      "text": "1. You have claimed that the U.S. oxygen therapy market is $3 billion to $4 billion... How do you bridge the missing $1.8 billion to $2.8 billion? 2. Using your suggested methodology... How do you calculate market growth, and over what period of time? 3. Our calculation of the 1.3 million user U.S. TAM... Is the average number of services per month during the year a valid base...? 4. We listed five academic papers... What are the differences between their estimates and yours?",
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      "text": "Total Addressable Market: $3-4B",
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      "text": "On February 8th, Muddy Waters released a report in which we stated that INGN has created an egregiously false narrative about its growth prospects...",
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      "text": "1 MWC February 8, 2019 report, pp. 10-11 2 HME News “State of the Industry 2018”, p. 4, via CMS 3 INGN 2017 10-K, p. 3 4 MWC February 8, 2019 report, p. 6",
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      "text": "Credibility in the Balance: Six Key Questions for INGN Management",
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