{
  "docId": "019dd923-622c-750b-8b96-bd9d7db66db6",
  "docSlug": "f1ac61d01303",
  "documentTitle": "Inogen, Inc. (INGN)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-02-25 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 3,
  "pageCount": 3,
  "prevPage": 2,
  "nextPage": null,
  "slideType": "preempt_rebuttal",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 15,
  "notes": "The slide uses a direct, confrontational tone to force a response on specific market assumptions.",
  "elementsJson": [
    "numbered_list",
    "paragraph",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-bd9d7db66db6/3",
  "deckHref": "/decks/019dd923-622c-750b-8b96-bd9d7db66db6",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-bd9d7db66db6.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-bd9d7db66db6#slide-3",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "If one assumes U.S. market is only about 1.3 million users, do you agree that you would hit peak sales this year or next? If not, why do you feel our conclusion is not accurate?",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-64cf-7128-a314-34ef143e26cf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Peak steady-state U.S. INGN units sold per year: 176,696",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-64cf-7128-a314-3be6ea9c8470",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.72,
        "x": 0.14,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "6. Based on the much smaller U.S. oxygen therapy TAM we calculated of 1.3 million users, we modeled INGN peak sales this year or next. This is partly due to the six-year estimated useful life of machines purchased by homecare providers, which impacts their purchasing schedules. As we pointed out, even as the installed base and penetration continue to grow, sales will not. Our methodology is below. If one assumes U.S. market is only about 1.3 million users, do you agree that you would hit peak sales this year or next? If not, why do you feel our conclusion is not accurate?",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "16d28f85-0e53-4536-af10-08b77b00b420",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.72,
        "x": 0.14,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "5. You suddenly removed references to WinterGreen Research from all presentations in January 2019. You also recently deleted the 7% – 10% market growth claim from your presentations. Why did you delete these items?",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a7cfed0b-055f-4044-bca9-3c596dfbbb79",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.42,
        "w": 0.34,
        "x": 0.33,
        "y": 0.39
      },
      "kind": "table",
      "text": "U.S. peak unit sales table showing calculation of 176,696 units",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eb9da759-1c9c-4554-8667-10f9a4c7da62",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "7174349f-3589-4009-87dc-7a9d15f61d0b",
      "evidence": "The slide explicitly calls out the removal of data points and challenges the company's market sizing.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 3,
      "from": 3,
      "beatId": "3c8f1899-1e19-443a-8d06-43b14dfc2edf",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "The U.S. peak unit sales data on page 3 provides evidence to support a claim",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 3,
      "from": 2,
      "name": "Anchor",
      "slug": "18-anchor",
      "bestFor": "Pricing discussions, negotiation, budget requests",
      "matchId": "8b42cdc7-7935-480f-9d4e-d91ec9a856b5",
      "evidence": "The document provides a clear anchor for its argument by directly addressing credibility concerns and offering evidence",
      "position": 0,
      "objective": "To establish credibility by addressing key questions and providing supporting data",
      "structure": "The Extreme Option (The Anchor) -> The Flaws of the Extreme -> The Balanced Proposal",
      "confidence": 0.7,
      "description": "Set a high reference point to make your actual proposal seem reasonable and attractive"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}