{
  "docId": "019dd923-622c-750b-8b97-d4916851ef66",
  "docSlug": "bab2f46efe77",
  "documentTitle": "Inogen, Inc. (INGN)",
  "authorId": "52_Citron_Research",
  "authorName": "Citron Research",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-02-15 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 15,
  "pageCount": 21,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses a direct quote from a 10Q filing to support the thesis.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-d4916851ef66/15",
  "deckHref": "/decks/019dd923-622c-750b-8b97-d4916851ef66",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-d4916851ef66.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-d4916851ef66#slide-15",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Now that any DME can offer you a portable oxygen concentrator, Inogen will get much fewer Medicare leads that can be turned into cash sales.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b8-778f-bc65-ffd7712e2bd8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.8,
        "x": 0.1,
        "y": 0.68
      },
      "kind": "paragraph",
      "text": "Now that any DME can offer you a portable oxygen concentrator, Inogen will get much fewer Medicare leads that can be turned into cash sales.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1087d8ab-d0c0-4af8-a485-2011ce494b60",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.8,
        "x": 0.1,
        "y": 0.25
      },
      "kind": "paragraph",
      "text": "Inogen has previously capitalized on its position as the 1st DME for Medicare patients in many areas. Inogen would take these leads from Medicare to convert them into cash sales. However, the competitive bidding process has changed as we read in a new risk factor in its 10Q.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "abd33d72-684e-44c5-b8d9-d173ff0a6a06",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.8,
        "x": 0.1,
        "y": 0.45
      },
      "kind": "quote",
      "text": "On July 11, 2018, CMS released a new proposal to change the payment rules for Durable Medical Equipment Prosthetics, Orthotics, and Supplies (DMEPOS), including our portable oxygen concentrators. This includes a proposal that when the current competitive bidding contracts expire December 31, 2018, beneficiaries can obtain DMEPOS items from any enrolled Medicare supplier.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cdc3fdcd-8f33-49e4-9be6-2a4b33198d6a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "On July 11, 2018, CMS released a new proposal to change the payment rules for Durable Medical Equipment Prosthetics, Orthotics, and Supplies (DMEPOS), including our portable oxygen concentrators. This includes a proposal that when the current competitive bidding contracts expire December 31, 2018, beneficiaries can obtain DMEPOS items from any enrolled Medicare supplier. — Inogen 10Q",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-25b8-778f-bc66-01e16d87cf2b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.05,
        "y": 0.1
      },
      "kind": "title",
      "text": "Inogen’s DTC Business is Running Out of Air",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6f8423c6-4fff-4069-bdb6-9eaebfb6ce00",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "d44ba965-f970-4a52-b245-42d23d33d6f6",
      "evidence": "Uses regulatory filings to contradict company business model assumptions.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 18,
      "from": 14,
      "beatId": "d2f9c6d4-a588-4890-b1a8-862a2e66e31b",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory (Citron Research's findings)",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "Slides 14-18 present testimonials and expose contradictions in Inogen's tactics",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}