{
  "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": 2,
  "pageCount": 21,
  "prevPage": 1,
  "nextPage": 3,
  "slideType": "transition",
  "function": "transition",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "The slide uses a 'curiosity gap' and 'foreshadowing' to build anticipation for the following content.",
  "elementsJson": [
    "paragraph"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-d4916851ef66/2",
  "deckHref": "/decks/019dd923-622c-750b-8b97-d4916851ef66",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-d4916851ef66.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-d4916851ef66#slide-2",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.78
      },
      "kind": "callout",
      "text": "However, we are now unveiling the dirty secrets that we have discovered through months of research. In this report, we will expose Inogen’s dirty reseller network, the systematic abuse of elders by Inogen and resellers, and why the stock will quickly rerate lower to $46.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e419c4c3-59a6-4fcc-8fdf-1a28332b00f9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "However, we are now unveiling the dirty secrets that we have discovered through months of research. In this report, we will expose Inogen's dirty reseller network, the systematic abuse of elders by Inogen and resellers, and why the stock will quickly rerate lower to $46.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b8-778f-bc65-3683f415097b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.6
      },
      "kind": "paragraph",
      "text": "Whenever a new medical device is released (e.g., portable oxygen concentrators), the potential for abuse and fraud increases exponentially. No one will deny that portable oxygen concentrators are a great advancement for people suffering from COPD. Citron will acknowledge that Inogen was the first company to capitalize on this growing market.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "822343e7-4810-499c-bd12-963acdf73327",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.2
      },
      "kind": "paragraph",
      "text": "Last week, respected short seller Carson Block put out a insightful 27 page report detailing how Inogen management has misled the market with its wildly overstated claims on TAM. These TAM estimates originated from an obscure research firm that Muddy Waters referred to as “amateurish”. We recommend all shareholders read the Muddy Waters piece and its 27 pages of detail on how Inogen is deceiving the market.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "91469ec2-c07b-49b6-a70c-c7b973ca8adf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.45
      },
      "kind": "paragraph",
      "text": "While the original Citron report on valuation and the recent MW report on TAM are interesting, they are nothing compared to what you will read in this presentation.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dd315b65-1742-4f79-80ae-1e032a4a1c8c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.2,
        "x": 0.05,
        "y": 0.1
      },
      "kind": "title",
      "text": "Background",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4dc1eca5-b073-459b-ba45-13c1c4e23abf",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "curiosity-gap",
      "slug": null,
      "matchId": "a6587f96-92b7-4f23-a668-6821e646bb06",
      "evidence": "The slide explicitly states that previous reports are 'nothing compared to what you will read in this presentation' to drive engagement.",
      "confidence": 0.9
    },
    {
      "name": "foreshadowing",
      "slug": null,
      "matchId": "d6b427a7-6abb-4b14-89a4-acad1a0affc2",
      "evidence": "The slide builds anticipation for the 'dirty secrets' to be revealed later in the deck.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}