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  "documentTitle": "Inogen, Inc. (INGN)",
  "authorId": "52_Citron_Research",
  "authorName": "Citron Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-02-15 00:00:00",
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  "notes": "The slide uses a rhetorical question to frame the core accusation against the company.",
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      "kind": "callout",
      "text": "How can a company who sells portable oxygen concentrators to the elderly only get a mid-single digit% of its sales from Medicare?",
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      "kind": "callout",
      "text": "Citron jumps into muddy waters and assigns a conservative $46 target on Inogen.",
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      "text": "price target: $46",
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      "text": "By pushing a carefully crafted pitch to distributors that is both unethical and often illegal and is designed to deceive the sick and elderly. While this tactic has proven profitable for Inogen, it certainly cannot be considered a trend. Whether it be competition, oversight, or increasing customer awareness, Inogen’s margins and growth trajectory will contract and eventually its lack of R&D will leave it as an inferior player in the increasingly competitive COPD market.",
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      "text": "Citron estimates that Inogen sells about 90% of its POC units vs. only renting about 10% through Medicare. Assuming 40% of POC units were rented through Medicare, Inogen’s revenue would decline by about 20% while EPS would decline by about 80% due to the negative mix shift to Medicare’s much lower margins. Evidently, the multiple would see meaningful contraction as well.",
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