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  "documentTitle": "Inspire Medical Systems, Inc. (INSP)",
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  "authorName": "Wolfpack Research",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-22 00:00:00",
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      "text": "Our research shows that Inspire's actual TAM is less than 2% of the $10 billion per year (500,000 units per year) TAM Inspire promotes.",
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      "text": "Inspire uses an unverifiable \"company estimate\" for the most critical assumption in its TAM calculation: the number of new CPAP prescriptions per year in the U.S. Inspire claims there are 2 million new CPAP prescriptions per year in the U.S.",
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      "text": "Our research shows that Inspire's actual TAM is less than 2% of the $10 billion per year (500,000 units per year) TAM Inspire promotes.",
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      "text": "Most importantly, Inspire's in-house TAM estimate completely ignores the effect of patient preference. Contrary to management's delusions, this is an invasive surgical solution aimed at treating a condition that often has mild symptoms.",
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      "text": "Below we review the self-serving methodology and assumptions that Inspire uses to calculate its purported market opportunity and show that, even using its self-serving methodology, its TAM falls by ~80% when we input verifiable, empirical data.",
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      "text": "3. Inspire Exaggerates its TAM by ~50x:",
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      "text": "Inspire's TAM Calculation Relies on \"Company Estimates\" and Ignores Key Constraints",
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