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  "docSlug": "ea3395f0d3bd",
  "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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      "kind": "callout",
      "text": "Our investment thesis on Inspire: Focus on management's actions, not their words.",
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      "text": "Our research proves that the internal estimate Inspire uses as the basis for its growth story is a farce.",
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      "text": "Inspire's massively overstated TAM also underpins investors' dreams of achieving profitability through economies of scale. Despite growing its unit sales from ~2,300 in 2018 to ~3,700 in 2019, Inspire's SG&A expense per unit actually increased.",
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      "text": "Data from Inspire's most mature markets show that, in reality, the vast majority (99%+) of OSA patients refuse Inspire's surgical solution. Inspire's sales to the VA peaked at only 150 units in 2018 and fell to a mere 110 units in 2019.",
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      "text": "Sleep Apnea experts we spoke to told us that OSA symptoms are often so subtle that patients don't even realize they have a condition. Inspire's solution for OSA is proving to be about as popular as lobotomies were for treating migraines in the 1950s.",
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