Muddy Waters is short Inogen, Inc. (INGN) because we believe management has created an egregiously false narrative about the Total Addressable Market (“TAM”) size and growth. We estimate the U.S. market is 1.3 million users. The data shows us that the market is actually shrinking. We believe that even though POC penetration will continue to increase, because the market is near saturation and is shrinking on one hand and the long usable lives of equipment on the other, INGN will hit peak sales no later than next year.

On February 8th, Muddy Waters released a report in which we stated that INGN has created an egregiously false narrative about its growth prospects, particularly with respect to the size of the U.S. total addressable market (“TAM”) for oxygen therapy. INGN was in the quiet period, and thus did not respond. We present six key questions that management needs to address on its upcoming call, rather than hiding behind the reliably pliable sell side.