Actions in Inogen Muddy Waters has launched a brand new analysis report that calls into query the developer's whole marketplace for the transportable oxygen concentrator and means that the corporate "has created an especially false story."
In his report, Muddy Waters says that the overall addressable marketplace for Inogen's merchandise is "shrinking" and provides that he’s assured that the corporate will "warmth peak gross sales by subsequent 12 months."
"INGN embodies a lot of the present monetary market malfunctions: deceptive statements by administration, poor market research introduced as authoritative, deep-seated seize on the gross sales aspect, and, in fact, appreciable enrichment of insiders by the sale of shares, "Muddy Waters m stated in his report.
The brief vendor acknowledged that Inogen's claims that its whole addressable market could be three million and that it grew by 7% to 10% every year are primarily based on estimates from analysis agency WinterGreen Analysis and that the estimates "appear to have little foundation in actuality."
Muddy Waters strongly criticized WinterGreen Analysis's 2017 report, on which the claims have been primarily based, even suggesting that WinterGreen plagiarized the New York Occasions.
The corporate claims that the overall addressable market represents only one.three million customers and signifies that, when forecasting its report revenue, it solely values Inogen shares "at $ 46 per share , a lower of 67% in comparison with its present worth ".
Inogen has not but formally responded to the report. The corporate's shares are down about 2.6% to $ 136.08 at 1:45 pm EST.
In 2016, Muddy Waters alleged that sure St. Jude Medical coronary heart fee administration gadgets have been extraordinarily susceptible to hackersresulting in a limitless battle between the medical machine producer and the short-seller.
The submit workplace Muddy Waters, brief vendor, chooses a brand new medical goal: Inogen appeared first on MassDevice.