Inari Medical Reports Second Quarter 2023 Financial Results

IRVINE, Calif., Aug. 02, 2023 (GLOBE NEWSWIRE) -- Inari Medical, Inc. (NASDAQ: NARI) (“Inari”), a medical device company with a mission to treat and transform the lives of patients suffering from venous and other diseases, today reported financial results for its second quarter ended June 30, 2023.

Second Quarter Financial and Recent Business Highlights

  • Generated revenue of $119.0 million in Q2 of 2023, up 28.3% over the same quarter last year.
  • Delivered net income of $2.1 million in Q2 of 2023, compared to a $10.2 million net loss in Q2 of 2022.
  • Announced commitment to PEERLESS II, a randomized controlled trial enrolling up to 1,200 patients, comparing mechanical thrombectomy with FlowTriever versus anti-coagulation alone for the treatment of pulmonary embolism.
  • Launched two new products, RevCore and T16 Curve, both purpose-built tools designed to address unmet needs in venous thromboembolism (“VTE”) patients.

“Our strong financial performance in the second quarter reflected consistent execution across all our growth drivers,” said Drew Hykes, CEO of Inari Medical. “We saw meaningful growth contributions from new product launches as well as international geographies, adding confidence to our 2023 outlook. We announced PEERLESS II, our third randomized controlled trial. These pivotal studies will elevate our therapies to the standard of care and reflect our unwavering commitment to VTE patients.”

Second Quarter 2023 Financial Results
Revenue was $119.0 million for the second quarter of 2023, compared to $92.7 million for the second quarter of 2022 and $116.2 million for the prior quarter. The increase over the prior year quarter was driven primarily by global commercial expansion, increased adoption of our procedures, and introduction of new products.

Gross profit was $105.2 million for the second quarter of 2023, compared to $82.4 million for the same period of 2022. Gross margin was 88.4% for the second quarter of 2023, compared to 88.8% for the same period in the prior year.

Operating expenses for the second quarter of 2023 were $106.7 million, compared to $91.7 million for the second quarter of 2022. The increase was mainly driven by personnel-related expenses, including stock-based compensation, as we increased headcount to fund the expansion of the commercial, research and development, clinical, and support organizations.

Net income was $2.1 million for the second quarter of 2023 and net income per share was $0.04 on a weighted-average basic share count of 57.2 million and $0.04 on a weighted-average diluted share count of 58.5 million, respectively, compared to a net loss of $10.2 million and a net loss per share of $0.19 on a weighted-average basic and diluted share count of 53.2 million, in the same period of the prior year.

Full-Year 2023 Revenue Guidance
For the full year 2023, we are raising our revenue guidance to a range of $482 million to $492 million, an increase of $4 million from our prior guidance range of $478 million to $488 million.

Webcast and Conference Call Information
Inari Medical will host a conference call to discuss the second quarter 2023 financial results after market close on Wednesday, August 2, 2023 at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. The conference call can be accessed live by dialing (844) 825-9789 for domestic callers or (412) 317-5180 for international callers. The live webinar may be accessed by visiting the Events Section of the Inari investor relations website at

About Inari Medical, Inc.
Patients first. No small plans. Take care of each other. These are the guiding principles that form the ethos of Inari Medical. We are committed to improving lives in extraordinary ways by creating innovative solutions for both unmet and underrecognized health needs. In addition to our purpose-built products, we leverage our capabilities in education, clinical research, and program development to improve patient outcomes. We are passionate about our mission to establish our treatments as the standard of care for venous thromboembolism and beyond. We are just getting started.

Forward Looking Statements
Statements in this press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to substantial risks and uncertainties. Forward-looking statements contained in this press release may be identified by the use of words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements include estimated full year 2023 revenue and utility of clinical data results, and are based on Inari’s current expectations, forecasts, and assumptions, are subject to inherent uncertainties, risks and assumptions that are difficult to predict, and actual outcomes and results could differ materially due to a number of factors. These and other risks and uncertainties include those described more fully in the section titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and elsewhere in its Annual Report on Form 10-K for the period ended December 31, 2022, and in its other reports filed with the U.S. Securities and Exchange Commission. Forward-looking statements contained in this announcement are based on information available to Inari as of the date hereof and are made only as of the date of this release. Inari undertakes no obligation to update such information except as required under applicable law. These forward-looking statements should not be relied upon as representing Inari’s views as of any date subsequent to the date of this press release. In light of the foregoing, investors are urged not to rely on any forward-looking statement in reaching any conclusion or making any investment decision about any securities of Inari.

Investor Contact:
John Hsu, CFA
VP, Investor Relations

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(in thousands, except share and per share data)

  Three Months Ended June 30, Six Months Ended June 30,
   2023   2022   2023   2022 
Revenue $119,005  $92,744  $235,172  $179,496 
Cost of goods sold  13,844   10,347   27,585   20,314 
Gross profit  105,161   82,397   207,587   159,182 
Operating expenses        
Research and development  21,085   18,569   43,149   34,704 
Selling, general and administrative  85,586   73,156   171,286   136,888 
Total operating expenses  106,671   91,725   214,435   171,592 
Loss from operations  (1,510)  (9,328)  (6,848)  (12,410)
Other income (expense)        
Interest income  4,552   214   8,697   264 
Interest expense  (44)  (73)  (84)  (146)
Other income  26   252   65   228 
Total other income  4,534   393   8,678   346 
Income (loss) before income taxes  3,024   (8,935)  1,830   (12,064)
Provision for income taxes  939   1,252   1,963   1,252 
Net income (loss) $2,085  $(10,187) $(133) $(13,316)
Other comprehensive income (loss)        
Foreign currency translation adjustments  (79)  (291)  (70)  (408)
Unrealized loss on available-for-sale debt securities  (1,095)  (125)  (1,960)  (373)
Total other comprehensive loss  (1,174)  (416)  (2,030)  (781)
Comprehensive income (loss) $911  $(10,603) $(2,163) $(14,097)
Net income (loss) per share        
Basic $0.04  $(0.19) $(0.00) $(0.26)
Diluted $0.04  $(0.19) $(0.00) $(0.26)
Weighted average common shares used to compute net income (loss) per share        
Basic  57,207,902   53,183,767   55,988,736   52,075,399 
Diluted  58,496,350   53,183,767   55,988,736   52,075,399 

Condensed Consolidated Balance Sheets
(in thousands, except share data)

  June 30,
 December 31,
Current assets    
Cash and cash equivalents $57,837  $60,222 
Short-term investments in debt securities  279,696   266,179 
Accounts receivable, net  63,128   58,611 
Inventories, net  38,984   32,581 
Prepaid expenses and other current assets  4,972   5,312 
Total current assets  444,617   422,905 
Property and equipment, net  21,063   21,655 
Operating lease right-of-use assets  49,857   50,703 
Deposits and other assets  9,431   8,889 
Total assets $524,968  $504,152 
Liabilities and Stockholders' Equity    
Current liabilities    
Accounts payable $7,240  $7,659 
Payroll-related accruals  38,290   38,955 
Accrued expenses and other current liabilities  11,125   8,249 
Operating lease liabilities, current portion  1,583   1,311 
Total current liabilities  58,238   56,174 
Operating lease liabilities, noncurrent portion  31,085   30,976 
Total liabilities  89,323   87,150 
Commitments and contingencies    
Stockholders' equity    
Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of June 30, 2023 and December 31, 2022      
Common stock, $0.001 par value, 300,000,000 shares authorized as of June 30, 2023, and December 31, 2022; 57,266,455 and 54,021,656 shares issued and outstanding as of June 30, 2023 and December 31, 2021, respectively  57   54 
Additional paid in capital  483,752   462,949 
Accumulated other comprehensive (loss) income  (1,181)  849 
Accumulated deficit  (46,983)  (46,850)
Total stockholders' equity  435,645   417,002 
Total liabilities and stockholders' equity $524,968  $504,152 


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