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Inari Medical, Inc. (NASDAQ:NARI) Reports Robust Q2 2024 Results, Raises Full-Year Guidance
Published on September 24, 2024 | Ticker: NARI

Inari Medical, Inc., a leading medical device company focused on treating and transforming the lives of patients suffering from venous and other diseases, has reported its financial results for the second quarter of 2024, showcasing strong performance across its core business segments.

Financials

In the second quarter of 2024, Inari generated revenue of $145.8 million, up 22.5% compared to the same period in the prior year. This robust growth was driven by an expansion of the company's sales territories, the opening of new accounts, increased adoption of its procedures, and global commercial expansion. For the full year 2023, Inari reported revenue of $493.6 million.

Segment Performance

The company's Venous Thromboembolism (VTE) segment, which includes solutions addressing deep vein thrombosis and pulmonary embolism, continued to be the primary growth driver, generating $137.7 million in revenue during the second quarter, up 20.7% year-over-year. Inari's Emerging Therapies segment, which encompasses solutions for chronic venous disease, chronic limb-threatening ischemia, acute limb ischemia, and dialysis access management, also saw strong growth, with revenue increasing 65.6% to $8.1 million.

Geographic Performance

Geographically, Inari's revenue from the United States was $135.8 million, up 19.3% year-over-year, while international revenue grew 92.8% to $10.0 million, reflecting the company's successful expansion efforts in key markets such as Europe, Latin America, Canada, and Asia Pacific.

Inari's gross margin for the second quarter of 2024 was 86.3%, compared to 88.4% in the same period of the prior year. The year-over-year decrease was primarily due to product mix, ramp-up costs associated with new products, and increasing internationalization of the business.

On the bottom line, Inari reported a net loss of $31.3 million, or $0.54 per share, for the second quarter of 2024, compared to net income of $2.1 million, or $0.04 per share, in the same period of 2023. For the full year 2023, the company reported a net loss of $1.6 million.

Liquidity

The company's operating cash flow for the second quarter of 2024 was $0.8 million, while its free cash flow was $0.3 million. For the full year 2023, Inari generated operating cash flow of $35.9 million and free cash flow of $29.7 million.

Inari's balance sheet remains strong, with $109.7 million in cash, cash equivalents, restricted cash, and short-term investments as of June 30, 2024, and no long-term debt outstanding.

Outlook

Looking ahead, Inari has raised its full-year 2024 revenue guidance to $594.5 million to $604.5 million, reflecting growth of approximately 20.5% to 22.5% over 2023. The company continues to expect to reach sustained operating profitability in the first half of 2025.

Recent Developments

In a separate announcement, Inari also disclosed that Mitch Hill, the company's Chief Financial Officer, will retire effective October 1, 2024, and will be succeeded by Kevin Strange, Inari's current SVP of Finance, Accounting, Strategy, and Business Development.

Conclusion

Inari's strong second-quarter performance and raised full-year guidance demonstrate the company's ability to execute on its strategic priorities and capitalize on the significant opportunities in the venous disease and other targeted disease state markets. With a robust product pipeline, a growing commercial footprint, and a seasoned leadership team, Inari appears well-positioned to continue its trajectory of growth and innovation in the years ahead.

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