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Inari Medical reports first quarter 2024 financial results

Inari Medical, Inc. reported financial results for its first quarter ended March 31, 2024.

“Our strong first quarter performance reflected crisp execution across our three growth pillars, as we continued to drive adoption of our highly differentiated, purpose-built toolkits across large, attractive markets,” said Drew Hykes, CEO of Inari Medical. “We also continued to grow our powerful commercial engine and invest in high quality, market impacting clinical data, including our PEERLESS study, which remains on track for presentation in the second half of 2024. Lastly, we continue to deliver a premium financial profile, characterized by best-in-class gross margin and operating expense leverage, excluding deal-related costs. Taken together, these efforts reflect our unwavering commitment to our mission and addressing unmet patient needs.”

First quarter 2024 financial results
Revenue was $143.2 million for the first quarter of 2024, up 23.3% compared to $116.2 million for the first quarter of 2023. The increase over the prior year quarter was driven primarily by increased adoption of our procedures, new products, and global commercial expansion.

Gross profit was $124.3 million for the first quarter of 2024, compared to $102.4 million for the first quarter of 2023. Gross margin was 86.8% for the first quarter of 2024, compared to 88.2% for the for the first quarter of 2023. The year-over-year change was due increasing internationalization of the business, ramp up costs associated with new products, and product mix.

Operating expenses for the first quarter of 2024 were $141.5 million, compared to $107.8 million for the first quarter of 2023. The increase was mainly driven by personnel-related expenses, including commissions and stock-based compensation associated with increased headcount to fund the expansion of the commercial, research and development, clinical, and support organizations; change in fair value of the contingent consideration liability; professional fees; and amortization expense related to an intangible asset acquired in the LimFlow acquisition.

GAAP operating loss was $17.2 million in the first quarter of 2024, compared with a $5.3 million GAAP operating loss for the first quarter of 2023.

Non-GAAP operating loss was $5.6 million in the first quarter of 2024. The following items were excluded from the non-GAAP operating loss: change in fair value of contingent consideration liability of $6.3 million, acquisition-related costs of $2.8 million, and acquired intangible asset amortization of $2.5 million. There were no non-GAAP adjustments related to the company’s operating loss for the first quarter of 2023.

Net loss was $24.2 million for the first quarter of 2024 and net loss per share was $0.42 on a weighted-average basic and diluted share count of 57.9 million, compared to a net loss of $2.2 million and a net loss per share of $0.04 on a weighted-average basic and diluted share count of 54.8 million, in the same period of the prior year.

Full year 2024 revenue guidance and operating income outlook

  • Inari expects full year 2024 revenue of $592.5 million to $602.5 million, reflecting growth of approximately 20% to 22% over 2023, and a raise versus the prior 2024 revenue guidance of $580 million to $595 million.
  • The company expects to reach sustained operating profitability in the first half of 2025.

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