Inari Medical reports second quarter 2021 financial results

Inari Medical, Inc. a commercial-stage medical device company focused on developing products to treat and transform the lives of patients suffering from venous diseases, today reported financial results for its second quarter ended June 30, 2021.

“Our second quarter was highly successful, especially in ways most important to our mission to treat and transform the lives of our patients,” said Bill Hoffman, CEO of Inari Medical. “We treated a record number of patients, reported best in class data from our CLOUT registry, and announced FDA clearance of FlowSaver, making bloodless thrombectomy a reality across the entire Inari portfolio. We continue to invest aggressively to expand our capabilities to treat even more patients and address more unmet needs. We love every second of this work, and we are so thankful to all of you for believing and committing along with us in this mission.”

Second Quarter 2021 Financial Results
Revenue was $63.5 million for the second quarter of 2021, compared to $57.4 million for the prior quarter and $25.4 million for the second quarter of 2020. The increase over prior year was driven by continued U.S. commercial expansion and new product introductions.

Gross profit was $58.6 million for the second quarter of 2021, compared to $21.9 million for the same period of 2020. Gross margin was 92.4% for the second quarter of 2021, up from 86.3% for the same period in the prior year, due primarily to the impact of an idle capacity charge in the second quarter of 2020 of $1.1 million, combined with current quarter product mix and manufacturing efficiencies.

Operating expenses for the second quarter of 2021 were $54.5 million, compared to $22.5 million for the second quarter of 2020. The increase was mainly driven by an increase in personnel-related expenses to fund the expansion of the commercial, research and development, clinical and support organization.

Net income was $4.1 million for the second quarter of 2021 and net income per share was $0.08 on a weighted-average basic share count of 49.7 million and $0.07 on a diluted share count of 55.6 million, compared to a net loss of $3.8 million and a net loss per share of $0.16 on a weighted-average basic and diluted share count of 24.3 million in the same period of the prior year.

Our cash, cash equivalents and short-term investments were $176.1 million as of June 30, 2021. Global Newswire