Inari Medical Reports Third Quarter 2024 Financial Results
Inari Medical reported Q3 2024 financial results with revenue of $153.4 million, up 21.4% year-over-year. The company posted a GAAP operating loss of $13.6 million compared to $2.1 million operating income in Q3 2023. Gross profit reached $133.5 million with an 87.1% margin. The company raised its full-year 2024 revenue guidance to $601.5-604.5 million, representing 21.9-22.5% growth over 2023. Inari expects to achieve sustained operating profitability in H1 2025.
Inari Medical ha riportato i risultati finanziari del terzo trimestre del 2024 con ricavi di 153,4 milioni di dollari, in aumento del 21,4% rispetto all'anno precedente. L'azienda ha registrato una perdita operativa GAAP di 13,6 milioni di dollari rispetto a un reddito operativo di 2,1 milioni di dollari nel terzo trimestre del 2023. L'utile lordo ha raggiunto i 133,5 milioni di dollari con un margine dell'87,1%. L'azienda ha aumentato le previsioni di fatturato per l'intero anno 2024 a 601,5-604,5 milioni di dollari, rappresentando una crescita del 21,9-22,5% rispetto al 2023. Inari prevede di raggiungere una redditività operativa sostenuta nel primo semestre del 2025.
Inari Medical reportó los resultados financieros del tercer trimestre de 2024 con ingresos de 153.4 millones de dólares, lo que representa un aumento del 21.4% en comparación con el año anterior. La compañía registró una pérdida operativa GAAP de 13.6 millones de dólares, en comparación con un ingreso operativo de 2.1 millones de dólares en el tercer trimestre de 2023. La ganancia bruta alcanzó los 133.5 millones de dólares con un margen del 87.1%. La empresa ha elevado su guía de ingresos para todo el año 2024 a 601.5-604.5 millones de dólares, lo que representa un crecimiento del 21.9-22.5% sobre 2023. Inari espera lograr una rentabilidad operativa sostenida en el primer semestre de 2025.
이나리 메디컬은 2024년 3분기 재무 실적을 보고하며, 매출이 1억 5340만 달러로 전년 대비 21.4% 증가했다고 발표했습니다. 회사는 2023년 3분기 210만 달러의 운영 수익에 비해 1360만 달러의 GAAP 운영 손실을 기록했습니다. 총 이익은 1억 3350만 달러에 달하며 87.1%의 마진을 기록했습니다. 회사는 2024년 전체 연도 매출 전망을 6억 150-6억 450만 달러로 상향 조정했으며, 이는 2023년 대비 21.9-22.5% 성장에 해당합니다. 이나리는 2025년 상반기까지 지속 가능한 운영 수익성을 달성할 것으로 예상하고 있습니다.
Inari Medical a rapporté les résultats financiers du troisième trimestre 2024 avec des revenus de 153,4 millions de dollars, en hausse de 21,4 % par rapport à l'année précédente. L'entreprise a enregistré une perte d'exploitation GAAP de 13,6 millions de dollars par rapport à un bénéfice d'exploitation de 2,1 millions de dollars au troisième trimestre 2023. Le bénéfice brut a atteint 133,5 millions de dollars avec une marge de 87,1 %. L'entreprise a relevé ses prévisions de revenus pour l'année entière 2024 à 601,5-604,5 millions de dollars, représentant une croissance de 21,9-22,5 % par rapport à 2023. Inari s'attend à atteindre une rentabilité opérationnelle durable au premier semestre 2025.
Inari Medical berichtete über die Finanzzahlen für das 3. Quartal 2024 mit einem Umsatz von 153,4 Millionen Dollar, was einem Anstieg von 21,4 % im Vergleich zum Vorjahr entspricht. Das Unternehmen verzeichnete einen GAAP-Betriebsverlust von 13,6 Millionen Dollar, verglichen mit einem Betriebsgewinn von 2,1 Millionen Dollar im 3. Quartal 2023. Der Bruttogewinn belief sich auf 133,5 Millionen Dollar mit einer Marge von 87,1 %. Das Unternehmen hob seine Umsatzprognose für das Gesamtjahr 2024 auf 601,5-604,5 Millionen Dollar an, was einem Wachstum von 21,9-22,5 % im Vergleich zu 2023 entspricht. Inari erwartet, im ersten Halbjahr 2025 eine nachhaltige operative Rentabilität zu erreichen.
- Revenue growth of 21.4% YoY to $153.4 million
- Strong gross margin of 87.1%
- Raised full-year revenue guidance to $601.5-604.5 million
- Sequential improvement in GAAP operating loss by $8.8 million
- Sequential improvement in non-GAAP operating loss by $12.8 million
- GAAP operating loss of $13.6 million vs $2.1 million income in Q3 2023
- Non-GAAP operating loss of $0.4 million vs $4.8 million income in Q3 2023
- Net loss of $18.4 million vs $3.2 million profit in Q3 2023
- Gross margin declined to 87.1% from 88.5% YoY
- Operating expenses increased to $147.1 million from $109.8 million YoY
Insights
The Q3 2024 results present a mixed picture. While revenue grew
The raised full-year revenue guidance to
The expansion into new territories and global markets demonstrates strong commercial execution, particularly with the planned entry into Japan and China - two important medical device markets. The upcoming Artix product launch following FDA clearance and PEERLESS study presentation at TCT represent significant near-term catalysts that could accelerate adoption.
The
IRVINE, Calif., Oct. 28, 2024 (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 third quarter ended September 30, 2024.
Third Quarter Financial and Recent Business Highlights
- Generated revenue of
$153 million in Q3 of 2024, up21% over the same quarter of last year. - GAAP operating loss was
$13.6 million in Q3 of 2024, compared to a$2.1 million operating income in the same quarter of last year. - Non-GAAP operating loss was
$0.4 million in Q3 of 2024, compared to a$4.8 million non-GAAP operating income in the same quarter of last year. - Cash, cash equivalents and short-term investments were
$112 million as of Q3 of 2024. - Received acceptance for the PEERLESS study to be presented as a late-breaking clinical trial at the 2024 Transcatheter Cardiovascular Therapeutics (TCT) Annual Scientific Symposium on October 29th.
“We continue to drive strong performance across the entire Inari portfolio as we advance our leading position in large, underserved vascular markets,” said Drew Hykes, CEO of Inari Medical. “Our products are performing well, and looking ahead, we have several important catalysts on the horizon. On that note, we look forward to the presentation of our PEERLESS data at the Transcatheter Cardiovascular Therapeutics (TCT) Symposium tomorrow, our upcoming full market release of Artix following FDA clearance earlier this month, and our plans to offer Inari solutions in Japan and China. We’ve never been more committed to our mission of addressing unmet patient needs with purpose-built solutions.”
Third Quarter 2024 Financial Results
Revenue was
Gross profit was
Operating expenses for the third quarter of 2024 were
GAAP operating loss was
Non-GAAP operating loss was
Net loss was
Full Year 2024 Revenue Guidance and Operating Income Outlook
- Inari raises full year 2024 revenue guidance to
$601.5 million to$604.5 million , an increase of$3.5 million at the midpoint from our prior guidance range of$594.5 million to$604.5 million , reflecting growth of approximately21.9% to22.5% over 2023. - The company continues to expect to reach sustained operating profitability in the first half of 2025.
Webcast and Conference Call Information
Inari Medical will host a conference call to discuss the third quarter 2024 financial results after market close on October 28, 2024 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 and presentation may be accessed by visiting the Events Section of the Inari investor relations website at ir.inarimedical.com.
Use of Non-GAAP Financial Measures
This press release contains references to non-GAAP operating income (loss), which is considered a non-GAAP financial measure. This means that non-GAAP operating income (loss) is determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). As used by Inari, non-GAAP operating income (loss) excludes from GAAP operating income (loss) the following items: amortization of acquired intangible assets, acquisition-related costs, fair value adjustment to our contingent consideration liability and capitalized software impairment and related costs. We present the non-GAAP operating income (loss) to exclude these charges because we believe these charges are significantly impacted by the timing and valuation of acquisitions, such as our LimFlow acquisition completed in the fourth quarter of 2023, as well as other non-recurring factors such as wind down of certain projects. Our management believes the presentation of non-GAAP operating income (loss) is useful because it provides meaningful comparisons to prior periods and provides visibility to our underlying operating performance and an additional means to evaluate the cost and expense trends excluding the impact of these acquisition-related items and other non-recurring transactions, which are not related to our core business operations.
Our definition of non-GAAP operating income (loss) may differ from similarly titled measures used by others. Non-GAAP operating income (loss) should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. We encourage investors to review the reconciliation of non-GAAP operating income (loss) to GAAP operating income (loss), which has been provided in the financial statement tables included in this press release.
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 underserved health needs. In addition to our purpose-built solutions, 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 four other targeted disease states. We are just getting started. Learn more at www.inarimedical.com and connect with us on LinkedIn, X (Twitter), and Instagram.
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 expectations regarding Inari’s core business, plans for its current and future products, anticipated product launches, its ability to integrate and related expectations for the LimFlow acquisition, expectations regarding future growth, Inari's ability to meet customers' needs, and timing for achieving sustained operating profitability, and are based on Inari’s current expectations, forecasts, and assumptions. Forward-looking statements 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, 2023, and in Inari’s 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:
Marissa Bych
Gilmartin Group LLC
IR@inarimedical.com
| INARI MEDICAL, INC. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands, except share and per share data) (unaudited) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 153,390 | $ | 126,366 | $ | 442,404 | $ | 361,538 | |||||||
| Cost of goods sold | 19,846 | 14,477 | 58,732 | 42,062 | |||||||||||
| Gross profit | 133,544 | 111,889 | 383,672 | 319,476 | |||||||||||
| Operating expenses | |||||||||||||||
| Research and development | 29,431 | 21,492 | 81,216 | 64,641 | |||||||||||
| Selling, general and administrative | 108,271 | 85,603 | 325,479 | 256,889 | |||||||||||
| Change in fair value of contingent consideration | 6,578 | — | 18,609 | — | |||||||||||
| Amortization of intangible asset | 2,504 | — | 7,414 | — | |||||||||||
| Acquisition-related expenses | 328 | 2,681 | 4,143 | 2,681 | |||||||||||
| Total operating expenses | 147,112 | 109,776 | 436,861 | 324,211 | |||||||||||
| (Loss) income from operations | (13,568 | ) | 2,113 | (53,189 | ) | (4,735 | ) | ||||||||
| Other income (expense) | |||||||||||||||
| Interest income | 1,104 | 4,202 | 3,371 | 12,899 | |||||||||||
| Interest expense | (78 | ) | (43 | ) | (233 | ) | (127 | ) | |||||||
| Other expense | (130 | ) | (682 | ) | (130 | ) | (617 | ) | |||||||
| Total other income | 896 | 3,477 | 3,008 | 12,155 | |||||||||||
| (Loss) income before income taxes | (12,672 | ) | 5,590 | (50,181 | ) | 7,420 | |||||||||
| Provision for income taxes | 5,695 | 2,428 | 23,736 | 4,391 | |||||||||||
| Net (loss) income | $ | (18,367 | ) | $ | 3,162 | $ | (73,917 | ) | $ | 3,029 | |||||
| Other comprehensive income (loss) | |||||||||||||||
| Foreign currency translation adjustments | 13,918 | (68 | ) | 4,200 | (138 | ) | |||||||||
| Unrealized gain (loss) on available-for-sale debt securities | 64 | 91 | 60 | (1,869 | ) | ||||||||||
| Total other comprehensive income (loss) | 13,982 | 23 | 4,260 | (2,007 | ) | ||||||||||
| Comprehensive income (loss) | $ | (4,385 | ) | $ | 3,185 | $ | (69,657 | ) | $ | 1,022 | |||||
| Net (loss) income per share | |||||||||||||||
| Basic | $ | (0.31 | ) | $ | 0.06 | $ | (1.27 | ) | $ | 0.05 | |||||
| Diluted | $ | (0.31 | ) | $ | 0.05 | $ | (1.27 | ) | $ | 0.05 | |||||
| Weighted average common shares used to compute net (loss) income per share | |||||||||||||||
| Basic | 58,366,364 | 57,384,884 | 58,149,296 | 56,478,317 | |||||||||||
| Diluted | 58,366,364 | 58,588,452 | 58,149,296 | 58,495,921 | |||||||||||
| INARI MEDICAL, INC. Condensed Consolidated Balance Sheets (in thousands, except share data and par value) (unaudited) | |||||||
| September 30, 2024 | December 31, 2023 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 41,141 | $ | 38,597 | |||
| Restricted cash | 67 | 611 | |||||
| Short-term investments in debt securities | 70,397 | 76,855 | |||||
| Accounts receivable, net | 84,403 | 70,119 | |||||
| Inventories, net | 55,210 | 42,900 | |||||
| Prepaid expenses and other current assets | 12,168 | 6,481 | |||||
| Total current assets | 263,386 | 235,563 | |||||
| Property and equipment, net | 24,098 | 20,929 | |||||
| Operating lease right-of-use assets | 48,301 | 48,407 | |||||
| Goodwill | 213,345 | 214,335 | |||||
| Intangible assets | 143,808 | 150,884 | |||||
| Deposits and other assets | 4,301 | 4,117 | |||||
| Total assets | $ | 697,239 | $ | 674,235 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 15,523 | $ | 10,577 | |||
| Payroll-related accruals | 54,797 | 48,706 | |||||
| Accrued expenses and other current liabilities | 76,881 | 15,364 | |||||
| Operating lease liabilities, current portion | 1,579 | 1,692 | |||||
| Total current liabilities | 148,780 | 76,339 | |||||
| Operating lease liabilities, noncurrent portion | 31,145 | 30,355 | |||||
| Deferred tax liability | 36,748 | 36,231 | |||||
| Other long-term liability | 45,805 | 66,400 | |||||
| Total liabilities | $ | 262,478 | $ | 209,325 | |||
| Commitments and contingencies (Note 9) | |||||||
| Stockholders' equity | |||||||
| Preferred stock, | — | — | |||||
| Common stock, | 58 | 58 | |||||
| Additional paid in capital | 543,961 | 504,453 | |||||
| Accumulated other comprehensive income | 13,145 | 8,885 | |||||
| Accumulated deficit | (122,403 | ) | (48,486 | ) | |||
| Total stockholders' equity | 434,761 | 464,910 | |||||
| Total liabilities and stockholders' equity | $ | 697,239 | $ | 674,235 | |||
| INARI MEDICAL, INC. Reconciliation of GAAP Operating Income (Loss) to Non-GAAP Operating Income (Loss) (in thousands) (Unaudited) | |||||||||||||||
| Reconciliation of GAAP Operating (Loss) Income to Non-GAAP Operating (Loss) Income: | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| GAAP Operating (loss) income | $ | (13,568 | ) | $ | 2,113 | $ | (53,189 | ) | $ | (4,735 | ) | ||||
| Non-GAAP Adjustments: | |||||||||||||||
| Change in fair value of contingent consideration | 6,578 | — | 18,609 | — | |||||||||||
| Amortization of acquired intangible asset | 2,504 | — | 7,412 | — | |||||||||||
| Acquisition-related expenses(a) | 328 | 2,681 | 4,142 | 2,681 | |||||||||||
| Capitalized software impairment and related costs(b) | 3,789 | — | 3,789 | — | |||||||||||
| Non-GAAP Operating (loss) income | $ | (369 | ) | $ | 4,794 | $ | (19,237 | ) | $ | (2,054 | ) | ||||
________________
(a) The acquisition-related expenses primarily include integration, severance and retention related expenses.
(b) The capitalized software impairment and related costs primarily include the write-off of capitalized software and related wind down costs, which were recorded within the research and development expense within the condensed consolidated statements of operations.
Revenue Disaggregation
The following tables present the amount of revenue in VTE and Emerging Therapies recognized for the periods presented (in thousands, unaudited):
| Three Months Ended September 30, | |||||||||||
| 2024 | 2023 | % Growth | |||||||||
| VTE | $ | 145,346 | $ | 121,460 | 19.7 | % | |||||
| Emerging Therapies | 8,044 | 4,906 | 64.0 | % | |||||||
| Total Revenue | $ | 153,390 | $ | 126,366 | 21.4 | % | |||||
| Nine Months Ended September 30, | |||||||||||
| 2024 | 2023 | % Growth | |||||||||
| VTE | $ | 420,213 | $ | 349,604 | 20.2 | % | |||||
| Emerging Therapies | 22,191 | 11,934 | 85.9 | % | |||||||
| Total Revenue | $ | 442,404 | $ | 361,538 | 22.4 | % | |||||
FAQ
What was Inari Medical's (NARI) revenue in Q3 2024?
What is Inari Medical's (NARI) revenue guidance for full-year 2024?
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What was Inari Medical's (NARI) gross margin in Q3 2024?
