Inari Medical Reports First Quarter 2022 Financial Results

IRVINE, Calif., May 04, 2022 (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 first quarter ended March 31, 2022.

First Quarter Revenue and Business Highlights:

  • Treated 8,800 patients, an increase of 14% sequentially over 7,700 patients treated in the fourth quarter of 2021.
  • Generated revenue of $86.8 million in the first quarter of 2022, up 4% sequentially and 51% over the same quarter last year.
  • Launched Intri24, an introducer sheath designed to optimize the FlowTriever procedure. Intri24 is the latest device added to our FlowTriever system of purpose-built tools, all for a single price.
  • Completed an offering of common stock, issuing 2.3 million shares and raising $174.4 million to strengthen our balance sheet and further accelerate investments in all five of our growth drivers.
  • Ended the quarter with $338.7 million in cash, cash equivalents and investments.

“We executed crisply across all five of our growth drivers during a highly productive first quarter,” said Bill Hoffman, CEO of Inari Medical. “We maintained our robust growth in patient treatments, presented important new data on the effectiveness of ClotTriever in patients with chronic clot, and raised additional capital to even further accelerate investment in our growth drivers. We also launched the Intri24, the second of what will be many product introductions this year. We are fully committed to better outcomes for our patients, and we remain honored and thankful to serve this mission.”

First Quarter 2022 Financial Results

Revenue was $86.8 million for the first quarter of 2022, compared to $83.2 million for the prior quarter and $57.4 million for the first quarter of 2021. The increase over prior year was driven by continued U.S. commercial expansion and new product introductions.

Gross profit was $76.8 million for the first quarter of 2022, compared to $52.8 million for the same period of 2021. Gross margin was 88.5% for the first quarter of 2022, compared to 91.9% for the same period in the prior year, lower primarily due to the move to our larger production facility in the fourth quarter of 2021.

Operating expenses for the first quarter of 2022 were $79.9 million, compared to $45.1 million for the first quarter of 2021. The increase was mainly driven by personnel-related expenses as we increased headcount to fund the expansion of the commercial, research and development, and clinical and support organizations.

Net loss was $3.1 million for the first quarter of 2022 and net loss per share was $0.06 on a weighted-average basic and diluted share count of 51.0 million, compared to a net income of $7.5 million and a net income per share of $0.15 and $0.13 on a weighted-average basic share count of 49.4 million and diluted share count of 55.7 million, respectively, in the same period of the prior year.

Full-Year 2022 Revenue Guidance

Inari Medical is providing financial guidance as follows:

For the full year 2022, we are revising our revenue guidance to a range of $360 million to $370 million, an increase of $10 million from our original guidance range of $350 million to $360 million.

Webcast and Conference Call Information

Inari Medical will host a conference call to discuss the first quarter 2022 financial results after market close on Wednesday, May 4, 2022 at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. The conference call can be accessed live over the phone (833) 519-1265 for U.S. callers or (914) 800-3838 for international callers, using conference ID: 1854706. The live webinar can be accessed at https://ir.inarimedical.com.

About Inari Medical, Inc.

Inari Medical, Inc. is a medical device company with a mission to treat and transform the lives of patients suffering from venous and other diseases. Our current product offering consists of two minimally invasive, novel catheter-based mechanical thrombectomy devices that are designed to remove large clots from large vessels and eliminate the need for thrombolytic drugs. The company purpose-built its products for the specific characteristics of the venous system and the treatment of the two distinct manifestations of venous thromboembolism, or VTE: deep vein thrombosis and pulmonary embolism. The ClotTriever system is 510(k)-cleared by FDA and CE marked for the non-surgical removal of clot from peripheral blood vessels, including for the use in the treatment of deep vein thrombosis. The FlowTriever system is 510(k)-cleared by FDA and CE marked for the non-surgical removal of clot from peripheral blood vessels, including for the use in the treatment of pulmonary embolism and clot in transit in the right atrium.

Forward Looking Statements

Statements in this press release may contain “forward-looking statements” 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 2022 revenue, 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, 2021, 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:

ICR Westwicke
Caroline Corner
Phone +1-415-202-5678
caroline.corner@westwicke.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 March 31,  
    2022     2021  
Revenue   $ 86,752     $ 57,397  
Cost of goods sold     9,967       4,623  
Gross profit     76,785       52,774  
Operating expenses            
Research and development     16,135       8,163  
Selling, general and administrative     63,732       36,898  
Total operating expenses     79,867       45,061  
(Loss) income from operations     (3,082 )     7,713  
Other income (expense)            
Interest income     50       68  
Interest expense     (73 )     (73 )
Other expenses     (24 )     (41 )
Total other expenses     (47 )     (46 )
(Loss) income before income taxes     (3,129 )     7,667  
Provision for income taxes           198  
Net (loss) income   $ (3,129 )   $ 7,469  
Other comprehensive income (loss)            
Foreign currency translation adjustments     (117 )     (180 )
Unrealized (loss) gain on available-for-sale securities     (248 )     18  
Total other comprehensive loss     (365 )     (162 )
Comprehensive (loss) income   $ (3,494 )   $ 7,307  
Net (loss) income per share            
Basic   $ (0.06 )   $ 0.15  
Diluted   $ (0.06 )   $ 0.13  
Weighted average common shares used to compute net
(loss) income per share
           
Basic     50,954,715       49,355,945  
Diluted     50,954,715       55,722,293  

INARI MEDICAL, INC.
Condensed Consolidated Balance Sheets
(in thousands, except share data)
(unaudited)

    March 31,
2022
    December 31,
2021
 
Assets            
Current assets            
Cash and cash equivalents   $ 186,556     $ 92,752  
Short-term investments     152,156       83,348  
Accounts receivable, net     44,950       42,351  
Inventories, net     23,828       21,053  
Prepaid expenses and other current assets     5,849       5,694  
Total current assets     413,339       245,198  
Property and equipment, net     18,153       16,471  
Operating lease right-of-use assets     46,401       44,909  
Deposits and other assets     6,216       981  
Long-term investments           3,983  
Total assets   $ 484,109     $ 311,542  
Liabilities and Stockholders' Equity            
Current liabilities            
Accounts payable   $ 6,066     $ 6,541  
Payroll-related accruals     19,729       24,433  
Accrued expenses and other current liabilities     9,155       10,737  
Operating lease liabilities, current portion     630       802  
Total current liabilities     35,580       42,513  
Operating lease liabilities, noncurrent portion     28,301       28,404  
Other long-term liability     1,416       1,416  
Total liabilities     65,297       72,333  
Commitments and contingencies (Note 7)            
Stockholders' equity            
Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares
issued and outstanding as of March 31, 2022 and December 31, 2021
           
Common stock, $0.001 par value, 300,000,000 shares
authorized as of March 31, 2022 and December 31, 2021; 53,022,905
and 50,313,452 shares issued and outstanding as of March 31, 2022 and
December 31, 2021, respectively
    53       50  
Additional paid in capital     440,238       257,144  
Accumulated other comprehensive loss     (767 )     (402 )
Accumulated deficit     (20,712 )     (17,583 )
Total stockholders' equity     418,812       239,209  
Total liabilities and stockholders' equity   $ 484,109     $ 311,542  
                 


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