Inari Medical, Inc., a medical device company with a mission to treat and transform the lives of patients suffering from venous and other diseases, reported financial results for its first quarter ended March 31, 2022.
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 | ||||
