The following is a summary of the Inari Medical, Inc. (NARI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Inari Medical reported Q1 2024 revenue of $143.2 million, representing an increase of over 23%.

• Gross margin for the quarter was 86.8%, decreasing from 88.2% year-on-year due to increasing costs from international expansions and product launches.

• Operating expenses of $141.5 million for Q1 2024 evidenced increases from $107.8 million in Q1 2023, primarily due to product portfolio expansion, especially LimFlow.

• Q1 2024 posted a net loss of $24.2 million, a significant increase from a loss of $2.2 million in Q1 2023.

• The company raised its annual guidance by $10 million at the midpoint, reflecting strong business momentum from VTE and emerging therapies, and growth in international markets.

Business Progress:

• Inari anticipates attaining consistent operating profitability by the first half of 2025.

• Intentions are to increase adoption of differentiated toolkits by penetrating deeper within the US market, accessing new markets with its emerging therapies portfolio, and expanding into Japan and China.

• Expansion plans include access to sizable new patient populations such as Chronic Venous Disease and Acute Limb Ischemia.

• Solid adoption of PE and VTE therapies likens the operational strength of the VTE Excellence initiative.

• Inari is on track for a limited market release and the launch of their second-generation Artix system in 2024.

• The company's LimFlow product is progressing speedily, with integration expected to be completed in 2025 and reimbursement arrangements under NTAP to be in place by October 2024.

• The company continues to expand its commercial footprint across markets with a more focused scope and new leadership on board.

• Inari Medical plans to persist in investing in the FlowTriever and ClotTriever products, specifically on enhancing safety, efficacy, and ease of use.

More details: Inari Medical IR

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