Inari Medical Announces Preliminary 2023 Revenue and 2024 Guidance
09 Januar 2024 - 12:30PM
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 announced
preliminary unaudited fourth quarter and full year 2023 revenue and
established its 2024 financial guidance.
Preliminary Fourth Quarter and Full Year
2023 Highlights
- Preliminary unaudited revenue for the fourth quarter of 2023 is
expected to be at least $132.0 million, up approximately 22%
year-over-year.
- Preliminary unaudited revenue for the full year 2023 is
expected to be at least $493.5 million, up approximately 29% over
the full year 2022.
- Published FLAME high-risk PE study. Commenced patient
enrollment in PEERLESS II, Inari’s third randomized controlled
trial (RCT) in venous thromboembolism (VTE). Continued progress
with enrollment for PEERLESS and DEFIANCE RCTs.
- Closed the LimFlow acquisition.
“Our fourth quarter was successful and highly
productive. We generated robust revenue growth driven by healthy
VTE procedure volumes, continued traction across our emerging
therapies and another quarter of strong international performance,”
said Drew Hykes, CEO of Inari Medical. “In addition, we made solid
progress across all three of our RCTs and began launching LimFlow
in the U.S. Looking ahead, we are focused on continuing to deliver
strong growth and progressing towards operating profitability.
Most importantly, we remain fully committed to our mission of
driving better outcomes for our patients.”
Full Year 2024 Revenue Guidance and
Consolidated Profitability Update
- Inari expects full year 2024 revenue of $580 million to $595
million, reflecting growth of approximately 17.5% to 20.5% over
2023.
- In addition, the company now expects to reach sustained
operating profitability in the first half of 2025, versus the prior
forecast for sustained operating profitability in the second half
of 2025.
Further detail will be provided when Inari reports
its financial results for the fourth quarter and full year 2023.
The preliminary unaudited revenue results described in this press
release are estimates only and subject to revision, including the
completion of customary annual audit procedures, until Inari
reports its full financial results for the fourth quarter and full
year 2023 in its Annual Report on Form 10-K.
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 underrecognized health
needs. In addition to our purpose-built products, 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 beyond. We are just getting started.
Forward-Looking Statements
Statements in this press release 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 estimated fourth quarter and full year 2023
revenue, guidance for 2024 revenue and operating profitability,
enrollment in randomized controlled clinical trials, and the impact
of the LimFlow acquisition. These forward-looking statements 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, 2022,
and in its subsequent 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.
John Hsu, CFAVP, Investor
Relations949-658-3889IR@inarimedical.com
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