Inari Medical Reports Second Quarter 2023 Financial Results
02 Agosto 2023 - 3:01PM
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 second quarter ended June 30, 2023.
Second Quarter Financial and Recent
Business Highlights
- Generated revenue of $119.0 million in Q2 of 2023, up
28.3% over the same quarter last year.
- Delivered net income of $2.1 million in Q2 of 2023, compared to
a $10.2 million net loss in Q2 of 2022.
- Announced commitment to PEERLESS II, a randomized controlled
trial enrolling up to 1,200 patients, comparing mechanical
thrombectomy with FlowTriever versus anti-coagulation alone for the
treatment of pulmonary embolism.
- Launched two new products, RevCore and T16 Curve, both
purpose-built tools designed to address unmet needs in venous
thromboembolism (“VTE”) patients.
“Our strong financial performance in the second quarter
reflected consistent execution across all our growth drivers,” said
Drew Hykes, CEO of Inari Medical. “We saw meaningful growth
contributions from new product launches as well as international
geographies, adding confidence to our 2023 outlook. We announced
PEERLESS II, our third randomized controlled trial. These pivotal
studies will elevate our therapies to the standard of care and
reflect our unwavering commitment to VTE patients.”
Second Quarter
2023 Financial ResultsRevenue was
$119.0 million for the second quarter of 2023, compared to
$92.7 million for the second quarter of 2022 and $116.2 million for
the prior quarter. The increase over the prior year quarter was
driven primarily by global commercial expansion, increased adoption
of our procedures, and introduction of new products.
Gross profit was $105.2 million for the second quarter of
2023, compared to $82.4 million for the same period of 2022.
Gross margin was 88.4% for the second quarter of 2023, compared to
88.8% for the same period in the prior year.
Operating expenses for the second quarter of 2023 were
$106.7 million, compared to $91.7 million for the second
quarter of 2022. The increase was mainly driven by
personnel-related expenses, including stock-based compensation, as
we increased headcount to fund the expansion of the commercial,
research and development, clinical, and support organizations.
Net income was $2.1 million for the second quarter of 2023 and
net income per share was $0.04 on a weighted-average basic share
count of 57.2 million and $0.04 on a weighted-average diluted share
count of 58.5 million, respectively, compared to a net loss of
$10.2 million and a net loss per share of $0.19 on a
weighted-average basic and diluted share count of 53.2 million, in
the same period of the prior year.
Full-Year 2023 Revenue GuidanceFor the full
year 2023, we are raising our revenue guidance to a range of
$482 million to $492 million, an increase of
$4 million from our prior guidance range of $478 million
to $488 million.
Webcast and Conference Call InformationInari
Medical will host a conference call to discuss the second quarter
2023 financial results after market close on Wednesday,
August 2, 2023 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 may be accessed by visiting the Events
Section of the Inari investor relations website at
ir.inarimedical.com.
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 StatementsStatements 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 estimated
full year 2023 revenue and utility of clinical data results, 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, 2022, 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:John Hsu, CFAVP, Investor
Relations949-658-3889IR@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 June 30, |
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
|
$ |
119,005 |
|
|
$ |
92,744 |
|
|
$ |
235,172 |
|
|
$ |
179,496 |
|
Cost of goods sold |
|
|
13,844 |
|
|
|
10,347 |
|
|
|
27,585 |
|
|
|
20,314 |
|
Gross profit |
|
|
105,161 |
|
|
|
82,397 |
|
|
|
207,587 |
|
|
|
159,182 |
|
Operating expenses |
|
|
|
|
|
|
|
|
Research and development |
|
|
21,085 |
|
|
|
18,569 |
|
|
|
43,149 |
|
|
|
34,704 |
|
Selling, general and administrative |
|
|
85,586 |
|
|
|
73,156 |
|
|
|
171,286 |
|
|
|
136,888 |
|
Total operating expenses |
|
|
106,671 |
|
|
|
91,725 |
|
|
|
214,435 |
|
|
|
171,592 |
|
Loss from operations |
|
|
(1,510 |
) |
|
|
(9,328 |
) |
|
|
(6,848 |
) |
|
|
(12,410 |
) |
Other income (expense) |
|
|
|
|
|
|
|
|
Interest income |
|
|
4,552 |
|
|
|
214 |
|
|
|
8,697 |
|
|
|
264 |
|
Interest expense |
|
|
(44 |
) |
|
|
(73 |
) |
|
|
(84 |
) |
|
|
(146 |
) |
Other income |
|
|
26 |
|
|
|
252 |
|
|
|
65 |
|
|
|
228 |
|
Total other income |
|
|
4,534 |
|
|
|
393 |
|
|
|
8,678 |
|
|
|
346 |
|
Income (loss) before income
taxes |
|
|
3,024 |
|
|
|
(8,935 |
) |
|
|
1,830 |
|
|
|
(12,064 |
) |
Provision for income taxes |
|
|
939 |
|
|
|
1,252 |
|
|
|
1,963 |
|
|
|
1,252 |
|
Net income (loss) |
|
$ |
2,085 |
|
|
$ |
(10,187 |
) |
|
$ |
(133 |
) |
|
$ |
(13,316 |
) |
Other comprehensive income
(loss) |
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
(79 |
) |
|
|
(291 |
) |
|
|
(70 |
) |
|
|
(408 |
) |
Unrealized loss on available-for-sale debt securities |
|
|
(1,095 |
) |
|
|
(125 |
) |
|
|
(1,960 |
) |
|
|
(373 |
) |
Total other comprehensive
loss |
|
|
(1,174 |
) |
|
|
(416 |
) |
|
|
(2,030 |
) |
|
|
(781 |
) |
Comprehensive income (loss) |
|
$ |
911 |
|
|
$ |
(10,603 |
) |
|
$ |
(2,163 |
) |
|
$ |
(14,097 |
) |
Net income (loss) per share |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.04 |
|
|
$ |
(0.19 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.26 |
) |
Diluted |
|
$ |
0.04 |
|
|
$ |
(0.19 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.26 |
) |
Weighted average common shares used to compute net income
(loss) per share |
|
|
|
|
|
|
|
|
Basic |
|
|
57,207,902 |
|
|
|
53,183,767 |
|
|
|
55,988,736 |
|
|
|
52,075,399 |
|
Diluted |
|
|
58,496,350 |
|
|
|
53,183,767 |
|
|
|
55,988,736 |
|
|
|
52,075,399 |
|
INARI MEDICAL,
INC.Condensed Consolidated Balance
Sheets(in thousands, except share data)
(unaudited)
|
|
June 30,2023 |
|
December 31,2022 |
Assets |
|
|
|
|
Current
assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
57,837 |
|
|
$ |
60,222 |
|
Short-term investments in debt securities |
|
|
279,696 |
|
|
|
266,179 |
|
Accounts receivable, net |
|
|
63,128 |
|
|
|
58,611 |
|
Inventories, net |
|
|
38,984 |
|
|
|
32,581 |
|
Prepaid expenses and other current assets |
|
|
4,972 |
|
|
|
5,312 |
|
Total current assets |
|
|
444,617 |
|
|
|
422,905 |
|
Property and equipment,
net |
|
|
21,063 |
|
|
|
21,655 |
|
Operating lease right-of-use
assets |
|
|
49,857 |
|
|
|
50,703 |
|
Deposits and other assets |
|
|
9,431 |
|
|
|
8,889 |
|
Total
assets |
|
$ |
524,968 |
|
|
$ |
504,152 |
|
Liabilities and
Stockholders' Equity |
|
|
|
|
Current
liabilities |
|
|
|
|
Accounts payable |
|
$ |
7,240 |
|
|
$ |
7,659 |
|
Payroll-related accruals |
|
|
38,290 |
|
|
|
38,955 |
|
Accrued expenses and other current liabilities |
|
|
11,125 |
|
|
|
8,249 |
|
Operating lease liabilities, current portion |
|
|
1,583 |
|
|
|
1,311 |
|
Total current liabilities |
|
|
58,238 |
|
|
|
56,174 |
|
Operating lease liabilities,
noncurrent portion |
|
|
31,085 |
|
|
|
30,976 |
|
Total
liabilities |
|
|
89,323 |
|
|
|
87,150 |
|
Commitments and
contingencies |
|
|
|
|
Stockholders'
equity |
|
|
|
|
Preferred stock, $0.001 par value, 10,000,000 shares authorized, no
shares issued and outstanding as of June 30, 2023 and December 31,
2022 |
|
|
— |
|
|
|
— |
|
Common stock, $0.001 par value,
300,000,000 shares authorized as of June 30, 2023, and December 31,
2022; 57,266,455 and 54,021,656 shares issued and outstanding as of
June 30, 2023 and December 31, 2021, respectively |
|
|
57 |
|
|
|
54 |
|
Additional paid in capital |
|
|
483,752 |
|
|
|
462,949 |
|
Accumulated other comprehensive (loss) income |
|
|
(1,181 |
) |
|
|
849 |
|
Accumulated deficit |
|
|
(46,983 |
) |
|
|
(46,850 |
) |
Total stockholders'
equity |
|
|
435,645 |
|
|
|
417,002 |
|
Total liabilities and
stockholders' equity |
|
$ |
524,968 |
|
|
$ |
504,152 |
|
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