NEW YORK, May 21, 2024 /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of Inari Medical, Inc. (NASDAQ: NARI). Shareholders who purchased shares of NARI during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery. CONTACT US HERE: https://securitiesclasslaw.com/securities/inari-medical-inc-loss-submission-form/?id=80714&from=4 CLASS PERIOD: February 23, ...

NEW YORK, May 20, 2024 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Inari Medical, Inc. ("Inari" or "the Company") (NASDAQ: NARI) and certain of its officers. Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars fo ...

Lawsuit Overview - Inari Medical and certain executives are charged with failing to disclose material information during the Class Period, violating federal securities laws [3] - The lawsuit is pending in the United States District Court for the Southern District of New York [1] Key Events - On February 29, 2024, Inari Medical disclosed receiving a civil investigative demand from the U.S. Department of Justice related to an investigation under the federal Anti-Kickback Statute and Civil False Claims Act [4] - The investigation primarily concerns meals and consulting service payments provided to healthcare professionals [4] - The company warned that the investigation could have a material impact on its business, results of operations, or financial condition [4] Market Impact - Following the disclosure, Inari Medical's share price fell by over $12 per share, or 21%, from $58.26 to $46.12 on February 29, 2024 [5] - The decline wiped out approximately $700 million in market capitalization in one trading day [5] Legal Action Details - The case is titled Michiana Area Electrical Workers' Pension Fund, IBEW Local 153 v. Inari Medical, Inc., et al, No. 24-cv-03686 [5] - Investors who purchased Inari Medical shares between February 24, 2022, and February 28, 2024, have until July 12, 2024, to file lead plaintiff applications [1]

Inari Medical, Inc. (NARI) reported an adjusted loss per share of 26 cents in the first quarter of 2024 compared with the year-ago period’s loss of 4 cents per share. The Zacks Consensus Estimate for loss per share was pegged at 11 cents. On a GAAP basis, the company recorded a loss per share of 42 cents. There was no adjustment in the prior-year period.Revenues in DetailInari Medical registered revenues of $143.2 million in the first quarter, up 23.3% year over year. The figure beat the Zacks Consensus Est ...

Building momentum with new products in new markets • EMEA: ~20 active countries • APAC & LAC: ~12 active countries • China & Japan commercial in 2024 International global commercial playbook Commercial Playbook Venous Thromboembolism (VTE) DEEP VEIN THROMBOSIS (DVT) • Lytics don't address chronic clot, and come with bleeding risk DVT TAM 430,000 US Patients $3.0B TAM 1. Young et al., Post-treatment residual thrombus increases the risk of recurrent deep vein thrombosis and mortality. J Thromb Haemost 2006; 4 ...

Financial Data and Key Metrics Changes - Inari Medical achieved record revenue of over $143 million in Q1 2024, reflecting over 23% growth compared to the same period last year [10][35] - The gross margin for Q1 2024 was 86.8%, down from 88.2% in the prior year, attributed to increasing internationalization and ramp-up costs associated with new products [36] - The GAAP operating loss was $17.2 million for Q1 2024, compared to a loss of $5.3 million in the same period of the prior year [47] - The net loss for Q1 2024 was $24.2 million, compared to a net loss of $2.2 million in the prior year [49] - Cash flows used in operating activities were $12.3 million in Q1 2024, up from approximately $2 million in the same period of 2023 [50] - The company raised its full-year 2024 revenue guidance to between $592.5 million and $602.5 million, reflecting growth of approximately 20% to 22% over 2023 [52] Business Line Data and Key Metrics Changes - Global VTE revenue was $137 million in Q1 2024, up 20% year-over-year, driven by ongoing commercial expansion and market development [25][43] - Emerging therapies revenue reached $6 million in Q1 2024, up 185% compared to the prior year [27][43] - International revenue was $9.5 million, representing a 120% increase year-over-year [31][43] Market Data and Key Metrics Changes - The U.S. market for venous thromboembolism (VTE) technologies is valued at $6 billion, with expectations for continued growth around 20% [25] - The addressable market for chronic venous disease (CBD) is estimated at $1 billion in the U.S., with an annual incidence of approximately 100,000 patients [28] - The acute limb ischemia market is valued at $600 million in the U.S., with significant unmet needs [30] Company Strategy and Development Direction - The company aims to scale adoption of its differentiated toolkits across large markets, focusing on deeper adoption within existing U.S. accounts and expanding internationally, particularly in Japan and China [13][32] - Inari is committed to ongoing portfolio expansion to address unmet patient needs in venous and other diseases, with a focus on innovation and protecting its leadership through a strong IP portfolio [15][24] - The company plans to showcase its PEERLESS data in the second half of the year, which will evaluate patient outcomes using its FlowTriever device [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving sustained operating profitability in the first half of 2025, despite expected greater operating losses in the first half of 2024 [54] - The company remains optimistic about maintaining its leadership position in the VTE market, despite competitive dynamics [26][74] - Management highlighted the importance of high-quality clinical data in driving market growth and maintaining leadership [19] Other Important Information - The company is integrating the LimFlow business and focusing on building a foundation for commercialization, with expectations for significant contributions in 2025 [37][97] - The proposed NTAP from CMS for LimFlow could add up to $16,000 to hospital reimbursements, enhancing the economic value proposition [38][97] Q&A Session Summary Question: Confirmation of U.S. core VTE sales growth - Management confirmed that U.S. core VTE sales were approximately $128 million, up about 16% year-over-year, and reiterated confidence in robust underlying market growth [57][60] Question: Subsegments within VTE market share - Management reported balanced growth in both PE and DVT segments, maintaining a strong market position in PE and a competitive position in DVT [65][66] Question: Guidance raise details - The guidance raise reflects strength across all business segments, with robust growth in VTE, emerging therapies, and international sales contributing to the increase [70] Question: Impact of new competitors - Management noted continued competitive dynamics but emphasized confidence in maintaining market leadership due to superior technology and data [74] Question: International expansion status - Management confirmed strong growth in international markets, particularly in Western Europe, and plans to enter China and Japan later in the year [82] Question: LimFlow commercialization strategy - Management indicated that 2024 is focused on foundation building for LimFlow, with expectations for significant commercial efforts to ramp up in 2025 [97] Question: Concerns about Q2 performance - Management acknowledged historical seasonality in Q2 but expressed confidence in strong catalysts for growth in the second half of the year [101][102]

Inari Medical, Inc. (NARI) came out with a quarterly loss of $0.26 per share versus the Zacks Consensus Estimate of a loss of $0.11. This compares to loss of $0.04 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -136.36%. A quarter ago, it was expected that this company would post earnings of $0.01 per share when it actually produced earnings of $0.05, delivering a surprise of 400%.Over the last four quarters, the company has ...

Financial Performance - For the three months ended March 31, 2024, the company generated $143.2 million in revenues, a 23.3% increase from $116.2 million in the same period of 2023[128][132] - The company reported a net loss of $24.2 million for the three months ended March 31, 2024, compared to a net loss of $2.2 million for the same period in 2023[128][131] - Revenue from VTE products was $137.2 million for the three months ended March 31, 2024, compared to $114.1 million in the same period of 2023, reflecting growth in product sales[130][132] Expenses - Gross margin decreased to 86.8% for the three months ended March 31, 2024, compared to 88.2% for the same period in 2023, primarily due to increased internationalization and ramp-up costs associated with new products[134] - Research and development expenses increased by 21.8% to $26.9 million for the three months ended March 31, 2024, driven by higher material, clinical, and personnel-related costs[135] - Selling, general and administrative expenses rose by 20.3% to $103.1 million for the three months ended March 31, 2024, mainly due to increased personnel-related expenses and commissions[136] Cash Flow and Investments - As of March 31, 2024, the company had cash, cash equivalents, and short-term investments totaling $101.8 million, with no long-term debt outstanding[128][140] - Net cash used in operating activities for Q1 2024 was $12.3 million, primarily due to a net loss of $24.2 million and non-cash charges of $23.3 million[147] - Net cash provided by investing activities for Q1 2024 was $39.2 million, consisting of $21.5 million in short-term investments purchases and $62.6 million in maturities of short-term investments[149] - Net cash provided by financing activities for Q1 2024 was $1.0 million, including $4.0 million from the issuance of common stock under the employee stock purchase plan[151] - The company experienced a net increase in cash, cash equivalents, and restricted cash of $28.0 million for Q1 2024[146] - In Q1 2023, net cash used in operating activities was $2.0 million, with a net loss of $2.2 million and non-cash charges of $9.6 million[148] Strategic Initiatives - The company acquired LimFlow in November 2023, focusing on limb salvage for patients with chronic limb-threatening ischemia, with contingent payments related to the acquisition potentially reaching up to $165.0 million[125][141] - The fair value of contingent consideration related to the LimFlow acquisition was $72.2 million as of March 31, 2024[141] - The company expects revenue to increase as it expands its offerings and sales organization, and as more procedures are performed using its products[129] - The company plans to support commercialization efforts by expanding its sales force and entering new markets[145] - The company is focused on advancing research and development, including clinical study activities[145] Accounting and Risk - There have been no significant changes in critical accounting policies compared to the previous year[153] - There have been no material changes in market risk disclosures compared to the previous year[154]

[First Quarter 2024 Financial Results](index=1&type=section&id=First%20Quarter%202024%20Financial%20Results) [Financial and Business Highlights](index=1&type=section&id=First%20Quarter%20Financial%20and%20Recent%20Business%20Highlights) Inari Medical reported strong Q1 2024 performance, driven by execution across its three growth pillars and a premium financial profile with strong gross margins and operating expense leverage - The company's strong Q1 performance is attributed to crisp execution across its three growth pillars: driving adoption of its toolkits, growing its commercial engine, and investing in clinical data[4](index=4&type=chunk) - The PEERLESS clinical study remains on track for presentation in the second half of 2024, representing a key investment in market-impacting data[4](index=4&type=chunk) - The company emphasizes a premium financial profile characterized by best-in-class gross margin and operating expense leverage, excluding deal-related costs[4](index=4&type=chunk) [Detailed Financial Performance](index=1&type=section&id=First%20Quarter%202024%20Financial%20Results) Q1 2024 revenue grew 23.3% to $143.2 million, but GAAP operating loss widened to $17.2 million and net loss increased to $24.2 million due to higher operating expenses Q1 2024 Key Financial Metrics | Metric | Q1 2024 | Q1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | $143.2M | $116.2M | +23.3% | | Gross Margin | 86.8% | 88.2% | -1.4 p.p. | | GAAP Operating Loss | ($17.2M) | ($5.3M) | Increased Loss | | Net Loss | ($24.2M) | ($2.2M) | Increased Loss | | Net Loss per Share | ($0.42) | ($0.04) | Increased Loss | - Revenue growth was primarily driven by increased adoption of the company's procedures, new products, and global commercial expansion[5](index=5&type=chunk) - Operating expenses increased to **$141.5 million** from **$107.8 million** year-over-year, mainly due to higher personnel-related expenses, costs from the LimFlow acquisition, and changes in the fair value of contingent consideration[8](index=8&type=chunk) [Full Year 2024 Guidance](index=2&type=section&id=Full%20Year%202024%20Revenue%20Guidance%20and%20Operating%20Income%20Outlook) [Revenue Guidance and Profitability Outlook](index=2&type=section&id=Full%20Year%202024%20Revenue%20Guidance%20and%20Operating%20Income%20Outlook) Inari raised full-year 2024 revenue guidance to $592.5-$602.5 million, projecting 20-22% growth and sustained operating profitability by H1 2025 - The company raised its full-year 2024 revenue guidance to **$592.5 million** to **$602.5 million**[13](index=13&type=chunk) - This new guidance reflects an expected annual growth of approximately **20% to 22%** over 2023[13](index=13&type=chunk) - Inari expects to reach sustained operating profitability in the first half of 2025[13](index=13&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20%28Loss%29) Q1 2024 statement of operations reports $143.2 million revenue, $124.3 million gross profit, $141.5 million operating expenses, leading to a $17.2 million operating loss and $24.2 million net loss Q1 2024 vs Q1 2023 Statement of Operations (in thousands) | Line Item | Q1 2024 (in thousands) | Q1 2023 (in thousands) | | :--- | :--- | :--- | | Revenue | $143,194 | $116,167 | | Gross Profit | $124,301 | $102,426 | | Total Operating Expenses | $141,478 | $107,764 | | Loss from Operations | $(17,177) | $(5,338) | | Net Loss | $(24,202) | $(2,218) | | Net Loss per Share (Diluted) | $(0.42) | $(0.04) | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, Inari's balance sheet shows total assets of $661.8 million, total liabilities of $214.5 million, increased cash to $66.7 million, and decreased stockholders' equity to $447.2 million Balance Sheet Summary (in thousands) | Account | March 31, 2024 (in thousands) | Dec 31, 2023 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $66,707 | $38,597 | | Total Assets | $661,776 | $674,235 | | Total Liabilities | $214,546 | $209,325 | | Total Stockholders' Equity | $447,230 | $464,910 | [Reconciliation of GAAP to Non-GAAP Operating Loss](index=7&type=section&id=Reconciliation%20of%20GAAP%20Operating%20Loss%20to%20Non-GAAP%20Operating%20Loss) The company reconciled its Q1 2024 GAAP operating loss of $17.2 million to a non-GAAP operating loss of $5.6 million, with $11.5 million in adjustments primarily from the LimFlow acquisition Q1 2024 GAAP to Non-GAAP Reconciliation (in thousands) | Item | Amount (in thousands) | | :--- | :--- | | GAAP Operating loss | $(17,177) | | Change in fair value of contingent consideration | $6,303 | | Amortization of acquired intangible asset | $2,461 | | Acquisition-related expenses | $2,779 | | **Non-GAAP Operating loss** | **$(5,634)** | - The company presents non-GAAP figures to provide meaningful comparisons by excluding charges related to the timing and valuation of acquisitions, which are not part of core business operations[14](index=14&type=chunk) [Revenue Disaggregation](index=7&type=section&id=Revenue%20Disaggregation) Q1 2024 revenue saw core VTE business grow 20.3% to $137.2 million, while Emerging Therapies segment surged 184.5% to $6.0 million Revenue by Segment (Q1 2024 vs Q1 2023, in thousands) | Segment | Q1 2024 (in thousands) | Q1 2023 (in thousands) | % Growth | | :--- | :--- | :--- | :--- | | VTE | $137,193 | $114,058 | 20.3% | | Emerging Therapies | $6,001 | $2,109 | 184.5% | | **Total Revenue** | **$143,194** | **$116,167** | **23.3%** |

NEW YORK, April 15, 2024 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, is investigating Inari Medical Inc. ("Inari" or the "Company") (NASDAQ:NARI) for potential violations of the federal securities laws. The firm's investigation is in connection with Inari's recent disclosure that the U.S. Department of Justice sent the Company a civil investigative demand concerning an investigation under the federal Anti-Kickback Statute and Civil False ...