Inari Medical(US:NARI)2024-04-30 20:13Financial 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]