Inari Medical Reports Third Quarter 2024 Financial Results

Core Viewpoint - Inari Medical, Inc. reported strong revenue growth in Q3 2024, driven by expansion in sales territories and product adoption, despite experiencing operating losses. Financial Performance - Revenue for Q3 2024 was $153.4 million, representing a 21.4% increase from $126.4 million in Q3 2023 [4][20]. - GAAP operating loss was $13.6 million in Q3 2024, compared to a GAAP operating income of $2.1 million in Q3 2023 [7]. - Non-GAAP operating loss was $0.4 million in Q3 2024, down from a non-GAAP operating income of $4.8 million in Q3 2023 [8]. - Net loss for Q3 2024 was $18.4 million, with a net loss per share of $0.31, compared to a net income of $3.2 million and a net income per share of $0.06 in the same period last year [9]. Business Highlights - The company has received acceptance for the PEERLESS study to be presented at the 2024 Transcatheter Cardiovascular Therapeutics (TCT) Annual Scientific Symposium [2]. - Inari plans to launch its Artix product following FDA clearance and expand its offerings into Japan and China [3]. Operating Expenses - Operating expenses for Q3 2024 were $147.1 million, up from $109.8 million in Q3 2023, primarily due to increased personnel-related expenses and professional fees [6]. - Gross profit was $133.5 million in Q3 2024, with a gross margin of 87.1%, down from 88.5% in Q3 2023 [5]. Guidance and Outlook - Inari raised its full-year 2024 revenue guidance to between $601.5 million and $604.5 million, reflecting a growth of approximately 21.9% to 22.5% over 2023 [10]. - The company anticipates reaching sustained operating profitability in the first half of 2025 [10].