Inari Medical Reports Third Quarter 2021 Financial Results
November 09 2021 - 4:01PM
Inari Medical, Inc. (NASDAQ: NARI) (“Inari”), a medical device
company focused on developing products to treat and transform the
lives of patients suffering from venous diseases, today reported
financial results for its third quarter ended September 30, 2021.
Third Quarter Revenue and Business
Highlights:
- Treated a record number of patients,
with revenue of $72.9 million for the third quarter of 2021, up 15%
sequentially and 88% year-over-year.
- Announced FDA clearance of
ClotTriever Bold Thrombectomy Catheter, which is designed to treat
older clots and more advanced DVT, potentially opening a large new
TAM.
- Presented data from first 500
patients enrolled in the FLASH PE registry, confirming best in
class safety and on-table improvement in hemodynamic metrics, while
showing much lower rates of mortality and long-term consequences
for PE survivors than published literature.
- Ended the quarter with $168.6
million in cash, cash equivalents and investments.
“Our third quarter was as successful as it was exciting. We
again treated a record number of patients and made important
progress on all five of our growth drivers,” said Bill Hoffman, CEO
of Inari Medical. “We presented data from our FLASH PE registry,
confirming outstanding safety and acute efficacy. We believe it
also shows, now with six month follow up, that FlowTriever changes
the natural course of the disease in life saving and life changing
ways. We also received FDA clearance for our ClotTriever Bold which
might provide a treatment option for a whole new population of
patients suffering the most devastating consequences of previously
untreated DVT. We are thankful for the opportunity to serve our
patients and our mission.”
Third Quarter 2021 Financial ResultsRevenue was
$72.9 million for the third quarter of 2021, compared to $63.5
million for the prior quarter and $38.7 million for the third
quarter of 2020. The increase over prior year was driven by
continued U.S. commercial expansion and new product
introductions.
Gross profit was $65.9 million for the third quarter of 2021,
compared to $35.5 million for the same period of 2020. Gross margin
was 90.3% for the third quarter of 2021, compared to 91.7% for the
same period in the prior year, modestly lower primarily due to a
change in inventory management in anticipation of our facility
move.
Operating expenses for the third quarter of 2021 were $68.6
million, compared to $28.3 million for the third quarter of 2020.
The increase was mainly driven by an increase in personnel-related
expenses as we increased headcount to fund the expansion of the
commercial, research and development, clinical and support
organization, including a one-time stock-based compensation expense
of $8.3 million.
Net loss was $2.8 million for the third quarter of 2021 and net
loss per share was $0.06 on a weighted-average basic and diluted
share count of 50.0 million, compared to net income of $6.5 million
and net income per share of $0.13 and $0.12 on a weighted-average
basic share count of 48.3 million and diluted share count of 55.4
million, respectively, in the same period of the prior year.
Our cash, cash equivalents and investments were $168.6 million
as of September 30, 2021.
Updated Full-Year 2021 Revenue Guidance
Inari Medical is updating financial guidance as follows:
- For the full-year 2021, revenue guidance is increased to $266
to $268 million, up from our previous guidance of $250 to $255
million.
Webcast and Conference Call Information
Inari Medical will host a conference call to discuss the third
quarter 2021 financial results after market close on Tuesday,
November 9, 2021 at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern
Time. The conference call can be accessed live over the phone (833)
519-1265 for U.S. callers or (914) 800-3838 for international
callers, using conference ID: 7775678. The live webinar can be
accessed at https://ir.inarimedical.com.
About Inari Medical, Inc.
Inari Medical, Inc. is a medical device company focused on
developing innovative products to treat and transform the lives of
patients suffering from venous diseases. Inari has developed two
minimally-invasive, novel catheter-based mechanical thrombectomy
devices that are designed to remove large clots from large vessels
and eliminate the need for thrombolytic drugs. The company
purpose-built its products for the specific characteristics of the
venous system and the treatment of the two distinct manifestations
of venous thromboembolism, or VTE: deep vein thrombosis and
pulmonary embolism. The ClotTriever system is 510(k)-cleared by FDA
and CE marked for the non-surgical removal of clot from peripheral
blood vessels, including for the use in the treatment of deep vein
thrombosis. The FlowTriever system is 510(k)-cleared by FDA and CE
marked for the non-surgical removal of clot from peripheral blood
vessels, including for the use in the treatment of pulmonary
embolism and clot in transit in the right atrium.
Forward Looking Statements
Statements in this press release may contain “forward-looking
statements” 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 financial guidance regarding full year 2021
revenue and the potential impact of COVID-19 on the business, 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, 2020 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:
ICR WestwickeCaroline CornerPhone
+1-415-202-5678caroline.corner@westwicke.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 September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Revenue |
|
$ |
72,916 |
|
|
$ |
38,715 |
|
|
$ |
193,766 |
|
|
$ |
91,059 |
|
Cost of goods sold |
|
|
7,040 |
|
|
|
3,228 |
|
|
|
16,477 |
|
|
|
9,420 |
|
Gross profit |
|
|
65,876 |
|
|
|
35,487 |
|
|
|
177,289 |
|
|
|
81,639 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
12,499 |
|
|
|
5,217 |
|
|
|
32,292 |
|
|
|
11,863 |
|
Selling, general and administrative |
|
|
56,104 |
|
|
|
23,080 |
|
|
|
135,899 |
|
|
|
58,353 |
|
Total operating expenses |
|
|
68,603 |
|
|
|
28,297 |
|
|
|
168,191 |
|
|
|
70,216 |
|
(Loss) income from
operations |
|
|
(2,727 |
) |
|
|
7,190 |
|
|
|
9,098 |
|
|
|
11,423 |
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
27 |
|
|
|
208 |
|
|
|
130 |
|
|
|
409 |
|
Interest expense |
|
|
(73 |
) |
|
|
(251 |
) |
|
|
(220 |
) |
|
|
(1,060 |
) |
Change in fair value of warrant liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,317 |
) |
Other income (expense) |
|
|
30 |
|
|
|
(651 |
) |
|
|
(4 |
) |
|
|
(651 |
) |
Total other expenses |
|
|
(16 |
) |
|
|
(694 |
) |
|
|
(94 |
) |
|
|
(4,619 |
) |
(Loss) income before income
taxes |
|
|
(2,743 |
) |
|
|
6,496 |
|
|
|
9,004 |
|
|
|
6,804 |
|
Provision for income taxes |
|
|
61 |
|
|
|
— |
|
|
|
271 |
|
|
|
— |
|
Net (loss) income |
|
$ |
(2,804 |
) |
|
$ |
6,496 |
|
|
$ |
8,733 |
|
|
$ |
6,804 |
|
Other comprehensive (loss)
income |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
(146 |
) |
|
|
— |
|
|
|
(269 |
) |
|
|
— |
|
Unrealized (loss) gain on available-for-sale securities |
|
|
7 |
|
|
|
— |
|
|
|
19 |
|
|
|
— |
|
Total other comprehensive
loss |
|
|
(139 |
) |
|
|
— |
|
|
|
(250 |
) |
|
|
— |
|
Comprehensive (loss) income |
|
$ |
(2,943 |
) |
|
$ |
6,496 |
|
|
$ |
8,483 |
|
|
$ |
6,804 |
|
Net (loss) income per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.06 |
) |
|
$ |
0.13 |
|
|
$ |
0.18 |
|
|
$ |
0.26 |
|
Diluted |
|
$ |
(0.06 |
) |
|
$ |
0.12 |
|
|
$ |
0.16 |
|
|
$ |
0.14 |
|
Weighted average common shares
used to compute net (loss) income per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
50,001,996 |
|
|
|
48,335,443 |
|
|
|
49,664,037 |
|
|
|
26,423,681 |
|
Diluted |
|
|
50,001,996 |
|
|
|
55,355,846 |
|
|
|
55,511,061 |
|
|
|
49,940,409 |
|
INARI MEDICAL,
INC.Condensed Consolidated Balance
Sheets(in thousands, except share data and par
value)(unaudited)
|
|
September 30,2021 |
|
|
December 31,2020 |
|
Assets |
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
81,158 |
|
|
$ |
114,229 |
|
Short-term investments |
|
|
81,436 |
|
|
|
49,981 |
|
Accounts receivable, net |
|
|
38,916 |
|
|
|
28,008 |
|
Inventories, net |
|
|
19,499 |
|
|
|
10,597 |
|
Prepaid expenses and other current assets |
|
|
7,141 |
|
|
|
2,808 |
|
Restricted cash |
|
|
— |
|
|
|
50 |
|
Total current assets |
|
|
228,150 |
|
|
|
205,673 |
|
Property and equipment,
net |
|
|
14,748 |
|
|
|
7,498 |
|
Long-term investments |
|
|
6,002 |
|
|
|
— |
|
Operating lease right-of-use
assets |
|
|
42,855 |
|
|
|
— |
|
Deposits and other assets |
|
|
672 |
|
|
|
583 |
|
Restricted cash |
|
|
— |
|
|
|
338 |
|
Total
assets |
|
$ |
292,427 |
|
|
$ |
214,092 |
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Accounts payable |
|
|
5,083 |
|
|
|
3,047 |
|
Payroll-related accruals |
|
|
16,987 |
|
|
|
8,198 |
|
Accrued expenses and other current liabilities |
|
|
6,583 |
|
|
|
2,593 |
|
Operating lease liabilities, current portion |
|
|
857 |
|
|
|
— |
|
Total current liabilities |
|
|
29,510 |
|
|
|
13,838 |
|
Operating lease liabilities,
noncurrent portion |
|
|
28,547 |
|
|
|
— |
|
Total
liabilities |
|
|
58,057 |
|
|
|
13,838 |
|
Commitments and
contingencies (Note 7) |
|
|
|
|
|
|
Stockholders'
equity |
|
|
|
|
|
|
Preferred stock, $0.001 par value, 10,000,000 shares authorized, no
shares issued and outstanding as of September 30, 2021
and December 31, 2020 |
|
|
— |
|
|
|
— |
|
Common stock, $0.001 par value, 300,000,000 shares
authorized as of September 30, 2021 and December 31, 2020;
50,144,590 and 49,251,614 shares issued and outstanding as
of September 30, 2021 and December 31, 2020,
respectively |
|
|
50 |
|
|
|
49 |
|
Additional paid in capital |
|
|
253,256 |
|
|
|
227,624 |
|
Accumulated other comprehensive (loss) income |
|
|
(246 |
) |
|
|
4 |
|
Accumulated deficit |
|
|
(18,690 |
) |
|
|
(27,423 |
) |
Total stockholders'
equity |
|
|
234,370 |
|
|
|
200,254 |
|
Total liabilities and
stockholders' equity |
|
$ |
292,427 |
|
|
$ |
214,092 |
|
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