Inari Medical Reports First Quarter 2022 Financial Results
05 May 2022 - 6:01AM
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 first quarter ended March 31, 2022.
First Quarter Revenue and Business
Highlights:
- Treated 8,800 patients, an increase
of 14% sequentially over 7,700 patients treated in the fourth
quarter of 2021.
- Generated revenue of $86.8 million
in the first quarter of 2022, up 4% sequentially and 51% over the
same quarter last year.
- Launched Intri24, an introducer
sheath designed to optimize the FlowTriever procedure. Intri24 is
the latest device added to our FlowTriever system of purpose-built
tools, all for a single price.
- Completed an offering of common
stock, issuing 2.3 million shares and raising $174.4 million to
strengthen our balance sheet and further accelerate investments in
all five of our growth drivers.
- Ended the quarter with $338.7
million in cash, cash equivalents and investments.
“We executed crisply across all five of our growth drivers
during a highly productive first quarter,” said Bill Hoffman, CEO
of Inari Medical. “We maintained our robust growth in patient
treatments, presented important new data on the effectiveness of
ClotTriever in patients with chronic clot, and raised additional
capital to even further accelerate investment in our growth
drivers. We also launched the Intri24, the second of what will be
many product introductions this year. We are fully committed to
better outcomes for our patients, and we remain honored and
thankful to serve this mission.”
First Quarter 2022 Financial Results
Revenue was $86.8 million for the first quarter of 2022,
compared to $83.2 million for the prior quarter and $57.4 million
for the first quarter of 2021. The increase over prior year was
driven by continued U.S. commercial expansion and new product
introductions.
Gross profit was $76.8 million for the first quarter of 2022,
compared to $52.8 million for the same period of 2021. Gross margin
was 88.5% for the first quarter of 2022, compared to 91.9% for the
same period in the prior year, lower primarily due to the move to
our larger production facility in the fourth quarter of 2021.
Operating expenses for the first quarter of 2022 were $79.9
million, compared to $45.1 million for the first quarter of 2021.
The increase was mainly driven by personnel-related expenses as we
increased headcount to fund the expansion of the commercial,
research and development, and clinical and support
organizations.
Net loss was $3.1 million for the first quarter of 2022 and net
loss per share was $0.06 on a weighted-average basic and diluted
share count of 51.0 million, compared to a net income of $7.5
million and a net income per share of $0.15 and $0.13 on a
weighted-average basic share count of 49.4 million and diluted
share count of 55.7 million, respectively, in the same period of
the prior year.
Full-Year 2022 Revenue Guidance
Inari Medical is providing financial guidance as follows:
For the full year 2022, we are revising our revenue guidance to
a range of $360 million to $370 million, an increase of $10 million
from our original guidance range of $350 million to $360
million.
Webcast and Conference Call Information
Inari Medical will host a conference call to discuss the first
quarter 2022 financial results after market close on Wednesday, May
4, 2022 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: 1854706. The live webinar can be accessed at
https://ir.inarimedical.com.
About Inari Medical, Inc.
Inari Medical, Inc. is a medical device company with a mission
to treat and transform the lives of patients suffering from venous
and other diseases. Our current product offering consists of 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 estimated full year 2022 revenue, 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, 2021,
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 March 31, |
|
|
|
2022 |
|
|
2021 |
|
Revenue |
|
$ |
86,752 |
|
|
$ |
57,397 |
|
Cost of goods sold |
|
|
9,967 |
|
|
|
4,623 |
|
Gross profit |
|
|
76,785 |
|
|
|
52,774 |
|
Operating expenses |
|
|
|
|
|
|
Research and development |
|
|
16,135 |
|
|
|
8,163 |
|
Selling, general and administrative |
|
|
63,732 |
|
|
|
36,898 |
|
Total operating expenses |
|
|
79,867 |
|
|
|
45,061 |
|
(Loss) income from
operations |
|
|
(3,082 |
) |
|
|
7,713 |
|
Other income (expense) |
|
|
|
|
|
|
Interest income |
|
|
50 |
|
|
|
68 |
|
Interest expense |
|
|
(73 |
) |
|
|
(73 |
) |
Other expenses |
|
|
(24 |
) |
|
|
(41 |
) |
Total other expenses |
|
|
(47 |
) |
|
|
(46 |
) |
(Loss) income before income
taxes |
|
|
(3,129 |
) |
|
|
7,667 |
|
Provision for income taxes |
|
|
— |
|
|
|
198 |
|
Net (loss) income |
|
$ |
(3,129 |
) |
|
$ |
7,469 |
|
Other comprehensive income
(loss) |
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
(117 |
) |
|
|
(180 |
) |
Unrealized (loss) gain on available-for-sale securities |
|
|
(248 |
) |
|
|
18 |
|
Total other comprehensive
loss |
|
|
(365 |
) |
|
|
(162 |
) |
Comprehensive (loss) income |
|
$ |
(3,494 |
) |
|
$ |
7,307 |
|
Net (loss) income per share |
|
|
|
|
|
|
Basic |
|
$ |
(0.06 |
) |
|
$ |
0.15 |
|
Diluted |
|
$ |
(0.06 |
) |
|
$ |
0.13 |
|
Weighted average common shares
used to compute net(loss) income per share |
|
|
|
|
|
|
Basic |
|
|
50,954,715 |
|
|
|
49,355,945 |
|
Diluted |
|
|
50,954,715 |
|
|
|
55,722,293 |
|
INARI MEDICAL,
INC.Condensed Consolidated Balance Sheets
(in thousands, except share data)
(unaudited)
|
|
March 31,2022 |
|
|
December 31,2021 |
|
Assets |
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
186,556 |
|
|
$ |
92,752 |
|
Short-term investments |
|
|
152,156 |
|
|
|
83,348 |
|
Accounts receivable, net |
|
|
44,950 |
|
|
|
42,351 |
|
Inventories, net |
|
|
23,828 |
|
|
|
21,053 |
|
Prepaid expenses and other current assets |
|
|
5,849 |
|
|
|
5,694 |
|
Total current assets |
|
|
413,339 |
|
|
|
245,198 |
|
Property and equipment,
net |
|
|
18,153 |
|
|
|
16,471 |
|
Operating lease right-of-use
assets |
|
|
46,401 |
|
|
|
44,909 |
|
Deposits and other assets |
|
|
6,216 |
|
|
|
981 |
|
Long-term investments |
|
|
— |
|
|
|
3,983 |
|
Total
assets |
|
$ |
484,109 |
|
|
$ |
311,542 |
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
6,066 |
|
|
$ |
6,541 |
|
Payroll-related accruals |
|
|
19,729 |
|
|
|
24,433 |
|
Accrued expenses and other current liabilities |
|
|
9,155 |
|
|
|
10,737 |
|
Operating lease liabilities, current portion |
|
|
630 |
|
|
|
802 |
|
Total current liabilities |
|
|
35,580 |
|
|
|
42,513 |
|
Operating lease liabilities,
noncurrent portion |
|
|
28,301 |
|
|
|
28,404 |
|
Other long-term liability |
|
|
1,416 |
|
|
|
1,416 |
|
Total
liabilities |
|
|
65,297 |
|
|
|
72,333 |
|
Commitments and
contingencies (Note 7) |
|
|
|
|
|
|
Stockholders'
equity |
|
|
|
|
|
|
Preferred stock, $0.001 par value, 10,000,000 shares authorized, no
sharesissued and outstanding as of March 31, 2022 and December
31, 2021 |
|
|
— |
|
|
|
— |
|
Common stock, $0.001 par value, 300,000,000 sharesauthorized as of
March 31, 2022 and December 31, 2021; 53,022,905and 50,313,452
shares issued and outstanding as of March 31, 2022 andDecember
31, 2021, respectively |
|
|
53 |
|
|
|
50 |
|
Additional paid in capital |
|
|
440,238 |
|
|
|
257,144 |
|
Accumulated other comprehensive loss |
|
|
(767 |
) |
|
|
(402 |
) |
Accumulated deficit |
|
|
(20,712 |
) |
|
|
(17,583 |
) |
Total stockholders'
equity |
|
|
418,812 |
|
|
|
239,209 |
|
Total liabilities and
stockholders' equity |
|
$ |
484,109 |
|
|
$ |
311,542 |
|
|
|
|
|
|
|
|
|
|
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