Inari Medical Inc. is gearing up for another record year in 2022 in terms of sales of its devices that treat blood clots in the veins.
Executives at the Irvine-based company (Nasdaq: NARI) are expecting revenue this year to come in between $350 million and $360 million, up about 26% to 30% from 2021 levels. Analysts on average expect $336.7 million.
The company on Feb. 23 reported 2021 revenue climbed 98% to $277 million in 2021.
Inari’s shares climbed 16% in the three trading sessions after the results were announced; it’s now valued around $4.5 billion.
New HQ
Inari, spun out of medical device incubator Inceptus Medical in 2013, focuses on catheter-based technologies to remove large blood clots from patients with venous thromboembolism (VTE), a condition that can lead to disability or death.
Bill Hoffman took Inari’s helm as CEO in 2015 after serving as president and CEO of neurosurgical imaging company Visualase, which Medtronic PLC (NYSE: MDT) paid $105 million for in 2014.
Inari commenced sales of its products in 2017.
Since it went public at $19 a share in 2020, its price has more than quadrupled to around $90.
In October 2020, Inari moved its corporate headquarters to Irvine Co.’s 6001 Oak Canyon building, where it now leases about 120,000 square feet of space to its corporate headquarters, research and development, manufacturing, and other related activities.
Improvement in Seconds
For Hoffman, the fast-growing company’s work can be measured in specific success stories, as evidenced by an anecdote he shared at the onset of the company’s latest earnings call late last month.
According to Hoffman, a North Carolina man, 52, was sent to the ER in January for shortness of breath after a recent ankle surgery. Imaging revealed large blood clots in his pulmonary arteries, signifying high-risk pulmonary embolism (PE).
This prompted physicians to fly him to a hospital for surgery, during which Inari’s FlowTriever system was used to remove multiple blood clots from his lungs.
“After about the second or third whoosh, the patient asked, ‘What did you do to me? I can breathe,’” Hoffman said on the conference call.
“The patient recovered quickly and uneventfully. He was discharged from the hospital the very next day. He never received expensive and dangerous thrombolytic drugs, and he was never admitted to the ICU.”
In 2021, its physician customers performed 7,700 procedures using Inari’s products during the fourth quarter of 2021, up from 6,700 procedures during the previous quarter. Fourth-quarter sales jumped 71% to $83.2 million. The average analyst consensus was $78.2 million.
“Our fourth quarter was again successful and productive,” Hoffman said. “We love every second of this work and we remain thankful for the opportunity to serve our patients and our mission.”
