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Inari Ends 2022 On Sales High Note

CEO Hykes Takes Over From Hoffman

Irvine-based medical device maker Inari Medical Inc. finished 2022 with a bang.

Inari (Nasdaq: NARI) on Jan. 10 reported preliminary fourth-quarter sales would be around $107 million to $108 million, far above the average analyst estimate of $99.1 million.

“Our fourth quarter was successful and highly productive,” Inari Chief Executive Drew Hykes said in a statement. “We executed crisply across all five of our growth drivers and generated robust revenue growth.”

Hykes became CEO on Jan. 1, replacing Bill Hoffman, who took over in 2015 when the company had 10 employees and no approved products.

Inari has developed products from the ground up with a specific purpose to remove clots from veins while competitors had tried to repurpose products designed to remove clots from arteries. The company now has more than 1,000 employees and a new local headquarters in the Irvine Spectrum.

Inari forecast 2023 revenue of $470 million to $480 million, indicating growth of 23% to 25% and well above the consensus of $450.8 million.

In the trading session after the results were announced, the shares jumped 5.6%. At press time, the shares traded at $67 and a $3.6 billion market cap.

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Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
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