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Saturday, Jun 25, 2022

Life Work

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Bill Hoffman
Inari Medical

Inari Medical is gearing up for another record year in 2022 in terms of sales of its devices that treat blood clots in the veins. Company (Nasdaq: NARI), 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. 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.

THEN: Inari commenced sales of its products in 2017. Reported 2021 revenue climbing 98% to $277 million in 2021.

NOW: Executives at the company 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 in 2020 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.

FUTURE: New products being released, including Intri24, an introducer sheath designed to optimize a clot-removing procedure. Intri24 is “the second of what will be many product introductions this year,” Hoffman said this month.

IN THEIR WORDS: With market cap topping $4 billion, Inari’s stock is up over threefold from its 2020 IPO, but Hoffman doesn’t measure success by stock price alone, noting a higher purpose in the company’s life-saving devices. “We love every second of this work and we remain thankful for the opportunity to serve our patients and our mission.”

Founder, Chairman, CEO

Built one of OC’s most valuable public companies, a business whose medical devices played a critical role during the pandemic by allowing doctors and nurses to remotely monitor patients. Masimo, known for selling devices to hospitals, now is about to make a big push into more consumer-focused products after its largest-ever acquisition.

THEN: Masimo, which Kiani started in his garage with just $40,000 in 1989, develops and manufactures a suite of noninvasive devices to monitor blood and oxygen levels for patients in hospitals, or at home.

NOW: Today, Masimo employs 6,000 people and monitors over 200 million people per year. It spent some $137 million on R&D expenses last year, 11.1% of its annual revenue. R&D spending in 2021 was up about 16% from 2020 levels. In February, announced $1 billion acquisition of audio device maker, San Diego-based Sound United.

FUTURE: New monitoring offerings include products designed to tackle the opioid epidemic, and, notably, the imminent launch of its own smartwatch, marking the company’s first big move into more consumer-focused products. Watches will be manufactured at facility in Irvine it took over last year, next to its headquarters, Kiani said. Masimo’s watch will compete with the Apple Watch; Masimo is suing Apple Inc. (Nasdaq: AAPL) for allegedly infringing its patents related to blood oxygen measurement technology.

IN THEIR WORDS: “We are today debuting the first wearable device to offer accurate and continuous physiological measurements based on the technology we’ve honed for use in hospitals for more than three decades,” he said of Masimo W1 watch, which was unveiled earlier this month.

John Kao
Founder, CEO
Alignment Healthcare

Heads one of OC’s fastest-growing public companies, population health management company that partners with national health systems and provider groups to improve the health of seniors. Offers increasingly popular Medicare Advantage insurance plans; plans are required to cover traditional Medicare expenses such as doctor visits and hospital costs, and also offer extra coverage for needs such as vision, dental and hearing exams, and prescription drugs.

THEN: March 2021 IPO raised nearly $500 million in proceeds, with funds going to expand Alignment’s reach beyond the three states—California, Nevada, North Carolina—it initially covered.

NOW: First-quarter revenue of $346 million represented 29% growth year-over-year. “This was led by our health plan premium revenue of $331 million, representing 25% growth,” Kao said in May. Alignment’s health plan membership ended at 94,200 members at end of latest quarter, growing 13.4% year-over-year.

FUTURE: Has entered the Arizona market as its fourth state, with the company entering Pima and Maricopa counties; with additions there and other markets in existing states, has increased the total number of Medicare eligibles in Alignment’s geographies from 5.5 million to 7 million.

IN THEIR WORDS: Company “continues to do well by doing good—delivering sustainable growth and once again beating guidance on our four critical metrics: membership, revenue, adjusted gross profit and adjusted EBITDA,” Kao said in May. “This is a strong quarter for Alignment and caps a solid first year of growth as a public company, having met or outperformed guidance every quarter since listing.”

Mike Mussallem
Chairman, CEO
Edwards Lifesciences

Runs Orange Country’s largest medtech employer—almost 5,000 workers here, and 16,000 worldwide. Maker of heart valves and related products, as well as critical care monitoring equipment. Edwards is OC’s most valuable public company, sporting a $60 billion market cap. See page 1 for more.

THEN: Appointed to his positions in 2000, when Edwards became an independent, publicly traded company, spun out of Baxter International.

NOW: Under his tenure, Edwards has become, in its words, “a global leader in patient-focused medical innovations with the introduction of lifesaving and life-sustaining therapies such as transcatheter aortic valve replacement, new resilient surgical valves designed for active patients and non-invasive hemodynamic monitoring.”

FUTURE: 50-acre campus has seen a flurry of new development in past few years, adding several new buildings. A new cardiovascular innovation facility is next in line to be built at campus. Hundreds being hired to staff up the expanded headquarters base.

IN THEIR WORDS: “As we are hopeful the worst of the pandemic is behind us, we’re constantly reminded of the importance of our work as we pursue solutions for cardiovascular disease, which continues to be the number one killer in the U.S. and the world, well ahead of cancer and other deadly conditions.”

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