Shares of Inari Medical Inc. (Nasdaq: NARI) rose in after-hours trading Tuesday after the company delivered better-than-expected fourth quarter and full-year 2020 results.
The Irvine-based company, which makes clot removal devices, was up 9.5% to $108.60 for a market cap of $4.8 billion.
“We treated a record number of patients, expanded our commercial footprint, presented positive data on chronic clot patients, introduced two new products which expand our addressable market and completed our first patient treatments in Europe,” CEO Bill Hoffman said in a statement. “Our team continues to execute crisply on all five of our growth drivers.”
Inari treated 4,600 patients in its fourth quarter, generating $48.6 million in sales. Analysts on average expected revenue of $41.9 million.
The company, which went public last May, also reported full-year 2020 sales of $139.7 million, surpassing consensus analyst estimates of $132.5 million.
Inari also provided guidance for 2021, noting new product approvals in the U.S. opened up a $200 million market opportunity. It said it expects sales to jump more than 60% to between $225 million and $235 million in 2021.