CEO, INARI MEDICAL, IRVINE
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 $105M for in 2014.
THEN: Inari commenced sales of its products in 2017. Reported 2021 revenue climbing 98% to $277M in 2021.
NOW: Executives at the company are expecting revenue this year to come in between $350M and $360M, up about 26% to 30% from 2021 levels. 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,” said Hoffman, who is transitioning from CEO to a board position at end of year.
IN THEIR WORDS: With market cap topping $4B, 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.”
