Inari Medical (NARI) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached $153.4 million, a 21.4% year-over-year increase, driven by expanded sales territories, new accounts, increased procedure adoption, global expansion, and new product launches.

• Gross margin remained strong at 87.1% in Q3 2024, though down from 88.5% prior year, reflecting product mix, ramp-up costs for new products, and increased international sales.

• Net loss for Q3 2024 was $18.4 million, or $0.31 per share, compared to net income of $3.2 million, or $0.06 per share, in Q3 2023, primarily due to higher operating expenses and increased fair value of contingent consideration.

• Cash, cash equivalents, and short-term investments totaled $111.6–$112 million at quarter end, with no long-term debt and access to a $75 million credit facility.

• Key milestones include FDA clearance and upcoming full market release of Artix, integration of LimFlow, and expansion plans for Japan and China.

Financial highlights

• Q3 2024 revenue: $153.4 million, up 21.4% year-over-year; nine months: $442.4 million, up 22.4%.

• Gross profit: $133.5 million (87.1% margin); operating expenses: $147.1 million; R&D: $29.4 million; SG&A: $108.3 million.

• GAAP operating loss: $13.6 million; non-GAAP operating loss: $0.4 million.

• Net loss: $18.4 million; EPS: -$0.31 (basic and diluted).

• Operating cash flow for nine months: $1.9 million; cash and investments at quarter-end: $111.6 million.

Outlook and guidance

• Full-year 2024 revenue guidance raised to $601.5–$604.5 million, reflecting 21.9%–22.5% growth over 2023.

• Sustained operating profitability expected in the first half of 2025, with break-even targeted for Q4 2024.

• Management expects continued robust growth across VTE, Emerging Therapies, and international markets, supported by new product launches and global expansion.