Inari Medical, Inc.

Inari reported Q3 2024 revenue of $153.4 million, up 21.4% year over year and up more than $7.6 million sequentially. Global VTE revenue was $145.3 million, up 19.7%; emerging therapies revenue was $8 million, up 64%; and international revenue was $11.5 million, up 76.4%. Gross margin was 87.1% versus 88.5% in the prior-year period. GAAP operating loss was $13.6 million versus GAAP operating income of $2.1 million a year ago; non-GAAP operating loss was $0.4 million. GAAP net loss was $18.4 million, or $0.31 per share, versus net income of $3.2 million, or $0.06-$0.05 per share, last year. Cash flows from operating activities were $1.9 million, and cash and investments totaled $111.6 million at quarter end. For full-year 2024, management raised revenue guidance to $601.5 million-$604.5 million, up 22%-22.5% year over year, and said it expects roughly breakeven GAAP operating income in Q4 and sustained GAAP operating profitability in the first half of 2025.

Drew Hykes said the quarter reflected strong adoption across the portfolio, stable underlying VTE market/share dynamics, and robust international growth. He framed PEERLESS as potentially the start of a “golden era” of randomized controlled data in VTE, while also highlighting progress in emerging therapies such as LimFlow, Artix, and VenaCore. His tone was confident and growth-oriented, with repeated emphasis on large underpenetrated markets, clinical evidence, and commercial build-out.

Kevin Strange emphasized the financial leverage trend: gross margin of 87.1% remained high, sequential gross margin improved by 80 bps, and operating expenses were $147.1 million versus $109.8 million last year. He said R&D was $29.4 million and SG&A was $108.3 million, with SG&A moderating closer to Q1 levels and expected to decrease further in Q4, while R&D as a percentage of revenue should also step down sequentially. He also cited operating cash flow of $1.9 million, cash and investments of $111.6 million, and said the company expects cash to stay above $100 million for the rest of the year, supporting self-funding of its objectives.

Analysts focused on 2025 core VTE growth, the implied Q4 guide, LimFlow demand after NTAP, PEERLESS impact, and international catalysts in China and Japan. Management said U.S. VTE trends were stable, PE was growing a bit faster than DVT at the margin, and that PEERLESS should help shift practice but that adoption would take time, with most of the CDT conversion likely occurring in 2025. For LimFlow, they said 2024 was a foundation-building year, NTAP is a tailwind, and they expect a strong first full commercial year in 2025. On China and Japan, management said ClotTriever is ahead of FlowTriever, with a 25-patient China study submitted to regulators and Japan PMDA approval plus reimbursement work underway.