|Bid||80.00 x 1300|
|Ask||80.79 x 1100|
|Day's Range||77.53 - 82.67|
|52 Week Range||39.55 - 127.42|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||May 11, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||129.50|
Good day, and thank you for standing by and welcome to the Inari Medical Inc. Q1 2021 earnings conference call.[Operator Instructions] I would now like to hand the conference over to your speaker today, Caroline Corner of investor relations. Joining me on today's call are Bill Hoffman, president and chief executive officer; and Mitch Hill, chief financial officer.
IRVINE, Calif., May 11, 2021 (GLOBE NEWSWIRE) -- Inari Medical, Inc. (NASDAQ: NARI) (“Inari”) a commercial-stage medical device company focused on developing products to treat and transform the lives of patients suffering from venous diseases, today reported financial results for its first quarter ended March 31, 2021. First Quarter Revenue and Business Highlights: Treated a record number of patients, driving revenue of $57.4 million, which was up 18% sequentially and 113% over the prior year period.Announced first patient enrolled in FLAME study, the largest clinical trial ever conducted on high risk PE patients.Ended the quarter with $174.1 million in cash, cash equivalents, and short-term investments. “During Q1 we again made important progress in our mission to treat and transform the lives of our patients,” said Bill Hoffman, CEO of Inari Medical. “We treated a record number of patients and significantly expanded our commercial footprint. We further demonstrated our commitment to advancing the science and the VTE space more broadly by expanding our FLASH registry to 1,000 patients, adding longer term monitoring via a smart watch, and launching FLAME to study the sickest PE patient population. Increasingly, we see our future filled not just with opportunity, but with responsibility to serve ever more patients. We are grateful for this responsibility, and for the support of all of you who continue to believe and invest in our mission.” First Quarter 2021 Financial ResultsRevenue was $57.4 million for the first quarter of 2021, compared to $48.6 million for the prior quarter and $27.0 million for the first quarter of 2020. The increase over prior year was driven by continued US commercial expansion and increased production adoption. Gross profit for the first quarter of 2021 was $52.7 million compared to $24.2 million for the first quarter of 2020. Gross margin increased slightly to 91.9% for the first quarter of 2021, compared with 90.0% in the same quarter last year, due primarily to greater operating leverage. Operating expenses were $45.1 million for the first quarter of 2021, compared with $19.4 million in the same quarter last year. The increase was driven primarily by personnel-related expenses to fund expansion of the commercial, research and development, clinical and support organizations, as well as expenses related to being a public company. Net income was $7.5 million for the first quarter of 2021 and net income per share was $0.15 on a weighted-average basic share count of 49.4 million and $0.13 on a diluted share count of 55.7 million, compared to net income of $4.1 million and an income per share of $0.64 on a weighted-average basic share count of 64 million and $0.09 on a diluted share count of 45.0 million in the same period of the prior year. Cash, cash equivalents and short-term investments were $174.1 million as of March 31, 2021. COVID-19 and GuidanceDespite ongoing challenges and uncertainties in its operating environment due to the COVID-19 pandemic, Inari Medical is providing financial guidance as follows: For the full-year 2021, revenue of $240 to $250 million. Webcast and Conference Call InformationInari Medical will host a conference call to discuss the first quarter financial results after market close on Tuesday, May 11, 2021 at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. The conference call can be accessed live over the phone (833) 519-1265 for U.S. callers or (914) 800-3838 for international callers, using conference ID: 5787033. The live webinar can be accessed at https://ir.inarimedical.com. About Inari Medical, Inc.Inari Medical, Inc. is a commercial-stage medical device company focused on developing products to treat and transform the lives of patients suffering from venous diseases. Inari has developed two minimally-invasive, novel catheter-based mechanical thrombectomy devices that are designed to remove large clots from large vessels and eliminate the need for thrombolytic drugs. The company purpose-built its products for the specific characteristics of the venous system and the treatment of the two distinct manifestations of venous thromboembolism, or VTE: deep vein thrombosis and pulmonary embolism. The ClotTriever system is 510(k)-cleared by the FDA and CE Mark approved for the treatment of deep vein thrombosis. The FlowTriever system is 510(k)-cleared by the FDA and CE Mark approved for the treatment of pulmonary embolism and cleared by the FDA for clot in transit in the right atrium. Forward Looking StatementsStatements in this press release may contain “forward-looking statements” that are subject to substantial risks and uncertainties. Forward-looking statements contained in this press release may be identified by the use of words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements include financial guidance regarding first quarter and full year 2021 revenue and the potential impact of COVID-19 on the business, and are based on Inari’s current expectations, forecasts and assumptions, are subject to inherent uncertainties, risks and assumptions that are difficult to predict and actual outcomes and results could differ materially due to a number of factors. These and other risks and uncertainties include those described more fully in the section titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and elsewhere in its Annual Report on Form 10-K for the period ended December 31, 2020 and in its other reports filed with the U.S. Securities and Exchange Commission. Forward-looking statements contained in this announcement are based on information available to Inari as of the date hereof and are made only as of the date of this release. Inari undertakes no obligation to update such information except as required under applicable law. These forward-looking statements should not be relied upon as representing Inari’s views as of any date subsequent to the date of this press release. In light of the foregoing, investors are urged not to rely on any forward-looking statement in reaching any conclusion or making any investment decision about any securities of Inari. Investor Contact:Westwicke PartnersCaroline CornerPhone +1-415-202-5678 firstname.lastname@example.org INARI MEDICAL, INC.Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)(in thousands, except share and per share data)(unaudited) Three Months Ended March 31, 2021 2020 Revenue $57,397 $26,953 Cost of goods sold 4,623 2,706 Gross profit 52,774 24,247 Operating expenses Research and development 8,163 3,018 Selling, general and administrative 36,898 16,393 Total operating expenses 45,061 19,411 Income from operations 7,713 4,836 Other income (expense) Interest income 68 55 Interest expense (73) (346)Change in fair value of warrant liabilities — (433)Other expenses (41) — Total other expenses (46) (724)Income before income taxes 7,667 4,112 Provision for income taxes 198 — Net income $7,469 $4,112 Other comprehensive income (loss) Foreign currency translation adjustments (180) — Unrealized gain on available-for-sale securities 18 — Total other comprehensive income (loss) (162) — Comprehensive income $7,307 $4,112 Net income per share Basic $0.15 $0.64 Diluted $0.13 $0.09 Weighted average common shares used to compute net income per share Basic 49,355,945 6,398,897 Diluted 55,722,293 44,952,704 INARI MEDICAL, INC.Condensed Consolidated Balance Sheets (in thousands, except share data) (unaudited) March 31,2021 December 31,2020 Assets Current assets Cash and cash equivalents $102,903 $114,229 Restricted cash — 50 Short-term investments 71,246 49,981 Accounts receivable, net 31,304 28,008 Inventories, net 13,665 10,597 Prepaid expenses and other current assets 2,159 2,808 Total current assets 221,277 205,673 Property and equipment, net 6,584 7,498 Restricted cash — 338 Operating lease right-of-use assets 1,047 — Deposits and other assets 5,669 583 Total assets $234,577 $214,092 Liabilities and Stockholders' Equity Current liabilities Accounts payable $5,518 $3,047 Payroll-related accruals 11,550 8,198 Accrued expenses and other current liabilities 2,758 2,593 Lease liabilities, current portion 789 — Total current liabilities 20,615 13,838 Lease liabilities, noncurrent portion 351 — Total liabilities 20,966 13,838 Commitments and contingencies (Note 7) Stockholders' equity Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of March 31, 2021 and December 31, 2020 — — Common stock, $0.001 par value, 300,000,000 shares authorized as of March 31, 2021 and December 31, 2020; 49,585,415 and 49,251,614 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively 50 49 Additional paid in capital 233,673 227,624 Accumulated other comprehensive income (loss) (158) 4 Accumulated deficit (19,954) (27,423)Total stockholders' equity 213,611 200,254 Total liabilities and stockholders' equity $234,577 $214,092
NEW YORK, NY / ACCESSWIRE / May 11, 2021 / Inari Medical Inc (NASDAQ:NARI) will be discussing their earnings results in their 2021 First Quarter Earnings call to be held on May 11, 2021 at 4:30 PM Eastern Time.To listen to the event live or access a replay of the call - visit https://www.