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Inari Shares Flow 14% Higher on Triple Digit YoY Growth in Procedures and Revenues

Source: Streetwise Reports

 

January 14, 2021 (Investorideas.com Newswire) Shares of Inari Medical Inc. established a new 52-week high after the company reported that preliminary revenue in Q4/20 increased year-over-year by greater than 140%.


Commercial-stage medical device company Inari Medical Inc. (NARI:NASDAQ), which focuses its efforts on creating and developing products to aid in treating venous diseases, today announced unaudited preliminary Q4/20 revenue for the period ending December 31, 2020.

The company reported that it expects that Q4/20 revenue will be in the range of $47.9-$48.9 million, which represents a 141-146% increase over Q4/19 and a 24-26% increase over Q3/20.

The firm indicated additionally that in Q4/20 it completed approximately 4,600 procedures, which constitutes a 156% increase over Q4/19 and a 24% increase over the total number of procedures performed in Q3/20.

Inari Medical's CEO Bill Hoffman stated, "We are pleased with our procedural growth in the fourth quarter and the opportunity to save and transform the lives of VTE patients, especially in the face of the challenges presented by the pandemic...Our team is executing our strategic plan and we look forward to sharing our progress on our quarterly earnings call."

Inari Medical is a commercial-stage medical device company based in Irvine, Calif., that develops unique products used to treat venous diseases. According to its corporate website, Inari is endeavoring to pioneer venous-specific devices specifically engineered to take into account venous anatomy and clot morphology.

The company listed that "it 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 firm stated that its products are designed and engineered to address two distinct manifestations of venous thromboembolism (VTE) which are deep vein thrombosis (DVT) and pulmonary embolism (PE).

The company advised that its ClotTriever system has been approved for use by the U.S. Food and Drug Administration (FDA) and has also received the European CE Mark approval for use in the treatment of DVT. The firm added that its FlowTriever system has also been cleared by the FDA in order to treat both PEs and clots in transit in the right atrium.

Inari Medical began the day with a market capitalization of around $4.1 billion with approximately 48.71 million shares outstanding and a short interest of about 1.9%. NARI shares opened 5.5% higher today at $89.83 (+$4.72, +5.55%) over yesterday's $85.11 closing price and reached a new 52-week high this morning of $98.00. The stock has traded today between $88.40 and $98.00 per share and is currently trading at $97.00 (+$11.89, +13.97%).

Disclosure:

1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.

2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.

3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.

4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.

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