Inari Medical Announces Preliminary 2023 Revenue and 2024 Guidance

IRVINE, Calif., Jan. 09, 2024 (GLOBE NEWSWIRE) -- Inari Medical, Inc. (NASDAQ: NARI) (“Inari”), a medical device company with a mission to treat and transform the lives of patients suffering from venous and other diseases, today announced preliminary unaudited fourth quarter and full year 2023 revenue and established its 2024 financial guidance.

Preliminary Fourth Quarter and Full Year 2023 Highlights

• Preliminary unaudited revenue for the fourth quarter of 2023 is expected to be at least $132.0 million, up approximately 22% year-over-year.
• Preliminary unaudited revenue for the full year 2023 is expected to be at least $493.5 million, up approximately 29% over the full year 2022.
• Published FLAME high-risk PE study. Commenced patient enrollment in PEERLESS II, Inari’s third randomized controlled trial (RCT) in venous thromboembolism (VTE). Continued progress with enrollment for PEERLESS and DEFIANCE RCTs.
• Closed the LimFlow acquisition.

“Our fourth quarter was successful and highly productive. We generated robust revenue growth driven by healthy VTE procedure volumes, continued traction across our emerging therapies and another quarter of strong international performance,” said Drew Hykes, CEO of Inari Medical. “In addition, we made solid progress across all three of our RCTs and began launching LimFlow in the U.S. Looking ahead, we are focused on continuing to deliver strong growth and progressing towards operating profitability. Most importantly, we remain fully committed to our mission of driving better outcomes for our patients.”

Full Year 2024 Revenue Guidance and Consolidated Profitability Update

• Inari expects full year 2024 revenue of $580 million to $595 million, reflecting growth of approximately 17.5% to 20.5% over 2023.
• In addition, the company now expects to reach sustained operating profitability in the first half of 2025, versus the prior forecast for sustained operating profitability in the second half of 2025.

Further detail will be provided when Inari reports its financial results for the fourth quarter and full year 2023. The preliminary unaudited revenue results described in this press release are estimates only and subject to revision, including the completion of customary annual audit procedures, until Inari reports its full financial results for the fourth quarter and full year 2023 in its Annual Report on Form 10-K.