Source: Streetwise Reports 01/13/2021
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.
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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%)./p>
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