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NARI Inari Medical

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 clot in transit in the right atrium.

Company profile

Ticker
NARI
Exchange
CEO
William H. Hoffman
Employees
Incorporated
Location
Fiscal year end
Former names
Inceptus Newco1 Inc.
SEC CIK
Subsidiaries
Inari Medical International, Inc. • Inari Medical Europe GmbH ...
IRS number
452902923

NARI stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

10 Aug 21
16 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 91.32M 91.32M 91.32M 91.32M 91.32M 91.32M
Cash burn (monthly) 3.86M 8.66M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 13.69M 30.7M n/a n/a n/a n/a
Cash remaining 77.63M 60.62M n/a n/a n/a n/a
Runway (months of cash) 20.1 7.0 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
8 Oct 21 Milder Donald B Common Stock Sell Dispose S Yes Yes 80.366 300 24.11K 4,536,614
8 Oct 21 Milder Donald B Common Stock Sell Dispose S Yes Yes 79.6204 4,745 377.8K 4,536,914
8 Oct 21 Milder Donald B Common Stock Sell Dispose S Yes Yes 78.4657 1,955 153.4K 4,541,659
8 Oct 21 Hill, Mitch C. Common Stock Sell Dispose S No Yes 80.18 300 24.05K 87,715
8 Oct 21 Hill, Mitch C. Common Stock Sell Dispose S No Yes 79.5753 3,401 270.64K 88,015
8 Oct 21 Hill, Mitch C. Common Stock Sell Dispose S No Yes 78.4268 1,299 101.88K 91,416
8 Oct 21 Hill, Mitch C. Common Stock Option exercise Acquire M No No 0.457 5,000 2.29K 92,715
8 Oct 21 Hill, Mitch C. Stock Options Common Stock Option exercise Dispose M No No 0.457 5,000 2.29K 256,977
7 Oct 21 William Hoffman Common Stock Sell Dispose S No Yes 81.3561 13,977 1.14M 600,369
7 Oct 21 William Hoffman Common Stock Sell Dispose S No Yes 80.8654 15,923 1.29M 614,346

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

81.4% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 200 184 +8.7%
Opened positions 50 49 +2.0%
Closed positions 34 20 +70.0%
Increased positions 80 69 +15.9%
Reduced positions 44 45 -2.2%
13F shares
Current Prev Q Change
Total value 3.82B 3.84B -0.6%
Total shares 40.64M 36.8M +10.4%
Total puts 103.2K 122.5K -15.8%
Total calls 201.2K 100.4K +100.4%
Total put/call ratio 0.5 1.2 -58.0%
Largest owners
Shares Value Change
Us Venture Partners X 5.41M $472.01M 0.0%
Cooperatieve Gilde Healthcare IV U.A. 3.9M $422.49M -13.3%
CNVT CVF 2.69M $234.96M 0.0%
MCQEF Macquarie 2.58M $240.85M +32.1%
Vanguard 2.51M $234.5M +20.8%
Alliancebernstein 2.25M $209.68M +10.3%
BLK Blackrock 1.8M $168.03M +63.7%
WFC Wells Fargo & Co. 1.69M $157.6M +20.8%
Darsana Capital Partners 1.48M $137.59M +41.9%
BEN Franklin Resources 1.38M $128.49M +3.7%
Largest transactions
Shares Bought/sold Change
BLK Blackrock 1.8M +700.75K +63.7%
Citadel Advisors 990K +680.07K +219.4%
MCQEF Macquarie 2.58M +627.81K +32.1%
Cooperatieve Gilde Healthcare IV U.A. 3.9M -595.25K -13.3%
Darsana Capital Partners 1.48M +435.8K +41.9%
Vanguard 2.51M +433.52K +20.8%
Millennium Management 394.52K -357.78K -47.6%
CS Credit Suisse 636.96K +329.41K +107.1%
WFC Wells Fargo & Co. 1.69M +291.15K +20.8%
TROW T. Rowe Price 302.77K -269.13K -47.1%

Financial report summary

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Risks
  • We are an early-stage company with a history of significant net losses, we may incur operating losses in the future and we may not be able to sustain profitability.
  • A pandemic, epidemic or outbreak of an infectious disease in the United States or worldwide, including the outbreak of the novel strain of coronavirus disease, COVID-19, could adversely affect our business.
  • Our revenue is currently generated from the sales of our two products and we are therefore highly dependent on the success of those products. We have limited commercial sales experience regarding our products, which makes it difficult to evaluate our current business, predict our future prospects and forecast our financial performance and growth.
  • Our business is dependent upon the broad adoption of our products and catheter-based thrombectomy procedures by hospitals, physicians and patients.
  • Adoption of our ClotTriever and FlowTriever products requires approval by hospital value analysis committees, group purchasing organizations and integrated delivery networks, or the staff of hospitals or health systems.
  • Adoption of our ClotTriever and FlowTriever products depends upon appropriate physician training, practice and patient selection.
  • Adoption of our ClotTriever and FlowTriever products depends upon positive clinical data, and the safety and efficacy of our products are not yet supported by long-term clinical data, which could limit sales, and our products might therefore prove to be less safe or effective than initially thought.
  • We have limited experience in training and marketing and selling our products and we may provide inadequate training, fail to increase our sales and marketing capabilities or fail to develop broad brand awareness in a cost effective manner.
  • We manufacture and sell products that are used in a limited number of procedures and there is a limited total addressable market for our products. The sizes of the markets for our current products have not been established with precision, and may be smaller than we estimate.
  • Catheter-based treatment for PE is subject to a Medicare National Coverage Determination that may restrict Medicare coverage for procedures using our FlowTriever product for the treatment of PE.
  • We may not be able to maintain adequate levels of third-party coverage and reimbursement, and third parties may rescind or modify their coverage or delay payments related to our products.
  • The market for our products is highly competitive. Our competitors may have longer operating histories, more established products and greater resources than we do, and may be able to develop or market treatments that are safer, more effective or gain greater acceptance in the marketplace than our products.
  • We have limited experience manufacturing our products in commercial quantities and we face a number of manufacturing risks that may adversely affect our manufacturing abilities.
  • We depend on a limited number of single source suppliers to manufacture our components, sub-assemblies and materials, which makes us vulnerable to supply shortages and price fluctuations.
  • If we fail to comply with our obligations in our intellectual property licenses, including our agreements with Inceptus Medical LLC, we could lose license rights that are important to our business.
  • ClotTriever and FlowTriever involve risks and have contraindications, which may limit adoption.
  • Our results of operations could be materially harmed if we are unable to accurately forecast customer demand for our products and manage our inventory.
  • Our quarterly and annual results may fluctuate significantly and may not fully reflect the underlying performance of our business.
  • Our long-term growth depends on our ability to enhance our products, expand our indications and develop and commercialize additional products in a timely manner. If we fail to identify, acquire and develop other products, we may be unable to grow our business.
  • Changes in public health insurance coverage and government reimbursement rates for our products could affect the adoption of our products and our future revenue.
  • Cost-containment efforts of our customers, purchasing groups and governmental organizations could have a material adverse effect on our sales and profitability. Consolidation in the healthcare industry or group purchasing organizations could lead to demands for price concessions, which may affect our ability to sell our products at prices necessary to support our current business strategies.
  • We may not be able to achieve or maintain satisfactory pricing and margins for our products.
  • We may be unable to manage the anticipated growth of our business.
  • We may experience delays in production or an increase in costs if our single manufacturing facility is damaged or becomes inoperable, or if we are required to vacate our facility.
  • We may experience disruptions to our business as a result of the relocation of our headquarters and general expansion of our operations.
  • Performance issues, service interruptions or price increases by our shipping carriers could negatively affect our business, financial condition and results of operations and harm our reputation and the relationship between us and the hospitals we work with.
  • Our products may become obsolete in the future.
  • We provide a limited warranty for our products.
  • We may enter into collaborations, in-licensing arrangements, joint ventures, strategic alliances or partnerships with third-parties that may not result in the development of commercially viable products or product improvements or the generation of significant future revenue.
  • The failure of ClotTriever or FlowTriever to meet patient expectations or the occurrence of adverse events from ClotTriever or FlowTriever could impair our financial performance.
  • We depend on our senior management team and the loss of one or more key employees or an inability to attract and retain highly skilled employees will negatively affect our business, financial condition and results of operations.
  • The use, misuse or off-label use of our products may result in injuries that lead to product liability suits, which could be expensive, divert management’s attention and harm our reputation and business. We may not be able to maintain adequate product liability insurance.
  • We may need additional funding to finance our planned operations, and may not be able to raise capital when needed, which could force us to delay, reduce or eliminate our product development programs and commercialization efforts.
  • We entered into a new credit facility, which may affect our ability to operate our business and secure additional financing in the future.
  • We may acquire other companies or technologies, which could fail to result in a commercial product or net sales, divert our management’s attention, result in additional dilution to our stockholders and otherwise disrupt our business.
  • Taxing authorities may successfully assert that we should have collected or in the future should collect sales and use, gross receipts, value added or similar taxes and may successfully impose additional obligations on us.
  • Our ability to utilize our net operating loss carryforwards and research and development carryforwards may be limited.
  • The impact of the Tax Cuts and Jobs Act on our financial results is not entirely clear and could differ materially from the financial statements provided herein.
  • As international expansion of our business occurs in future years, it will expose us to market, regulatory, political, operational, financial and economic risks associated with doing business outside of the United States.
  • The United Kingdom’s withdrawal from the European Union may have a negative effect on global economic conditions, financial markets and our business.
  • Security breaches, loss of data and other disruptions could compromise sensitive information related to our business or our customer’s patients, or prevent us from accessing critical information and expose us to liability, which could adversely affect our business and our reputation.
  • We could be adversely affected by violations of the FCPA and similar worldwide anti-bribery laws and any investigation, and the outcome of any investigation, by government agencies of possible violations by us of the FCPA could have a material adverse effect on our business.
  • Our success will depend on our, and any of our current and future licensors’, ability to obtain, maintain and protect our intellectual property rights.
  • Obtaining and maintaining patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • Changes in patent law could diminish the value of patents in general, thereby impairing our ability to protect our existing and future products.
  • We may become a party to intellectual property litigation or administrative proceedings that could be costly and could interfere with our ability to sell and market our products.
  • If we are unable to protect the confidentiality of our other proprietary information, our business and competitive position may be harmed.
  • We may not be able to protect our intellectual property rights throughout the world.
  • We may be subject to claims that we or our employees have misappropriated the intellectual property of a third party, including trade secrets or know-how, or are in breach of non-competition or non-solicitation agreements with our competitors.
  • Our products and operations are subject to extensive government regulation and oversight in the United States.
  • We may not receive, or may be delayed in receiving, the necessary clearances, certifications or approvals for our future products or modifications to our current products, and failure to timely obtain necessary clearances, certifications or approvals for our future products or modifications to our current products would adversely affect our ability to grow our business.
  • Failure to comply with post-marketing regulatory requirements could subject us to enforcement actions, including substantial penalties, and might require us to recall or withdraw a product from the market.
  • Our products must be manufactured in accordance with federal and state regulations, and we could be forced to recall our devices or terminate production if we fail to comply with these regulations.
  • Our products may cause or contribute to adverse medical events or be subject to failures or malfunctions that we are required to report to the FDA, and if we fail to do so, we would be subject to sanctions that could negatively affect our reputation, business, financial condition and results of operations. The discovery of serious safety issues with our products, or a recall of our products either voluntarily or at the direction of the FDA or another governmental authority, could have a negative impact on us.
  • If we do not obtain and maintain international regulatory registrations, clearances or approvals for our products, we will be unable to market and sell our products outside of the United States.
  • Legislative or regulatory reforms in the United States or the EU may make it more difficult and costly for us to obtain regulatory clearances or approvals for our products or to manufacture, market or distribute our products after clearance or approval is obtained.
  • Interim, “top-line” and preliminary data from our clinical trials that we announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data.
  • Changes in funding for, or disruptions caused by global health concerns impacting, the FDA and other government agencies could hinder their ability to hire and retain key leadership and other personnel, or otherwise prevent new products and services from being developed, cleared or approved or commercialized in a timely manner, which could negatively impact our business.
  • The clinical trial process is lengthy and expensive with uncertain outcomes. We have limited data and experience regarding the safety and efficacy of our products. Results of earlier studies may not be predictive of future clinical trial results, or the safety or efficacy profile for such products.
  • We are subject to certain federal, state and foreign fraud and abuse laws and physician payment transparency laws that could subject us to substantial penalties. Additionally, any challenge to or investigation into our practices under these laws could cause adverse publicity and be costly to respond to, and thus could harm our business.
  • We are subject to governmental regulations and other legal obligations, particularly related to privacy, data protection and information security, and we are subject to consumer protection laws that regulate our marketing practices and prohibit unfair or deceptive acts or practices. Our actual or perceived failure to comply with such obligations could harm our business. Ensuring compliance with such laws could also impair our efforts to maintain and expand our customer base, and thereby decrease our revenue.
  • Our employees, consultants, and other commercial partners may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements.
  • Compliance with environmental laws and regulations could be expensive, and the failure to comply with these laws and regulations could subject us to significant liability.
  • Healthcare policy changes, including recently enacted legislation reforming the U.S. healthcare system, could harm our business, financial condition and results of operations.
  • The price of our common stock may fluctuate substantially or may decline regardless of our operating performance and you could lose all or part of your investment.
  • We are an emerging growth company and we cannot be certain if the reduced disclosure requirements applicable to us will make our common stock less attractive to investors.
  • Our directors, officers and principal stockholders have significant voting power and may take actions that may not be in the best interests of our other stockholders.
  • We have previously identified material weaknesses in our internal control over financial reporting and may identify material weaknesses in the future or otherwise fail to maintain an effective system of internal controls, as a result of which, we may not be able to accurately report our financial condition or results of operations which may adversely affect investor confidence in us and, as a result, the value of our common stock.
  • Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.
  • Provisions in our corporate charter documents and under Delaware law could make an acquisition of us more difficult and may prevent attempts by our stockholders to replace or remove our current management.
  • Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware will be the sole and exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ abilities to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
  • Because we do not anticipate paying any cash dividends on our capital stock in the foreseeable future, capital appreciation, if any, will be your sole source of gain.
  • We have incurred and expect to continue to incur significant additional costs as a result of being a public company, and our management is required to devote substantial time to compliance with our public company responsibilities and corporate governance practices.
  • Securities analysts may not publish favorable research or reports about our business or may publish no information at all, which could cause our stock price or trading volume to decline.
  • If our estimates or judgments relating to our critical accounting policies are based on assumptions that change or prove to be incorrect, our operating results could fall below our publicly announced guidance or the expectations of securities analysts and investors, resulting in a decline in the market price of our common stock.
  • Our insurance policies are expensive and protect us only from some business risks, which leaves us exposed to significant uninsured liabilities.
  • The failure of third parties to meet their contractual, regulatory, and other obligations could adversely affect our business.
  • If our trademarks and tradenames are not adequately protected, then we may not be able to build name recognition in our markets and our business may be adversely affected.
Management Discussion
  • Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
  • You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes included in Part II, Item 8 of this Annual Report on Form 10-K.
  • This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (“the Exchange Act”). Forward-looking statements are identified by words such as “believe,” “will,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “could,” “potentially” or the negative of these terms or similar expressions. You should read these statements carefully because they discuss future expectations, contain projections of future results of operations or financial condition, or state other “forward-looking” information. These statements relate to our future plans, objectives, expectations, intentions and financial performance and the assumptions that underlie these statements. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in this report in Part I, Item 1A — “Risk Factors,” and elsewhere in this report. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. These statements, like all statements in this report, speak only as of their date, and we undertake no obligation to update or revise these statements in light of future developments. We caution investors that our business and financial performance are subject to substantial risks and uncertainties.
Content analysis
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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
New words: coupled, half, implicit, NaN, spent, twelve
Removed: amendment, approved, clearance, Codification, Drug, emboli, FDA, filing, Food, fractional, noncurrent, range, retroactive, split, volume