Inari Medical Inc Reports Financial Results for the Quarter Ended September 30 2024
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Inari Medical, Inc. Reports Financial Results for the Quarter Ended September 30, 2024
Inari Medical, Inc. has reported its financial results for the third quarter of the fiscal year 2024, showcasing continued revenue growth alongside strategic operational developments.
Key Financial Metrics
| Metric | Q3 2024 (Actual) | Q3 2024 (Consensus) | Q3 2023 (Actual) | YoY Change |
|---|---|---|---|---|
| Total Revenue | $153.4 million | $150.67 million | $126.4 million | +21.4% |
Inari Medical exceeded revenue expectations for Q3 2024, bringing in $153.4 million, versus a consensus estimate of $150.67 million. Compared to last year's Q3 revenue of $126.4 million, this marks a significant 21.4% increase, underscoring the company’s robust growth trajectory.
Revenue Performance by Segment
| Segment | Commentary |
|---|---|
| Venous Thromboembolism (VTE) | Solid performance driven by increased adoption. |
| Emerging Therapies | Growth supported by new products like VenaCore. |
Revenue across the Venous Thromboembolism (VTE) and Emerging Therapies segments continued to grow, fueled by the expanding adoption of Inari’s therapies and successful launches of new products including VenaCore.
Key Developments and Operational Highlights
- Launched VenaCore in June 2024, a multi-purpose device for treating DVT.
- Continued global commercial expansion and increased adoption of procedures.
- Amended its credit facility with Bank of America, increasing the borrowing capacity to $75 million.
Comments from Company Officers
Inari officers highlighted the strong quarter driven by expansion and adoption across the board. The launch of VenaCore was noted as a significant contributor to the success of the Emerging Therapies segment, which showed marked growth through enhanced market penetration.
Dividends and Share Repurchase Program
No dividends or share repurchase program announcements were made in the earnings report.
Forward Guidance
There were no formal forward guidance figures provided within the earnings release.
Stock Price Movement
Following the earnings announcement, Inari Medical’s stock experienced a post-event price change of -2.61%.
This earnings report reflects Inari Medical's ongoing strategies to drive growth through product innovation and market expansion, albeit with a slight dip in stock value following the announcement.
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