Inari Medical Reports Third Quarter 2024 Financial Results
Inari Medical, Inc. has released its financial results for the third quarter ending September 30, 2024.
Key Financial Metrics:
| Metric | Q3 2024 | Q3 2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|
| Revenue | $153.4M | $126.4M | +21.4% | $150.67M |
| Earnings per Share (EPS) | -$0.32 | $0.06 | -633% | -$0.11 |
Inari Medical's total revenue for Q3 2024 increased by 21.4% year-over-year to $153.4 million, surpassing the consensus estimate of $150.67 million. However, the company reported a loss in earnings per share of $0.32, significantly below the prior year's EPS of $0.06. This performance highlights continued growth in revenue streams but also indicates challenges in managing operational costs and expenses.
Key Developments and Operational Highlights:
- Continued expansion of sales territories and opening of new accounts.
- Increased adoption of Inari’s mechanical thrombectomy procedures.
- Successful global commercial expansion and introduction of new medical products, enhancing the product portfolio.
- Legal developments involving patent infringement lawsuits with Imperative Care, Inc. and additional actions against Inquis Medical, Inc.
- Handling ongoing civil investigative demands from the U.S. Department of Justice.
Management Comments:
Inari Medical's officers have emphasized their commitment to innovation and expansion, particularly in the venous thromboembolism and emerging therapy markets. They are actively working on expanding their global footprint and developing new products to maintain growth momentum.
Dividends/Share Repurchase:
The earnings release did not indicate any new dividends or share repurchase programs.
Forward Guidance:
No forward guidance was provided in the earnings release.
Stock Price Movement:
Following the earnings announcement, Inari Medical's stock experienced a decrease of 2.61%.
[Note: Certain sections were incomplete due to insufficient data provided in the supplied earnings content.]
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