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Inari Medical (NARI) Q4 Earnings Beat, Revenues Rise Y/Y
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Inari Medical, Inc. (NARI - Free Report) reported fourth-quarter 2022 net loss of 11 cents per share, beating the Zacks Consensus Estimate of a loss of 17 cents by 35.3%. The company had reported an earnings per share (EPS) of 2 cents in the year-ago period.
Revenue Details
The company reported revenues of $107.8 million, which surged 30% from the prior-year quarter’s figure. Sales were up 12% sequentially. The top line outpaced the Zacks Consensus Estimate by 0.2%. Product introductions, higher product adoption and continued U.S. commercial expansion contributed to the improvement.
Q4 Highlights
Inari’s core business was driven by strong procedural growth across both its ClotTriever and FlowTriever product lines. The company derived 32% of its revenues from the sale of ClotTriever products during the fourth quarter of 2022 and 68% from the sale of FlowTriever products.
On its fourth-quarter earnings call, Inari stated that it is progressing well with the launch of Protrieve and InThrill. The company also received approval for FlowSaver — a device designed to be used with the FlowTriever System to reduce blood loss — in Europe, during the reported quarter.
Inari is expanding its presence globally. During the fourth quarter, the company’s International business generated revenues of $9.4 million, up 144% year over year and 27% sequentially. International sales were primarily driven by strong performance in Europe.
Inari Medical, Inc. Price, Consensus and EPS Surprise
Gross profit in the reported quarter was $94.6 million, up 26.3% year over year. As a percentage of revenues, the gross margin in the quarter was 87.8%, down 230 basis points. Addition of new products to the FlowTriever system drove cost of goods sold.
Research and development expenses were $20.4 million, up 9% from the year-ago quarter. Selling, general and administrative expenses totaled $80.1 million, up 47.1% on a year-over-year basis.
Operating loss totaled $5.8 million against the year-ago quarter’s operating income of $1.75 million.
Financial Position
The company exited the fourth quarter with cash, cash equivalents and short-term investments of $326.4 million, up from $319.2 million on a sequential basis.
2023 Revenue Guidance
For 2023, the company expects revenues in the range of $470 million to $480 million. The Zacks Consensus Estimate for the same is pegged at $476.5 million.
Our Take
Inari Medical exited the fourth quarter on a strong note, wherein both earnings and revenues beat the consensus mark. Apart from treating a large number of patients in the quarter under review, the company made substantial progress across all its growth drivers. The company’s plans to launch several products later this year buoy optimism.
However, the incurrence of operating loss remains a concern. Contraction in gross margin is a woe.
Zacks Rank and Stocks to Consider
Currently, Inari carries a Zacks Rank #3 (Hold).
Some other stocks in the medical space that have announced quarterly results are AmerisourceBergen , McKesson Corporation (MCK - Free Report) and Hologic, Inc. (HOLX - Free Report) .
AmerisourceBergen, carrying a Zacks Rank #2 (Buy), reported first-quarter fiscal 2022 adjusted EPS of $2.71, beating the Zacks Consensus Estimate by 3.4%. Revenues of $62.85 billion outpaced the consensus mark by 0.9%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AmerisourceBergen has a long-term estimated growth rate of 8.7%. ABC’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 3.47%.
McKesson, carrying a Zacks Rank #2, reported third-quarter fiscal 2023 adjusted EPS of $6.90, beating the Zacks Consensus Estimate by 8.8%. Revenues of $70.49 billion outpaced the consensus mark by 0.02%.
McKesson has a long-term estimated growth rate of 10.4%. MCK’s earnings surpassed estimates in two of the trailing four quarters and missed the same in the other two, the average surprise being 3.4%.
Hologic reported first-quarter fiscal 2023 adjusted earnings of $1.07 per share, beating the Zacks Consensus Estimate by 18.9%. Revenues of $1.07 billion surpassed the Zacks Consensus Estimate by 9.5%. It currently sports a Zacks Rank #1.
Hologic has a long-term estimated growth rate of 15.2%. HOLX’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 30.6%.
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Inari Medical (NARI) Q4 Earnings Beat, Revenues Rise Y/Y
Inari Medical, Inc. (NARI - Free Report) reported fourth-quarter 2022 net loss of 11 cents per share, beating the Zacks Consensus Estimate of a loss of 17 cents by 35.3%. The company had reported an earnings per share (EPS) of 2 cents in the year-ago period.
Revenue Details
The company reported revenues of $107.8 million, which surged 30% from the prior-year quarter’s figure. Sales were up 12% sequentially. The top line outpaced the Zacks Consensus Estimate by 0.2%. Product introductions, higher product adoption and continued U.S. commercial expansion contributed to the improvement.
Q4 Highlights
Inari’s core business was driven by strong procedural growth across both its ClotTriever and FlowTriever product lines. The company derived 32% of its revenues from the sale of ClotTriever products during the fourth quarter of 2022 and 68% from the sale of FlowTriever products.
On its fourth-quarter earnings call, Inari stated that it is progressing well with the launch of Protrieve and InThrill. The company also received approval for FlowSaver — a device designed to be used with the FlowTriever System to reduce blood loss — in Europe, during the reported quarter.
Inari is expanding its presence globally. During the fourth quarter, the company’s International business generated revenues of $9.4 million, up 144% year over year and 27% sequentially. International sales were primarily driven by strong performance in Europe.
Inari Medical, Inc. Price, Consensus and EPS Surprise
Inari Medical, Inc. price-consensus-eps-surprise-chart | Inari Medical, Inc. Quote
Margins
Gross profit in the reported quarter was $94.6 million, up 26.3% year over year. As a percentage of revenues, the gross margin in the quarter was 87.8%, down 230 basis points. Addition of new products to the FlowTriever system drove cost of goods sold.
Research and development expenses were $20.4 million, up 9% from the year-ago quarter. Selling, general and administrative expenses totaled $80.1 million, up 47.1% on a year-over-year basis.
Operating loss totaled $5.8 million against the year-ago quarter’s operating income of $1.75 million.
Financial Position
The company exited the fourth quarter with cash, cash equivalents and short-term investments of $326.4 million, up from $319.2 million on a sequential basis.
2023 Revenue Guidance
For 2023, the company expects revenues in the range of $470 million to $480 million. The Zacks Consensus Estimate for the same is pegged at $476.5 million.
Our Take
Inari Medical exited the fourth quarter on a strong note, wherein both earnings and revenues beat the consensus mark. Apart from treating a large number of patients in the quarter under review, the company made substantial progress across all its growth drivers. The company’s plans to launch several products later this year buoy optimism.
However, the incurrence of operating loss remains a concern. Contraction in gross margin is a woe.
Zacks Rank and Stocks to Consider
Currently, Inari carries a Zacks Rank #3 (Hold).
Some other stocks in the medical space that have announced quarterly results are AmerisourceBergen , McKesson Corporation (MCK - Free Report) and Hologic, Inc. (HOLX - Free Report) .
AmerisourceBergen, carrying a Zacks Rank #2 (Buy), reported first-quarter fiscal 2022 adjusted EPS of $2.71, beating the Zacks Consensus Estimate by 3.4%. Revenues of $62.85 billion outpaced the consensus mark by 0.9%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AmerisourceBergen has a long-term estimated growth rate of 8.7%. ABC’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 3.47%.
McKesson, carrying a Zacks Rank #2, reported third-quarter fiscal 2023 adjusted EPS of $6.90, beating the Zacks Consensus Estimate by 8.8%. Revenues of $70.49 billion outpaced the consensus mark by 0.02%.
McKesson has a long-term estimated growth rate of 10.4%. MCK’s earnings surpassed estimates in two of the trailing four quarters and missed the same in the other two, the average surprise being 3.4%.
Hologic reported first-quarter fiscal 2023 adjusted earnings of $1.07 per share, beating the Zacks Consensus Estimate by 18.9%. Revenues of $1.07 billion surpassed the Zacks Consensus Estimate by 9.5%. It currently sports a Zacks Rank #1.
Hologic has a long-term estimated growth rate of 15.2%. HOLX’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 30.6%.