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Reasons to Add Inari Medical (NARI) Stock to Your Portfolio
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Inari Medical, Inc. (NARI - Free Report) is well-poised for growth, backed by a huge market opportunity for products and its commitment to understand the venous system. However, its dependency on adoption of products is concerning.
Shares of this Zacks Rank #1 (Strong Buy) company have risen 3.8% year to date against the industry’s 9.9% decline. The S&P 500 Index has risen 12.4% in the same time frame.
NARI, with a market capitalization of $3.79 billion, is a commercial-stage medical device company. It seeks to develop products for treating and changing the lives of patients suffering from venous diseases.
The company’s earnings yield of 0.6% compares favorably with the industry’s (7.5%). Its earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 66.83%.
Image Source: Zacks Investment Research
What’s Driving NARI’s Performance?
Inari Medical is spearheading the creation and commercialization of devices that are purposefully built, keeping in mind the specific characteristics of the venous system, its diseases and unique clot morphology.
The company’s in-depth knowledge of its target market and commitment to understand the venous system have allowed it to figure out the unmet needs of patients as well as physicians. This, in turn, has enabled NARI to quickly innovate and improve its products while updating its clinical and educational programs.
In June, Inari Medical launched two new purpose-built products — the RevCore thrombectomy catheter and the Triever16 Curve catheter.
RevCore is currently the first mechanical thrombectomy device designed to address venous in-stent thrombosis. Triever16 Curve is the latest addition to NARI’s FlowTriever platform.
The latest launches are expected to significantly solidify the company’s foothold in the Venous Stent Thrombosis and Venous Thromboembolism (VTE) treatment space globally.
In May, NARI announced the planned enrollment of the PEERLESS II trial, its third randomized controlled trial (RCT) in VTE. PEERLESS II is a prospective, global, multi-center RCT, comparing the outcomes of intermediate-risk pulmonary embolism (PE) patients treated with the FlowTriever system versus anticoagulation alone.
In January, the company enrolled the first patient in its prospective randomized controlled trial — DEFIANCE. The idea was to compare the clinical outcomes of ClotTriever System to anticoagulation, only in patients with iliofemoral deep vein thrombosis.
A successful completion will support the favorable profile of Inari Medical’s key products, ClotTriever and FlowTriever.
Strong procedural growth across both its product lines, ClotTriever and FlowTriever, continues to drive the company’s top line in the first half of 2023, a trend that is likely to be reflected in second-half results.
Moreover, NARI has expanded its product portfolio with new launches this year. It continues to progress well with the launch of Protrieve and InThrill. Continued adoption of FlowSaver — a device designed to be used with the FlowTriever System to reduce blood loss — will boost European sales.
During the second quarter, the company launched two new products — RevCore and T16 Curve — targeting patients with venous thromboembolism. The launch of new products looks promising for NARI’s long-term growth.
The company reported total revenues of $119 million for the second quarter, indicating a 28.3% improvement year over year.It expanded its territories to more than 275 in 2022.
Inari Medical expects total revenues of $482-$492 million for 2023, indicating growth of approximately 25.7-28.3% from the previous year’s reported actual.
What’s Weighing on the Stock?
Most of NARI’s product sales and revenues come from a limited number of hospitals. The company’s growth and profitability mainly depend on its ability to boost physician and patient awareness of its products. These also depend on how keen physicians and hospitals are to adopt its products and perform catheter-based thrombectomy procedures on patients suffering from venous thromboembolism.
Inari Medical’s inability to validate the benefits of its products and catheter-based thrombectomy procedures will result in limited adoption of the same. Moreover, it might not happen as quickly as expected. These factors, in unison, might negatively impact NARI’s business and financial condition.
The Zacks Consensus Estimate for the company’s revenues is pegged at $488.9 million for 2023, indicating a 27.5% increase from the previous year’s reported number. The bottom-line estimate is pinned at 4 cents per share, implying a 107.3% improvement from that recorded a year ago. The consensus estimate has improved from a loss of 1 cent per share to an earnings of 4 cents for 2023 in the past 60 days.
Other Stocks to Consider
Some other top-ranked stocks in the broader medical space are Align Technology (ALGN - Free Report) , McKesson Corporation (MCK - Free Report) and Medpace (MEDP - Free Report) .
ALGN’s earnings surpassed estimates in two of the trailing four quarters and missed twice, delivering an average negative surprise of 1.76%. The company’s shares have risen 42.1% year to date compared with the industry’s 9.3% growth.
McKesson, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 10.7%. MCK’s earnings surpassed estimates in three of the trailing four quarters and missed once, delivering an average surprise of 8.1%.
The stock has gained 16.6% year to date compared with the industry’s 9.3% growth.
Medpace, carrying a Zacks Rank #2 at present, has an estimated growth rate of 16.2% for 2024. MEDP’s earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 22.28%.
The company’s shares have rallied 14.2% year to date against the industry’s 13% decline.
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Reasons to Add Inari Medical (NARI) Stock to Your Portfolio
Inari Medical, Inc. (NARI - Free Report) is well-poised for growth, backed by a huge market opportunity for products and its commitment to understand the venous system. However, its dependency on adoption of products is concerning.
Shares of this Zacks Rank #1 (Strong Buy) company have risen 3.8% year to date against the industry’s 9.9% decline. The S&P 500 Index has risen 12.4% in the same time frame.
NARI, with a market capitalization of $3.79 billion, is a commercial-stage medical device company. It seeks to develop products for treating and changing the lives of patients suffering from venous diseases.
The company’s earnings yield of 0.6% compares favorably with the industry’s (7.5%). Its earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 66.83%.
Image Source: Zacks Investment Research
What’s Driving NARI’s Performance?
Inari Medical is spearheading the creation and commercialization of devices that are purposefully built, keeping in mind the specific characteristics of the venous system, its diseases and unique clot morphology.
The company’s in-depth knowledge of its target market and commitment to understand the venous system have allowed it to figure out the unmet needs of patients as well as physicians. This, in turn, has enabled NARI to quickly innovate and improve its products while updating its clinical and educational programs.
In June, Inari Medical launched two new purpose-built products — the RevCore thrombectomy catheter and the Triever16 Curve catheter.
RevCore is currently the first mechanical thrombectomy device designed to address venous in-stent thrombosis. Triever16 Curve is the latest addition to NARI’s FlowTriever platform.
The latest launches are expected to significantly solidify the company’s foothold in the Venous Stent Thrombosis and Venous Thromboembolism (VTE) treatment space globally.
In May, NARI announced the planned enrollment of the PEERLESS II trial, its third randomized controlled trial (RCT) in VTE. PEERLESS II is a prospective, global, multi-center RCT, comparing the outcomes of intermediate-risk pulmonary embolism (PE) patients treated with the FlowTriever system versus anticoagulation alone.
In January, the company enrolled the first patient in its prospective randomized controlled trial — DEFIANCE. The idea was to compare the clinical outcomes of ClotTriever System to anticoagulation, only in patients with iliofemoral deep vein thrombosis.
A successful completion will support the favorable profile of Inari Medical’s key products, ClotTriever and FlowTriever.
Strong procedural growth across both its product lines, ClotTriever and FlowTriever, continues to drive the company’s top line in the first half of 2023, a trend that is likely to be reflected in second-half results.
Moreover, NARI has expanded its product portfolio with new launches this year. It continues to progress well with the launch of Protrieve and InThrill. Continued adoption of FlowSaver — a device designed to be used with the FlowTriever System to reduce blood loss — will boost European sales.
During the second quarter, the company launched two new products — RevCore and T16 Curve — targeting patients with venous thromboembolism. The launch of new products looks promising for NARI’s long-term growth.
The company reported total revenues of $119 million for the second quarter, indicating a 28.3% improvement year over year.It expanded its territories to more than 275 in 2022.
Inari Medical expects total revenues of $482-$492 million for 2023, indicating growth of approximately 25.7-28.3% from the previous year’s reported actual.
What’s Weighing on the Stock?
Most of NARI’s product sales and revenues come from a limited number of hospitals. The company’s growth and profitability mainly depend on its ability to boost physician and patient awareness of its products. These also depend on how keen physicians and hospitals are to adopt its products and perform catheter-based thrombectomy procedures on patients suffering from venous thromboembolism.
Inari Medical’s inability to validate the benefits of its products and catheter-based thrombectomy procedures will result in limited adoption of the same. Moreover, it might not happen as quickly as expected. These factors, in unison, might negatively impact NARI’s business and financial condition.
Inari Medical, Inc. Price
Inari Medical, Inc. price | Inari Medical, Inc. Quote
Estimates Trend
The Zacks Consensus Estimate for the company’s revenues is pegged at $488.9 million for 2023, indicating a 27.5% increase from the previous year’s reported number. The bottom-line estimate is pinned at 4 cents per share, implying a 107.3% improvement from that recorded a year ago. The consensus estimate has improved from a loss of 1 cent per share to an earnings of 4 cents for 2023 in the past 60 days.
Other Stocks to Consider
Some other top-ranked stocks in the broader medical space are Align Technology (ALGN - Free Report) , McKesson Corporation (MCK - Free Report) and Medpace (MEDP - Free Report) .
Align Technology, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 17.5%. You can see the complete list of today’s Zacks #1 Rank stocks here.
ALGN’s earnings surpassed estimates in two of the trailing four quarters and missed twice, delivering an average negative surprise of 1.76%. The company’s shares have risen 42.1% year to date compared with the industry’s 9.3% growth.
McKesson, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 10.7%. MCK’s earnings surpassed estimates in three of the trailing four quarters and missed once, delivering an average surprise of 8.1%.
The stock has gained 16.6% year to date compared with the industry’s 9.3% growth.
Medpace, carrying a Zacks Rank #2 at present, has an estimated growth rate of 16.2% for 2024. MEDP’s earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 22.28%.
The company’s shares have rallied 14.2% year to date against the industry’s 13% decline.