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Inari (NARI) Preliminary Q4 Revenues Ride on Procedure Demand
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Inari Medical (NARI - Free Report) announced preliminary revenue results for fourth-quarter 2023. The preliminary results were almost in line with market expectations.
Per the preliminary report, fourth-quarter 2023 net sales are estimated to be at least $132 million, suggesting a 22% rise from the year-ago reported figure. The Zacks Consensus Estimate of $131.8 million lies slightly below the preliminary figure.
For 2023, NARI estimates revenues of $493.5 million, indicating a year-over-year increase of 24%. The Zacks Consensus Estimate of $492.8 billion lies below the preliminary figure.
Per management, fourth-quarter revenues were driven by higher demand for venous thromboembolism (VTE) procedures. Moreover, the company’s new therapies have been gaining adoption among patients. A strong demand in international markets also contributed to sales growth in the quarter.
Inari launched LimFlow, which it acquired in November, in the United States in the quarter. LimFlow, a limb salvage for patients with chronic limb-threatening ischemia (CLTI), was recently approved by the FDA for its Transcatheter Arterialization of Deep Veins system. The acquisition adds a highly differentiated growth platform to Inari’s platform that is likely to provide multiple opportunities for expansion, including expansion in the CLTI patient population.
Total revenues are expected to be $580-$595 million, implying year-over-year growth of 17.5-20.5%. The Zacks Consensus Estimate is pegged at $588.6 million.
A Brief Q4 Analysis
On the third-quarter earnings call in November 2023, the company continued to make progress across the six products that are in full market release in the second half of 2023. Three of these products — REVCORE, InThrill and ProTrieve — add direct incremental revenue opportunities. These products are likely to have boosted the company’s performance in the fourth quarter as well.The increased adoption of NARI’s products in Western Europe, complemented by solid case growth in its early-stage markets in Latin America, Canada and the Asia Pacific, is likely to have continued in the fourth quarter, driving international sales.
Meanwhile, Inari is conducting randomized controlled trials to bring new products to the market. In November, NARI started a RCT, PEERLESS II, which will compare the outcomes of intermediate-risk acute pulmonary embolism patients treated with the FlowTriever System with those treated with traditional anticoagulation therapy alone. It is also progressing with another RCT, DEFIANCE. These trials are likely to have driven research and development expenses in the fourth quarter.
Price Performance
Shares of the company declined 0.7% between Oct 1 and Dec 31, 2023, against the industry’s 10.1% growth. The S&P 500 rose 10.6% during the same time frame.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Currently, Inari carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are DaVita Inc. (DVA - Free Report) , Merit Medical Systems, Inc. (MMSI - Free Report) and Integer Holdings Corporation (ITGR - Free Report) .
DaVita, sporting a Zacks Rank #1 (Strong Buy) at present, has an estimated long-term growth rate of 17.3%. DVA’s earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 36.6%. You can see the complete list of today’s Zacks #1 Rank stocks here.
DaVita’s shares have risen 22.1% compared with the industry’s 23.9% growth between Oct 1 and Dec 31, 2023.
Merit Medical, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 11.5%. MMSI’s earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 14.4%.
Merit Medical’s shares have risen 10.5% compared with the industry’s 7.2% growth between Oct 1 and Dec 31, 2023.
Integer Holdings, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 15.8%. ITGR’s earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 11.9%.
Integer Holdings’ shares have risen 26.3% compared with the industry’s 10.1% growth between Oct 1 and Dec 31, 2023.
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Inari (NARI) Preliminary Q4 Revenues Ride on Procedure Demand
Inari Medical (NARI - Free Report) announced preliminary revenue results for fourth-quarter 2023. The preliminary results were almost in line with market expectations.
Per the preliminary report, fourth-quarter 2023 net sales are estimated to be at least $132 million, suggesting a 22% rise from the year-ago reported figure. The Zacks Consensus Estimate of $131.8 million lies slightly below the preliminary figure.
For 2023, NARI estimates revenues of $493.5 million, indicating a year-over-year increase of 24%. The Zacks Consensus Estimate of $492.8 billion lies below the preliminary figure.
Per management, fourth-quarter revenues were driven by higher demand for venous thromboembolism (VTE) procedures. Moreover, the company’s new therapies have been gaining adoption among patients. A strong demand in international markets also contributed to sales growth in the quarter.
Inari launched LimFlow, which it acquired in November, in the United States in the quarter. LimFlow, a limb salvage for patients with chronic limb-threatening ischemia (CLTI), was recently approved by the FDA for its Transcatheter Arterialization of Deep Veins system. The acquisition adds a highly differentiated growth platform to Inari’s platform that is likely to provide multiple opportunities for expansion, including expansion in the CLTI patient population.
Inari Medical, Inc. Price
Inari Medical, Inc. price | Inari Medical, Inc. Quote
Guidance
Inari has provided its 2024 revenue guidance.
Total revenues are expected to be $580-$595 million, implying year-over-year growth of 17.5-20.5%. The Zacks Consensus Estimate is pegged at $588.6 million.
A Brief Q4 Analysis
On the third-quarter earnings call in November 2023, the company continued to make progress across the six products that are in full market release in the second half of 2023. Three of these products — REVCORE, InThrill and ProTrieve — add direct incremental revenue opportunities. These products are likely to have boosted the company’s performance in the fourth quarter as well.The increased adoption of NARI’s products in Western Europe, complemented by solid case growth in its early-stage markets in Latin America, Canada and the Asia Pacific, is likely to have continued in the fourth quarter, driving international sales.
Meanwhile, Inari is conducting randomized controlled trials to bring new products to the market. In November, NARI started a RCT, PEERLESS II, which will compare the outcomes of intermediate-risk acute pulmonary embolism patients treated with the FlowTriever System with those treated with traditional anticoagulation therapy alone. It is also progressing with another RCT, DEFIANCE. These trials are likely to have driven research and development expenses in the fourth quarter.
Price Performance
Shares of the company declined 0.7% between Oct 1 and Dec 31, 2023, against the industry’s 10.1% growth. The S&P 500 rose 10.6% during the same time frame.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Currently, Inari carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are DaVita Inc. (DVA - Free Report) , Merit Medical Systems, Inc. (MMSI - Free Report) and Integer Holdings Corporation (ITGR - Free Report) .
DaVita, sporting a Zacks Rank #1 (Strong Buy) at present, has an estimated long-term growth rate of 17.3%. DVA’s earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 36.6%. You can see the complete list of today’s Zacks #1 Rank stocks here.
DaVita’s shares have risen 22.1% compared with the industry’s 23.9% growth between Oct 1 and Dec 31, 2023.
Merit Medical, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 11.5%. MMSI’s earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 14.4%.
Merit Medical’s shares have risen 10.5% compared with the industry’s 7.2% growth between Oct 1 and Dec 31, 2023.
Integer Holdings, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 15.8%. ITGR’s earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 11.9%.
Integer Holdings’ shares have risen 26.3% compared with the industry’s 10.1% growth between Oct 1 and Dec 31, 2023.