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Sep 30, 2024
Inari Medical Q3 2024 Earnings Report
Reported revenue of $153 million, up 21% year-over-year, but experienced a GAAP operating loss of $13.6 million.
Key Takeaways
Inari Medical reported strong revenue growth of 21% in Q3 2024, reaching $153 million. However, the company experienced a GAAP operating loss of $13.6 million, compared to an operating income of $2.1 million in the same quarter last year. The company raises full year 2024 revenue guidance to $601.5 million to $604.5 million.
Revenue reached $153 million in Q3 2024, a 21% increase year-over-year.
GAAP operating loss was $13.6 million in Q3 2024, compared to a $2.1 million operating income in the same quarter of last year.
Non-GAAP operating loss was $0.4 million in Q3 2024, compared to a $4.8 million non-GAAP operating income in the same quarter of last year.
Cash, cash equivalents, and short-term investments totaled $112 million as of Q3 2024.
Revenue by Segment
Forward Guidance
Inari raises full year 2024 revenue guidance to $601.5 million to $604.5 million and expects to reach sustained operating profitability in the first half of 2025.
Positive Outlook
- Full year 2024 revenue guidance raised to $601.5 million to $604.5 million.
- Revenue growth of approximately 21.9% to 22.5% over 2023 is expected.
- Sustained operating profitability is expected in the first half of 2025.
- Strong performance across the entire Inari portfolio.
- Several important catalysts on the horizon, including the PEERLESS data presentation and the full market release of Artix.
Challenges Ahead
- GAAP operating loss was $13.6 million in Q3 2024.
- Non-GAAP operating loss was $0.4 million in Q3 2024.
- Gross margin decreased to 87.1% compared to 88.5% in the same quarter last year.
- Operating expenses increased to $147.1 million, driven by personnel-related expenses and other factors.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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