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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.
Inari Medical
Inari Medical
Inari Medical Revenue by Segment
Revenue by Segment
VTE Revenue
CapyFin.comEmerging Therapies Revenue
CapyFin.com 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.
- Net loss was $18.4 million for the third quarter of 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income