Inari Medical (Nasdaq:NARI) shares ticked up after hours today on third-quarter results that topped the consensus forecast.
The Irvine, California-based thrombectomy device developer posted losses of $10.2 million. That equals 19¢ per share on sales of $96.2 million for the three months ended Sept. 30, 2022.
Inari registered a more than $7 million bottom-line deeper in the red on sales growth of 31.9%. The company attributed its sales growth to U.S. commercial expansion, increased procedure adoption and new product introductions.
The company’s losses per share of 19¢ came in 6¢ ahead of Wall Street projections. Sales beat The Street, too, as analysts expected revenues of $90.4 million.
“Our aggressive investment in our growth drivers is paying off for our mission,” Inari Medical CEO Bill Hoffman said in a news release. “We launched two new products, our fifth and sixth of 2022, and presented three new data sets as late-breaking clinical trials at major conferences. We continue to sense responsibility, not merely opportunity, for this work. I love so much that our team has committed to changing lives in the most beautiful ways.”
Inari increased its full-year revenue guidance. The company previously expected sales between $360 million and $370 million. It now projects a range of $373 million to $375 million.
Shares of NARI ticked up 1.1% at $74.31 apiece after the market closed. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — ended the day down 0.3%.
