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Home » Inari Medical rises on Street-beating Q3, increased guidance

Inari Medical rises on Street-beating Q3, increased guidance

November 2, 2022 By Sean Whooley

inari medicalInari 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%.

Filed Under: Business/Financial News, Cardiac Implants, Cardiovascular, MassDevice Earnings Roundup, Structural Heart, Wall Street Beat Tagged With: Inari Medical

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About Sean Whooley

Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at [email protected].

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