NARI - Earnings call transcript Q4 2021

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, and thank you for standing by. Welcome to the Inari’s Fourth Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded. now today, hand Caroline would to conference I speaker your Corner, Instructions] like the to over [Operator Investor Relations. ahead. go Please

Caroline Corner

Thank fourth Inari’s Welcome earnings operator. quarter call. you, XXXX to

under operations. These today’s could uncertainties trends Chief including Financial This to and and and and on impact Joining on the to call, differ Hoffman, any during no management’s statements include December Officer. of today. neither Inari’s financial unknown projections X are also information. be XXXX. this Private XX-K Inari’s technology; expected meaning expectations has in ended performance, Pacific filings, release Time provided operates; be and and expectations Hill, Officer; website promises, of forward-looking undertakes by today. the call call forward-looking achievements materially fourth applicable these the performance with expenses is XXXX review. call Form not achievements encouraged Inari’s the Investors President the annual future this year me are operations and to statements, and additional Mitch or risk Chief relate website Inari’s Inari’s which are call A of demand that COVID-XX of forward-looking and statements. Inari the and Executive p.m. the update and financial on statements, on obligation for known includes the website SEC including additional considered within trends performance, latest XX, statements for SEC, www.inarimedical.com factors by or section markets available or by you about All nor today’s will for expressed should position most quarter implied on on from Inari’s details involve XXXX the Bill performance except and based the recording Litigation Inari’s Inari’s will report Inari’s law. particularly guarantees as that review fact made for matters risks Inari’s results for regarding statements statements of Inari’s required historical cause press to which Act Please recent results, filings are for Reform of actual described the on products; statements Inari’s in customers’ the forward-looking in do Inari Any products results. Securities results, available market; as

for comments Now, XXXX I’d like Bill his to quarter and business to highlights. fourth turn over the call

Bill Hoffman

joining and Thank you delivered everyone you, quarter. productive Caroline, successful for thank a us and today. We fourth

both them. Imaging arteries. of suffering the right a his ankle on at our in of rural this of our all the We’ll a revealed share home. hospital of and month, some you his with remind drivers. saw all a we’d patients But He’d old days shortness fainting and do illustrate shortly. small and have our about we to earlier, always now and began month, like our people after surgery. Carolina presented record last blood pulmonary grew been left made large and you from department, some lives revenue XX-year emergency plan about again after patients who patient’s man to our detail our breath that progress North just number last mission on to we the care aggressively. Early of preannouncement start of We As of our products impact in XX as those executed clots in treated a and growth story

XX arranged center of clots what physicians especially with to patient After non-significant and carries day. I by large FlowSaver his recognized He all used arrival, embolism. to The and to high the pulmonary FlowTriever to do which was a a he quickly to recovered about Within it thrombolytic never a lungs. The hour to physician can extract and him causes, the allowed the return hospital did many XX%. or for he to risk blood dangerous massive up from total fainting extracted nature immediately High then of or to rate syncope The experience you uneventfully, multiple extracted the expensive breathe. PE patient treating mortality dangerous the in clots. the finding and be physicians of to used third significant man’s blood from patient caused While again it again has whoosh drugs him never until discharged life-flighted next asked and admitted is whoosh, me, ICU. when PE treating one the of of PE. very second received or was risk this times

time While no survive. in able residual do much of FlowSaver, course. XX for cause over because without and physician clot patients very the all lungs of patient is in old, changed clot because or who was that man, whoosh rates about he concerns years extraordinary And conveys loss, blood This alive morbidity devastating the residual of to high remains long-term him, just to of is this complications. clot ways. has of The who life care

without lab, ICU. to procedure life center, he the and in than carry the so to in remains for of hospital which this in this for to We believe, beyond. This this financial treating with treated day both a our important flight more warrant we the was time the being and like into business. devices serve from illustrates the way just resource ever our performance. very discharged also despite patients next turn The much training enough case significant sick pursue and mission, patient to the now fast been in are to value hospitals, cath QX thankful privilege to our the always was us having simple, I’d well

or million, or Procedure year $XX.X up strong. QX. million, in from was quarter QX also XX% was XX% million, revenue last the growth Our up and $XX.X same $XX.X from

procedures, procedure customers is up approximately count X,XXX modest to performed XX% number Europe. physician from QX. of including or X,XXX This from Our about a procedures, cases

Our year. revenue XX% prior $XXX.X up in million, was million, or $XXX from XXXX the

customers physician approximately XXXX. XX,XXX up from in in performed procedures XXXX, XX% procedures XX,XXX Our

about of few of QX. down thoughts associated from COVID our believe COVID XX% in volumes, now forward. that a the procedures represented procedure on our impact about Just slightly and QX We plan all total procedures

continued confident We growth total are successfully the share treating with encouraged Regardless to non-COVID on and TAM, the like that our our sequential future foundation are procedure than our now drivers. will continue both, of came XX% especially to growth and recent penetrate of growth. core we I’d serve procedures this COVID we will we’ve surges, you made from progress as of for all patients. more

remains growth commercial the and is penetration success, large, first our is despite our Our of sales expansion organization. driver TAM our core size The our low. of

fact, In updates important we some have here.

size market existing estimates to as Our datasets back date as back far XXXX.

several rates. updated outside past with the up used, across we than upon total for the the this consultancy, U.S., the same believe estimates, XXX,XXX in XXX,XXX annual in rigorous believe incidence Based VTE the data a our growth be of believe, always Based The addressable the intermediate the from larger now U.S. we our $X.X TAM who included Similarly, DVT. our high patients, DVT patients. updates meaningfully in using months, multiple from on represents to Combined, assessment triangulation This and benefit iliofemoral bottoms sources XXX,XXX historical third-party than is is with total we’ve to definition in and TAM estimates. patients the devices historical with treated. work, both communicated previous input claims estimate markets our the compared addressable up of patients larger an diagnosed patients total $X.X PE price. in markets total we only were We billion. XXX,XXX to completed all we’ve This incidence actually U.S. and the our these the Over using of underlying new X% definition of TAM work average the past. same estimate previous patients now XX% these diagnosed XXXX, risk patients to again, could from selling is believe this TAM of new patients, about in we incidence XXX,XXX of total is annual previous DVT, PE billion.

total to markets. addition our very better in TAMs, of hospitals suites. stages over and In the even X,XXX cath potentially understanding of are we markets thought number the our line with early We labs remain is similar in penetrating interventional understand hospitals could work The larger perform we there bottom to completed are we our procedures. these than that believe, now

to range XXXX year. ended a of which sales over in serves XXX earlier territories, underscore need guided We this above All for slightly the larger to with just we the the organization.

with same XXXX add We cadence least the and we’ve demonstrated the the expect in in to year XXX past at territories territories. roughly at finish

believe to our continue fully the the out built organization will We that largest when space. in peripheral be sales

building Our a with a patients fact, to expert. Most these continue and large see be with second treated alone physician and VTE patients deeper of VTE a driving is customers. at driver growth adoption hospital existing never in awareness anticoagulation percentage even

on consistently drive disease the physicians VTE to to work install best the the to We identify of continue systematic triage understand non-interventional processes procedures hospital benefits and to and with to our we awareness more with administrators state. continue patients physicians who

capabilities program best our and can efforts, can Group, hospital We share team field the encouraging are supporting economics program, efforts disease health Solutions access building. administrators which have Inari are These designated team centralized we leverage, and VTE team our Excellence market state results. by building a team, of our national former accounts on these who practices including yielding a

significant least a percentage have we example, VTE Excellence result growth are XX of direct coordinators our and now total installed our For VTE believe centers at of efforts. procedures and a

clinical Our to of third evidence. our base growth build driver is upon

here important We have updates several as well.

enrolled recently into results, is similarly comer the DVT best-in-class been later registry. to full and patient our we see we the CLOUT cuts and the have all year. data patient safety Both results in expect earlier this and CLOUT excellent final cohort when presented efficacy First, XXXth of

PE, ever gap. we into This the all Moving is U.S. interventional enrolled of enrollment the prospective the XXXth registry. FLASH registry. serves FLASH the in that to of patient the our widen arm and already only dataset comer milestone to largest completes latest PERFORMANCE, PE field this the of

when data U.S. cohort We the patient later will year. share this is presented from it complete

patient high-risk pleased randomized controlled share XXX-patient of a FlowTriever have enrolled patients. PEERLESS PE directed Finally, for we to thrombolysis superiority show are designed the intermediate, is study catheter PEERLESS we our that to first to trial. into compared

volume time-to-time raise to continues future of the cadence will provide large competitors We on and going the updates that for believe are clinical bar enrollment forward. the existing producing, we We VTE consistent and from high-quality, in evidence space. both,

expand to is product portfolio, exciting driver here growth fourth developments our Our well. as

First, clots believe ClotTriever market more removes we Bold faster our and have our limited release efficient. to device. market moved aggressive on with Bold is more even version We more a ClotTriever completed Bold original full passes, and fewer making cases release. of

device cases. We expect Bold sub-acute and the replace acute, clot ClotTriever in original chronic many

Bold who poor open options, and the long-term a about These patients also horrendous market. called have PTS. suffering or new excited be DVT are Bold potential syndrome may We large from may for to post-thrombotic and a patients treat complication limited

in to of Next, in just market used QX, times and used important story competitors. believe FlowTriever than in in described has that is by remove FlowSaver and is physicians replicated earlier. for all FlowSaver XX% flow been to more bloodless as is both of thrombectomy procedures over as release update nearly not now blood whoosh patient X,XXX patients concern for We easily loss all full procedures. since clots, necessary a without FlowSaver. as quick the many on the enabling

Beyond and FlowSaver, and expect Bold product you product launches robust, later year. and additional is clearances can this our pipeline several

we into established driver challenging major markets. successfully a all across commercial environment, Our last a presence growth international Despite is European now markets. operating expansion have

in to since see case steady early continue treated several we and patients. We on our successfully XXXX, volumes, monthly increases hundred launching have

technology. gained recently for seek executing strategies This we on to the for provides pathway in for FlowTriever. are longer-term an hospital reimbursement need in order and these rapidly markets. also grow reimbursement approval, will Germany, specific a We enhanced for medical example, for in NUB clinical a new We to

making in Pacific regions, and and Latin are other in We both recently markets in Asia the cases hired international managers Singapore specifically. general and both, We well. as in regions, Chile America progress completed dedicated

have do unmet are patient sense our summary, growth great. large, the gain contribute our never to are Japan our projects responsibility will markets about to your progress do We With it on mission. not our support resources highly every more drivers grow needs we forward. approval in to about materially We been underway more markets also to going longer-term opportunity. as second We making as that, these to but have aggressively the are XXXX. I’d and love be our patients more optimistic We access like and remain these of as not we prospects better appreciate both, pursue We things international much and longer-term moving spectacular, to turn business, work, in invest we’re this And we even are could In excited this to Mitch. potential for rapidly. and we the China. over of compelling,

Mitch Hill

of from million XXXX period the million fourth of XXXX. and for for prior prior Bill, revenues afternoon, you, compared $XX.X or QX the to up XX% Thank for $XX.X $XX.X quarter of the the same and to good compared everyone. quarter, year, Inari $XX.X were million, million

fourth fourth sales deeper is products the quarter penetration XXXX We XX% and quarter our was compared derived into XXXX, and have revenue XXXX Revenue compared accounts split of FlowTriever two in the quarter our the sale expanded the in during sale XXXX. customer the of products achieved of XX% fourth with new the of accounts. between is to of as during of XX% our our follows: from XX% force, of ClotTriever derived fourth quarter of from products existing opened

several majority during newer broad procedures, revenue of came consistent XXXX, During QX, of products. stocking our to with of of our the vast revenues the our level from we acceptance due the start QX was

We in in was by increase The million the stocking prior as unusually revenue the our was in XXXX, period XXXX. the in clinical period expenses the in move expenses, fourth as to with decrease fourth was of increase primarily in overheads was margin an facility time. marketing million was same expenses of quarter our prior million in $XX.X completed expect will compared The were XX.X% headcount, year. $X.X of quarter product the compared over in XXXX. costs and QX primarily XXXX. Gross development because same of QX personnel the with we the with expense of for quarter, Operating $XX.X the percent quarter travel absorption quarter million as expense compared of the period in quarter The expense our million R&D larger headcount due million SG&A to and costs. a fourth of of total of manufacturing related facility-related $XX.X in increase XXXX, $XX.X as development of of driven $XX.X same and R&D well levels evidence across due decrease of for primarily the costs. was to $XX.X for revenue XXXX, a to compared higher increased much travel organization, low higher $XX.X higher ‘XX, the ‘XX, million of XX.X% compared fourth million fourth the year. with fourth

the larger towards expenses basic the XX.X of XXXX new evidence average of $X.XX As respectively. per we for compared share growth, XX.X% based XX.X share year. representing respectively, and million income compared derived revenue net the on fourth XXXX, margin building fourth and income R&D our with increase in million quarter the expense on in evidence on XX.X increase manufacturing year for period for with by basic compared XXXX and primarily million compare FlowTriever, $XX compared and was full increase the $XXX.X from Bill, higher full share weighted XX% clinical a full period to was the $X.XX development of the share was was count year. share expense $XX.X from recent $X.XX, $X.X the weighted XXXX. the year of our net marketing were same was by and I’d year into diluted Operating XX% prior basic with costs. organization, year is increased diluted the sale fully the costs. quarter of full expenses, million for for for only revenue like in move expect the year. of count expense compared counts the headcount, $XXX.X million, of weighted slightly share net and income products. from to full financial operating diluted XX% XXXX with our for the primarily per basic the primarily the fully higher These development travel as prior based derived average higher million with respectively. full for in revenue from product diluted based million, across and R&D $XXX.X offset million million for income and facility. increase of increased compared count on commercial XX% expanding well for period and basic the $XX.X net and full and for million, clinical XX.X was our per the the respectively now share expenses year of in of in million, share $X.XX XX.X you a same during XXXX million and the year driving fully basic same to based million year was a million fully and of percentage prior year. basic in slightly the average additional because The same was XX diluted $XXX.X XXXX, was $X XXXX, Gross developing XXXX due in significant for XXXX in with to SG&A to Net million and update per efforts, The of full million million with related million period product in $X.XX, of compared products $XX.X $XXX.X XX.X our weighted compare the a for and XXXX, Net XXXX $XXX million year. results. as targeted basic to was personnel of million, $X.XX prior year. prior headcount income as ClotTriever and million driven an over XXXX. our the year of incur margin to higher of XXXX, diluted expenses $X.X of million for on sale prior XX.X a due heard income of XX.X% $X.XX, XXXX increased and FlowTriever XXXX. XXXX XX% XXXX The average These XXXX $XX.X compared the with Revenue

to of XXXX, of quarter the $XX.X of totaled million end balance on $XX.X at of compared the the $XXX.X third of our sheet, million $XXX.X cash XXXX. investments and million QX to Moving at the end million

cash addressing operating XXXX. the compared Our activities flows Inari’s financial XXXX by full by were to million for guidance. I’ll $X.X my year provided close comments $XX.X in million

full to year the XXXX, in $XXX guiding the turn million revenue. for moderator questions. With to like to to that million I’d we For $XXX the are call back

Operator

comes [Operator Furlong Cecilia the of line Instructions] Stanley. Morgan first Our question from from

Cecilia Furlong

guidance. I start with wanted to XXXX

as you’re from through weren’t thinking result through how think well as what you about of headwinds a treated XXXX, think as those cases, just growth COVID about could that balanced by you’ve Could procedure caught perhaps If you as ‘XX? in in walk as, out two just from walk we you about COVID. patients a you dynamics that contemplated procedures impact COVID

Bill Hoffman

Yes. Cecilia. Thanks,

course, our and everyone from, by Medical Chief let Officer. our Drew here also Just Hykes, just heard I’m of Tu to Mitch, but you COO; know, Tom joined

and sure and say exactly to justice there unpack issues to So, alike. any communicated and of there, puts last the the really the We really, facing and of limitations, execution will all generally sets headwinds lot I guidance, that I’m staff felt do not takes. our this. over about resource XXXX in access the good peers two But have is XXXX, shortages I’ll kind same years of repeatedly a

in right I our suspect And environment. terms in So, executing Hopefully, environment even that’s another environment something be seeing execution knock to bit the good as on I we we of feel have operating it’s this really operating Christmas and the of a some constructive. of more might we think gear of more might constructive about period return a wood. sustained now, that even just

good I lots So, but about over and there generally that not guidance we provide. to skis is speaking, want puts the of our get We here. takes, of do really tips we the think feel

it’s think XX% increase compared XXXX. I to year-over-year about

And COVID I -- So, surges established we both, in of we we’re capabilities about have and again, shape. it. think feel pretty good in not good executing so

Bill Hoffman

Bill just procedure non-COVID quickly, And Cecilia, comment, you as maybe add attributed XX% of QX, in the was heard to I basically patients. can growth

think seen you’ve the percentage As same COVID, is probably population had there seeing up we’ve of and gotten as U.S. the are as to into XXXX, such where is perhaps as that has the data I of two-thirds California states about many XX%. we the now some

it’s So, it’s anymore, distinguish used a can’t because to factor almost that be everybody’s had it. like almost becoming

Cecilia Furlong

how to Great. outlook wanted to the your in ClotTriever also And seen Thank you in where are limited further least original expanding the And specifically thinking you’ve just utility about your the you. I to-date then, release, Bold. market just longer-term, replacing ability but Thank full the you. What in you at address market transitioning around or ClotTriever? PTS. about see ask cases to

Bill Hoffman

Yes.

couple Cecilia. wrapped So there, things up a

more Fewer exactly Bold, where first sure aggressively. shorter fit it We So excited of into number required, were weren’t it mean the impact as a probably passes the of XXX% very the clots on positive see passes a all, here. ClotTriever to the fewer it really cases. a little because think mix engages probably passes, bit we I

physicians alone, benefits. be the for the seem to changes so, reason appreciating that really And and our

cases. has We’ll starting pretty existing right to all, there pretty it as regard how percentage about much of chance think there, our of disease of multifaceted a PE goes department right? PTS -- state. acute, or We original ClotTriever good replace to see. or just First a the patients. present patients, high present that do we’ll anybody in complex into way to a emerge see surgery, the these we now. for good percent some it’s here, kind really broader after DVT So, is been hospital have These kind -- challenge a can in nothing of get think I patients With They that audience to And the these have we there's DVT inside patients they point example. subacute past same or that the PTS tend had emergency and at normal told the not hospital to probably more in the and old do.

us at as and there's of as commercial least So at a as another well totally that make effort, much state. addressing disease development the better series of tools will lift, market better

as to to far we'll come PTS to of market. updates next those in I certainly say concerned, more size impact not give about tools as have the the from the say quarters, And going progress of sub-acute So greater of time compared are material couple acute the the as in about market. we'll is be time much our they to market. our would to

Operator

Danielle comes SVB from Our from next question line the of Leerink. Antalffy

Danielle Antalffy

where one can color the are confident I I sort higher of little to it's then did a That's give first is appreciate you I part have more work. lot question. the one see. way a And a the expansion. -- guys Wondering these of confidence Great numbers is question to on TAM behind how you if these numbers? on much of Just Or if you in know, a the follow-up. status? it bit now? don't like, claim

Bill Hoffman

Drew, you want one? take to that

Drew Hykes

Sure. Yes.

TAM kind digging the So Danielle, of months into we spent several estimates.

XXXX. dated describe, the previous heard way all your the As back estimates to Bill

population. We XXXX, certainly COVID PE. And And insight and get insight time, just XXXX into DVT we private both addressable the to kind numbers we datasets, of from better three understanding noise stale. claims, incidence respective roll markets triangulate our we the better population Medicare used diagnosis. timeframe avoid of the pay third to of different X% wanted had the around numbers, total forward better first and assumption 'XX those for able patient markets. with from we're three parties a little So But any the 'XX We for on to getting growth, and segments datasets a good numbers. two really really pencil 'XX sharpen were much modest a the the different into growth, to from reset pretty and 'XX then and

you two all put penetrated and We into as XXX described So together target X% in someplace the DVT. PE, that XX,XXX resulted to think for than less on it patients we're Bill addressable TAMs. XXX,XXX numbers those

of of we We plenty as So fair me runway heard ahead time a amount estimates. out confident about spent us. those And feel describe. you pretty of

about good feel work pretty amount and we that So the did of of that. estimates we the resulting came out

Danielle Antalffy

sorry. part I of question, could that on I have more diagnostics, mean, But a opportunity. just story long-term here do too, and add the an the one I is to And just that, if there is

way or that growth, you. what better we're I optimistic prevalence to growth even Or it? incidence here? too have X% getting capabilities and So potentially, am higher fair think incidence a about talking But or higher have numbers, is you with diagnostic

Bill Hoffman

Yes.

I think that's a it. think fair way about to

bump the was better didn't sure leading XX% awareness think better more looking compelling north modalities, diagnosis, diagnostic understand. think for If potentially to if enough, you it I as that, you're well as is to of to do up approaches

appreciated our factored previous even forecast, all barely it, matter had there's clearly we here, market slice scratching that's and in huge but I the you than I So think larger a just how surface. think we're no in,

I think that's true no matter how you slice it.

Danielle Antalffy

Got it.

is VTE Excellence program how And works really curious was then the hospital thing I at level. Okay. about, another the

guys you a are little you you much. if us a Thanks what actually at are so happens this at guys program? a could level But appreciate, out into give high hospital when So doing what insight implementing there.

Bill Hoffman

Yes, thanks. I'll get started.

some in details. the fill blanks of with the Let's

-- time, this I the really and about from a important time -- is event. first think about bringing example, different an not DVT, to and this, VTE ischemic for you lot stroke, all There's component recognize where a there's thing that. both PE it's

sort that small we difference The PEs, we percentage PEs, hospital So component though that the of is the where important of have the have time to is more find for a don't mass really important. with them. of don't except the of same outside go time to

taking at there's to in right actual that and so the education centers drivers stroke too the get level efforts sure forth. ambulance place, the techniques to to think down place patients taking I county right make education,

same same the At the they're simple designated cases for seeing a somehow the patients that's designated time, experts. they're at we that's hospitals at group those dots. diagnosed, hospital, most will of called Our experts. And where there, many hospital maddeningly the the connect time. in PERT, have at are and to the way have hospital experts are Patients failed PE example, hospital,

Excellence VTE of problem problem. is And The that simplicity the as that is execution success. maddening. is, surrounding is always, the to So key

detail. in dive to want You with

Drew Hykes

Yes, sure.

the So I'll level. describe just kind account that Danielle, what looks maybe at of like work

I get think that'll at your question.

the economics Excellence Engage days the early work phase. VTE in through earliest of initial that really and of a team, understands phase solid foundation, initial engage we getting account is group think majority the you that got of make We've approval, inventory become of in the outcomes. ultimately we're phase can on interventional X,XXX on our what they're the first into we our the and kind in in VTE. active coding digits. excellence this evolution a the The work getting that if So will that information the that The all penetration of product the the call health account stage those group, a for accounts this in-servicing getting of as accounts, building at result, the our are towards for shelf, professionals billing closing the procedures. doing about still phase with go hope kind now, our all sure market access modest active X,XXX, that some center of of the is level evolution. this purchase And in And first vast TAM for along accounts in single focused

group of begin the our building, This interventionalist, patients. this not but phase across health the So non-interventionalist we there for for building maybe is of and that the XXX stakeholders and Empower phase. just foundation. awareness a care really of training We account this couple VTE a Excellence. base. to education And getting started is do a move call accounts to and where these the second we only From lot

So docs, sure the pulmonologists, the other the aware those options. all they're of intensivists, ER of these caregivers, treatment new making

natural the to of hopefully research. they the in result where value to understand Excellence level health proactively have managers begin, understand under in sure is that account building a VTE. group VTE with administration of make and group, And the for for into economic emerge that invest a are account an then ends outcomes trying to double-digits. the of support engage with is This VT the phase at the of placement of hospital economics TAM beginning excellence They accounts that And of someplace the call final group with area begun up coordinators. rates We actually proposition in The work actively at to and penetration this that Excel. the program phase work VTE. at the this have we centers all

identified of that that And sharing flavor where quality the This to sets. order benefit a to about hospital, country. stage which accounts care and TAM couple have is Bill got evolution. you that algorithms of final As treatment a from the of across established made the penetration really describe, best the pathways have and group now ClotTriever. these group and practice benchmarking get that and is all feel maybe are are like got manner. do in heard come those of encouragingly in at XX% XX Group, and begins This some our Inari and VTE a that leverage accounts, in Solutions formal of which That's really XX%, dozen initiative hospital treated consistent of you where can that the we could we accounts of have in and patients we the administrators, potential patients it is FlowTriever even and ensuring being

So lots of signs. encouraging

path the on are We right here.

systematic most a even quite this, penetration approach to but accounts, penetrated further. a at runway to drive obviously of have a continue bit the all We even still to our

Operator

Biegelsen Wells comes of question from line next from Larry Fargo. Our

You may begin.

Unidentified Analyst

questions. taking my Hi. It's Thanks [Leigh] for Larry. in for calling

DVT assuming give your some on volume can you procedure any for as pricing mix, year? give as guidance for color volume assumption, Just FlowTriever and what on PE you far the XXXX. Can color on you ClotTriever mix are versus for assumption ASP

Bill Hoffman

and Yes. of terms do revenue [Leigh] in bit of There more operated in be We are to having procedures the thinking about XXXX mixed could prior little a reversion some with mix pretty in. kind business the consistently with also XXXX. the to DVT way

has you during past conditions. COVID, years, mix know, more of in other that been some were the and the kind to As of to hospital due related factors PE potentially there couple

revenue there mix I'd other really pricing then, way kind we XXXX. trying expected of know just the mix guidance during add way change there to to I'm think the significant respect And that's is respond question. the don't XXXX. aspects I So that procedure can about the is with a in for the and -- to of anything to

you new to as per successful price been FlowTriever procedure. have know We adding products the

So, And and you if years. some be it the past couple kit, well. DVT we score, because want about may toolkit, additional that actually lot way, you added we for we value of stable basically the tools kept think looking on to if sort at price over very that, have a as think want way of about to of it the that that to have tool

was we're on So, Drew stable about been in hospital XXXX, economics pricing based looking something talking earlier. the that's that as and for

the up end by and the successful products a We know, the pretty pretty ICU We the have of and the the for with keep thrombolytic our good understand of are you the everybody loser with and it. story we a of story use patients hospitals, product the avoiding in two helping thrombolytics. through whenever, that's the as telling and that patients hospitals experience ICU economic talking out

the we'd love hospitals say, it. love it patients the love like the it, and physicians As to

Unidentified Analyst

of to that away, can guess, quarters. QX, mean, goes step do guidance. to we historically, QX QX you about couple on COVID how that Any color decline If XX% of into look think 'XX or last revenue as that your pretty ups, your that just the we continues continue grew to cases obviously And I seasonality component significantly, sizable QX give I year? on if this the from XX% QX seasonality.

Mitch Hill

Yes. There's a few things wrapped up there I think.

really So, first a ways. different a of up was all, QX came -- number of strong quarter we

a in -- things have think all shortages, seeing the think of an the There already peers said And been environment. operating bit the I earlier improvement has our the we staff of be reported, also in as early the comparator, that faced quarter. comparator. that's so it’s that’s I may the little tough part I we

I lowest So are will year. QX, the the -- QX accelerate or and QX we in you'll least, throughout growth think, we see at

and throughout pretty few about sequential a So good puts growth but takes there, the year. feel we

Unidentified Analyst

And if more I squeeze the one clinical may side. just in on

On will to label? on the Are take this patients? the add that something thoughts is ultimately, you're enroll talking longer? PEERLESS the months how any to And long trial, XX, it to we looking XX

Bill Hoffman

randomized lytics. for the trial thrombolysis. intense. the to no to all enthusiasm provide is high. arm have will The specific excitement of XXX it. Its forward. regulatory FlowTriever registry one is move for may about patients lot We're So a be XXX who base a PEERLESS one this versus in enrollments will of data to absolute contraindications run patients seeing for catheter-directed There's separate space customer This first also being think the We we purpose. feel that really

XX estimate XX we're seeing the here. seems given what think quite gave to reasonable that months, I you

Operator

next question BTIG. from line Thibault of comes the Our Marie from

Marie Thibault

new bit splitting your and really close territories in existing to ask so and about actually a and kind increasing accounts? XXXX. us a expansion, centers or deeper territories much of adding adding count up within hospital existing dive is that Help to wanted understand little XX your to I territory how try of on focus

Bill Hoffman

can Marie. I with help Yes. that

So it's true.

I this the of territory and more opposed mix. point is adoption think by adding the accounts new much penetration the large necessarily on to as and focus adds at into driving

the split, well. is of to point, they're of As of of accounts we number rep there territory both sales split professional building inheriting some with me and the bandwidth territories work they as complete position to That's VTE new Inari our we adds into from we from earlier. really U.S. and smaller then hopefully target do high going new at number But updated legacy heard the new centers X,XXX. essentially describe some some of fewer to fewer existing rep as smaller splits, an the territories, and add inherit as these the territory estimate sites, accounts kind accounts, all have continue of heard the that we're so new so to the this territory and of you as group Yes, have you splits. type idea and of the focus those Excellence that that in

kind So to middle account adds. new go of innings we've got still on

us driving here real adoption and to work So the talk yes, reps account heard that position penetration, the be you kind there do adds. Excellence But VTE will is story of about. new on

Marie Thibault

they ask Okay, I to OpEx But that's the on want really before and good on priorities of I to use that, question to question a to sort hear. side. large quickly, And did of pulmonary like I have get spending ask I'd really in haven't the severe aware I'm there bore patients. I’ve anything another catheters recently that's about heard there, but are more. out IFU received hypertension and

risk that Anything here, So am of on want front? ignorant at ask I what you, I missing the looking to that topic? on

Tom Tu

I Marie, I'm it. about whole by it's a quite missing We've surprised think here, Tom of frankly, a And you're lot. noise little recently. this don't heard bit quite

requiring the In on care, embolism part these identified we've sicker great what the patients considerations. in as deal therapy space than concentration special use, a you of require with patients are matter are pulmonary pulmonary are the physicians. most severe leaders general, special no and We of and that hypertension,

IFU mentioned including you education, disease no There's focused about related all really we're raising of safety the are state. there. the description that our educating device that concern specific So about

day, and we our FLASH every We excellent. fact, have safely. happened pulmonary are treat our you them Registry, treat if of clinical at we patients have a in these who In treated being look severe hypertension, patients over FLASH results their third to

is patients specifically but it lot sorry that studies. a like competitors bit, because a our their think from are noise clinical competitive raising I that this who frankly, sounds think -- digress So excluded to we this of and those they've know little

know and to disingenuous. it a is up they So I they're risk bring little higher patients think

Marie Thibault

be clear, it's marketplace? impact the but in And just it's competitive to an not having noise

Tom Tu

at Not all.

Marie Thibault

of R&D Let me that priorities, in your be thinking should ask in the priorities my terms here spending territory last lot sounds like quickly. expanding On a one spend pipeline. how you're What XXXX? got about you've here we in in

Bill Hoffman

here. on, more can fill add blanks start the one Mitch detail, can maybe I in Marie,

like as potential the our I think We it These the prioritizing of all on in on characterize spend. are impact same. our drivers infancy growth rates. and of all I children growth wouldn't patients

terms So I we in communicated the in new definitely think and -- growth you'll professionals specifically productivity investment have how will see has in to been the of professionals drivers tenure. about produced our more very, new actually sales rather efficient keep probably on first mind early we our sales past, very cash in professionals based in sales consumed the their on than of

organization, along the to with as and infrastructure described for Excellence. there continue aggressively we prepared sales remarks some in described VTE on invest Drew we'll So as our

those I our the long in growth probably are to Again, clinical. an all we for in well. organizations of build important, international see spend out we in commercial especially both the drivers and the increase reasons over on an really, as really we increase haul, remarks and think prepared continue will and think the you described percentage spend the R&D

you So say, over will one spend. I an are I the don't know prioritizing think other. that, But do see we increased I'd

We are really aggressive. really,

very matter all of early, TAM, require we in innings, the to size of it's to again some early big drivers -- dice going no these and the our investment the We are penetrate. slice so -- in and you are how growth

Mitch Hill

positive I of six have operating been And Marie, add, believe quarters. in say just maybe income past I eight can the quickly we

So, a odd that like of it's say to CFO something was by kind almost been for this, accident. but

been have We funding.

mentioned I the we foot the planning more one gas the growth, we the universe been I in in down is on very invest to about terms in and even talked of are a which are my class in planning Bill very puts aggressively. doing script, we kind are own funding us areas, of of productive, the where have during of medtech very, We think to our one put And comments that. as XXXX.

as So to described. continue about we and the company to growth has very excited opportunities pursue the in Bill to are areas distinguish those

Operator

Instructions]. [Operator

Our comes of Plovanic Bill next question from Canaccord.

begin. may You

Unidentified Analyst

It's What of questions. need countries countries reimbursement just do you actually reimbursement? do I Thanks for priority infrastructure think and countries Hi. start wanted O-U.S. our on Bill John what in on initial for have you taking more today? And you tonight. and do improvement have which place commercial some terms those in of

Drew Hykes

Yes. John, it's you Drew. I can help on start that one.

European all major out So, we got across built a of the commercial markets. footprint Western now have

Italy, Benelux. Spain, Nordics, France, Austria, UK, Switzerland, So, Germany, the

infrastructure built either direct, commercial have hybrid or combination across of indirect all We those out a got markets.

a have nice Europe. with all of month-after-month, headwinds seen of in unmet year Western We've of in to work some reimbursement. with growth that particularly markets kind enthusiastic U.S., And that dynamics feedback same half, docs, sequential from have despite see operating associated over some in the more quarter-after-quarter, here really the we and same We clearly to need do the got internationally and COVID. done last the good the we relative

NUB the news the describe, recently in we Bill on heard You positive got Germany.

an that's important that reimbursement enhanced for mechanism reimbursement. You may know allows

So we've in that Germany. established got

reimbursement good in got have We Switzerland.

for to for got Benelux some France in have more in instance. do instance, work We

of So those we associated where have work do. markets between to some foundation and here and the additional do is that there with reimbursement long-term

established, level hospital way markets continue longer in regional work to be get you've able level as commercial traction budgets allow term, those access activity a that to towards it will that we reimbursement us me market and in heard local budgets, We more to budgets, will describe. wide commercial

Unidentified Analyst

core seeing also And FlowStasis of you any probably one. what And outside cases Thanks, used? being this on detail But adoption the markets? is today are Drew. percentage follow-up

Unidentified Company Representative

for of core the number. price part modest. PE Yes, as being see case I within not I'm some it's a is it’s in fairly cases, even modest use. do of It well. in have package a -- It's FlowTriever available mix, FlowStasis we sure DVT our amount procedure so our And used per

We haven't are there outside procedures. do use venous well. necessarily we made But for some of procedures a nicely. our own four fit procedures our where other see big own access that large does push And its commercial alongside obviously FlowStasis as use of

Operator

you And call. Thank Thank conclude conference for will you. that today's participating.

great a disconnect. have now Everyone, You day. may

Inari Medical (NARI) 24 Feb 222021 Q4 Earnings call transcript