Earnings call transcript Q3 2022

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Operator

Good day and welcome to the Inari Medical, Inc.

Third Quarter 2022 Earnings Conference Call. All participants will be in listen-only mode. [Operator instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note today’s event is being recorded.

to conference like Corner, to now Relations. Investor would turn over the Caroline I ahead. go Please

Caroline Corner

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

of relate me that the which Chief of made are matters and statements, technology, Executive Inari’s operations markets Inari’s impact historical Joining This Reform and call to Inari’s considered Hill, statements including customers’ call expenses Act President forward-looking Officer. in do Inari’s forward-looking the today’s Chief statements and and on performance, Private include for and Litigation position facts within should Chief the Inari Bill of be the Financial products, COVID-XX regarding the statements Officer; of financial and operations. Officer; Inari’s this XXXX. Operating trends Hoffman, Hykes, not All products expectations on will call in and in demand meaning trends expected Mitch operates, Drew for market; on Securities

call, promises involve materially from as These report cause achievements or most statements. management’s risk projections described differ on to the this particularly are ended Please uncertainties SEC, the known achievements the by for actual with results, XX-K based in on Inari’s filings future today. results, are expectations for review XX, guarantees for including factors performance could implied and statements additional risks during forward-looking provided annual XXXX, neither Form recent performance, expressed December year the any or that statements of forward-looking information. Any unknown performance and nor or Inari’s and

release today. be is under includes SEC by you Time today’s Investors on X:XX p.m. will filings, details also Pacific financial encouraged by the A quarter as review. results Inari’s website, applicable update of Inari’s and website are to call obligation on which for recording these Inari’s available available undertakes Inari to results. latest except statements, section has about XXXX Inari’s required law. third press the additional www.inarimedical.com, the Inari’s no website

for his highlights. Now turn I would third business to like and comments over to quarter Bill XXXX the call

Bill Hoffman

Thank joining for everyone you, today. Caroline, and thank you us

perhaps executed growth our history Revenue we all productive Our as crisply of third and growth most a company. across again was strong our quarter was public drivers. in the

earnings In our new FDA are readouts we – obtained since relief, fact, in at and products, data last we new on three full call, of three reported clearance in market already which important late breaking we to TCT story. this about clinical some trial always Drew as detail and of presentation will with start conferences, all now a do like medical we’d but at share patient major VEINS. two shortly,

pain. critical fact, we’re products. severely blood going in the otherwise clots couple our He for In horrible new patient legs. good and of with to threatening ischemia called Florida A limb short to a critical three in ago, a limb in XX-year-old each months diagnosed arteries one presented his legs of a hospital man with swollen condition in was stories, health caused by of share

in clot, to was Arctic remove new failed fact, a He Because which severely from a in ICU embolism. placed had treated to That a both gone same extended which in new two the filter followed just pulmonary cava XX from on just blood surgical in In September, earlier discharged day. she his pain was via her chest knees emergency full a the significant swollen and the in size minutes history and clots. by legs. thrombectomy system He prevent of next two I had endovascular earlier department XX with to years open blood old his an his normal condition vena been months a physicians had to very pain. than a on the an the mom, and her a postpartum, resection, endured drip presented product was Inari less returned hospital below for and an in now with several days months years and procedure competitive few disorders, just treated thrombolytic filter clotting to Arkansas and was legs legs of

Inari abdomen, legs. lungs from the next were day new was Protrieve The to with ensure all home her She of to in the Inari delivered new embolized neck sheath to devices massive below of clot is clot just used pelvis her multiple to and remove no her her very her baby. heart amount while

InThrill knee symptoms his chronic knee. device his of below and legs. from remove ankle. to device chronic to pain also history time was DVT clot swelling of BOLD physician with from pain the suffering many and minutes. multiple on for XXs clot procedure of in years of a diagnoses was September, treated now pelvis Inari all Finally, reported new only to remove He history in Total extending been the this clots with XX his and ClotTriever had his used a above a his and of The and complex Inari surgeries progressive knees anticoagulation in man just worsening over significantly the both

swelling These months He discharged of these just had Every in the life, possible them. ago, a already no about other with were matter who a people later patients a patients few hospital a and in failed very a has fact, days multiple patient greatly his with these therapies. story, leg. treatment care us diminished of pain procedures from attempts couple remaining to history, and None of much. two

ways. the We are committed above most changing in all to beautiful lives

getting just are started. We

turn I’d him the Executive from our see like Officer. by formally to again, hear will you next call the who time Chief Hykes Drew over to now

Drew Hykes

brief like summary of with our Bill. a I’d to performance. Thanks, financial start

million, or last year. procedural Our revenue across FlowTriever core up growth line. and both driven were was Results from by business in $XX.X QX same the quarter in XX% million product ClotTriever our $XX.X strong

more the of QX and BOLD was the than growth quarter IntriXX. during enough offset we in contributions a revenue sequential to introduction On from the basis, saw procedure

with this as well are business in pleased XXXX. positioned the about enthusiastic performed how as QX are and we year our remainder for both We of

to that, our now With turn drivers. I’ll growth

the first driver Our expansion of our growth organization. sales is

we will achieving by QX, goal at several introducing of products the that least sales nearly our to largest of the in You half class end XXX year. ever anticipation hired In mid-year, the we we XXXX. of recall by committed this and territories our hiring accelerated new second

over hired group XXX In exited a QX, smaller we the territories. with quarter intentionally just and

built to organization rival We when long way continued believe the still a largest have go. in our will out We the interventional to space. sales fully

smaller our alone majority vast skills well and second to even us and physician organization driver, decisions. the be with of the with expansion Despite never territories. most treated smaller continue patients to expertise commercial success, anticoagulation see and clinical our on which to our make positions execute sales Continued results a of This VTE increasing informed growth penetration is and accounts. in existing the

Our by establish similar are VTE goal patients to a and expert. consistently that screened, processes is systems to MI evaluated and identified, stroke and ensure

Our expert. program is a comprehensive repeatable Excellence to VTE VTE and VTE connecting approach to patients

have paying heavily it is we believe We effort and in off. invested this

times moving penetration rates greater stage customers We TAM of these several Excellence customer. and are are at than centers advanced to our median VTE most systematically

and several clinical terms upon the The history build quality growth been Our in to evidence. of base our driver produced. both past our is of quantity of have productive the months third data in most

patients the cohort of were TCT the the ever XX September. full PE, is late enrolling First, field U.S. outcomes centers. device across the conducted study presented from clinical breaking registry of in trial a FLASH XXX FLASH as largest in at

safety The study hemodynamic evaluated after while table. reported. world PE major was was patients This patients still on showed adverse again, feel event a unmatched. The better just related confirms patient device consistently the meaningful X.X%, single immediately. Efficacy report major again of treatment FlowTriever. improvements real Lab the also adverse was profile event they Once what outcomes and Many rate at pristine. was Cath with

all cause All-Comer updates are given to These consistently per at importantly, days X.X%, XX% unprecedented mortality almost X,XXX seen in the is the of Most results XX Registry thrombectomy. and PE which extraordinary was only mortality patients.

is with it safer alters not than thrombus medical extraction disease. the conservative national at the We’re the only fundamentally course of FlowTriever management,

fully in adverse safety excellent profile is a largest week the experiencing ever as CLOUT from the conducted enrolled patient one an XXX presented CLOUT break VEIN. were outcomes on trial with VIVA study at thrombectomy this registry patient demonstrated XX-day mechanical earlier late serious clinical again Next related DVT just All-Comer device event. ClotTriever patients. a

Efficacy near extraction showed patients. was unparalleled. complete adjudication XX% Independent core complete of in or lab thrombus

been days, clot removal, moderate matters. free immediate XXX% of than showed has ever. never and all syndrome clot the in trial XX patients which patients in experience of Not any two-thirds of thrombotic XX% were surprisingly, removing More symptom DVT demonstrated relief. post nearly severe fact, In

versus a at in ATTRACT patients was breaker in comparison removal late competitive twice pharmacomechanical treated patients treated VIVA thrombectomy patients with were Nearly technology. ATTRACT CLOUT trial. a the patients CLOUT presented Also propensity compared NIH-sponsored landmark treated match to clot as showed many complete registry as a with of VEIN the

CLOUT to safe. clot studies ATTRACT significantly lower PTS outcomes. of ClotTriever DVT then, first Not Complete are a from key surprisingly three patients showed patient improves is The clearance compared rates patients. takeaways these

studied, establish more XXXX. device treatment, of DEFIANCE for us gives begins QX our DVT any ClotTriever ClotTriever This achieves controlled standard in trial third, confidence than a ever patient Second great will and outcomes. clot randomized ClotTriever that removes care best-in-class enrollment

will you to is Finally, continue of both update XXX patients. to as FlowTriever PEERLESS recall sites comparing Study lytic patient on We’ll activate expectations. our periodically PEERLESS PE our for ahead and PEERLESS. enrollment catheter-directed well on and we are DEFIANCE. of therapy you update RCT the treatment excited you to

we production committed competitors. of and and based This sense for believe but also physicians and and is not of patients it. remain a a and data for the increasingly current to differentiation responsibility from future clear We only adoption high implications to lot of growth, commitment on be the will quality

developments Our product well. to we have as to several share exciting portfolio, fourth here row expand drivers our

market IVC during First, release. procedures. provides has full protection transitioned sheet complex lungs and The and DVT heart FlowTriever that the to device is to now a

useful potential other of average own price least an highly large Physician and $X,XXX. procedure devices. important in FlowTriever feedback be significant positive. completed percentage carries is not in only It selling This opportunity. has will our interventions of pricing at procedures, a with DBT outside per of revenue a represents been of XX% our sold but

release. ASP to knee. an the billion small in a believe for At per InThrill is year veins market $X of XXX,XXX U.S. extremity combined below also market including is represents InThrill full is thrombectomy the now $X,XXX, the an market total vessels, and upper opportunity. procedures alone. designed addressable system AV additional XXX,XXX in fistulas We InThrill the in

the incidents minimizing market is of thrombosis. annual to treat embolization. to thrombosis in was approximately removal thrombectomy mechanical in opportunity cases with of aspiration limited Arctics $X,XXX. risk XX,XXX complete continues The an clot arterial perform Arctics market We designed to peripheral million. combines system and while a release. distal the both well estimate system The of the U.S. peripheral of $XXX incremental represents ASP arterial target achieve

the on launched we will XXXX, during solutions We launched updates address we additional have five major XXXX, new To-date the Arctics to progress three LMR. in share new products we In summary, through six products. including remainder as of new TAMs.

has total from As globally. the over $X and billion TAM billion increased a U.S. to in billion over result, $XX $X.X our

pipeline releases forward look additional Our full we new to soon. and is sharing product

driver of business driven another growth in adoption growth our by marked continued quarter case expansion OUS markets. and into for Europe. Our is QX international revenue last record

and across footprint system are We and an commercial U.S. have initial the largely business. market following our playbook entire commercial the and as European same established

also Beyond our America, growth we existing quarter Latin the during in Pacific. saw in case and Canada, Europe, strong Asia markets

launches of a XXXX. towards into and our of work component this mix as noted additional market to international progress, year continuing we’ve Despite overall the remainder not for near-term. across be during previously, revenue these the We’re will this material regions

our excellent making all growth drivers. we’re believe we together, Taken across progress

just working strategy consistently believe started. come. mistake, all Our we our will and we to can and grow for we getting progress, and are Despite quarters years no many is make

over things With I’d turn to like to that, Mitch.

Mitch Hill

relationship continued or $XX.X Inari of million, and third open and existing Drew, were period efforts $XX.X year. you, of customer million to our XXXX, the good to to the XX% of afternoon for up same from our for deepen new quarter customers. force, $XX.X sales growth was million accounts, everyone. Compared our Thank revenues revenue expand with prior XXXX due QX

in the lines was to We’ve FlowTriever ClotTriever split The the same the successful products in our year-over-year product revenue and also both multiple during new revenue to third derived from sale XX% the XX% product sale the compared introducing derived XX% from of XXXX. XX% of of versus lines. XXXX and been ClotTriever of quarter between products expand XXXX substantially with FlowTriever

third primarily to of for new add with The toolkit, of XXXX FlowTriever third margin to compared approach. the was additional products the procedure of XX.X% quarter pricing to which decline per sold Gross XXXX. of quarter the for our due was XX.X% our addition cost goods due

XXXX. were $XX.X $X.X of quarter The increase an the $XX.X are discussed of year. headcount period clinical expense previously with initiatives the with in in compared driven period was was of for XXXX the R&D third the company’s compared $XX.X million as expenses same quarter These drivers. development evidence well in consistent with in R&D by product increase Operating development same as primarily costs. million the and million third growth million million expense the $XX.X for prior

the head period expenses the was for year. due was secondarily the compared to third basic basic of The XXXX of for XX.X we increased related increase higher share on fully costs. travel same net million. million of related prior with $X.X fully SG&A loss due loss of the was prior The to and for compare fully diluted on $XX.X and third prior of million to in as with the share and net quarter costs, average per count expense for period based based the per basic was count XXXX year. XXXX quarter weighted quarter of a and million same for These primarily million the million personal across average the $XX.X year. the compared expenses $XX.X of fully of same net the period $X.XX share organization of million of facility third diluted $X.XX basic Net share marketing and count loss the and XX a diluted weighted diluted loss $XX.X

QX sheet balance loss briefly company’s move Before like the $X.X to million. on to I’d of on comment operating I updates, the

and As contributed you has first be This of served know, we to and patients consistently intend to growth I’d commencing drivers. aggressively growth. that reiterate significant our our the half to to invest profitable continue in like in our well XXXX. company we

of million $XXX.X of of balance investments the reference, of cash investments the sheet, at and XXXX as investments. and cash our By $XX.X of million totaled way the consisting million QX and to our $XXX.X QX Moving of short-term cash were million. end $XXX.X end of

million XXXX used cash activities Our cash activities the to in the million of $X.X operating XXXX. for quarter operating of flows flows in $XX.X were third in compared of quarter used third

full Next, I’d like XXXX. to address Inari’s financial guidance for year the

to the We to million are XXXX million million of next million. up we range year. raising our $XXX guidance years with prior from will existing guidance $XXX Consistent provide revenue $XXX early $XXX to

next prior from in apparent ability extremely bullish our not it’s if our However, and grow beyond. to we remarks, our business and year remain

like I’d turn back questions. to that, With to call the moderator the for

Dr. Tom segment I Q&A joined by Chief Medical Officer. the For Bill, Drew be Tu, will and Inari’s

Operator

you. Thank

Travis America. Please question ahead. at [Operator Steed begin session. first Bank We Instructions] go from comes will the Today’s now question-and-answer of

Travis Steed

congrats new of just and the how a comments the of know to guess XX% for on strong and longer like on of base be doing the to am to you a just a quarter. place kind you’re for XX% don’t alone like about good right if some growth on number business committed the curious could follow then it when seems to that good that’s think continue products. any base that up now the Street the think I I but about color willing term. great. say and XXXX if just I growth I to Thanks now. Hi, question has on kind taking growth,

Drew Hykes

got we that XXXX get some well. think up in as started full want their market out to on follow this sweet the positioned about products year kind ahead This right hitting Yes, here Travis. good revenue may general new the with two the thanks through we’re financials. is then but of Mitch that not spot the got of to one, Drew. I I class on for We’ve that opportunity. heard the But, carries is specifics really release now of productivity. as in can more mega ramping and We’ve that, Travis, incremental of through looking how feel end you representing and and

that dataset click VTE our as program FLASH starting to all meaningful this got on as We’ve gain the cylinders really traction. Excellence got that is with new We’ve we’re cloud with able to both and as well data week well. leverage just

ahead feel end year here well. we confident of as this to very looking and the into together out taken XXXX So

next confident on want know, we don’t early that, short guidance I to… We’re did across how growth of but our anything come specific any will feeling look stop wanted going to you today year, drivers. you to when of have that all XXXX providing Mitch, we’re if With reiterate

Mitch Hill

to year-over-year is just couple quarter-to-quarter. that, believe a comments Yes, Travis. to our One add growth I about XX%

think a of So continue the because rate to and many in business I to attractive for opportunity years growth feel addressable a the business penetration we this with think market, like current a of growth And tremendous potential. quarters very come. amount have we we has

QX. I just the also we’re kind think that working I maybe through of is can you asked contribution product new and comment about

two have market announced products as full We Drew in release. the new

into two we see hospital process the the And through other our excited working with getting field. kind and things the VAC of for customers about We’re stuff products. we’re approval to those out potential

that two And we of of and the marketplace. the their continue making products we’re selling in the we’ll know, are products, and to ways As those part incremental some into you FlowTriever been for progress you find first them we’ve to new the year, I as on time. get next actually ClotTriever acceptance both which to the with update think

Travis Steed

XXXX. require on going to how growth. around you’re XX% OpEx understand If your you moving something on to forward. follow any like how did – profitability curious done that I operating thinking going the commitment it’s help that kind up the quarter, somewhat be expenses given All just forward? expenses if this profitable of right. would I growth you’re thinking XX% what be for color and about guess Thanks the moving was kind in closer about or you’re fully OpEx to managing – to and of

Bill Hoffman

Yes, so Travis. I on that one, can start

intentional seen you’ve think those all growth that’s aggressively I been and across us of invest five deliberate. and drivers,

has think some the simply effort able well. been served margins our got I that going starting XX%. some result we’re of We’ve We’ve we we’ve make top operating going ahead commercial and Relative and going build to patients next going think I really to to meaningful on towards look XXXX. leverage impressive in move areas be progress advantages really on forward. capabilities competencies some high we’re through the allowed think, in longer and really us in to gross these served in. profitability It’s a I by us of gas profitability, well, to as to to got begin you’re the that, mid see off income that to that us the year with easing progress investing term efficient system that to make be goal able

from base engine, some we’ve established established leverage I think an an infrastructure us do regard the now will that infrastructure R&D organization, leverage that operating think operating an perspective that clinical on an and got built forward. same we going a and can We’ve I and in in we’ve opportunities to the in build gives

consistently first and we reiterate So here lines investment heard from to about I see continues thinking as XXXX. be Mitch through to of think progress we’re make we XXXX. And how forward. intention you be operating that OpEx income the along profitable half enter you’ll our as us And those move

Travis Steed

very Great, helpful.

Mitch Hill

Travis. Sorry,

SG&A, of time so that growth for compare Drew QX the that. R&D for the that so due line. in And you we and five investments frame but actually and into XXXX QX growth you’ll in would making the across primarily we’ve for terrific the I we be we example, feel think leverage of move had these XXXX, to comparing G&A to moderate the we’re QX and as the S much significant opposed SG&A we’ve back that really part Just expect would R&D figures, XXXX to growth reasons been like a more of as drivers. part see benefits all the line position explained, of to The of growing

Travis Steed

on Great. that again and quarter. congrats Thanks for the

Mitch Hill

Thanks, Travis.

Operator

with next today our from question comes Stanley. Furlong Morgan ahead. Cecilia Please And go

Cecilia Furlong

wanted product to ramped All right, frame this for for where about new the and talk kind to introduction could of Protrieve entry standpoint. account taking into from XX/X you how And both you about with point and start talk could really at InThrill Good I quantify great. with account introductions some penetration? you but are headwinds And thank you afternoon that’s if the launches, a then the sequential just from an XQ? tied if product new that or you in net from any could of way questions. just

Drew Hykes

Sure.

can on some get of started I those. So

Protrieve full both now InThrill, release. for market moving us about So and heard talk you into

and training that those purchased requires gain us shelf, completed and we the performing, means the And initial in some important the we in base. approval staff. that not market with approval we’re through and navigate InThrill. to in release platforms. and products full Keep in the platforms release the how and of phase completed cases of to products the broadly released. process we in on and So we’ve hospital both to Protrieve commercial with of That collected to clinical the with process products, technical broader products only that’s get that feedback VAC access mind has the were all from established feedback decision are both got inventory well. bringing QX. field those also but move the in those market entire in organization during process as And And servicing QX, and here the sitting into informed of The those account both limited now the

that FMR, the and and in move Protrieve obviously of that phases work required So with FMR work. there’s early we’re as through here InThrill still both we some

anticipate from do products we the would work As we revenue modest of in two a contributions describe the least at the result, in FMR. I phase those given that pretty QX early need to

out XXXX, is now think been has obviously you another XX, I revenue meaningful specifically. product from full those in some to Entry mentioned release more time. for Looking market that, two contribution anticipate which we’ll on

You heard XX used U.S. that the initial placing being us this And XX% XX of north Entry talk procedures QX. BOLD point, about were we revenue generated of our back FlowTriever in and by are Entry is using XX. at the here in Entry

feedback keep like through Welcome. but up more on everyone LMR been the seeing, this mention, you’d posted add? that we have just what to finish we’ll to So moving of the did through do that want to Anything at point. you adopted new remainder LMR. Arctics to good we product as Maybe product last we touch get Still we’re and the it’s getting just are with we to work touch are LMR broadly on that that but on Arctics.

Bill Hoffman

we procedure growth a have normally growing QX things franchise are that that we looking some asked revenue you the think there. the make be about just in with sure pleased And as the we’d ClotTriever and from of I doesn’t Drew as QX healthy that we the two products, terrific the products but was Cecilia, headwinds BOLD at appear we obviously had Well, business those other in really to in acceptance also sort and XX mentioned, and QX, in Entry launched performance QX, QX. a and and of the the

Cecilia Furlong

on either how Great. What force of about follow recognizing And could around force sales your this you’re forward product drive launches, around a point full your and force portfolio? or of initial single recent thinking of in second if then a just these really product potentially it’s sales up but thoughts productivity seeing going just early I hires. class take some standpoint your you’re to from penetration at

Bill Hoffman

Sure.

these now. result was hit intentionally productivity we a productivity launches So reference the took a on dynamic focus that of result quarter sales us second new large back of had That we us time of board class a from bringing heard class like one was when new the as we’d ahead to on year that the largest did the to a ago on. that class professionals, on that half ever But any product knew as bringing you’ve mega that. have a the big brought on. you standpoint, obviously bring biggest bolus We looking that

been class digesting to every what we the starting last recover anticipate productivity that seen we’ve just now. have the We other days over with XX what class. see and we’re And would

what we so So we’re like far. seeing

exiting more a much did hire quarter. modest We here class the

launches. we’re rest and up So product on of curve the continuing of to focusing productivity while ramp kind mega class their and to digest allow new some that also

the information collected LMR. have was bag We was InThrill by in right most bring the the That we call sense signal point we it now overlap that sense sales organization. that organization. to a for during the makes that good given VTE distracting interventional makes site of the in overlap decision products well put service that all channel. anything decided that to as and Protrieve would close from in business, it informed now but We’ll a keep the the the We two the start out in on large the in sales the think of the and eye we’re to think existing those existing

be new that of that characteristics do be these targeted organization, organization. for all we we if If believe sales we’d given going the any same separate able VTE, largely follow would commercial the were to even and same stand nonetheless system we’ve up developed to commercial of a point markets decide served better we’ve that we separate playbook we the a have to at

are eye products move we’ll a on of through all as in those So the better of release. FMR sense keep how the considerations initial performing continue broad and get a an to we

Cecilia Furlong

you taking for the Great. Thank questions.

Bill Hoffman

Cecilia. Thanks

Operator

And our from go with comes next Biegelsen Larry Please question today Wells Fargo. ahead.

Larry Biegelsen

Last Good only something midpoint. or should afternoon. that one QX follow you that quarter-over-quarter. year and midpoint. cautious And X% you’re something How had about I there up. that XX% to match. year? of – was at the Thanks XX% in the just QX time with given think year-over-year quarter-over-quarter. seeing I at the environment the you applied for it It’s XX% up It’s start is it wanted the next call in we is one up How question. guidance were in that there the taking context makes about about

Bill Hoffman

heard Yes, which question. there products Larry, I the us for in think hospital. the QX, into out sort opportunities I you’ve of including new are getting we’re field, looking as at thanks we obviously that with pleased the the mean were describe the

We’re of those yet not for excited necessarily potential contribution a but from about XXXX. represent seeing products QX, the they that in lot

are still about from that quarter. I quarter of sort QX the think the of with wrestling heard some you’ve everybody. go sometimes holidays We is And challenging the is of shortages, some the of kind which on staffing during

likely of we did think from and get and thinking a wanted sure So not how view. year, of the quarter ourselves make the I that through as about we be would confident guidance thinking ahead finish were just point we very about we to

business bullish excited and XXXX are about very obviously We the about for we’re as year. their next we’ve prospects expressed

Larry Biegelsen

your switching think Protrieve. other an devices how and from feedback to has pull your opportunity do do devices people drive you through of could That’s devices? see ask the you words, competitor today? in outside competitor terms helpful. good. where Drew, this for on this been Thank much percent do you cases I for see with wanted of you. Protrieve, going In very DVT And Protrieve to

Drew Hykes

that, for Thanks sure. Larry. Yes,

feedback development early we year back with of we if and a So as for year a the gathered our stood some that addressing product or of and solution. one the on out immediately days with as Protrieve, a a need significant half the with shared pipeline, being KOLs even go Protrieve many always product work of docs the that very unmet and novel a

complex up that XX% cases be cava iliofemoral that may about but a potential we the more clot. that they clot that they’ve need. work got and vena has address Protrieve think, DVT where so the at in the concerned and And everything a unmet the the got encouraged existing also We we not underscored to segment, as I DVT our be think LMR were burden can involvement they’ve has, procedures, product and in all believe only address those embolizing significant to of minimum by inferior during used significant saw about in the are value I a the and they

That’s Protrieve done that we’re saw case, encouraged and forward, that we in in value well. release can I our broad in as only but exactly going interventions and what we’re not the that’s ClotTriever with believe to see our present play out DVT clinical going own utility competitive cases, DVT provide are also Certainly what we that being even in think utility commercial is own platforms. LMR,

the real way think those it’s I a to in procedures commercial and And for us in obviously well. process value in have that as add some advantages

as So we’re LMR, think I encouraged we and same come the will hopefully well. by as through move what we the through advantages FMR, those saw in

Larry Biegelsen

guys. All so right. much, Thanks

Bill Hoffman

Larry. Thanks,

Operator

Sean from comes today ahead. question next Lavin our go with BTIG. And Please

Marie Thibault

is have Thibault my on, taking they and from for this questions. BTIG like thanks predecessors Looks the still Marie

very so to shortages. in the first on are wrestling of on how procedure talked to know asking environment, in to love questions. think prior just on reduced the know update results. certainly an one seem things going. get the quarter I to capacity. with Would It this Wanted about quarter’s staffing prior Congrats mentioned didn’t impact I you question, some interventional here, is surprised quarter. you nice the my response be here to ask some question you’d

Drew Hykes

Yes.

So the think and true shortages in are across sense our those Marie, of staffing still counts is our the country. vast that’s present I in certainly majority general

I or So around And been do some from in think that heard I still have present. addressed. this stabilized. their you’ve they’re as others haven’t those shortages. think well, they’ve more believe cases many But navigating and adept magically they way at We staffing hospitals cases, become

intervention. tell through We We’ve are them. single center nice we’re to story, able a got value a economic footprint, to positive proposition, execute around able a modest

saw to of ways, lot to through those that’s they’re out we’re some what in a finding we’re a stable And I and our those able staffing still QX, so help headwinds. there, exactly way despite them. in patients us way shortages So of you they’re do navigate think

Marie Thibault

your Wanted and with question little have and chatter, I’ll my of the – hear. Okay. you. conversations investors, Maybe results. hear competitive That’s I good hear a still of In your marketplace, taking to own chatter. Thank your on out ask the guess of competitive hear this questions from second in away I from to we you away a lot thoughts be should words, in some that. what what we from all

Drew Hykes

Yes.

been goes the the AngioVac [indiscernible] time, consistently any have over ClotHunter, year, to in had AlphaVac, XX and I the on. meaningful be the last don’t asked a pretty [indiscernible] the QuickClear, we have about and on and same platforms over candid, impact and months, market. those last of list So At think

a that. there’s think I for reasons couple And

simply you’ve XXX(k) reason and platform of to than First bring heard share growth for explosive in a looks. this looks. past, from certainly a it a it catheter development this simply And a and on The to of the do quick PE. is some is for platforms big harder impact, label experiencing new idea a get standpoint, it’s market or clinical us it more getting harder I than think there these work much standpoint is from to

From than of all it standpoint, a and is harder it regulatory commercial looks.

north we’ve XXX in to been just that over closing able in at of in these a what sales also at compete to able think year same to I new look we’re difficult. upon approached organization. on alone, platforms XXX being think Even widget I I in timeframe, last is the field professionals market. stands increasingly you Secondly, have think we And XXX, contrast the if people it how our based accomplish

our leadership team, economic include team, our across our that access on Inari solutions team, If market our accounts sales you team, in XXX organization. closing national and group people health

a VTE repeatable be program scalable, these very is develop and out helping comprehensive built now in programs. to a we and VTE think Our that Excellence way, in going way

generation FlowTriever markets, nine programs FlowTriever in tools separate in and An with ClotTriever, development, the ClotTriever dozen now toolkit. populations, new product innovation engine fourth new patient two toolkit, five the in

think approaching to I of drivers. we market, kind that are investments speaks this how those been consistently of all we’ve across that comprehensively growth making the

do some clinical have approached and kind Clinical think about And I very and you competitors. of I think we of approach. these that to I talk is in want another differentiated how… to Tom, emerging stands contrast in think it area a

Tom Tu

to you prospective quality our Yes, And very love ever FLASH add to. in – largest sophisticated, the we and just yes, on registries more an of point course, I’d one markets Marie, have see become high to ever placed customers increasing that and data. large as these value as grow more CLOUT.

both way possibly You mention comparing statistical see ATTRACT. that’s and There’s the analysis results to Not former this competitor come. just landmark run other sophisticated to to there as quantity our two leading no as well simultaneously quality. in RCTs studies like more out

we’re not only are devices but is just the that engine humming much. clinical the along, excited So really as is also working, commercial contributing

Marie Thibault

All Thank right. Well you. understood.

Bill Hoffman

Thanks, Marie.

Operator

And with comes our Canaccord ahead. go today Please question from Bill next Plovanic Genuity.

Bill Plovanic

but been the you but understand really I for a they products million why mean is of is the or the already kind I’m and I this think have. wondering, coming of kind million of Thanks people ramping wouldn’t, with I contemplates us guidance, One, up. sequential benefit to slowest the on things. just new And this, because from. was And fringes trying really reps X any mean X guidance one it have couple Great. would understand taking my asked questions. other first doesn’t it’s to around like the the a seem from asked, of new kind where know uptick of just help I quarters I

Drew Hykes

Yes.

started want in the enter phases From process Bill, way to I approval well. each and can of our you a navigate the product Mitch as to full the get need InThrill, of new Protrieve new may standpoint of So do as jump that we market to on for we release. initial and and contributions heard back through products this earlier, those describe me

anticipate So from we would as QX modest revenue pretty a contributions InThrill. Protrieve result, and here in

reps hit those want there, that always productivity. rep productivity the heard of said, Mitch we number spot their their highly as through the yes, sweet a our to the you productivity out when On be mega commitment. At class describe to side, put we as curve ability confident same in and are time, we’ve hitting ramping

We heard holidays shortages do got have of talk the seasonality We’ve here out that are there with end the that QX. about. us staffing at you the still

put out of all in Mitch is add. heard included I that anything the you’d think you guidance that

Mitch Hill

Okay.

Bill Plovanic

I just the for of kind versus you transition are ASP accounts And count could any adds, you’ve on new a historically a of maybe new wondering that then just accounts then deeper growth on and talked some was qualitative quantify me, think new I percentage on you if trends. give lastly us and bringing in you about and going if on in commentary could as year-over-year just Thanks. account basis where

Drew Hykes

Yes.

closing we’re accounts from this across So Bill, accounts an probably account standpoint, north X,XXX the at of country. in point, active

is new as about target So We’ve X,XXX of you quarter accounts. anticipate. we would slowing, and to every talked add that neighborhood the add someplace continue in each rate

build account out, that of innings is later the approaching we’re So you’d which exactly what expect.

established and of coming in is cases, already from the growth our the a quarter As vast case incremental accounts. result, majority

accounts driving VTE existing Excellence cases our a from established in presence already particularly QX, leveraging were our deeper adoption fact, In came where XX% in, accounts, and by from of program. had we

be stories that So XXXX. continue look to I we think to ahead the will

already across our your Board, Clearly penetration big And adoption of drive second from are will no growth. doing question continue already. the Relative that candidly stability standpoint. to the of so ASPs, vast QX majority to the changes part

to as to some still come uplifts rationale procedure underneath forward we more to if succeed attempt We’re contracts than able able often price take we’re we’re able per we to fail, up we point the that that as products take model and price of or renewal for or price, to stability for new get price brought price at least the those have uplift. not

all think continues no reflect changes enjoy. both economic that to the And that underlying products that I strong So big proposition there. value

Bill Plovanic

for questions. taking Thanks Great. my

Bill Hoffman

Thanks, Bill.

Operator

question you. And from go ahead. comes Piper. next Maeder our Please with Adam Thank

Adam Maeder

see any for you taking Maybe questions good to about on Hi, ClotTriever and afternoon. Thank wanted there’s ask start, the if update the there. progress. BOLD to congrats and

for predominantly seen a using chronic stand time? BOLD, about uptake, then think follow-up. chronic or how product? mix volume clot clinicians that with had we you and clot over In and Our of a And where just do I acute application terms use, that also do of

Drew Hykes

Yes. Thanks, Adam.

that go-to the frontline so at really edge better a everybody acute a So the a ClotTriever is force used stronger on seeing kind that on leading and tenacious clot. our chronic. to of of that did of to for same this XX% do key as point with in is BOLD coring a accounts interventions product and one on DVT chronic radial we’re element. just both platform job to remind about We all it improvement. it And the design BOLD, is

good We’re all how performs settings. clearly in of feedback those it getting on

it can result I doing fewer in a it’s removing think because many in the job cases, better passes clot. just of

a horse BOLD what years same strong even have giving truly time being try that that clot core chronic cause address new disease the in of chronic also patient to enough that I venous used historically work it’s that disease. and underlying patients to months population, is DVT their or At the is old, first and would as be think is for time, products. So BOLD the us our access

sense of time, specifically be a what will will we build for the venous disease. BOLD in first purpose out that toolbox chronic over is toolbox built a that

add of to You us heard toolbox. new talk that we’re to going the about that some tools

out We that’s now next REVCORE, year. product have cleaner a come which will as branded stent

tool got toolbox. We’ve to added will a be that recanalization that second

patient specifically we make needs disease. of population, patients All this help the of we designs where underlying chronic for disease by addressing with difference unmet this of venous believe, those massive group their can a cause spectacular

early the focusing patient today BOLD center in that as but population, front is on effort we’re So of well. for that stages

Adam Maeder

Thank Drew. randomized anticoagulants. to wanted follow-up, versus about That’s ClotTriever control trial the DEFIANCE, your that. you with ask And for really helpful,

to that’s that heard time? think any this do successful. become care, details share point if at I enroll? How think quickly enrolling going in QX. able start in heard think standard And to trial that can Are think mention you of I you could you I I ClotTriever you

well. out the as flesh for that maybe just Thanks questions. bit little taking So a again

Tom Tu

is this tackle Tom, question. I’ll that Adam,

in experience to comparing is DVT. which DEFIANCE, of DVT firstly design space using DEFIANCE of our data, is the I presented long in of saw really So the which XXX Iliofemoral an our The attract tooth based treatment DVT anticoagulation ClotTriever on for was rather RCT data. update CLOUT as the Monday phase now vast you interventional for treatment next the morning. understanding And the of serves on think to

very as we as But well progress offers that good Drew some of have So the comparisons for CLOUT RCT of very made stated we’ve may an to state. in disease change previously which is commentary attract, care to our the technology. DEFIANCE this standard

is do lot this be going to Once design the we trial little the of kick as a to the specifics, about customers take as a as historically think there’s outcomes. trials DVT some complete I well excitement going bit high. level to our amongst time we far say As And of specific to more off the selection QX. are enroll site process,

Adam Maeder

you. Thank

Tom Tu

Thanks, Adam.

Operator

And our ahead. Securities. comes Richard Please from Newitter Truist next go with question today

Richard Newitter

for thanks questions. taking the Hi,

couple a here. Just

from type do or data just that you looking these and kind curious, expect set advanced the had the here I’m of impact adoption to you potential? are the of was for the data care tone more On the the standard feedback sets and CLOUT FLASH for and curve any there. really at market material to you DEFIANCE registry, What PEERLESS

Tom Tu

were tell there sets presented. detected. This I is that CLOUT Tom data two were you, I room when the here. was two reactions I’ll different in the XXX And

of yes, course, room in device The people for surprise that, who’ve CLOUT not the for nodding had experience. thrombus much is of of of many confirmation a safe. first ClotTriever one is kind the removal, ClotTriever was best-in-class

of trial offer podium is publication breaking presentation something other message abstract that late this our that level more some sophistication the home one had say, after patient at is of well hand, I abstract overarching publication that from other compared the the of take clinical entrance just to the of competitors studied data, unparallel the the as quantity early presentation. audience would was On and the the as this to after the after

adoption of information this our online. to have commercial or opportunity on of commercial as meetings is dependent not far the communicate data, we’ve the they As best these our to users always team I can the value updates attend read team’s on all commercial their the which really that is certainly concerned, but ability possible And I think customers. with to with even think on our use there’s hand-to-hand boots armed influence ground the the clinical combat,

Richard Newitter

past, then impacting reps should margin, new a products And just through and bring on, come then of how so in the some faster, just productivity being happened And fashion? one curve gross as additionally impressive about territory ASPs we it’s on when and two as quick with rep of bigger especially moving your seeing predictable splitting Great. the seen cadences confidence What’s separate XXXX. of hiring more your hiring, ones able aggressively pain. your in quickly. kind of it’s up everyone the with to in We’ve think

just would I there’s love guys are onboarding lot. So smoothly, the no hiccups. to hear a how you ensuring Thanks goes

Drew Hykes

for Sure, Richard. those. Thanks

on as The of priced So as our products. I of also range X,XXX. gross is includes the new standalone as those same of to think, impact neighborhood about, first at And mid InThrill those talks new Protrieveis a based margin Mitch ClotTriever ClotTriever. X,XXX. priced margin, price a in as and as for of profile margin similar FlowTriever FlowTriever good high-XXs each that fairly skew the from also the the on pretty and system products, separate a separately

on board. and terms system. as been Yes, folks a done that part it’s intentionally the of of very our In we commercial We’ve overall ramp. the new fast productivity brought

ones ads territory nature rep and of for do a excellence both we work and of those to rep of all bandwidth driving certainly as the the of and look kind positions the adoption result, need the have a that in to then are territories. penetration. do And and new smaller Many to recent legacy And after the split. VTE

we’ll for incentives to for a professional. So company, and welcoming not that advantageous compensation and towards well. has very aligns a a We’ve been the a overall splits, as able commercial And key we’ve our that’s them add of reps been device so system program to been a key that deliberate actually as as forward our the of designing system. key usually have really part quickly incentives that’s and deliberate going professional’s part sales as about up program territory a aligns sales We’ve good now company split’s got result. the territory the a compensation be been continue splits we why of a until part for

Richard Newitter

you. Thank

Drew Hykes

Yes. Richard. Thanks,

Operator

from Please question next Jefferies. go [indiscernible] with comes ahead. today our And

Unidentified Analyst

Good afternoon, and thanks here. for squeezing me in

follow-up my So first question, Arctics. just to on

about talked elaborate or You transition more Can just on remaining LMR. you some you do about to in having that’s What have maybe and FMR? to left work the to timing you being next? can the before do work do what’s talk

Drew Hykes

Sure, Michael.

mechanical feedback result, we markets on at would how as that’s So provides that that little as two the performed than a Keep design thrombectomy We’ve longer. for market thought to second be we’re product mind distal component everybody new arterial is a remind today that guide has with where Arctics, into. that LMR. balloon we’re system embolization. proximal a flow sheath component a smaller gotten then some in peripheral we’ve thrombosis, – point. of that we would getting system system this the these other and that prevents take And good about got just well. is LMR And of likely part knew a a arrest a And a in

We a timing specific have those LMRs. don’t timeline associated with or

commercial the in is and seeking that focused clinical gathering really and on LMR. most technical We’re we’re information the

the ready what be in timing here. like before we this whether and so that as we last of through will good, or year rest from not on we’re hearing keep full product market for to position docs, is executing the system you and Certainly, the what next move But so quarter prime into the appraised time from we’ll governs seeing that keeping and decide forward. far So LMR a we’re and likely release. it for will and and

Unidentified Analyst

follow-up Great. is And my on just excellence VTE the Thank program. you.

to we once thought around and was to shortages progress constraints. Do point Just VTE does type expect less what the you’re making the staffing an does and acceleration curious, have a and are there get excellence driving? that see working do of you on impacting those. progress where just what I program? excellence program with hospital capacity that, your some impact You’ve in you’re VTE hospital procedures, resolve in staffing is but talked about

Drew Hykes

really have to that kind risk identify, programs bring VTE do bandwidth to forward understand work, work the of To at associated patients the systematically Yes. with Excellence, to to do these work that hospital. that caregivers disease. and these develop need you To and do the stratify folks

And that the so instance, height for a pandemic pandemic, the during certainly, the of challenge. was

If have for don’t your COVID a focus bandwidth on or program patients, you inundated lot of VTE. development hospital’s understandably with time to

program programs. in develop and simply focus these challenges and partnership think ways work on the theme kind bandwidth to with time shortages of us and some height I do they some out has in a have at played to be these of some of able staffing those development didn’t similar to accounts, the with

that There us do staffing more COVID ways. more the in as today. to think as shortages, accounts bandwidth partner both today, both in cases, I with environment work with with to is receptivity and well more is for the conducive those

think QX, more certainly program. impact to effort we conducive from and excellence I a began seeing traction and increasing I think in VTE that environment, operating good we’re see So and

Bill Hoffman

to started about during if just Drew hear think think no is for say think add, some traction VTE in of I – getting to you though if progress, data. more we’re I comments, and sometimes academic many anybody. mentioned making the excellence his surprise – And getting an Michael, They’re can – you good hospitals a centers great I that. just and And great example that the of looking medical is we’re

you the clinical those kind of of see the think results. as And three, multiple ultimately products used something our the are completing can in change, I see coming trials into randomized and next forward I two, standard that – of harbor enrollment same reporting ships but interventional a as will care, and think us in or the Ultimately, you the that’s a in over in the marketplace. time. kind hopefully being and in so rates think And kind you of that cause only at not year change

And where of share all have our game so the playing and vision who that business. support this that of we a investors here really want appreciate we’re kind go long with of for we

Unidentified Analyst

That’s you. helpful. Thank

Bill Hoffman

Thanks, Michael.

Operator

ahead. next Dev Berenberg Please go comes Weerasuriya Capital Markets. from with question And our

Dev Weerasuriya

Thank I bit just how OUS to lastly, I sales revenue to on of to We’d any we’d the across over major sequentially know, the question. get of been rate know focus kind growth of expansion team OUS specifically bit standpoint, or the love growing from know has to the color front. that? Drew, taking cadence love that but love that on the geographies is would growth Thanks good And of commercial reimbursement quarter-over-quarter. on a in similar are for you. Hey, gauge And of my last quarters want currently improvements expansion, already the a precedence the a of you any afternoon. that in little little Germany. geographies. across just

Drew Hykes

for Thanks Sure. those, Dev.

basis, built, more over we opposed added to adding the record forward from do growth initial the in our And as investment as that was a from I So infrastructure go aggressively that Europe. will of established. initial we growth efforts the primarily think last come we’ve year. productivity on across commercial gains have saw QX franchise. We that OUS that existing through in probably and And footprint driven as

So think to forward, governed we that more investment. I gated growth. begin ads see be by will into to us and And we’ll additional going productivity gains I think grow

reimbursement established work the big got no Germany, still NUB we’ve get reimbursement, the in changes in of QX, we’re to terms In France. doing broadly in

in We’re UK. doing some work the

execution or So continued just still you broader franchise. scale and at heard and material overall and to growth, continued not record revenue candidly continued big that’s the a changes about announcements case growth albeit no us as still talk commercial

Dev Weerasuriya

would materiality over InThrill the of I more OUS combination could here. than guess, Maybe follow-up to the U.S. here a Great. Protrieve, expect next be versus I from revenue, in for new year? and expansion just products you the just material OUS standpoint if in kind Arctics, compare opportunity

Drew Hykes

Do you want to take, Mitch?

Mitch Hill

get try Dev. started that on to I’ll one,

quarter. it us it’s was a So – we’re said OUS record – you’ve heard revenue, as that been we’ve talk the about

said with of really We’re the out the pleased of growth that, point from financial it’s view statements. breaking of not the outside it Having on the business U.S. material our

we’d processes. products approach think I full hospital sort similar the release that that a to of working following market very be excited. again, with two are products, and The in the new new

more we’ll Those ultimately break business, are but going as in in our to significant of more significant from XXXX. financials. to then those out revenue contributors point get some view, progress a begin QX, in those to And become the traction

produced revenue, I to of magnitude think is we expect the that going the don’t FlowTriever to by that of for by achieve immediate franchises. and relative the being which ClotTriever kind sort the term, they’re

Dev Weerasuriya

Well, thank much. you very

Drew Hykes

Thanks, Dev.

Mitch Hill

Thank you, Dev.

Operator

Ladies this session conference question-and-answer and gentlemen, today’s today’s thank call. and concludes presentation. We attending you today’s for all

evening. disconnect have a You lines your may now wonderful and

Bill Hoffman

everybody. Thanks

Drew Hykes

Thank you.

Inari Medical (NARI) 2 Nov 222022 Q3 Earnings call transcript