Earnings call transcript Q1 2023

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Operator

Good afternoon, and welcome to the Inari Medical Inc.’s First Quarter 2023 Earnings 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 this event is being recorded.

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

Caroline Corner

Welcome Operator. first XXXX quarter Thank to call. earnings you, Inari's

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

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

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

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

Drew Hykes

today. Caroline. And you us for joining Thank thank you everyone

high quarter what thrombectomy highly across be first prospective we strong drivers. the successful new PE. from and largest and and market We uptake drive data Revenue presented executed important conducted crisply productive. was We received new two was continuing for to and for studies FDA growth Our expect to all work changing guideline ever label products, our approval our expansions risk all growth of in products, devices. we two FDA additional our expansion while

like we share about will we'd always I now start this patient story. but details do as additional with shortly, to a all of

quarter to the This quality we high of commitment impact highlighted clinical story underscores evidence. which Inari’s generating

pulmonary old seen was pain Last New XX% manifestation This risk most grandmother diagnosed impact in existing and serious England with month embolism. with and a VTE in in ClotTriever for difficulty a to show high mortality. an a reduces was the network XX% the to developed a high-risk PE had recently which is expertise that had due of the XX-year to triage, PE been rapid of of breathing. of with room mortality Excellence the FLAME where presented patients institution Program, use and study results, she physician she system sister in-hospital developed Inari’s dramatically intervention Her transferred to the ClotTriever. hospital treatments. informed emergency Thankfully, back She predicted despite a

bleeding, Based and stays, long which treating to as to thrombolysis, perform upon had systemic ICU poor outcomes. a her significant risk opposed the of thrombectomy FLAME confidence life-threatening hospital data, associated with with physician and the is her

and to death heart blood At her remove XX-minute of a minimal a was times thrombus, with She loss. XX FlowTriever, doctor short with thanks ashen the was of procedure, so sweaty. start her pressure was and able the to In a to do procedure, the and her XXX able near beating skin minute. all blood of was

still the the signs team remarked returned vital she about and to to how she normal, table, felt. her on While much better

Most return to clinical This how standard grandchildren. VTE. hospital evidence her to was can change home a the case shows importantly, able see care patient short after the of in high-quality stay,

shows We been the change never this driving evidence. It more to generating have committed of to is a our paradigm VTE. market systemic approach also in how development treatment

to like financial QX summary performance. provide brief I'd of our Now a

XXXX. driven was across both million, strong QX million. was up underlying XXXX $XXX.X by procedure Net sequentially ClotTriever The in operating year-over-year QX loss the and revenue was X% XX% and QX product in Our $X.X lines. from growth performance FlowTriever

strategically team, to our management committed also but business, a As in journey drive to invest we're the leverage. not only operating

Throughout loss some half of operating the step forward. see profitability achieving into but QX XXXX, continue remain operating fluctuation XXXX, committed first as in was a we to to positive we we'll the sustained move quarter-to-quarter, Our year.

the We with making steady progress growth are we're are by our our QX, of five across performed pleased we how all encouraged drivers. and business in

the Despite our and markets end large and view our position those clear extend of VTE importantly, to for see and competitive potentially VTE patients continue for protect underlying ability competition of Our strong remain to the years to efforts. the as market market continue underpenetrated additive come. and leader we work on-going laser-focused core trialing, to developing highly some dynamics. in remained remain we've we on benefit momentum to VTE are as in confident Most market in the

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

the territory to is of QX, the just expansion additions, with of Our our pace deliberately growth we recent first Similar our most exiting XXX new moderated the in quarters, territories. organization. quarter sales driver over our sales

we're the year to territories. to at with this expect XXXX, each productivity for beginning at operating Consistent sales leverage with anticipate adding approach, cadence we least this gains and force ending professionals remainder the measured and of sales the resulting recognize. with continue more XXX pleased are quarter We

introduce our growth to products which the Continued existing of accounts. is to on in well smaller smaller and penetration market organization sales to positions increasing successfully expansion new our turn driver, in second and This us in results territories. execute

with patients our growth, success even be who markets VTE. and continue to a highly Despite treatment rapid VTE in remain majority never today, commercial our treated of anticoagulation see the Still alone physician specializes underpenetrated. and of procedural the vast

VTE hospitals Excellence consistently processes, and screened, a by VTE establish highly systems approach comprehensive, is a and to identified, are differentiated, Program to and that and repeatable patients help stroke similar Our MI, ensure evaluated expert.

moving solid earlier phases is we times Although we're VTE advanced three the refine progress and most penetration continue four through the to to program, where phases. in iterate Excellence, TAM of the to making than higher customers

account efforts have Excellence our of VTE the been most date, To with local focused at level.

we This for work with we've success important least initiative begun is across and two strategy invitation to another large for sign our GPOs on at IDNs reasons. believe VTE an Excellence hospitals, their recently have on replicate also a individual working. seen We encouraging basis. is to building system-wide us is Excellence several However, at VTE

and developing First focused is foremost, of Excellence the VTE and market VTE on standard changing care. the

believe also both it competition. us future Secondarily, and differentiates from existing clearly we

late-breaking early American study Our build highly upon College base as driver of Conference of third is in at March. FLAME productive the been several front. growth clinical our The to past this trial presented evidence. months on a was Cardiology The have

experience XX% arm. These FLAME is composite who XX%. active in mortality PE. of high-risk primary in sickest endpoint the the device The and to largest PE rate are hemodynamic are the of in patients prospective historically XX% was was study an ever context collapse treated represents FLAME therapies predominantly to mortality the arm a mortality other in XX.X% by FlowTriever and of XX% patients rate rate compared of met seen X.X%. with low driven exceedingly reduction This the in

patient sick in time, will The high-risk in a a magnitude new usher cannot enough. change treatment spectacular emphasized believe mortality and, over of of era reduction this very PE We FlowTriever standard care population in with be the help guidelines. in FLAME PE

to patterns, patient already to taking FLAME see when notice therapy. of pleased We story. are patients in day the a data our the mechanical high-risk as intervention We envision FlowTriever practice reflected first-line physicians change with beginning is and in

results patients. be increase mind Keep PE to believe extremely intervening will high-risk is in powerful population PE the intermediate-risk in in than on patients confidence patient we the less times of sick Importantly, highly also larger positive intermediate-risk sick five enough FLAME also physician patient the population.

randomized we the remains of to strong. mark end PE. catheter-directed to the surpassed If therapy halfway trajectory in our our PEERLESS successful, we RCT, use in control lytic-based has are comparing pleased lytic intermediate-risk trials, enrollment FlowTriever to and PEERLESS will enrollment report interventions Turning believe

In of treatment. care DVT, as comparing we establish continue RCT, our to to study work ClotTriever standard to is through site DVT The DEFIANCE activations for the for alone. anticoagulation designed ClotTriever

its we study. to to work Given ahead importance, committed enroll the this hard are

we horizon. as will we believe and over potential to RCT also be envision third immediate a studies treatment VTE, DEFIANCE the impactful PEERLESS the As of the

on We this will soon. share to topic have more

to the resources summary, to clinical we of continue significant data. commit In production high-quality

while scenario from to not distance our care current the Although also standard and of designed the VTE, they goal, to serve efforts change are competition. further in differentiate future and both

Our fourth is portfolio. expand ClotTriever product to our

We have here as well. to several share updates

clearance received FDA thrombosis First, anatomy. the REVCORE for the the instant in treatment first-ever venous of

approximately for recently early, to U.S. there practice, stents clot and the although annually clear within need, two initiated been been market unmet address limited this REVCORE dedicated Previously, and the high. first venous as tools has chronic, inside no release. have are in there occlude As still mechanically to been XX% to many stent. patient a have we've enthusiasm estimate standard as venous XX% XX,XXX an years. implanted feedback We is from our designed wall-adherent REVCORE occluded and physician

a priced per-procedure pricing It also to access well REVCORE as new within gives We will be us patient population. anticipate separately. our as both model

have of disease our developing release. addition the represent most and we the of target-addressable the patient toolkit incremental subset revenue together, with CBD. to REVCORE REVCORE important population, a instant thrombosis broader the opportunity. for positioning a chronic of recent purpose-built more the REVCORE is We'll market treatment on full largest of are markets. venous upon an new Taken to represents share Patients pricing

indication is Protrieve, percent to additional our complex lungs which procedures feedback a filter runway all to XX% been DBT a Turning Protrieve there to sheath of clot, us for progressing. pleased as add be provide launch The ahead and a to we heart Protrieve the IVC recent efforts. has approximately still positive, the procedures. Physician with launch continue involving for expansion to designed is device will we of significant and is believe estimate to to momentum new extensive removal access during protection DBT accounts. is we to continue how XX%

sold $X,XXX. well Protrieve a system of As generally designed outside is release. market pricing of an at per-procedure progressing is a our InThrill InThrill thrombectomy also full is ASP reminder, in vessels, below in year per combined the in the and market including AV small for addressable alone. the XXX,XXX and U.S. extremities knee. total procedures to The is upper fistulas veins XXX,XXX

The addresses. to recent clinical by of expansion early are specific We and for and additional momentum the the thrombosis results unmet InThrill indication it fistula launch treatment efforts. to add the AV AV encouraged InThrill positive graft with will needs our include

represents summary, QX alone. an incremental ever products ASP market an billion during been, pipeline initiating innovation At several has our is as $X opportunity. anticipate $X,XXX, LMRs it In as InThrill we robust additional and of

expansion Our last another revenue growth production case our driver record of quarter markets. business. and is QX into international international marked for

QX $X.X generated international XX% of in XXXX, over QX and of XXXX, from revenue sequentially Our QX million business up XXXX. XXX%

Our by in we the continued ClotTriever during received primarily pleased performance have was driven for to were where quarter. and MDR Europe, FlowSaver approval adoption

of progress case existing saw and making go-to-market Latin China and Beyond Asia on approvals also in our In America, the growth we developing Pacific. we quarter solid Japan, markets strategies. pursuit our while are also our Europe, in regulatory Canada, during

the have operations. international heavily invested out build of in our We

Given to company believe total over of it's than we time. revenue reasonable greater represent this business the XX% unmet need spectacular internationally, for

making which a drivers. continue we're differentiate In and us more patients. across believe closing, strong from now deliberate the start. are off investments to designed help all competition made us will our future. year These solid investments of into the to is We growth progress treat to We've

significant. Our markets needs are the and large underpenetrated, highly unmet and are

will grow importantly, commitment about business I of we to the Most years believe enthusiastic big not our patients, our could sustainably unwavering. health come. can for be solving to many more problems and is our and and people,

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

Mitch Hill

and sequentially million XXXX. XXXX Inari’s were $XXX.X revenues the million, Drew, or $X.X good period from the year, you, quarter Thank $XX.X afternoon, for same up the of X% up of million everyone. the $XX.X first million, over fourth quarter for of XX%, and prior or

commercializing expand of our QX growth due open and the we was our deepen existing to began FlowTriever customers. both accounts, new to and to our products. In significantly efforts continued force, InThrill and XXXX, Compared expanded with relationship and customer XXXX, ClotTriever revenue lines also ProTrieve sales product the our

lines from during from of XX% the other and XXXX, the product first FlowTriever in systems in ClotTriever between the split versus XXXX XX% was similar of XXXX. revenue derived revenue year-over-year, of The our XX% quarter of systems to with and XX% sale sale compared derived

goods first first new margin in cost products. quarter quarter compared The additions of was Gross decline of XX.X% the was XX.X% for sold XXXX year. This same to XXXX to XXXX. in the compared of additional for primarily were expenses period per-procedure adds model. of of with quarter due pricing million the million the of first the due our Operating prior with $XX.X $XXX.X

R&D the expense the R&D The was same by driven first XXXX. $XX.X of expense in $X $XX.X was XXXX for net primarily headcount. million compared million increase an in of quarter period million with in increase

million same $XX the period increase as to expenses. we and quarter primarily $XX.X travel the million compared in increased due higher expenses for year. personnel-related secondarily our due was to first was prior $XX.X of XXXX The SG&A of the with expense headcount million

for compared fully first of quarter loss was period the XXXX $X.X net a basic loss XXXX and for fully on diluted quarter of diluted share The $XX.X net of first to $X.XX same weighted share million average of per year. $X.X million. Net of for the basic was the and based count the million prior loss

These million period and a year. loss on diluted for of diluted average a with and based the $XX weighted share the per fully of compare net $X.XX basic of share fully basic prior count same

reaching committed of goal to towards profitability you Drew, in sustained As in confident to feel earlier journey first heard XXXX. we operating continue of our from and the profitability our remain half operating

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

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

like I'd guidance. Lastly, to Inari’s address financial

we $XXX to For year million guidance million. to revenue XXXX, the to full our $XXX from $XXX are $XXX increasing up

back that, the call With the for I'll questions. moderator to turn

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

Operator

Travis from of Please Instructions] [Operator Bank with Our ahead. first comes question Steed go America.

Travis Steed

everybody. any on good seeing, and on as the than confidence the March, color be would I'll call you any of for anything, the can April, this that call raise provide start Hi, guide with thanks at versus Congrats quarter. taking you're additional beat a quarter, like this kind questions. also Maybe more price what And unit then helpful. around by mix, volume well you could point provide to

Drew Hykes

Thanks questions. first Travis. the those I can one. for Sure, take

of Mitch the I set second think comment on questions. can

quarter. And the during the by was throughout the growth ClotTriever. competitive So, we And growth and during saw and primarily the despite both that was quarter, each month saw trialing performance the we of consistent quarter. really driven strong strength procedural the businesses, of FlowTriever across core

to were up. modestly ASPs stable

that So, growth. that wasn't revenue a XX% big contributor in

basis, percent time was relatively and revenue, as modest. in new revenue stocking lowest had contributed as that company. of any revenue, been certainly, quarter relative TAMs at And a the a still products a on but New ever public the

I So, that points all procedures. across strength again, the primarily to think

think payoff points making development, high-quality of innovation. and I the the market it been in the we've evidence, of investments also the health program development, to market

QX market healthy very there's think, backdrop at see as I a there results. clearly, that look you the you

with for maybe over So, to that, things comment. Mitch mix-in-the-unit the turn I'll

Mitch Hill

strong, I call, did commenting the inter-quarter at just not good actually strength the I is Yes. sort during time some of really as you month provide of of know, the February. The And, the performance. on the monthly QX Travis, very asked on think in a January, business and February trends. off the you to maybe March think We commenting of continued business about the We're feedback well. start

as of So, to half the as we the we we the the about heard very back call, you QX talk on think the be of performance continue us and confident, particularly with about think about business as year. main

Travis Steed

then versus XL on new QX? approval up color an FDA a that that's just into saw Right, still as well week. be little products. on to AX last Artix and was there And expect Maybe QX, sequentially week I ClotTriever maybe the helpful. the you would this more

for full as assuming you're in well as release what out ahead that Just products. some rolling on the the year that initial feedback limited market and of the

Drew Hykes

the end start that think Yes, a QX. of even are a think would XX% innings I a middle I anticipating so rest think relative the growth up of Travis, then we're the and in We year signals Keep confidence look trialing. the in to we're products rest And to are anticipate ahead the positioned thinking result, mind, QX we seeing We as terms how QX. of a new And relative a the of really to how the probably the north the that, of series the do year, we as set some strong of so. fact of year the of obviously a got flattish we're last we we've raising half we're coming. And confident the year. relatively trialing. year-on-year second and continued year, about the in how we're flattish about of or QX to in beat, for

to LMR We've second We've got REVCORE that initiating will through is Artix. products additional three You product LMR. here working working We've that mentioned QX in currently product through second you about LMR. got got a the exciting of be the ready year. of not But yet. all a standpoint, that from really as we're half into think, talk look probably quite that, I

of well. field coming, data and progress organization the on then VTF More as we traction OUS certainly the the rest from additional continued year. as gains Continued productivity salience, through work

feel you the we that of to in reflected So guidance ahead in looking that is the the and all heard. I increase corresponding the year confidence end the think

Travis Steed

Thanks Great. a lot.

Operator

comes Furlong Stanley. from Thank you. Morgan with next The question Cecilia

ahead. go Please

Cecilia Furlong

afternoon, One, data was seen of you are potential the you've flow-over about for impact you what high-risk, clinical comment treating specifically. then into Great. just both Drew, the thinking patients. on could kind and thank post-FLAME. but taking Good intermediate-risk kind the centers two, how Tom questions. then talking about hoping the one of I or awareness in But of just of

would feedback color Just would days, love early but color. I it's any know on helpful. be any

Drew Hykes

to I'm take Great, happy Cecilia. question. the

So, of say received study and anticipation fantastic. that this would it's as present proud quite I the course, we as the reception very of were to FLAME results. the pleased trial has well been

I fact, know terms to important a trial venous most we FlowTriever mortality, of be meeting be featured safety In year, jaw-dropping results national at given of the year. And as on in it's most in high-risk reduction as that of patients, the later as well signal understated. think the the think the can't drop I challenging in this going doing

with. presentations, than spillover that that times X% the really or here the PE five patients only patient signal we traction. Now, is patient whereas sites broadening you expressed more and, can't care? little in treatment include to is think least tell effect I more the that I population. how like greater story you described. that have call-off talk many we at to of High-risk their hey, seeing this I be a guidelines about led these is intermediate-risk But when we're population of patients, think interest algorithm the bit important already going much standard high-risk are

population? therapy intermediate-risk stands to applying see of And, out that over in that this can reason hold for if we sure. high-risk doesn't this it results taking patients, get to confidence but in seems such we'll patient And bolster fantastic logic the course, play to time, it be the

Cecilia Furlong

moderated think basis OUS just the could sales Mitch, XXXX, U.S. efforts balance relative would your specifically on this I you if your and OpEx, of a expansion And follow force? from cadence up, then increase the to to expecting year, for outlook and you're what Great. about a how both more on versus

Mitch Hill

Sure.

continue is R&D about As definitely the think be we in we the that spend, balance on QX side, an think the S going point I increase. think, to is the as a sort to in look the of and about going slight for From very fashion the go that QX, QX. to increasing at of OpEx QX year, view, might where SG&A of side QX, of

As up in the team about from this of the at you end about current talked the growth heard least XXX sales level Drew year. XXX prepared remarks, the the of to in by commercial

is that some continues more So mentioned, the international And of the the aggressive growth to half Drew We're talking investment. of internationally. business piece grow. year an about of opportunities side second area the the as with excited, of

be and as we'll real I'm example, Australia in an in in is a that, fully Zealand just market opportunity For using direct timeframe, for think, that the growing New we that example. and nice us.

a can be of So it after the some, would or QX so say, a I then see SG&A QX. uptick side, the the think from year. And increase think we that potentially, to for X% I balance very modest

top together, slower the growing spend than Taken pace line. at company see all the OpEx the we of a

think half path thing, and this the profitability. we a XXXX. move first get Drew mentioned as prepared we committed, this operating I to we right, of remarks, sustained into both are that's And as the I and profitability on as consistent in still to good

Cecilia Furlong

questions. the for taking Thanks Great.

Operator

go question comes Please Fargo. with next Biegelsen Wells from Our ahead. Larry

Larry Biegelsen

afternoon. Good Thanks the for taking question.

for here. Okay, me a couple

numbers in love in They your QX. to year-over-year did I'd have businesses compare? What's XX% those to their grew said peripheral reaction grew how figures, last their the quarter-over-quarter I and get and And Drew, thrombectomy QX, Just, night. USPE-DVT procedures a XX% over to your reaction your follow-up. growth U.S.

Drew Hykes

that, Sure. Thanks for Larry.

believe, we easily In XX%. grew set, level QX, define standpoint, if market from to for you think mechanical as of thrombectomy growth in is the just I market the heard XX%, the you've market a forecast maybe us past that we north So growth, VTE.

quarter. patients FlowTriever management and to of continuing is position we've our that continued the of the continue looking Our conservative But in to intervention extend seen FlowTriever growth trialing ClotTriever. the protect on did and continuing. confidence we to from to And the see lytic-based market market. table, We're ClotTriever. consistent leadership we're by put ahead, driven clearly, new during to to nothing our leadership. We medical diminishes and that ability market being to in And, treatment conversion our trialing would extend our and anticipate continuing date

plausible. around had impact we robust to market. that in in of We've some the But we numbers a think, as A portfolio trialing is the On seen how opposed All activity. We've the loss us top think I highly program the data got a good and of the a of believe all a development, everything XX% team be got a best our to of CAT-XX about Relative business differentiated to feel to growing we what And on day. I quarter, got, cannibalization that terms by of story shared think clinical between we've our lot hands approach We've I story despite date market very this growth, going some give down, things during confidence. of to mountain CAT-XX innovation. bigger side. base. of performed think growth those relatively of XX% indicates the for small numbers that share is a trialing, on that off development. I seems it

remind make $X is or And X% everybody last competitive technologies. dynamics, the maybe just again, share that's billion this on market a to comment X% is penetrated with I'd the our

market market worth of XXx growth point share. a a of result, point a As

to us on again focus, on that developing continues And the our market, it over in you'll evidence, and time. out be on as in point out, heard play investing So see time program think development. investing I you've

Larry Biegelsen

That's helpful.

same just So theme. up, to follow

be expected you said flat. $X you you to think of each And what previously or up roughly rateably the that's expected modeling. quarter million, at to I Drew, QX, least be earlier, So kind street's

won't has this sticky maybe changed it versus, Hopefully for impact guess, you that, seem just I coming it bit. a a customers, does things that customers how can I understand about cadence with what after how call, So get worse? the And been know more back talk and trialing imagine, you Inari. little and, seems the you're bit to have like yeah, do seeing changed. little QX Can like something flash you basically,

changed going So confidence worse won't what and you what forward? do how get gives things you,

Thanks.

Drew Hykes

don't first has consistent think the The been very consistent Yes, throughout performance changed. all, from has of I XX anything CAT that quarter.

leaving significant see clot and a of hear behind blood risk and to customers that is loss. continue our has from product We the

lot trialing of is As we're emerging. Again, and a done. sticky we're hearing second going result, And share certainly a see the innings lot don't in quarter. into about of trialing of the the middle one just think to We a continue see we we're that.

growth certainly we're So is going of year-on-year XX% even going still a an rate. flattish us a for But QX, to see kind impact that. set from to up

half still as year well. way we growth confident very So of feel that about rate into the second all the through QX the and

Larry Biegelsen

All right. you. Thank

Operator

Maeder Adam with ahead. Please from question Sandler. go Piper Next comes

Adam Maeder

afternoon, approval on to to around device nice start congrats ClotTriever everyone. circle back questions on from Thank week. the the you year. the Hi. Good wanted taking and Travis's the for last question Actually

entails? think it's I color Just Any that in what of terms product ClotTriever called XI.

Wanted in. about ask I LMR. an And which to is, this as you think then lump is mentioned, I'll REVCORE, also

any feedback quickly we the follow-up. revenue what's Just year? potential think a I full there? could launch? do had then And How contribution Thanks. And this how market that to about a progress

Drew Hykes

Yes, can both I take Adam. those, think Tom

Tom Tu

question. Great Adam. thanks, Yes,

because briefly, XL. market device comment release, FDA not that's too approval we called tend on So ClotTriever very a for in products to limited we did receive much

optimized IVC that a ClotTriever as in family the system for XL ClotTriever described have of treatment thrombectomy thrombus. We is

So strategy. for really on to we're It's go-to-market not the size. extra-large, stands that, comment the going than the ASP in XL given or limited market Other release. the

DVT the about primarily and thrombus. of market XX% involving that including say complex IBC will I is DVT,

can targeted that you it imagine market. So towards

a is these a It's For needs are more. now to, release able can venous exciting REVCORE, patients is no disease and treat to novel option of good for. market there's improve stents. unmet I your very therapies device. set for question, a stents, which of the with occluded These say really no We little their have in think second a the flow we there's device REVCORE half with a patients. chronic dramatically opportunity really experience, that limited patients with in called good

suffering numerous have with with of patients of use seen healed the for chronic We decades device. venous ulcers this cases swelling essentially and being

placed shared other of have stents About that's first venous we Some of that incidence. course, think year. that pool we've a just XX% the XX% large each are occluded the about years, these are those XX,XXX time. There's, to numbers and patients of two within prevalence accumulated previously, over

to revenue this say think incremental this go We'll more experience to completed market have a we FMR, opportunity. our once going an about but very we're lot be and release product. is excited So to limited we've

Adam Maeder

for the myself but being in which randomized potential the control one if And there, color help Tom. more. ask over I as Thanks think about trial, to third referred could you horizon. can't I sneak the I immediate

much any purpose is PE? change of DVT to kind help etcetera? color for the of this you appreciated. first, head-to-head guess whether indications, competition, be something the interpret in know, any Is can I So details immediate what would would better us commence you guidelines, additional trial, you. that be And And fair this then assume this horizon expand it Thank Just or on just to versus means? could XXXX?

Tom Tu

Sure, tackle too, sure. Adam. that I'll one,

we have kept great think So I any not really here. secrets

flexing interested are in We muscle here. our clinical

the the of weeks to to PEERLESS, I second comparing being trials, which I'm concerned, within currently.As study. FlowTriever as third a a to anticoagulation, of announcement the this pulmonary and being meeting of patients first it We it defiance, to major expect patients. in scientific population We heavily you be which, portfolio largest think to data the at announce can owe at timing liberty which the answers. to think these trial outline really provide and it's embolism of this three the we're questions. that going of treated as is our across of our We owe we think care. run is going standard simultaneous the And We ability that it We have randomized establish relevant physicians. ask clinical space of to kind to answer therapies can we a of invested far coming being details to the that's kinds to major generating very owe

Adam Maeder

for color Tom. there, the Thanks

Operator

ahead. Bill Plovanic Please The next comes with Canaccord. from question go

William Plovanic

thanks. Great, grew sequentially. I business on at look mix, business the questions My are, the evening. on it the Good really DVT based quarter. good the Congratulations just that as was

just growth if launched are You talk under I quarter, about new falling accurate. the products Correct all you've me the PE. in understand, we those that that's bucket? DVT first not want of as saw to the would assume some the I in

how much products? it you just And was as growth? business your contribute look from they incremental those products, how to of kind much at the did of So new versus new then core curious, actually the

Drew Hykes

those for all Bill, have try product in the clots. toolkit. that increasingly ClotTriever nine then now the used we because tools physicians into tools saw, procedure per tackle that core migrated Yes, FlowTriever the Typically, And model, to has I'll sort remove multiple a to that of also as family. PPP nice that's you by price are a will, the We from as priced, actually, products, if you one. growth know,

the announced that we're that calling the new in that have InThrill release is XXXX, systems. and in went We the category the ClotTriever late full which other and ProTrieve market included products

reason The nice still higher are They to that revenue compared the going some increased inclusion the rate start. a approval are with revenue there our growth hospital of of all So FlowTriever, is there, because of the those VAC clients. of the through to a products process growth sequentially you see off products.

we in of some products. it's those I I of QX, the days, ProTrieve contribution still would for the nice potential is would so revenue modest and products And kind both say, from But think both have future. early InThrill that The say. for

William Plovanic

interesting on just the then P&L. And question an Okay.

income. one on of income You is or other that or interest the taking for time forward? that And we a one that big Is thanks pretty cash time given my do questions. balance? had recurring think How a a going your

Drew Hykes

happy help that with Sure, one. to

duration. actually treasury And very, to obviously, we saw some So very significant earnings a in of from the we've our short management elected category keep policy, interest term the business. in of investments a sort pickup

of QX it of went range year. something this such had a $X last I we the earnings for QX Although year, up million in of million think to

lot for and different flexibility we're for as of plans We in opportunities thinking terms been great a real we're returns growth position nice there provide And cash for in So seeing the us. that'll about future. business. think a some a us helpful that's of

Operator

Marie The ahead. next Thibault go with question comes from Please BTIG.

Marie Thibault

wanted that a those you QX. doctor on for Program. little taking mean like, systems. with adoption for you I Excellence thank care Hi, it VTE what a health congrats to and on hear what more detail signing the here on the looks great GPOs questions your I'd comments to revisit and for could like up within IDNs

Drew Hykes

Marie. first. And I'll jump for to Yes, want may color well. some kind of add Tom the thanks as on question, that

doing, in And as what economic some and we development being those impact now they're system across And I that program uptake across the six, five clinical it recently replicate at of not think of at kind has IDN And we've of designed work system? GPOs prepared that in you market seeing recognized or progress kind right that value us the our this at heard hospital track with say indeed prepared I it we've us, seen could within on we system heard VT is that really we're Excellence benefits. think, work and efforts. developments are the major describe us How seeing at can had instances where approach remarks, hospitals entire primarily level, coming having we've six gives having remarks, and at us IDNs. our as exciting three here some us or They're level, two So the seeing evidence it's how but they're the that And the have. of to been and our the we effort saying, the level. They're been the us GPO now with that's you four, made proposition. like the system. some hey, in these the appreciating to five, to kind you gives level? encouraging of impact that

that being impact is from of that level, and now it's the could Anything encouraging could have. and to And exciting I at the that extrapolate picked how the kind up here add? think, think you system fact to really

Tom Tu

as our to the want who framed simple deceptively work simply are of and treat already And patients development motivated that devices patients idea this pairing physicians in market our We've sounds up hospital. kind it been to it with diagnosed physicians Yes. use of bit that very until that grassroots requires recently, quite work champion a of bottom teams the with of a working with to these has up. our of simple, work patients. Up identification from of consistent lot but course, achieve

imagine of and the and can the IDNs this identification with meet middle so a approach You on when STEMI-like you and work, top-down of to hospital achieve this goal proper we these patients can that physicians. can consistent GPOs in take administration now triage bottom-up

Marie Thibault

the Okay, I are do for that the I'd competitive that of factors What ground taking follow-up ask about just your it you some accounts to on from very questions. force? when good. what they of the cited the or the use product from ask decide approach. qualitative Thanks competition some are to. they seeing not can more in decide sales hear on a hear Very to like helpful. a Thank questions Maybe you. and when the you're

Drew Hykes

clot of French relative trialing product as in Yes, assessment an I behind. patients from leave be to DVT own In majority chronic walled in left going clot, have to also PE. and you're PE, underpowered fashion, these Triever perform CAT French a know a ear aspiration XX we point the for aspiration XX so of similar that only clot that may the I our approach experience, starting see improvement behind is going in be think removing although XX, a Marie, how And the for to there of lot XX a clot? does in think platform is there

So that's of assessment hear one I area feedback initial maybe we that on. think

I around exponentially of the where loss there And loss. we've and lumen important the as think loss. increase that's blood despite increase of lots you to the from mitigations, safety a is XX, clinical seen of second blood think lot XX got implications been implications. risk you the area blood has And instances the attempted I

while we're So why, perspective of and the lot to account Penumbra result single again, that trialing. of common a we one Aria have to continue I as of trialing, from that we think those done trialing not of converted has had the a are a a from some an seeing themes kind hear and

CAT a is competitive or competitive landscape from that opposed cannibalization as to I think assessment to be XX, change continues going of all that in the primarily to this a to our inform XX significant story dynamic. CAT

Marie Thibault

you. Thank

Operator

The Truist from question next Rich Newitter Securities. comes with

Richard Newitter

questions. the Hi, A taking for thanks me. couple for

the to just, cadence of commentary some provided. Going you back for that thanks

mean curious, said XQ. strongest with I XQ and a I mean, does think quarter, you XQ roughly just that year? flat I'm mean, XQ XQ Does seasonally would weaker historically, seasonally so be quarters is is this that XQ. are that your

Drew Hykes

hard formative of terms for Rich, business. the little understand seasonality well, COVID of back that, we're had a over of maybe little believe. XXXX. years, the some of seasonality I back of to carrying because we us, to looking impact, trends of still think, kind I QX has bit truly A of as and But the sort tell past XXXX in our in couple think

and NARI it sort number the there's that available terms sort out definitely, obviously, quarter of and by working at are present days I on as sort impact. But of factors perform different sort know in interventionalists that as about pointing ambulating are depending seems mean, understand, number don't of number venous account active, with of think of I when and the they're to impact of work varies, are account, each of you in each procedures. to And you year, the of that they're the your and that. that of who I know of clots. and cause they're don't it question. sort we're in people if necessarily a helps people and experiencing I change

Richard Newitter

one XQ? compare follow-up. the I to had that, you're it Okay, product up And contribution, be thanks then question then then helpful. the the other, I that how would versus the on ClotTriever can also, extent versus will, just you sequentially guess quantify for Bill's XQ? did And And really new Was it some newer that. if launching. to you of back products going and

Drew Hykes

QX, Yes, modest, the contribution the in was for InThrill I matter, think call and of it. the was sequentially QX But up. and we'd products ProTrieve that contribution

not category. future significant, for becomes of right to use and of the in we're revenue we're more as feedback kind products provide and contribution think anecdotal grows the those. just I that more with We bundle other them out of now, about the specifically But ClotTriever hoping breaking those guys. those some

Richard Newitter

looks But change, ClotTriever a on the it or I sequential The basis just of kind consideration. if ClotTriever increased products I'm any getting kind correlation included it. of FLASH trialing be competitive FlowTriever. ClotTriever curious And were any than is that where Got quarter-over-quarter I'd accelerated volume like to products is more guess in hear of is has notable if there possibly sub-segmentation done. where trialed. to curious getting obviously of

Tom Tu

Yes, I answer Richard. that, to try can

PE. well perspective, we terms as I move pretty a trialing both we of the the in think as trialing as DVT from trialing activity, in the versus So consistent cadence quarter, saw through of

how match think got for our I and we up about either CAT good very PE products We've case. both DVT. against in purpose-built tools, feel XX

I balanced well and we And use a pretty quarter. the terms procedures, as of both move particularly vulnerable the or saw we're think the in cadence think as through as don't one in we I trialing So other.

Richard Newitter

Thanks, guys.

Operator

The from Mike Sarcone next Please ahead. go question Jeffries. comes with

Mike Sarcone

taking my for thanks And afternoon. good question. Hey,

they when international start So just more fair to to disclosure when question, need on think, that benchmark because hit expect to just to or Rich's newer sales that disclosing get for product. products? use quantitative you millions, the is we a some about of single-digit to to the disclose high started could Is to good see a you see what follow-up it new

Drew Hykes

possibility. the to, of the mean, disclosing factors wanted kind about QX numbers one thinking with the revenues starting went into was We that certainly of international I our XXXX. is that that for one Mike

growth international the receiving also so in. view We questions were frankly many and about

business in international years. the heard actually and be next the from a for for earlier few now call years investment us think to been the running you of as outreach I the continue significant has multiple we’ll

and about America making as in the to as progress in we’re certain of of we region. the the provide Asia south excited in the are wanted terms progress growth very making we it’s Europe that So Pacific internationally. regions well visibility there, some in the And the north business

Mike Sarcone

$X.X more thanks about could provide in also OUS just sales think up up how stacked if guidance the in incorporate million you OUS about to you quarter. the that. outlook? one called Can And your you and on just Okay, your out I first growth that internal follow changes for business, talk expectations, any to

Drew Hykes

QX. the business OUS very in so Yes, strongly performed

of we in well. obviously, some growth Certainly nice line Still was some and will overall if modelled it as think to important part a I traction slightly year. franchise commercial increase. move that I not we the this us where came of Most relatively contributor in the Europe, growth still although to we’ve started think move the that of important this in for growth other driver be. contemplated year out guidance. it’s above the OUS it we that we had to of are through I of growth small but think the rest our an as up only a really as seeing markets was in And

more going was And contributing that and with the performance Europe also alongside to as contemplated through in OUS we’re move the additional balanced think year I all see markets in year. next we certainly this guidance.

Mike Sarcone

Thank Okay. you.

Drew Hykes

Thanks Mike.

Operator

you concluded. now today’s for has presentation. call The Thank attending

disconnect. now may You

Inari Medical (NARI) 3 May 232023 Q1 Earnings call transcript