NARI - Earnings call transcript Q1 2024

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

Operator

Good day, ladies and gentlemen, and welcome to the Inari Medical, Inc.

First Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded and will be available on the company's website for replay shortly. I would now like to turn the conference over to John Hsu, VP, Investor Relations. Please go ahead.

John Hsu

Thank you, operator. call our conference financial quarter Inari's performance. to to first discuss XXXX Welcome

Actual any and Any potential profitability today's Hykes, call materially expectations XXXX. operating based are estimated benefits to considered Executive and me of the or outcomes the relate forecasts call, refer press latest call including Joining risk Form obligation including results. achievements expressed during these will in on several except applicable provided will forward-looking statements Reform Litigation on subject matters Drew. expected that, at operating current expectations today's SEC, of and Statements XXXX Inari's differ Drew uncertainties, our statements inflow. call measures performance of within performance, Pacific X:XX meaning by could A turn p.m. management's most in results no our as call call with Mitch On I'll as Inari's Act this for non-GAAP for available measure Chief the and release. call QX are by update review undertakes to Private and press referred by Inari release assumptions Securities call or both we recent predict. announcing statements additional are information. Officer; Hill, loss particularly and GAAP available to the future full Time President historical accompanying statements Financial financial press a inherent reconciliation forward-looking Officer. This statements to which of today's today. With related are inarimedical.com. factors not today. law. are includes strategic the slides to to on of and our from today's and Chief implied results and do be These filings call, this described expectations, the on Inari's non-GAAP required assumptions, year forward-looking statements. projections of to in XX-K are revenue, the on XXXX fact our factors. on the or made statements for release risks to this this based difficult on that to of forward-looking should due performance discussed website refer be to recording the Please website Please and that over The

Andrew Hykes

you, million, of joining first performance Thank with and reflecting today. $XXX our our the John, We're XX% more for in than growth. over revenue all record achieving thank pleased you call quarter,

by for portfolio. I Our into DVT therapies, consistent strong strong populations sizable to patient contributions performance thank was driven executing across plans crisp driving the to like to team market-leading our PE Inari of continuing new expand execution and our adoption internationally. and diversify and on would the

addition to profitability our XXXX. to top path growth, profitability, continue operating and the of strong sustained reaffirming progress we our are to In reach line on half expectations to we first in make

strong growth. long operational As commercial that progress. as as the to objectives support our strategic goals continued Inari's have These and the that committed look and to we have objectives are our reflect core we culture and Ethos guided ever ahead, been

and highly adoption Excellence expand VT includes our differentiated to within this including to is year, base of therapies attractive our Our portfolio via Japan first China. initiative, into objective across to gain accounts access deeper across account the scale our U.S. to our adoption internationally, commercially large This existing continue our and toolkits emerging markets. plans new purpose-built drive

follows the needs yielded in first emerging venous diseases. rapid portfolio in success as In These purposeful therapies adoption address years addition, investments. we our expansion portfolio have other remain initiatives early the reflected of ongoing to to growth in patient strong committed by quarter. and This unmet

We huge growth. see drive opportunities progress encouraged continue meaningful to the seeing are to and are therapies we emerging across by

to target leveraging protect strategy our comprehensive needs IP to strong innovation and with purpose-built by with our always, unmet portfolio. As tools. patient is conjunction leadership And our in that,

Next, lead impact we that track data market the in PEERLESS high-quality year. showcase the in second end, to with clinical we'll continue To the of way half our to on data. remain

catheter-directed As using is and other PE The forward move anticoagulation intermediate-risk well will comparing field PEERLESS high-quality patient establish generate interventional a thrombolysis. completed and will X alone. clinical X evidence Meanwhile, alone our in first current further enrollment compared patient of progressing our that anticoagulation RCTs, FlowTriever and to evaluate recently DEFIANCE XXX enrollment. reminder, device II PEERLESS as outcomes ClotTriever patients. will RCTs. our is FlowTriever the study we've therapy for as the the to to the optimal FlowTriever PEERLESS

generated also of the since confirm results month, follow-up Our X-year low the treatment re-thrombosis ClotTriever These from interim David to trial. registry the and move the data continues set data data field ATTRACT excellent forward. multicenter effectiveness cloud for the DVT. presented Last Dexter registry, the prospective Dr. of safety, largest system the

from fact, and post-thrombotic rates that at in ClotTriever X/X patients long-term historical seen syndrome in X/X those were follow-up with studies. improvement in CLOUT, treated sustained In the DVT to significant demonstrated a

our have today already evidence in to growing the we due in clinical underlying robust developing VTE market. to We commitment and Inari market. and critical is is made to generated the position to part large maintaining the expanding this the continue leadership believe Indeed, data growth market high-quality and has

leverage our next The to Our differentiators our to team expertise engine. continue quality priority powerful commercial size, and strategic for our of meaningful is business. are

initiatives We're industry across force sales and to support adoption use within our the focused level Excellence of a within territories IDN VTE at to facilitate network success hospitals from team administrators the pace the engaging growing to accounts. reps measured Excellence existing solutions of VTE a also and increase perspective. multiple this our their having top-down hospital we'll growth. is driving to Today, largest VTE the in at split continue hire the have We

results. together, yielding Taken our efforts are great

is but we adoption of rates accounts, penetration catalyze advanced Excellence our working to some testament an are most to patterns, we As needle that TAM experienced seeing penetration fact XX%. penetration the time, now opportunity team positive in program professionals double-digit beyond. the our confident above move single-digit are and to can is much a strong of current this TAM and remains. from This continue VTE high Over example, to our work

opportunity. In in foremost, business. drive and prior and continuing our XX% the and best-in-class million, was With the substantial leaders the We're franchise increasing market penetration know operating and strong could stroke ischemic data penetration to of TAM guidelines, our updated while development believe TAM profile $XXX that acute thromboembolism revenue Therapies is $X X ongoing thrombectomy strength we first TAM VTE objectives exceed and founded, benefit day accomplish of for leverage. by margins expansion, generation underpenetrated strategic the our U.S., for adoption our are success global in X we market the VTE on a Emerging profile the venous durable technologies QX, international premium approach gross the to commercial will pillars, of our aim evidence billion seen high-quality and ultimately We the franchise, today growth, of and year, efforts. delivering within for rates financial these the PCI growth of treatment up characterized VTE STEMI. We financial by a our in supported mechanical versus

VTE deliver to market, and in strong position that mechanical continued expect underlying leadership can as continue of activity high-growth although and we to remain continue market, growth thrombectomy VTE large We robust and in in the defined see U.S. neighborhood this competitive we procedures alone, continuing a this in to will maintaining our grow and growth. anticipate standpoint, highly confident market position XX%. From

Mitch hear All which of on. this into guidance, later is factored our you'll from

our outside business. a X $X Emerging of the TAM billion million, mechanical RevCore Therapies perform Global the We're the release to to in Therapies XXX% thrombosis. year, thrombectomy In stent our we'll the alone. another of of continues have consists more disease, second them. venous CBD up share chronic to excited limited Emerging market the patient was to segment prior VTE, to this together comprising distinct well, unlock In the venous which in of We within to technology half tool year. the fully device toolkit, the purpose-built portion TAM. market and executing hope first treat be significant second QX, will $X U.S. of Turning to versus Venacor, This revenue bring also populations

a market patients, U.S. As approximately CBD a reminder, includes pool. TAM $X prevalence believe billion for substantial an the we of addressable alongside representing incidence annual a XXX,XXX

CLTI. Turning to

CLTI, have made XX,XXX U.S. to from early launch. no Inari the patients USD great options translating offers and We LimFlow a and into hope the suffered driving option business TAM. new LimFlow billion the X.X into new year progress per integrating

date to made have we patient progress the accessing by encouraged population. highly are We in this

and deliberate wound view remain and LimFlow, of follow-up. as For training, a selection year to focused building physician on approvals, VAC we XXXX continue thoughtful foundation patient care

We today an are successfully of and and navigating back we have approvals growing series cases. commercial initial completed

and are X programs. seeing from training and commercial physicians traction first already good We have our completed enthusiasm

add $XX,XXX that technology LimFlow are up anticipated. incremental NTAP, add-on would an CMS to new highlight pleased for The payment we addition, to NTAP a to In month, DRG. hospital's this earlier existing proposed the or as proposed had we

a to year. ruling this later from see We final expect CMS

to in emerging market a for in purpose-built The on unmet the third intro limited a continues initiate $XXX to to to system a year. needs unmet later tools. commercialize AV fourth remain our underserved We're fistula look bringing And this a market of and tremendous Arctic is platform effectively population. on million and market, by working ischemia, U.S. We therapies portfolio therapies final and acute our patient track by emerging address large characterized market and XXXX. addressable forward and clock intro TAM release needs of our lack second-generation next treatment second-generation

also progress. I discuss strong like the revenue international internationally million, our in with $X.X XXX% a the to Growth year. up QX Finally, prior was of reflected quarter QX was America, largest would strong very primarily Canada and had we've ever increase sequential driven saw in Strength Latin Asia also we across solutions adoption in international. Pacific. our of but performance by Europe, dollar versus

the see have our over made We in business traction meaningful international the are these pleased in commercial to to years begin we establishing into several past translate markets. investments

impact, still will Although least international our international for we continue overall to a time. over sales small of patient XX% revenue of expect represents account relatively at part

share, with Due just return to incredible postop TXX diagnosed to IntriXX, the newborn I motivate European utilize getting a the as like just effectively were our of substantial throughout X the into been FT the and our patient our patients patients. whom and Last call I Germany. University introduced this patient one physician are She remains such often products I'd our closing, an section to of beyond. always, since honored turn was postpartum stories The woman to clot family over started devices the Mitch, put world. In Such immediate journey, was offer line that, pleased XXXX about emergency continue improvement, this team patients and in and and QX on a We region. commercial their just true we our being returned on to performance Thankfully, full a and instability, in at this XX-year-old and technology remainder to families. impact in to curve, the serve the After Ultimately, X many will Hospital toolkit. rate. into to removal days to and from to further in outlook and of FlowStasis that well with years we story a have we embolism. Mitch. the recovery. our the month, scanned to to we're X is of entire result with say a day despite X technology Before several her FlowTriever was physicians pulmonary toolkits baby more in years efforts to severe help us to ECMO, the this at supporting trained hemodynamic confident the C of We're mother heart rapidly utilized able at hospital was our her treat of discharged today several normal turn Inari, condition. than ever. With made our our a our young thousands

Mitchell Hill

Drew. Thanks,

was our year. up XX.X% quarter growth period sequential the the the XX.X% over International same to XXXX in quarter was the of first represents million revenue year. up first Inari's prior prior prior This the $X same up Global year. up the same period $XXX.X year. XXX% $X.X Therapies Global XXX.X% Emerging quarter results. million, was $XX in million. period XXXX VTE quarter over million, Turning the million, the revenue for over revenue in compared in first the $XXX.X to of the revenue of over first prior of was

related $XXX.X increase was was products best-in-class due was of XX.X% increases of first expenses growth build in costs increasing expenses the quarter XX.X loss net consideration year. and XXXX quarter period of expense In XXXX. Net compared loss the for first quarter XX.X% in was on $XX.X loss compared up to The to million a a $XX.X of XXXX, expense of basic period average increase quarter year contingent change diluted travel million million. weighted non-GAAP $XXX.X first XXXX million $XX.X basic operating consideration, gross with of in personnel-related the of operating year. the adjustments diluted non-GAAP I $XX.X were new with $X.X fair first supplies a year the new as year. fully first acquisition-related contingent amortization related on of loss first prior drivers amortization the with first of loss a due the same $X.X was GAAP the of of weighted The quarter professional The basic of clinical XXXX, primarily increased expense the expenses, to of share ramp-up and no a the first SG&A $XXX.X $X.X headcount, first share commissions base. SG&A $X.X diluted up XXXX revenue, value in for count same for expenses, period. to $X.XX expenses result were of compared was a adjustment year-over-year change business costs. $X.X in in margin increased of GAAP had the were and XXXX, period of Operating compared the million fully million year. due a of million evidence in the clinical quarter per of Our operating XX.X% expenses a diluted and million. of of prior in asset support with fair And expenses materials $X.X acquired of higher expenses million There asset and R&D intangible million. prior in million. and quarter. related for fees for R&D loss and in the in was basic for average in the and million the and the increases $XX.X mix. same expense to X period year. of quarter the the no XXXX. to XX.X% share acquired XX.X for items This same net million personnel-related XXXX period compares our and count of period prior share the excludes these Acquisition-related the was regulatory prior products of intangible The quarter $X.XX liability in compared was support the the on the to same our associated which loss recorded of the On primarily to changes The with million same net expenses and first value the our was quarter prior the with internationalization impact million prior due basis, million and quarter XXXX for compared was per in in product to

product $XXX flows to for balance $X same in in and liquidity. current first compared business, balance million growth the XXXX, goals our remain and of our investments end a confident to in limbo. at totaling of execute healthy we ability driving sheet. In year. business within also due were the thoughtful activities portfolio, remain quarter strategic As a cash the managing the of with cash used our million first balance cash access we anticipate in the approach had $XX.X primarily including We approximately our operating are and rest to against At We our will million leverage XXXX maintaining of our approximately and our cash objectives the quarter, strong period to million. $XXX we to of investments self-fund of and

XXXX Turning to outlook.

We to XXXX full million to are over $XXX XX% updated guidance of guidance $XXX XXXX. guidance year prior raising to revenue our reflects $XXX.X of million million. growth This from XX% million $XXX.X to approximately

and pillars, Emerging all contributions growth reflects our Therapies from Our VTE, guidance X international. of

modestly a saw of continue XXXX, QX way the For perspective, revenue back from XXXX, phasing in in to the performance of By we versus higher strong reference, QX. we expect year. half in

see again XXXX. QX to expect in seasonality We this typical

we slightly result, revenue QX up sequentially. a to expect flat to As be

Lastly, Inari's; profitability. progress on I would like to towards comment

continuing XXXX. expect growth our We sustained business first the call, the to first to operating achieve On greater profitability the second half see positioning we we to last while to of versus in half. drive operating objectives are invest the in losses that mentioned strategic in XXXX of half our

that, turn the We continue expectation moderator to hold I'll call back questions. this today. With to for the

Q&A the by Dr. joined will Inari's we Tu, segment, Chief Tom Medical For be Officer.

Operator

[Operator The Larry Biegelsen today question Fargo. with comes Instructions] Wells first from

Unknown Analyst

for It's in Lei calling Larry.

growth Just question regarding the QX. a in

that Core I sales you a Can million, our basic up U.S. And just XX% confirm do alluding the we have correct? you about XX% were bridge market that's about that you backed against if So is of is math year-over-year. that correct, and And $XXX if growth how follow-up. into VTE to?

Andrew Hykes

on as to well. is can in Drew. to want I get Lei. Thanks, that, This start chime Yes. Mitch may

little a obviously than that. internationally, a we're the in a off much than here how saw pleased the base, in QX. faster small U.S., off base. little We larger part globally performed VTE business growth a So of VTE, to albeit across slower that relative XX% with that

growth, underlying when of market you've heard to I it, to growth will XX% us the thrombectomy underlying of historically, as think have mechanical see market XX% robust growth in robust continue the VTE neighborhood market on that XX%, expectation the where we look of the you're growth characterize dust going QX, define as this the market, in same settles kind we ahead. for call which we In that, terms as growing

leader. of remain clear terms in market position the we that our In market,

in those market. back that in purpose-built strength taken that's And most to forward. of And and is the So market for modest share high-quality clear fluctuations market despite moved also saw together, expect through as move we're QX robust as in and as and we competitive confident confidence VTE things all dynamics the recently in leader we this of exactly engine, on I the saw that remain anticipation from guidance. growth commercial robust growth That's VTE. to a forth, despite we think what you what here the built from you be result, continue potential updated and leader reflected we data, the solutions, continuing of our our XXXX. is

Mitchell Hill

just Yes. the U.S. to comments, VTE as don't know, to at data aggregate you the Drew's level. And -- Lei, add maybe, we for

sort I of your can is So follow I OUS growing think math faster. because the side

the So have about addressing need versus it. growth market I we a nice slower how bit little U.S. a grown to job did side the you feel

with things very of quarter-over-quarter. that the just the dollar look growth business is pleased of of business for sort One the the I I'm at

then at sequential over I business, time to the example, the highest of the back over of QX QX year. $XX.X looked QX QX to actually that the with back QX, the the as from million look to the year of is QX you look period for QX had we've past QX growth and and and to If past growth course from

the feel getting the mentioned pleased business during really Drew making. prepared is we just progress still we're And that for like started. So remarks, we're with reasons the the

Unknown Analyst

share That's you're Great. share sounds the And the far market It holding than PE you on the more specifically as DVT DVT share. based just Can calls better VTE. the as like then helpful. a perhaps little subsegments to we've around comment versus on done. within PE

any that. can you provide color around Just

Andrew Hykes

see Balanced across across both Yes. both in across the results. that competitive PE in robust growth We play areas, evident DVT. both both growth and saw of but dynamics X the at the QX robust and franchises. growth was in We VTE clearly franchises,

Mitchell Hill

PE I then, a we dominant feel And market the the in to continue Yes. probably clear X:X mean, and side of leader business, we're lead the like there.

the just and treating any in this a dynamic working physicians kind depending DVT not that there treating with the everything competing means, help I we side the back to of to of physicians, It's that's it's XXXX, were as on I'd lead who make in that of best though, something like maybe street try and dynamics working shifts second we're share. kind with sure the in is there We're care. and else well definitely something share comment, half think share business, building program consistent or on one-way I there. with physicians where of by our concept that the X:X are. a to very for possible changes the in non-interventional of X.X get the to patients guess

Operator

The with Bank from Stephanie comes next Piazzola America. of question

Stephanie Piazzola

I at It ask midpoint more guidance like than quarter. the beat by looks the guidance the to the in about raised the wanted you raise.

of emerging raise coming if from? it How where U.S. you maybe OUS is expand and much therapies? versus the on So core can guidance

Andrew Hykes

Yes. to may on. want Thanks, Stephanie. follow that. I'll get Mitch started on

business. And emerging another growth and by we parts a made our that think So million $XX are midpoint. saw million of in the through VTE. $X into we at part increase in those a therapies. of of exited think growth across robust momentum beat all I as strength We strong I it's X all the guidance strong XXXX million factored We saw And the execution saw the reflects QX. And crisp at and the across saw quarter about considerations the of strength midpoint. that we international business from raise our and $XX about a way and

Mitchell Hill

trajectory remarks of at a of the Stephanie, half. of Yes. seeing we're view beat, the add prepared the And to just there of the of second from you I the greater will, in as in sort said end business acceleration that, if point the the to

up expect actually And would flat there. couple we years saw Drew our to comment the business. of we kind as it through The seasonality the something in as we're slightly some is that So to QX to of number. see thinking past mentioned, increase in some relates

would And expect here that so to see we XXXX. again in

First and couple of lots break kind the of weeks that April, business. of we spring activity of things saw in

So experiencing, put that's for wanted no surprise no different hopefully companies and helpful terms but confident there we in other be to just to than question. and are we of the out your number QX,

Stephanie Piazzola

then Yes. guidance, as in of year. maybe the new follow-up, other a helpful. expect on a are you're that That's their of the here seeing and rest And next-generation a competitor could kind to for little you is any what wanted recently really this that reflected more you just maybe you of in but some the I and entrants there product, a soon. ask market bit about know the expected version disruption if if from mentioned elaborate early that launched

Andrew Hykes

landscape. end data dynamics, leader this markets and continued those think remain again, see competitive clear we're going And is don't and not we've not most competitive market. in and you that passively changed leader technology sit upon. market I is by Yes. the This to folks be built, despite We to continuing attractive and inferior the with seen continued the -- changes inferior a and market have confidence medtech. unfettered based in This us describe one is allow what big of dynamics, that any surprising. market, market confident heard entrants we've this to access the we to idly we are

past. We're to seen to that's compete from the going extent expect I opportunity value we we be market And we're the entrants, of creation what is as standpoint. constructive real do think all, can impact patients after forward To what opportunity aggressively. you've standard where change the the development in care. going and a they real us the new That's compete. would have to well. So going That's do

market head-to-head, over commercial alongside of expand making on to the time So competing engine, development focus all continue this investments high-quality to continue market, continue also development, designed market. develop going we're to investments our to to to the data, help program those to develop we're

Operator

comes The BTIG. next question Thibault Marie with from

Marie Thibault

caught does to Congrats international to I and can expansion. countries? for in addition I landscape remains very I quarter the this US international. about Japan? you a What still International in VTE. what start mention wanted in here that's today? talk of you And shift coverage to little us on look year. nice the like bit set a new tell think and strong Are year. about China And

Andrew Hykes

the for question, Thanks Yes. Marie.

are footprint strong effort. got Europe Zealand Australia and at be Canada, a out So internationally, XX, seeing and New Western to Europe. also across out increase, that, quarter countries also growth continues continue we're we head to growth we've That had Asia international the another got more Western some we've of XX meaningful where We've Pacific million, Alongside of driven point outside and international. Europe, $X.X maybe in well-established of other markets commercial be had kind first America, from our sequential robust seeing this of largest Singapore. and increase sequential and absolute Western led, of Latin foremost, longest Brazil, the of Argentina, start contributions

help and Some go-to-market this of both on expect being a are more in both work now that contributing nonetheless, to those treating our remain of Japan in in and closer strategies later of by putting end both to have we as meaningfully we think And to markets China, far we as finally, then those continues, Europe. Europe, China share they're ourselves get I as year. respectively, but those the the more not year. continue we on in but position were to in where the Japan, alongside track milestones, the markets out patients point we'll driven are Western patients at And along they growth

Marie Thibault

that And utilization guidelines? mechanical data? Tu Okay. on doctors now about at be maybe do shifts are think ask Very some point readout. guidelines, then it thrombectomy good. a bit some anticipating I like wanted positive but may seeing PEERLESS And more half Dr. We've be you you this thoughts 'XX seen What from to little from can to of be seemed data the in right impact toward hear on to the impactful how his second what to impact. guideline we'd on

Thomas Tu

Marie. first that for the we a Thanks, invested controlled terms generation randomized very course, It about PEERLESS. we've question. the We're Appreciate are, excited trials the of in. of in of represents leading data way cadence And in VTE.

intermediate randomizing PE. I costs, for bleeding a obvious risk of portion used that patients believe is terms a being data treated the of certainly unwanted of catheter-directed in As drawbacks despite in including therapy reminder, kind form that think of the of thrombolysis increased PEERLESS to analytic-based outs for an a And going is see therapy to course, risk we is a supporting still PE. and FlowTriever hold to way superior of RCT, And shifting go positive we long treatment. set a towards this what therapy,

contemporary in the value I as the guidelines indeed impact specific want the of are a of and FLASH important this as study the FLAME going weight largest of of an of these I for generated data we've than start generation all course, to discount mention thrombectomy as taken the to to is data. mechanical of But data, And of Now is are as towards source data the carries as RCT well level PE. mechanical shifting ever FlowTriever the the the concerned, which far of prospective thrombectomy higher registry don't PE, of together, to which high-risk think guidelines largest some date.

Operator

from with comes Kallum next question Titchmarsh Morgan Stanley. The

Kallum Titchmarsh

better or hear maybe some color keen a reshuffling get incentives going to should the under bit initiatives a rep TAM, more Just now adjustments right to think leadership, drive time we are why whether Just what's structured this anticipate productivity? you I of the direction in on to way to here for your change and new on wanted sales impacts numbers. is the the

Andrew Hykes

Yes. the Thanks for question, Kallum.

was an alongside leader myself been fantastic the at of the San John leader full-time national actually role. X a to John last us, down So meeting back his and and has retirement October to in Barrel sales our for but Diego, basically about ago joined downshift in operating years a former exit team. ready our year, announced in sales U.S.,

on announced we search joined a before new was CID we QX. ultimately received. landing a in months, October, even leader Benner, that Tim during X back for here the who began So And

I respectful quo. settling think new us. we is that had and effective for the been is is short-term very respectful his certainly has followed status model. we've the of think all Tim of model He And role. obviously strategy The I very, commercial into have

I'm sure leader, X and recommendations think any any but not strategy have some I would into or tactics our his he'll changes X to or point. He's some anticipate this new proposals change or make, weeks new execution. at on I commercial like in role radical

a Those get-go. tapering that will model part as your And be the territories last part of we've of a this each rollout, to add rep to In and we through same quarter of the this historically. expand commercial to I opportunities terms leadership move bit a That's the from under footprint. new strategy the think the question followed continue but going of split see bit, been on ads adds. to Tim's continue stage we additional new professionals our what We're tempering is year. at are sales

Adam Maeder

And it. then Got X more possible.

it checking the conclude, the to years know you will said there's if just of I a think take but DOJ inquiry number call? on I progress since QX any Just

Andrew Hykes

Yes.

any the not commercially seen continuing we we've investigation other the update any commercially. no are impact we seeing CID, nor from than So cooperate, do and anticipate impact to from

we're measured quarters, quarters So look going to likely you point, if in your not precedent at is here, this process be a to if cooperate. that's examples But years. the and I to think continuing

Operator

Bill next The Plovanic Canaccord. comes with from question

William Plovanic

I'd like to to topic kind of shift the LimFlow.

Just a trial help was understand does do it at how contribution your much to us do kind the NTAP And going How in When that of go think the into beyond effect how October you proposed about you would of rate, quarter? impact strategy? commercial how centers? commercialization.

Andrew Hykes

all I'll of and Great. try those, Thanks remember for them. Bill. each

about good over to and we've wrestled good, on integration. We're some feel so the well ground really general, with completed integration. the established, I progress with We've defined completed the integration. complicated really the in so process ahead of and parts the LimFlow the we've about half the way good the Inari. work most on and work first remaining team the We've and feel complete we got good now integrating of that think LimFlow. of in made far feel foremost, into We the that to

we're traction side, LimFlow. with really some commercial nice the On initial also seeing

as as ramp off move flex effort compared in in had with really we undertake result, service along hit past, is a really will proposed supply go on will be and we're chain contributions. in-servicing we've foundation and broader NTAP Last in to including proposition have into approvals what their CMS, significant will to going part VTE, and training these a commercial in it. on on that is opposed and strengthening patients effort LimFlow to recently provide that of than the focused begin as rule infrastructure beginning expectation online certainly the is on will to that the NTAP I'd we XX,XXX on foundation with much economic And undertake sites. in mind, anticipated to with incremental navigating the to key as And revenue keep to cases need stabilizing milestone scoped the a narrowly we be of building number every We're a think of in make, and to to back VTE. support As had you've XXXX. important year reimbursement on us heard up going a for the that build we've frame accounts time come in a focused established, significant more that getting what LimFlow commercial and I smaller commercial to October going focused us point we're build a this expansion and the on for that's an certainly value this describe in that, to to focused more

William Plovanic

could, And especially on flat guidance then on I up. of the to the commentary know I direction if for the QX

specifically in of pricing? strength part lot stocking just Looking for not the of XXXX. there haven't a year, of that's of up but the conservatism of you're Is for anything the that back, any you. I'm about? pattern curious quarter, just there the and seeing a given quarter changes the Was internationally? been in kind concerned second the historical you're there in there since and guide something your changes any flat you is business? -- COVID to Is I'm the

Andrew Hykes

get Mitch on on as pile want that. may can I Bill. Sure, started to well.

but of QX. dynamics As you QX, described, couple to in understand of seasonality the have be in play, sure we the years. heard not seen Mitch to seasonality appears incidence some underlying fully there VTE all some We're at the last we

all see I If nice across in business going shaping want X about that you for exit talking play consideration. really signal go catalysts about been to parts XXXX. be second some than do to believe that revenue look the half of the of as of dynamic as we the into certainly you years. nothing time, thoughtful lead back else about we've in QX, remaining we here X year. quarters the we as transparent in we that are to the And that We acceleration think build an previous cadence other at QX up and There's different

Mitchell Hill

quickly would growth percent year-over-year. Bill, XX-plus a And flat to to up add, even be just QX quarter in

the numbers with to XX%. that, year be consistent sort guide pleased kind that our for as we're revised to a is of XX% continues is whole, reinforcing So of the in which of

Operator

question Pasquale next comes Nephron from Research. with The Chris

Unknown Analyst

I bit you use Vencore the wanted to how what that hoping from that emerging differs case talk ReVCore. business product, was little therapies. adds I to the a about start and it with could for

Thomas Tu

question, is Tom here. the for This Chris. Thanks

always, about excited compression whose excited is a full And product lot limited release, venous go-to-market we chronic be and more in in for the about this market We're to with watchful disease. really share toolkit we'll about care move which purpose-built market in waiting. unmet our really is second the standard product and performance is just It This strategy of population very a VenaCord. element need now its right large once the release. very QX. as early So into of have the stockings will

Unknown Analyst

for then. was Okay. then that? the details part this was Mitch, And quarter. charge? provision Is a large on cash I detail what income And a Was the guess burn the reason here a that of tax that statement. wait XQ? There just for we'll in

Mitchell Hill

of issue, working Yes. The changes. cash a capital function burn Chris, is more

flow receivable at accounts in inventories. see the statement, look some and our you If increase increase in you'll cash some

what The a but unfortunately, something tax is So -- it is that, was profitable issue, at is the and the item of I really on going was with U.S. point of this reflective there. wasn't cash that more what think said U.S. the as business before, is that growing current expense I've business fact along taxes. comes and that is

with those, in current issue wasn't plan So and a best QX. of it, doing we're for but dealing for cash sort that us to we're our

Operator

The next David Baird. Rescott question with comes from

David Rescott

Mitch, second a VTE there said Does back is the I'm the up hold of about into I the and getting emerging the half kind the or wanted this to year. growth just in back kind of recognize in U.S. mid-teens. half the the the acceleration half, start to bit at in the on and follow half more congrats number of QX based not segment. and Great the above when better International mid-teens little that or steady of year. whether in guide performance I'm is so or to the therapies more number, stronger back some the look on strong half comments specifically to your back you up trying strong of on the we if or of

Mitchell Hill

Yes. guidance I sorry, level that providing not Again, Chris we're of mean, -- the detail. David. at

not of We the we experienced grow are seeing little of if sort number a better. what along lines bit the VTE continuing global in QX, here to

about are Arctic therapies business We the and growth continue Tom out VenaCore our then product. CBD the to to later prospects to add portfolio. is which product, have the year, about in business we'll the going emerging this just excited And then to is the international going year. the talked for build

growth be of a some to be the we during super prepared not us interventional penetration is Xx to say multiproduct expand the help remarks, in to versus issue EG the that catalysts the there for excited each line. build diseases. straight opportunity nice There's I going So that of it just size quarter puts Drew would X overall, on it to growth mentioned the the platform we are some And Overall, currently. global comment the treatment continue could to kind have and we and specific and company. our ETE takes of think a into as opportunity about it's market kind rate

business be of including guideline We're And picture X- terrific frame, sort little multiple super just RCTs quarter-to-quarter that just us. So where X- started to opportunity a prospects. can we excited to time that. in the the it's flows going But about of and of the a for things the X-year if readouts And bit getting like changes to and like that. be with we and feel we really we're as move forward. is ebbs

Adam Maeder

maybe Okay. a my Great. good And that's question. segue to next

over to once of would a whether not if longer kind more from may guidelines, prior become Just think goes I'm you're ClotTriever thrombectomy this lower saw readout term, X-year the on hesitant have point TS some these we rate kind whether specifically at or of specifically, or the whether enough alone? to than or physicians that term drive if incremental specific seen there data not And or trials. who the the or is as has curious of enough in you the and PTS been this benefit results of is seeing the to to cloud into been on this you've switch conversions there. what whole category specifically more data maybe not on some

Thomas Tu

David. the for Great. question, Thanks

device answer in I'll fantastic that has the that data. led unique kind to reverse believe has a The them of system only So ClotTriever presented cloud clinical order. and action, we that's in recently the we the interim most of results X-year mechanism

well to is long-term the of it. best that data that thrombectomy with into shows results as set very mechanical as and the that syndrome. set short-term thrombus report we're about the readout and prevention data best in post-thrombotic removing safety efficacy think happy ClotTriever I safety of that And translates top pleased at line and

those data I the for course, old-fashioned have far have set, now the and chosen and think kind more superior are to And this certainly effect this there. to better as of then therapy DVT, device perhaps profile reason who X than believe mired going treat DVT commercial right? of of in still physician see or means you're that Of data to conservative populations, different therapy impact else alternative folks ClotTriever. the efficacy. recognize with that's safety anything out as

Operator

comes next Sarcone Jefferies. from question with Michael The

Michael Sarcone

you can in the we maybe hot seat. keep Tom,

on Just what would positive define commentary. for the looking or data positive you trial? what a thrombectomy, I mentioned uptake are that And mechanical set read characterize of follow-up on a PEERLESS you you the help II more success to believe had a or could catalyze

Thomas Tu

Sure.

which year. So will enrollment this Michael, catheter-directed I just the one is a our for That's versus be whose and is major patients. the in anticipate of referencing X, meeting thrombolyses clinical complete half of clarification. whose in PEERLESS FlowTriever set you RCT we second PE presenting might for data believe

mortality, things known positive, resource FlowTriever utilization. of to reiterate as are drive ratio our as is important as think for of directed there endpoint, utilization therapies clinical it's as to hospital kind all those going the not CDC, and into therapy. leading, of more towards analysis and is data, benefits think anticipate going I benefits a you're our And those what see versus that to clinical but capture with such ICU a details, people we go and of win strategy if much well too metrics, I over this well as deterioration bailout thrombolysis,

Michael Sarcone

about the then maybe Mitch. X through And Can the gross it. cadence you're how year? margin about just Got talk of you for balance the the thinking of

Mitchell Hill

that. do to Happy Sure.

the due ] in product some to and and there I mentioned, ramp-up as there think the I XX.X% the were fluctuations some QX, new for products [ internationalization. mix due to margin

it fairly remainder about like fairly with flat think the for the number. looks we or As of year, be consistent that that it will

of as that not rest a move the fluctuation year. the we in significant So through

Operator

from comes Needham. with The question Matson next Mike

Unknown Analyst

on This Mike. is for Joseph

why another guess it pricing Just reason pricing been was quarter? this one was been margin. the Maybe Has it I Or gross down on this stable? What's generally like? the factor quarter? a

Mitchell Hill

And help to to pricing, with successful very happy report working we've that stable been you to with Happy up customers. Yes. has even the that. we're been for Inari our

an ago, avail were coming IVC picture treat we may clot the all and DET of to of filter here can many those that that's was past of then is And wallet couple also a remove And the or tools where years able kind As anatomy. kind something use basis. the out they coring year treating sold able we've procedure. the of of per particularly are parts FlowTriever are been which historically, that complex IBC is the to use the really from of PPP just themselves so price over to useful remove the cases, offer clot clot this the X, the of to you be now probably of a of around in physicians aspiration was it know, the the they had to to on XX% the element XX% of package core PE sort starting the can the the BT the up SKU kind on hospitals to of

that continuing stable to very has work are pricing concept up hospitals package. expand we of for that with pricing So and been the to the of to us,

Unknown Analyst

package just that's XX% opting customers those are to reiterate, Okay. the of for did cases, XX% And complex just you deal? re-iterate Yes, to to helpful. say the

Mitchell Hill

VTE the as family are part the benefit that of complex products the to family. that the using ClotTriever aspiration both well XX% are meaning of the of physicians would XX% FlowTriever procedures tools Sorry, in nature, from as the

this all kind they something and of the really products toolkit a bundling So of together that love. larger idea of is

Operator

comes with Sandler. Piper The next from Maeder question Adam

Adam Maeder

targeting Arctics. wanted relaunch. believe on start I mid-XXXX I to a you previously were

to I if that to product shaping a have follow-up. clinical 'XX? get regulatory again that a that's states? a standpoint see kind holds later to And the launched what's I in be then wanted in of needed, to And Just still bit from if or guess, up little

Thomas Tu

Tom. Thanks is We're about really excited the this Adam, for Arctics. question.

really option Generation efficacy. thrombectomy patients ease As still you a X, we launch pristine mature increased see better as been have well market Arctic market that happy with safety of in which product. generation a really know, really bringing suboptimal We're we've had profile, in to the who this efficacy, for better is targeting a offers excellent what midyear even first are as choices. we're use And products. With of the

progress. So we're just as made have the getting say to and we've finishing touches, we'll more further

Adam Maeder

those I could question iterations improved. FlowTriever further ClotTriever. get for Any that from those And of future specific and question, been recent and in other of innovation. different coming a X the products very have pike. on it's picture years, you've technologies? and clearly more a bigger innovative sometimes around investors down guess, think is that Inari ways launched and I question any, plans you be One And products lot has that

Thomas Tu

absolutely. Yes,

we investment continue continued products. as invest and interested FlowTriever to feedback our as we'll concepts is our fourth-generation the And what of can areas to efficacy, So safety developing introducing those products in driver improve and as for core flagship our growth, our from solicit to very look continuing see much and as mission where ClotTriever into in we currently we and well products. in and physicians are

as returns see factor use. in can but diminishing reaching far safety there, the high-level and profile documented are becoming in and improve of as of we clinical terms that data, form think now we elegant that efficacy anticipate improvements I always I ease

Operator

Newitter Richard is today question Truist last Securities. with The

Richard Newitter

X. have I

follow-up. positive. and the the slightly to first just probably be you those you think, expect read then the is right said turning half at of as meant And as or comments first a one if the way that's to quarter I early I second loss it, First in net that think in on the first as profit is the are curious X to you the XQ? in the in I'm look situation 'XX. just is still the have positive profitability continue corner, guys to Is half you quarter a of breakeven

Mitchell Hill

Richard, to in have And year, Yes, that a you try each Happy the match than some a question. address might imagine. QX number In with it's the that of we Mitch. to larger also the happens it's reset company and Arititaxis XXX(k). of

you if some to and that reporting, in see QX And at you we're actually, so QX numbers. the walk -- currently that particular that of that appearing look can the

sort we to we loss 'XX will 'XX, that from again to go would and in as in we happen a of So move but profit of of XXXX currently expect then profile XXXX, thereafter. QX of and the into see would QX QX QX operating

So that's kind of something just with commentary about year. of all the have of we the the And in that's companies the first kind that's terms half issues. deal calendar tax year of

Richard Newitter

that launch the can competitor year to -- competitor maybe new some we're that that's moving transient. into just exactly going guess, then What a launch? as or that you of some between I and be to And about shouldn't the referred coming of are is expected competitive I main as rate. expect the competitive dynamic venous a and you just trialing, competitive the anniversarying explaining a growth -- And you why kind underlying transient talked times forward? market ones or we second characterize have a the rate dynamics had of be dynamics and occurring? the year why on. now the couple Okay. U.S. you your on ago, guys You potentially to delta

Andrew Hykes

Yes, that, and I Richard. try can answer

thrombectomy. inflection going therapy delivered guidance. in to growth. part recently mechanical play face entrants with dynamics a of the and dynamics the see we our and We including from a into frontline business. high-growth in most VTE. moved of It's grew XXXX That's are market, We XX% we stages here market we XX% So factored new XX%, those dynamic same in out obviously not medical conservative to penetration is through market. saw this as same large, in competitive competitive our earliest competitive That attractive management

the be entrants constructive market extent market I that, continuing think from underscores do leader all help development our and despite alongside the market a And new I in in. there's again, develop real confidence time. Inari the market work standpoint, of to So think, coming in they real to they can to value can over this

Operator

our call. concludes session the concludes and for today's question-and-answer Thank attending presentation. conference This you

You may disconnect. now

Inari Medical (NARI) 30 Apr 242024 Q1 Earnings call transcript