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Inari Medical (NARI) investor relations material
Inari Medical Jefferies London Healthcare Conference 2024 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Strategic overview and growth drivers
Inari Medical focuses on venous thromboembolism (VTE) with two purpose-built platforms for PE and DVT, treating over 165,000 patients since 2016.
Three main growth drivers: VTE market development, expansion into four adjacent markets, and international growth across 15+ countries.
U.S. VTE market represents a $6B TAM with only 8% penetration by Inari's platforms, indicating significant runway for growth.
International expansion is accelerating, with regulatory progress in Japan and China expected to drive further growth.
The Limflo acquisition targets a $1.5B TAM in CLTI, with commercial ramp and integration progressing as planned.
Market penetration and clinical evidence
Mechanical thrombectomy penetration in PE/DVT is around 10%, with expectations to approach STEMI's 90% over the next 5–10 years as evidence and guidelines evolve.
The Peerless I RCT demonstrated FlowTriever's superiority over catheter-directed thrombolysis, reducing hospital stay and 30-day readmission rates by 60%.
Peerless I results are expected to accelerate share shift from CDT to FlowTriever, representing a $150M revenue opportunity.
Ongoing RCTs (Peerless II, PERSEVERE, DEFYONCE) aim to further validate Inari's therapies against standard care and in high-risk populations.
Robust clinical data generation is seen as a key commercial and scientific inflection point, mirroring adoption curves in heart attack and stroke.
Financial performance and profitability
Achieved $13M sequential operating income improvement in Q3, with SG&A and R&D expenses stabilizing as a percent of sales.
On track for GAAP EBIT breakeven in Q4 and sustained operating profitability in the first half of 2025.
Continued disciplined investment in commercial infrastructure, clinical data, emerging therapies, and international expansion.
Operating leverage expected to increase as incremental investment needs slow and international/emerging therapies scale.
Overseas ASPs and gross margins remain strong, supporting a durable mid-80s percent gross margin profile.
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