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Joseph on for Mike Matson

Senior Analyst at Needham Emerging Growth Partners LP

Mike Matson is a Senior Analyst at Needham & Company specializing in Medical Technologies and Diagnostics, providing equity research on leading firms such as Johnson & Johnson, Boston Scientific, Medtronic, Abiomed, and Shockwave Medical. Renowned for his rigorous analysis, Matson ranks among the industry’s top performers, including first place for stock picking in the Health Care Equipment & Supplies sector in the Thomson Reuters Analyst Awards and a Top Ten ranking by TipRanks, with notable accuracy in earnings estimates. He began his analyst career after working at Stryker and advanced through roles at Wells Fargo Securities and Mizuho Securities before joining Needham in 2013. Matson holds a BS in Mechanical Engineering, an MBA with Health Sector Management specialization, CFA certification, and a U.S. medical device patent.

Joseph on for Mike Matson's questions to MERIT MEDICAL SYSTEMS (MMSI) leadership

Question · Q4 2025

Joseph, on behalf of Mike Matson, inquired about the 2026 free cash flow guidance, which appears lower than 2025, asking if this reflects conservatism, the impact of the DualCap divestiture, or increased capital expenditures.

Answer

CFO Raul Parra highlighted the company's strong free cash flow performance in 2025, exceeding CGI targets, and stated that the $200 million minimum guidance for 2026 includes investments in a new distribution center and other projects. He noted that the guidance incorporates a degree of conservatism due to timing-based items that are hard to predict.

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Joseph on for Mike Matson's questions to Inari Medical, Inc. (NARI) leadership

Question · Q1 2024

Asked about the reason for the Q1 gross margin decline, whether pricing was a factor, and for clarification on the use of bundled pricing for complex cases.

Answer

The gross margin decline was attributed to product mix, new product ramp-up costs, and internationalization, not pricing pressure. Pricing has been stable to up. The company clarified that 15-20% of VTE procedures are complex cases where physicians benefit from using a bundled toolkit of both ClotTriever and FlowTriever products.

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Fintool can predict Inari Medical, Inc. logo NARI's earnings beat/miss a week before the call