Q1 2024 Earnings Summary
Reported on Feb 18, 2025 (After Market Close)
Pre-Earnings Price$37.34Last close (Apr 30, 2024)
Post-Earnings Price$42.00Open (May 1, 2024)
Price Change
$4.66(+12.48%)
- Inari Medical remains the clear market leader in the VTE mechanical thrombectomy market and expects to continue robust growth in this segment despite competitive entrants. This confidence is built on their purpose-built solutions, high-quality data, and strong commercial engine.
- The company has raised its full-year 2024 revenue guidance to $592.5 million to $602.5 million, reflecting strength and momentum across all three parts of its business: VTE, Emerging Therapies, and International. They expect strong performance in the back half of the year, including new product launches like VenaCore, set for full market release in Q3, and the Arctic system later in the year.
- Significant international growth, with Q1 international revenue of $9.5 million, up 120% year-over-year, driven by expansion in Western Europe, Latin America, Canada, and Asia Pacific. The company plans to enter the large markets of China and Japan by the end of the year, further enhancing growth prospects.
- Flat to slightly up Q2 revenue guidance indicates potential slowing growth. The company expects Q2 revenue to be flat to slightly up sequentially, which is unusual compared to historical patterns where Q2 usually shows stronger growth. Analysts noted that they haven't seen such minimal sequential growth since COVID-19 impacts in 2020, raising concerns about potential headwinds or reduced demand.
- Slower growth in U.S. VTE sales suggests possible market share loss. In Q1, U.S. Core VTE sales grew by approximately 16% year-over-year, which is below the 20% market growth the company alluded to. This slower growth rate may indicate that the company is losing market share in its core U.S. market segment.
- Increasing competitive dynamics could pressure market position and growth. The company acknowledges the entrance of new competitors in the VTE market, which could lead to pricing pressures and share fluctuations. Despite management's confidence in maintaining market leadership, the increased competition may impact growth and profitability.
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