Q2 2024 Inari Medical Inc Earnings Call Transcript
Key Points
- Inari Medical Inc (NARI) achieved record revenue of $145.8 million in Q2 2024, marking a 23% year-over-year growth.
- The company increased its annual revenue guidance, reflecting confidence in continued strong performance.
- Inari Medical Inc (NARI) reported strong growth in its international business, with revenue up 93% compared to the prior year.
- The company is making significant progress with its emerging therapies, reporting a 66% increase in revenue from this segment.
- Inari Medical Inc (NARI) is on track to reach sustained operating profitability in the first half of 2025.
- Inari Medical Inc (NARI) reported a GAAP operating loss of $22.4 million for Q2 2024, compared to a loss of $1.5 million in the same period of the prior year.
- The company's gross margin decreased to 86.3% from 88.4% in the prior year period, due to product mix and ramp-up costs.
- Operating expenses increased significantly to $148.3 million in Q2 2024, up from $106.7 million in the prior year.
- The company is facing a DOJ inquiry, which remains an overhang and could take quarters or years to resolve.
- Inari Medical Inc (NARI) issued a voluntary field notice for its ClotTriever XL Catheter, although it is not expected to impact revenue.
Good afternoon, everyone, and welcome to the Inari Medical, Inc., second-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 floor over to Marissa Bych. Ma'am, please go ahead.
Thank you, operator. Welcome to Inari's conference call to discuss our second quarter 2024 financial performance. Joining me on today's call are Drew Hykes, President and Chief Executive Officer, and Mitch Hill, Chief Financial Officer. This call includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Statements made on this call that do not relate to matters of historical fact should be considered forward-looking statements, including statements related to Inari's estimated full year 2024 revenue, operating loss or profitability expectations and the expected operating performance and potential strategic
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