Q3 2024 Inari Medical Inc Earnings Call Transcript
Key Points
- Inari Medical Inc (NARI) reported record revenue of $153.4 million for Q3 2024, marking a 21% year-over-year growth.
- The company raised its full-year revenue guidance and reaffirmed expectations to achieve sustained operating profitability in the first half of 2025.
- Inari Medical Inc (NARI) saw robust growth in its international business, with revenue up 76.4% compared to the prior year.
- The company is making significant progress in its emerging therapies business, with revenue up 64% year-over-year.
- Inari Medical Inc (NARI) continues to expand its market presence, with new regulatory approvals in Brazil and Japan, and ongoing efforts in China.
- Inari Medical Inc (NARI) reported a GAAP operating loss of $13.6 million for Q3 2024, compared to a GAAP operating income of $2.1 million in the prior year.
- The company's gross margin decreased to 87.1% from 88.5% in the prior year, due to product mix and ramp-up costs associated with new products.
- R&D expenses increased due to a one-time non-cash impairment charge and higher personnel-related costs.
- SG&A expenses rose significantly, driven by increased headcount, commissions, and other administrative expenses.
- Despite strong growth, the emerging therapies segment slightly missed analyst estimates for Q3 2024.
Good day and welcome to the Inari Medical third quarter of 2024 earnings call.
All participants will be in a listen-only mode. And should you need any assistance on today's call? Please signal a conference specialist by pressing the star key followed by zero.
After today's presentation, there will be an opportunity to ask questions to ask a question. You may press star then one on your telephone keypad and to withdraw your question. Please press star then two. On today's call, we ask that you please limit yourself to one question and one follow up during Q&A also please be aware that today's call is being recorded.
I would now like to turn the call over to Marissa Vic Vice President, Investor Relations. Please go ahead.
Thank you operator and welcome to Anna conference call to discuss our third quarter 2024 financial performance. Joining me on today's call are Drew Hes President and Chief Executive Officer and Kevin Strange, Chief Financial Officer.
This call
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