Inari Medical Reports Mixed Q4 Earnings, Guides FY22 Sales Above Consensus

Inari Medical Inc's NARI Q4 revenue was $83.2 million, up 14% sequentially and 71% Y/Y, beating the consensus of $78.16 million.

• The sequential growth was driven by continued U.S. commercial expansion and new product introductions.
• The gross margin was 90.1% compared to 92.4% a year ago, modestly lower primarily due to the move to its larger production facility in Q4 FY21.
• Operating expenses reached $73.2 million, compared to $37.9 million in Q4 FY20, mainly driven by an increase in personnel-related costs on increased headcount to fund the expansion of the commercial, R&D, and clinical and support organizations.
• Inari posted Q4 EPS of $0.02, down from $0.13 a year ago and below the consensus of $0.03.
• The company treated 7,700 patients, up 15% sequentially. Over 90% of overall procedures and sequential procedural growth came from non-COVID patients.
• Cash, cash equivalents, and short-term investments were $180.1 million.
• Guidance: Inari Medical expects FY22 sales of $350 million - $360 million, reflecting a Y/Y growth of approximately 26% - 30%, compared to the consensus of $336.74 million.
• Price Action: NARI shares closed lower by 1.63% at $76.00 on Wednesday.