Inari Medical Stock Gained 21% on Thursday - Here's Why It Soared

Inari Medical Inc NARI shares gained on Thursday after the company reported Q2 revenues of $119.0 million, up 28.3% Y/Y, beating the consensus of $116.28 million.

The increase over the prior year quarter was driven primarily by global commercial expansion, increased adoption of our procedures, and introduction of new products.

The company reported Q2 EPS of $0.04, a turnaround from an EPS loss of $(0.19), beating the consensus of $(0.14). It delivered a net income of $2.1 million in Q2 of 2023, compared to a $10.2 million net loss in Q2 of 2022.

The company announced a commitment to PEERLESS II, a randomized controlled trial enrolling up to 1,200 patients, comparing mechanical thrombectomy with FlowTriever versus anticoagulation alone for pulmonary embolism.

It also launched two new products, RevCore and T16 Curve, both purpose-built tools for venous thromboembolism patients.

"We saw meaningful growth contributions from new product launches as well as international geographies, adding confidence to our 2023 outlook," said Drew Hykes, CEO of Inari Medical.

Guidance: Inari Medical raised the FY23 revenue guidance to $482 million-$492 million, an increase from the prior guidance of $478 million-$488 million compared to the consensus of $483.82 million.

Price Action: NARI shares closed up by 21.60% at $67.63 on Thursday.