Inari Medical, Inc. reported significant financial developments in its 10-Q filing for the three and nine months ended September 30, 2024. The company generated total revenue of $153.4 million for the third quarter, marking a 21.4% increase from $126.4 million in the same period of 2023. For the nine months ended September 30, 2024, revenue reached $442.4 million, up 22.4% from $361.5 million in the prior year. The growth was primarily driven by increased sales in the Venous Thromboembolism (VTE) product line, which accounted for $145.3 million in Q3 2024, compared to $121.5 million in Q3 2023.
Despite the revenue growth, Inari Medical reported a net loss of $18.4 million for Q3 2024, a stark contrast to the net income of $3.2 million in Q3 2023. For the nine-month period, the net loss was $73.9 million, compared to a net income of $3.0 million in the same period of 2023. The losses were attributed to a substantial increase in operating expenses, which rose to $147.1 million in Q3 2024 from $109.8 million in Q3 2023, driven by higher personnel costs, professional fees, and research and development expenses.
The company’s total assets increased to $697.2 million as of September 30, 2024, up from $674.2 million at the end of 2023. However, total liabilities also rose significantly to $262.5 million from $209.3 million, largely due to an increase in current liabilities. The accumulated deficit expanded to $122.4 million from $48.5 million at the end of 2023.
Inari Medical's strategic developments included the acquisition of LimFlow S.A. on November 15, 2023, for a total purchase price of $314.4 million, which included cash consideration of $238.3 million. The acquisition is expected to enhance the company’s offerings in limb salvage for patients with chronic limb-threatening ischemia. The contingent consideration related to this acquisition could total up to $165 million based on future performance milestones.
The company also faced challenges, including a civil investigative demand from the U.S. Department of Justice regarding potential violations of the Anti-Kickback Statute, and ongoing patent infringement lawsuits against competitors. Despite these challenges, Inari Medical anticipates continued revenue growth driven by product expansion and increased physician procedures.
About Inari Medical, Inc.
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