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Inari Medical (NARI) Reports Solid Preliminary Q4 Revenues
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Inari Medical, Inc. (NARI - Free Report) recently announced preliminary revenues for fourth-quarter and full-year 2022. The company also announced encouraging revenue guidance for the full year 2023.
Per the preliminary report, fourth-quarter 2022 revenues are likely to range between $107 million-$108 million on a reported basis. The Zacks Consensus Estimate of $99 million lies below the preliminary figure. The preliminary revenues suggests a growth of 12% sequentially and 29% year over year, at the midpoint of the range.
Per management, the to-be-reported quarter’s solid results have been driven by growth across all verticals. The company launched two new products during 2022 that drove revenues higher during the to-be-reported quarter along with market expansion and uptake of existing devices. Management is also upbeat about data from two thrombectomy trials — the CLOUT registry and the U.S. arm of the FLASH registry — that are evaluating Inari Medical’s key products, namely ClotTriever and FlowTriever for deep vein thrombosis and pulmonary embolism, respectively.
Per Inari Medical’s full-year total revenues are likely to be in the range of $382.7 million-$383.7 million, implying a year-over-year growth of approximately 38% at the midpoint of the range. The Zacks Consensus Estimate of $374 million lies below the preliminary figure.
The company ended 2022 with more than 275 sales territories in the United States, compared with more than 200 territories at the end of 2021.
A Brief Q4 Analysis
Inari Medical has been observing a robust adoption of its products over the past few quarters. It has been doing so for both ClotTriever and FlowTriever in 2022, which is likely to have been continued in the fourth quarter. Inari Medical is likely to witness strength in its overall business with strong demand for its products, expansion into new territories and new, promising product launches.
The company’s preliminary projection of a robust improvement in revenues on the back of its businesses’ strength lifts our confidence on the stock.
2023 Guidance
Inari Medical expects total revenues in 2023 to lie between $470 million and $480 million, implying a growth of 23%-25% compared with revenues in 2022. The Zacks Consensus Estimate of $448 million lies below the preliminary figure.
Price Performance
Shares of the company have declined 11.8% in the past three months against the industry’s 15.6% rise and the S&P 500’s 5.9% growth.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Currently, Inari Medical carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space areAMN Healthcare Services, Inc. (AMN - Free Report) , Cardinal Health (CAH - Free Report) and Merit Medical Systems, Inc. (MMSI - Free Report) .
AMN Healthcare, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 3.3%. AMN’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average beat being 10.9%.
AMN Healthcarehas gained 4.2% compared to the industry’s 26.7% decline in the past year.
Cardinal Health, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 11.7%. CAH’s earnings surpassed estimates in two of the trailing four quarters and missed the same in two, the average beat being 3.04%.
Cardinal Health has gained 46.5% against the industry’s 5.3% decline over the past year.
Merit Medical, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 11%. MMSI’s earnings surpassed estimates in all the trailing four quarters, the average beat being 25.4%.
Merit Medical has gained 16.7% against the industry’s 5.3% decline over the past year.
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Inari Medical (NARI) Reports Solid Preliminary Q4 Revenues
Inari Medical, Inc. (NARI - Free Report) recently announced preliminary revenues for fourth-quarter and full-year 2022. The company also announced encouraging revenue guidance for the full year 2023.
The company is expected to release fourth-quarter results next month.
Per the preliminary report, fourth-quarter 2022 revenues are likely to range between $107 million-$108 million on a reported basis. The Zacks Consensus Estimate of $99 million lies below the preliminary figure. The preliminary revenues suggests a growth of 12% sequentially and 29% year over year, at the midpoint of the range.
Per management, the to-be-reported quarter’s solid results have been driven by growth across all verticals. The company launched two new products during 2022 that drove revenues higher during the to-be-reported quarter along with market expansion and uptake of existing devices. Management is also upbeat about data from two thrombectomy trials — the CLOUT registry and the U.S. arm of the FLASH registry — that are evaluating Inari Medical’s key products, namely ClotTriever and FlowTriever for deep vein thrombosis and pulmonary embolism, respectively.
Inari Medical, Inc. Price
Inari Medical, Inc. price | Inari Medical, Inc. Quote
Full-Year Prelim Results
Per Inari Medical’s full-year total revenues are likely to be in the range of $382.7 million-$383.7 million, implying a year-over-year growth of approximately 38% at the midpoint of the range. The Zacks Consensus Estimate of $374 million lies below the preliminary figure.
The company ended 2022 with more than 275 sales territories in the United States, compared with more than 200 territories at the end of 2021.
A Brief Q4 Analysis
Inari Medical has been observing a robust adoption of its products over the past few quarters. It has been doing so for both ClotTriever and FlowTriever in 2022, which is likely to have been continued in the fourth quarter. Inari Medical is likely to witness strength in its overall business with strong demand for its products, expansion into new territories and new, promising product launches.
The company’s preliminary projection of a robust improvement in revenues on the back of its businesses’ strength lifts our confidence on the stock.
2023 Guidance
Inari Medical expects total revenues in 2023 to lie between $470 million and $480 million, implying a growth of 23%-25% compared with revenues in 2022. The Zacks Consensus Estimate of $448 million lies below the preliminary figure.
Price Performance
Shares of the company have declined 11.8% in the past three months against the industry’s 15.6% rise and the S&P 500’s 5.9% growth.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Currently, Inari Medical carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space areAMN Healthcare Services, Inc. (AMN - Free Report) , Cardinal Health (CAH - Free Report) and Merit Medical Systems, Inc. (MMSI - Free Report) .
AMN Healthcare, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 3.3%. AMN’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average beat being 10.9%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AMN Healthcarehas gained 4.2% compared to the industry’s 26.7% decline in the past year.
Cardinal Health, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 11.7%. CAH’s earnings surpassed estimates in two of the trailing four quarters and missed the same in two, the average beat being 3.04%.
Cardinal Health has gained 46.5% against the industry’s 5.3% decline over the past year.
Merit Medical, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 11%. MMSI’s earnings surpassed estimates in all the trailing four quarters, the average beat being 25.4%.
Merit Medical has gained 16.7% against the industry’s 5.3% decline over the past year.