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Inari Medical (NARI) Sues Truvic on Patent Infringement
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Inari Medical, Inc. (NARI - Free Report) recently announced that it has filed a patent infringement lawsuit against Imperative Care and its subsidiary, Truvic Medical.
Inari Medical filed the lawsuit in the U.S. District Court for the Northern District of California. The company seeks injunctive relief and damages for infringement. Inari Medical believes that Truvic is violating eight of its patents related to the treatment of deep vein thrombosis (DVT) and pulmonary emboli using aspiration-based thrombectomy devices. Truvic's Symphony thrombectomy machine is one of the products mentioned in the lawsuit.
Image Source: Zacks Investment Research
Price Performance
In the past six months, NARI shares have plunged 14.5% against the industry’s rise of 18.8%. The S&P 500 has gained 16.7% in the same time frame.
More on the News
Truvic, acquired by Imperative Care in 2021, has two FDA-cleared products —the Symphony and Prodigy thrombectomy systems. Symphony offers venous applications, and Prodigy offers peripheral arterial applications.
Per the lawsuit, Truvic designed Symphony for the non-surgical removal of fresh, soft emboli and thrombi from blood vessels like Inari Medical’s FlowTriver and ClotTriver systems. According to Inari Medical's allegation against the company, Symphony primarily competes with its systems.
Per Inari Medical, Symphony "significantly overlaps with and mirrors" the design of the FlowTriever. According to the lawsuit, the company claimed that the products were similar in terms of features and mechanisms, such as telescoping aspiration catheters, an additional member used in addition to the catheter, the design of a hemostasis valve between the aspiration catheter and the aspiration source, and the removable clot-filtering canister.
Inari Medical claims in the lawsuit that Truvic has intentionally copied its gadgets and specifically targets the market that it is trying to break into. Additionally, NARI claims that Truvic hired its employees and occasionally made successful attempts to hire salespersons familiar with the DVT market. The company further claims that Truvic also targeted its physicians’ network.
Per the lawsuit, sales personnel from Truvic allegedly convinced physicians to let them watch procedures carried out using Inari Medical devices. Inari Medical also claims that Truvic persuaded physicians not to allow its representatives to be present while their gadgets were being utilized.
Inari Medical claims that months after the FDA approved Symphony, in September 2023, it contacted Truvic. According to the company, Truvic refused to provide one of its Symphony systems for study, citing confidentiality concerns.
Per Imperative Care’s management, the company did not infringe upon any valid patents. The company takes intellectual property rights seriously and is likely to vigorously defend against the claims made by Inari Medical.
The ongoing lawsuit is likely to increase the litigation expenses for Inari Medical. In case the company loses the lawsuit, it is likely to result in lower sales for Inari Medical’s products owing to increased competition for similar products.
Some better-ranked stocks in the broader medical space that have announced quarterly results are Align Technology, Inc. (ALGN - Free Report) , Ecolab (ECL - Free Report) and Boston Scientific Corporation (BSX - Free Report) .
Align Technology, carrying a Zacks Rank of 2 (Buy), reported first-quarter 2024 adjusted earnings per share (EPS) of $2.14, beating the Zacks Consensus Estimate by 8.1%. Revenues of $997.4 million outpaced the consensus mark by 2.6%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Align Technology has a long-term estimated growth rate of 6.9%. ALGN’s earnings surpassed estimates in three of the trailing four quarters and missed once, the average surprise being 5.9%.
Ecolab, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 13.3%. ECL’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 1.7%.
Ecolab’s shares have rallied 33.8% against the industry’s 9.3% decline in the past year.
Boston Scientific reported first-quarter 2024 adjusted EPS of 56 cents, beating the Zacks Consensus Estimate by 9.8%. Revenues of $3.86 billion surpassed the Zacks Consensus Estimate by 4.9%. It currently carries a Zacks Rank #2.
Boston Scientific has a long-term estimated growth rate of 12.5%. BSX’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 7.5%.
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Inari Medical (NARI) Sues Truvic on Patent Infringement
Inari Medical, Inc. (NARI - Free Report) recently announced that it has filed a patent infringement lawsuit against Imperative Care and its subsidiary, Truvic Medical.
Inari Medical filed the lawsuit in the U.S. District Court for the Northern District of California. The company seeks injunctive relief and damages for infringement. Inari Medical believes that Truvic is violating eight of its patents related to the treatment of deep vein thrombosis (DVT) and pulmonary emboli using aspiration-based thrombectomy devices. Truvic's Symphony thrombectomy machine is one of the products mentioned in the lawsuit.
Image Source: Zacks Investment Research
Price Performance
In the past six months, NARI shares have plunged 14.5% against the industry’s rise of 18.8%. The S&P 500 has gained 16.7% in the same time frame.
More on the News
Truvic, acquired by Imperative Care in 2021, has two FDA-cleared products —the Symphony and Prodigy thrombectomy systems. Symphony offers venous applications, and Prodigy offers peripheral arterial applications.
Per the lawsuit, Truvic designed Symphony for the non-surgical removal of fresh, soft emboli and thrombi from blood vessels like Inari Medical’s FlowTriver and ClotTriver systems. According to Inari Medical's allegation against the company, Symphony primarily competes with its systems.
Per Inari Medical, Symphony "significantly overlaps with and mirrors" the design of the FlowTriever. According to the lawsuit, the company claimed that the products were similar in terms of features and mechanisms, such as telescoping aspiration catheters, an additional member used in addition to the catheter, the design of a hemostasis valve between the aspiration catheter and the aspiration source, and the removable clot-filtering canister.
Inari Medical claims in the lawsuit that Truvic has intentionally copied its gadgets and specifically targets the market that it is trying to break into. Additionally, NARI claims that Truvic hired its employees and occasionally made successful attempts to hire salespersons familiar with the DVT market. The company further claims that Truvic also targeted its physicians’ network.
Per the lawsuit, sales personnel from Truvic allegedly convinced physicians to let them watch procedures carried out using Inari Medical devices. Inari Medical also claims that Truvic persuaded physicians not to allow its representatives to be present while their gadgets were being utilized.
Inari Medical claims that months after the FDA approved Symphony, in September 2023, it contacted Truvic. According to the company, Truvic refused to provide one of its Symphony systems for study, citing confidentiality concerns.
Per Imperative Care’s management, the company did not infringe upon any valid patents. The company takes intellectual property rights seriously and is likely to vigorously defend against the claims made by Inari Medical.
The ongoing lawsuit is likely to increase the litigation expenses for Inari Medical. In case the company loses the lawsuit, it is likely to result in lower sales for Inari Medical’s products owing to increased competition for similar products.
Inari Medical, Inc. Price
Inari Medical, Inc. price | Inari Medical, Inc. Quote
Zacks Rank & Stocks to Consider
NARI carries a Zacks Rank #3 (Hold) at present.
Some better-ranked stocks in the broader medical space that have announced quarterly results are Align Technology, Inc. (ALGN - Free Report) , Ecolab (ECL - Free Report) and Boston Scientific Corporation (BSX - Free Report) .
Align Technology, carrying a Zacks Rank of 2 (Buy), reported first-quarter 2024 adjusted earnings per share (EPS) of $2.14, beating the Zacks Consensus Estimate by 8.1%. Revenues of $997.4 million outpaced the consensus mark by 2.6%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Align Technology has a long-term estimated growth rate of 6.9%. ALGN’s earnings surpassed estimates in three of the trailing four quarters and missed once, the average surprise being 5.9%.
Ecolab, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 13.3%. ECL’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 1.7%.
Ecolab’s shares have rallied 33.8% against the industry’s 9.3% decline in the past year.
Boston Scientific reported first-quarter 2024 adjusted EPS of 56 cents, beating the Zacks Consensus Estimate by 9.8%. Revenues of $3.86 billion surpassed the Zacks Consensus Estimate by 4.9%. It currently carries a Zacks Rank #2.
Boston Scientific has a long-term estimated growth rate of 12.5%. BSX’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 7.5%.