IRVINE, Calif. - Inari Medical, Inc. (NASDAQ: NARI), a company specializing in medical devices for venous diseases, announced today that Chief Financial Officer Mitch Hill will retire on October 1, 2024. Kevin Strange, currently serving as Senior Vice President (SVP) of Finance, Accounting, Strategy, and Business Development, will take over the CFO role.
Hill has been at the financial helm of Inari since 2019, contributing significantly to the company's growth, including leading its initial public offering in May 2020. His tenure spans over four decades in various senior financial positions. Drew Hykes, CEO of Inari, expressed gratitude for Hill's contributions and confidence in Strange's leadership abilities to guide the company's financial future.
Strange joined Inari in 2020 and quickly rose through the ranks, spearheading the company's financial operations. His experience in the medical device industry extends over 15 years, including a role as Director of Business Development at Boston Scientific (NYSE:BSX) and equity research analyst positions at Wells Fargo Securities and Bank of America Merrill Lynch (NYSE:BAC).
In his statement, Strange expressed excitement and honor in being appointed as the next CFO, emphasizing his commitment to Inari's mission and the company's continued growth.
The transition is expected to be seamless, with Strange's deep understanding of Inari's financial landscape and his alignment with the company's core values.
Inari Medical also released its financial results for the second quarter of 2024, ending June 30, 2024, in a separate statement today. A conference call with investors and analysts is scheduled for this afternoon to discuss the financial outcomes.
This leadership announcement is based on a press release statement from Inari Medical, Inc.
In other recent news, Inari Medical reported a 23% increase in revenue year-over-year, reaching $143.2 million, primarily driven by U.S. core venous thromboembolism (VTE) treatments. This has led the firm to raise its full-year revenue guidance to between $592.5 million and $602.5 million. Despite these positive figures, Inari Medical reported a GAAP operating loss of $17.2 million due to several deal-related expenses.
Notably, investment firm Needham has adjusted its rating for Inari Medical stock from Buy to Hold, citing concerns of increased competition in the venous thrombectomy market. Other firms like Truist Securities, Baird, Piper Sandler, and Canaccord Genuity have also adjusted their price targets for Inari Medical.
These recent developments reflect both optimism and caution among analysts as they evaluate Inari Medical's strong performance against potential future challenges. The company has also highlighted its three key growth drivers: VTE treatments, Emerging Therapies, and international expansion, with plans to penetrate new markets such as China and Japan later this year.
InvestingPro Insights
As Inari Medical, Inc. (NASDAQ: NARI) prepares for a change in its financial leadership, investors and analysts may be looking closely at the company's financial health and market performance. Kevin Strange's appointment as the new CFO comes at a time when the company's impressive gross profit margins stand out, reported at 87.67% for the last twelve months as of Q1 2024. This is a testament to Inari's strong operational efficiency in the medical device sector.
Despite the robust gross profit margins, Inari Medical does not escape concerns over profitability. According to InvestingPro Tips, the company is not expected to be profitable this year, with net income anticipated to drop. This aligns with the current negative P/E Ratio, which stands at -125.68, indicating that investors are paying more for the stock than the earnings per share would justify.
On a positive note, Inari Medical's liquid assets exceed its short-term obligations, suggesting financial stability in the near term. This could be reassuring for stakeholders as the company navigates through its leadership transition. Additionally, Inari's moderate level of debt, as highlighted by another InvestingPro Tip, indicates a balanced approach to leveraging and financial risk management.
For investors looking to delve deeper into Inari Medical's financials and market potential, there are additional InvestingPro Tips available that could provide further insights. To explore these tips and make informed investment decisions, use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription at InvestingPro. Currently, there are 6 additional tips listed on InvestingPro for Inari Medical, Inc.
As of the latest data, Inari's market capitalization stands at 3010M USD, reflecting its current valuation in the market. The company's strong return over the last three months, with a price total return of 42.61%, also highlights its recent performance momentum, which could be of interest to potential investors.
With the next earnings date scheduled for July 30, 2024, stakeholders will be keen to see how the company's financials have progressed and how the new CFO will steer Inari Medical towards future growth.
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