Mission Statement, Vision, & Core Values (2024) of Inari Medical, Inc. (NARI)

An Overview of Inari Medical, Inc. (NARI)

General Summary of Inari Medical, Inc. (NARI)

Inari Medical, Inc. (NARI) was founded in 2011 and is headquartered in Irvine, California. The company specializes in medical devices for the treatment of venous diseases, particularly focusing on venous thromboembolism (VTE) and emerging therapies for chronic venous disease. Its flagship products include the ClotTriever and the FlowTriever systems, which are designed to treat conditions such as deep vein thrombosis and pulmonary embolism.

As of 2024, Inari Medical has expanded its sales territories and opened new accounts, which has contributed to significant revenue growth. The company reported total revenue of approximately $442.4 million for the nine months ended September 30, 2024, marking an increase of 22.4% compared to $361.5 million during the same period in 2023.

Company's Financial Performance in the Latest Financial Reports

Inari Medical's financial performance has shown remarkable growth in the latest reporting period. For the three months ended September 30, 2024, the company generated revenues of $153.4 million, up from $126.4 million in the same period last year, representing a growth of 21.4%.

For the nine months ended September 30, 2024, the cost of goods sold increased to $58.7 million, up from $42.1 million in 2023, reflecting a 39.6% increase, primarily due to higher sales volume and additional manufacturing overhead costs. Research and development expenses rose by 25.6% to $81.2 million, driven by increased personnel costs and clinical expenses. Selling, general and administrative expenses increased 26.7% to $325.5 million.

Introduction to Inari Medical as a Leader in the Industry

Inari Medical has established itself as a leader in the medical device industry, particularly in the treatment of venous diseases. The company focuses on innovation and has a strong sales organization that provides a competitive edge. Its products are marketed and sold directly to hospitals, where the company has built strong relationships with healthcare providers.

As of September 30, 2024, Inari Medical maintains a strong balance sheet with $111.6 million in cash and short-term investments and no long-term debt. The company continues to expand its market presence, which positions it well for future growth and success in the medical device sector. For additional insights into Inari Medical's performance and strategic initiatives, further exploration of its financial metrics and market strategies is encouraged.

Mission Statement of Inari Medical, Inc. (NARI)

Mission Statement of Inari Medical, Inc. (NARI)

Inari Medical's mission statement emphasizes its commitment to improving lives through innovative solutions for venous disease, including venous thromboembolism (VTE) and other related conditions. The company aims to establish its treatments as the standard of care by focusing on unmet and underserved health needs, leveraging education, clinical research, and program development to enhance patient outcomes.

Core Components of the Mission Statement

1. Commitment to Innovation

Inari Medical is dedicated to developing minimally invasive medical devices that address specific disease states. This commitment to innovation is exemplified by the acquisition of LimFlow, which focuses on limb salvage for patients with chronic limb-threatening ischemia (CLTI). The LimFlow system utilizes transcatheter arterialization of deep veins to bypass blocked arteries, delivering oxygenated blood back to the foot in CLTI patients.

2. Focus on Patient Outcomes

The company prioritizes patient outcomes through the provision of effective medical solutions. For the three months ended September 30, 2024, Inari Medical generated revenues of $153.4 million, reflecting a gross margin of 87.1%. This indicates a strong financial performance while maintaining a focus on delivering high-quality products to improve patient outcomes.

3. Establishing Standards of Care

Inari Medical's mission includes the goal of establishing its treatments as the standard of care for various venous diseases. The company’s revenue breakdown for the nine months ended September 30, 2024, shows significant contributions from its VTE and Emerging Therapies markets, with VTE revenues amounting to $420.2 million, and Emerging Therapies contributing $22.2 million.

Inari Medical’s mission statement is integral to its operations, guiding the company in its strategic initiatives and ensuring alignment with its overarching goals of innovation, patient care, and setting industry standards.

Vision Statement of Inari Medical, Inc. (NARI)

Vision Statement Overview

Inari Medical, Inc. (NARI) seeks to revolutionize the treatment of venous diseases through innovative medical devices and solutions. The company aims to establish its products as the standard of care, focusing on unmet medical needs and enhancing patient outcomes.

Commitment to Innovation

Inari Medical is dedicated to creating groundbreaking medical technologies, particularly in the fields of venous thromboembolism (VTE) and chronic limb-threatening ischemia (CLTI). The company emphasizes the development of minimally invasive solutions that are tailored to address specific disease states.

Patient-Centric Approach

The vision of Inari Medical includes a strong focus on patient needs and outcomes. The company is committed to enhancing the quality of life for patients suffering from venous diseases by providing effective, innovative treatments.

Global Expansion Strategy

As of September 30, 2024, Inari Medical has generated significant revenue growth due to its strategic expansion into international markets. The company aims to increase its global footprint and accessibility of its products.

Commitment to Education and Training

Inari Medical recognizes the importance of physician education and training in the successful adoption of its products. The company invests in programs designed to enhance the knowledge and skills of healthcare providers.

Financial Health and Growth Projections

As of September 30, 2024, Inari Medical reported total revenues of $442.4 million with a gross margin of 86.7% and a net loss of $73.9 million. The company continues to focus on expanding its product offerings and market presence.

Core Values of Inari Medical, Inc. (NARI)

Core Values of Inari Medical, Inc. (NARI)

Patients First

The core value of "Patients First" emphasizes Inari Medical's commitment to improving patient outcomes through innovative medical solutions. This principle drives the company's strategy and operational decisions, ensuring that patient welfare is at the forefront of all initiatives.

Specific examples include:

• The development of minimally invasive thrombectomy devices that significantly reduce recovery time for patients with venous thromboembolism (VTE).
• Inari's launch of the VenaCore device in June 2024, which addresses both acute and chronic deep vein thrombosis (DVT), showcasing their dedication to addressing urgent health needs.
• As of September 30, 2024, Inari generated $153.4 million in revenues, reflecting its strong market presence and commitment to patient-centric solutions.

No Small Plans

This value reflects Inari Medical's ambition to tackle significant health challenges with bold, innovative solutions. The company aims to set new standards in the treatment of venous diseases.

Examples of this commitment include:

• The strategic acquisition of LimFlow in November 2023, which expands Inari's portfolio to include technologies aimed at limb salvage for patients with chronic limb-threatening ischemia (CLTI). The acquisition price was approximately $314.4 million.
• Investment in clinical research and education programs that enhance the understanding and adoption of its technologies among healthcare professionals, thereby improving treatment protocols.
• For the nine months ended September 30, 2024, Inari reported a gross margin of 86.7%, indicating effective cost management while pursuing ambitious growth strategies.

Take Care of Each Other

This core value emphasizes the importance of collaboration and support within the company and its community. It fosters a culture of teamwork and mutual respect among employees, which is critical for driving innovation.

Demonstrations of this value include:

• The implementation of a comprehensive employee support program, including mental health resources and professional development initiatives, aimed at creating a supportive work environment.
• Inari's 401(k) plan, which matches employee contributions up to 5% of eligible compensation, encouraging employees to save for their future while promoting financial wellness.
• As of September 30, 2024, Inari reported share-based compensation expenses totaling $38.9 million for the nine months ended, reflecting its commitment to rewarding and retaining talent.

Commitment to Innovation

Inari Medical's dedication to innovation is a fundamental part of its identity, driving the development of advanced medical technologies that address unmet medical needs.

Examples include:

• Continuous investment in R&D, with $5.3 million allocated for the nine months ended September 30, 2024.
• The introduction of new product lines, such as those targeting chronic venous disease and acute limb ischemia, which expand treatment options for healthcare providers and patients alike.
• Inari’s proactive approach to market expansion, with an increase in international sales from $6.5 million in Q3 2023 to $11.5 million in Q3 2024, highlighting the effectiveness of its innovation strategy.

Integrity and Transparency

This core value underscores the importance of ethical practices and open communication with stakeholders, including employees, customers, and investors.

Inari Medical demonstrates this commitment through:

• Regular financial disclosures, with an emphasis on transparency regarding revenue generation and operating expenses, such as a net loss of $73.9 million for the nine months ended September 30, 2024.
• A robust governance framework that ensures compliance with regulatory standards and promotes ethical behavior across all levels of the organization.
• Engagement with investors through quarterly earnings calls and comprehensive reports that outline strategic goals and operational performance, fostering trust and accountability.

Article updated on 8 Nov 2024

Resources:

• Inari Medical, Inc. (NARI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Inari Medical, Inc. (NARI)' financial performance, including balance sheets, income statements, and cash flow statements.
• SEC Filings – View Inari Medical, Inc. (NARI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.