- Inari Medical ( NASDAQ: NARI ) stock fell ~6% post market after the company reported a net loss of -10.19M in Q2, compared to a net income of $4.07M in the prior year period.
- Inari said in a separate release that COO Drew Hykes will replace Bill Hoffman as CEO, effective Jan. 1, 2023.
- Q2 revenue grew +46% Y/Y to $92.74M. The medical device maker said the increase was driven by continued U.S. commercial expansion and new product introductions.
- Gross profit grew ~41% Y/Y to $82.4M.
- Gross margin declined to 88.8% in Q2, compared to 92.4% in Q2 2021 mainly due to the move to a larger production facility in the Q4 2021, the company said in its earnings release.
- Research and development expenses increased to $18.57M, compared to $11.63M in Q2 2021.
- The company said it ended Q2 with $330.5M in cash, cash equivalents and short-term investments.
- Outlook :
- Inari ( NARI ) said it was reaffirming its full year 2022 revenue outlook to be in the range of $360M to $370M. Consensus Revenue Estimate for 2022 is $364.60M.
- NARI -6.04% to $76.75 post-market Aug. 3
For further details see:
Inari Medical stock falls as Q2 sees net loss; COO to helm company next year