Bullish indicating open at $55-$60, IPO prices at $37
IRVINE, Calif. — Andrew Hykes, President and CEO of Inari Medical, Inc. (NASDAQ:NARI), recently sold 3,000 shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. The shares were sold at a price of $50.00 each, totaling $150,000.
Following this transaction, Hykes retains direct ownership of 445,310 shares. Additionally, indirect ownership is reported in shares held by family members, including 1,550 shares each by three children and 1,000 shares by his spouse.
The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan, which Hykes adopted on November 13, 2023, allowing for the sale of stock at predetermined times.
In other recent news, Inari Medical has been making significant strides in its business. The company reported record revenues of $153.4 million in Q3 of 2024, marking a 21% increase from the previous year. This success was largely fueled by international sales in Europe and Latin America, which surged by 76.4% following regulatory approvals in various regions. Despite a GAAP operating loss in the same quarter, Inari Medical updated its full-year revenue outlook to range between $601.5 million and $604.5 million.
In addition to its financial achievements, the company also shared the results of the PEERLESS trial at the TCT conference. The trial showed that Inari Medical's FlowTriever system outperformed the traditional catheter-directed thrombolytics (CDT) method, leading to shorter hospital stays and fewer intensive care unit admissions and readmissions. Canaccord Genuity maintained a Buy rating on Inari Medical following the presentation of these results, indicating confidence in the company's growth trajectory and market potential.
In light of these developments, Inari Medical continues to focus on expanding its market reach and developing its Emerging Therapies portfolio. The company's strategic emphasis on regulatory approvals and market penetration in high-growth international markets, coupled with its ongoing efforts in new product launches such as LimFlow and Artix, signify recent advancements. However, achieving sustained profitability while balancing growth with financial discipline remains a key focus for the company.
InvestingPro Insights
While Inari Medical's CEO Andrew Hykes has recently sold shares, investors might find additional context in the company's financial metrics and market performance. According to InvestingPro data, Inari Medical has shown impressive revenue growth, with a 22.41% increase in the last twelve months as of Q3 2024, reaching $574.5 million. This growth trend is further supported by a robust gross profit margin of 86.82% for the same period, highlighting the company's efficiency in managing production costs.
Despite these positive indicators, InvestingPro Tips reveal that Inari Medical is not currently profitable, with analysts not anticipating profitability this year. This aligns with the reported operating income margin of -5.57% and a negative EBITDA of $26.13 million. However, the company has seen a significant return over the last week, with a 10.1% price increase, and a strong 29.62% return over the past six months, suggesting investor optimism despite current profitability challenges.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Inari Medical, providing deeper insights into the company's financial health and market position. These additional tips could be particularly valuable in understanding the context of insider transactions and the company's future prospects.
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