Inari medical director William Hoffman sells $2 million in stock

William Hoffman, a director at Inari Medical, Inc. (NASDAQ:NARI), sold a total of 40,000 shares of common stock on October 29, according to a recent filing with the Securities and Exchange Commission. The shares were sold at prices ranging from $50.00 to $50.10, amounting to a total transaction value of approximately $2,002,000. Following these transactions, Hoffman retains direct ownership of 561,233 shares in the medical device company. The sales were conducted under a pre-arranged trading plan established on December 14, 2023.

In other recent news, Inari Medical has been making significant strides in the medical field. The company recently reported a record revenue of $153.4 million in the third quarter of 2024, marking a 21% year-over-year increase. Despite a GAAP operating loss this quarter, the company raised its full-year revenue outlook to between $601.5 million and $604.5 million. International sales, particularly in Europe and Latin America, surged by 76.4%, buoyed by regulatory approvals in multiple regions.

Inari Medical also presented the PEERLESS trial results, demonstrating that its FlowTriever system was superior to catheter-directed thrombolytics for patients with intermediate-risk pulmonary embolism. Canaccord Genuity maintained a Buy rating and a $74.00 price target on Inari Medical following the trial presentation. The firm anticipates the forthcoming PEERLESS II trial could be a decisive factor in expanding the company's total addressable market.

These developments come alongside Inari Medical's ongoing efforts in new product launches, such as LimFlow and Artix, and the PEERLESS trial, expected to drive future growth. The company remains on track for operating profitability in the first half of 2025. These are among the recent advancements made by Inari Medical, as it continues to focus on regulatory approvals and market penetration in high-growth international markets.

InvestingPro Insights

As William Hoffman reduces his stake in Inari Medical, Inc. (NASDAQ:NARI), investors may find additional context in recent financial data and analyst insights. According to InvestingPro, Inari Medical boasts impressive gross profit margins, with the latest data showing a gross profit margin of 86.82% for the last twelve months as of Q3 2024. This strong profitability at the product level could be a positive sign for the company's core business strength.

Despite the director's sale, the stock has shown significant momentum recently. InvestingPro data reveals a 17.36% return over the last month and a substantial 29.62% gain over the past six months. This positive price action might suggest that the market remains optimistic about Inari Medical's prospects, even as insiders adjust their holdings.

However, it's worth noting that Inari Medical is not currently profitable, with a negative operating income margin of -5.57% for the last twelve months. This aligns with an InvestingPro Tip indicating that analysts do not anticipate the company will be profitable this year. Investors should consider this alongside the company's growth trajectory, as revenue grew by 22.41% over the same period.

For those seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Inari Medical, providing a deeper dive into the company's financial health and market position.

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