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Inari Medical Q2 Earnings Miss, Revenues Increase Y/Y

Inari Medical, Inc. (NASDAQ: NARI) reported an adjusted loss per share of 41 cents in the second quarter of 2024 compared with the year-ago period's loss of 4 cents per share. The Zacks Consensus Estimate for loss per share was pegged at 16 cents. On a GAAP basis, the company recorded a loss per share of 54 cents. There was no adjustment in the prior-year period. Revenues in Detail Inari Medical registered revenues of $145.8 million in the second quarter, up 22.5% year over year. The figure beat the Zacks Consensus Estimate by 1.3%. Q2 Highlights According to management, Inari Medical saw record cases and revenue generation outside of the United States in the second quarter. Increased adoption of Inari Medical's products in Western Europe was the main factor driving its performance and excellent case growth in early-stage markets in Latin America, Canada, and the Asia-Pacific region. The company is expecting to start treating patients in China and Japan in 2024, and it is currently making good progress in both regions. Management expects its international business to represent more than 20% of total revenues in the future on the back of unmet needs. During the reported quarter, NARI witnessed growth in revenues from its global VTE business on the back of commercial expansion and market development. The global VTE revenues were 138 million, up 21% year over year. Emerging therapies business saw robust growth as well. The company recorded $8 million during the quarter, reflecting 66% year-over-year growth and 36% sequentially. Per the second-quarter earnings call, Inari Medical received PMA approval from the FDA for its second-generation stent delivery system, which is likely to improve a key component of the LimFlow System. The company is ...