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OINARI MEDICAL ™ Inari Medical Reports First Quarter 2021 Financial Results May 11 , 2021 IRVINE , Calif . , May 11 , 2021 ( GLOBE NEWSWIRE ) -- Inari Medical , Inc. ( NASDAQ : NARI ) ( " Inari " ) a commercial - stage medical device company focused on developing products to treat and transform the lives of patients suffering from venous diseases , today reported financial results for its first quarter ended March 31 , 2021 . First Quarter Revenue and Business Highlights : • Treated a record number of patients , driving revenue of $ 57.4 million , which was up 18 % sequentially and 113 % over the prior year period . • Announced first patient enrolled in FLAME study , the largest clinical trial ever conducted on high risk PE patients . • Ended the quarter with $ 174.1 million in cash , cash equivalents , and short - term investments . " During Q1 we again made important progress in our mission to treat and transform the lives of our patients , " said Bill Hoffman , CEO of Inari Medical . " We treated a record number of patients and significantly expanded our commercial footprint . We further demonstrated our commitment to advancing the science and the VTE space more broadly by expanding our FLASH registry to 1,000 patients , adding longer term monitoring via a smart watch , and launching FLAME to study the sickest PE patient population . Increasingly , we see our future filled not just with opportunity , but with responsibility to serve ever more patients . We are grateful for this responsibility , and for the support of all of you who continue to believe and invest in our mission . " First Quarter 2021 Financial Results Revenue was $ 57.4 million for the first quarter of 2021 , compared to $ 48.6 million for the prior quarter and $ 27.0 million for the first quarter of 2020 . The increase over prior year was driven by continued US commercial expansion and increased production adoption . Gross profit for the first quarter of 2021 was $ 52.7 million compared to $ 24.2 million for the first quarter of 2020. Gross margin increased slightly to 91.9 % for the first quarter of 2021 , compared with 90.0 % in the same quarter last year , due primarily to greater operating leverage . Operating expenses were $ 45.1 million for the first quarter of 2021 , compared with $ 19.4 million in the same quarter last year . The increase was driven primarily by personnel - related expenses to fund expansion of the commercial , research and development , clinical and support organizations , as well as expenses related to being a public company . Net income was $ 7.5 million for the first quarter of 2021 and net income per share was $ 0.15 on a weighted - average basic share count of 49.4 million and $ 0.13 on a diluted share count of 55.7 million , compared to net income of $ 4.1 million and an income per share of $ 0.64 on a weighted - average basic share count of 64 million and $ 0.09 on a diluted share count of 45.0 million in the same period of the prior year . Cash , cash equivalents and short - term investments were $ 174.1 million as of March 31 , 2021 . COVID - 19 and Guidance Despite ongoing challenges and uncertainties in its operating environment due to the COVID - 19 pandemic , Inari Medical is providing financial guidance as follows : • For the full - year 2021 , revenue of $ 240 to $ 250 million . Webcast and Conference Call Information Inari Medical will host a conference call to discuss the first quarter financial results after market close on Tuesday , May 11 , 2021 at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time . The conference call can be accessed live over the phone ( 833 ) 519-1265 for U.S. callers or ( 914 ) 800-3838 for international callers , using conference ID : 5787033. The live webinar can be accessed at https://ir.inarimedical.com . About Inari Medical , Inc. Inari Medical , Inc. is a commercial - stage medical device company focused on developing products to treat and transform the lives of patients suffering from venous diseases . Inari has developed two minimally - invasive , novel catheter - based mechanical thrombectomy devices that are designed to remove large clots from large vessels and eliminate the need for thrombolytic drugs . The company purpose - built its products for the specific characteristics of the venous system and the treatment of the two distinct manifestations of venous thromboembolism , or VTE : deep vein thrombosis and pulmonary embolism . The ClotTriever system is 510 ( k ) -cleared by the FDA and CE Mark approved for the treatment of deep vein thrombosis . The Flow Triever system is 510 ( k ) -cleared by the FDA and CE Mark approved for the treatment of pulmonary embolism and cleared by the FDA for clot in transit in the right atrium . Forward Looking Statements Statements in this press release may contain " forward - looking statements " that are subject to substantial risks and uncertainties . Forward - looking statements contained in this press release may be identified by the use of words such as " may , " " will , " " should , " " expect , " " plan , " " anticipate , " " could , " " intend , " " target , " " project , " " contemplate , " " believe , " " estimate , " " predict , " " potential " or " continue " or the negative of these terms or other similar expressions . Forward - looking statements include financial guidance regarding first quarter and full year 2021 revenue and the potential impact of COVID - 19 on the business , and are based on Inari's current expectations , forecasts and assumptions , are subject to inherent uncertainties , risks and