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ⒸINARI MEDICAL ™ Inari Medical Reports Second Quarter 2021 Financial Results August 10 , 2021 IRVINE , Calif . , Aug. 10 , 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 second quarter ended June 30 , 2021 . Second Quarter Revenue and Business Highlights : • Treated a record number of patients , with revenue of $ 63.5 million for the second quarter of 2021 , up 11 % sequentially and 150 % year - over - year . • Announced FDA clearance of FlowSaver , enabling bloodless thrombectomy with the use of Triever Catheters . • Presented interim results of the CLOUT DVT registry at New Cardiovascular Horizons , confirming best in class safety , clot removal , and clinical results for patients treated with ClotTriever . • Ended the quarter with $ 176.1 million in cash , cash equivalents and short - term investments . " Our second quarter was highly successful , especially in ways most important to 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 , reported best in class data from our CLOUT registry , and announced FDA clearance of FlowSaver , making bloodless thrombectomy a reality across the entire Inari portfolio . We continue to invest aggressively to expand our capabilities to treat even more patients and address more unmet needs . We love every second of this work , and we are so thankful to all of you for believing and committing along with us in this mission . " Second Quarter 2021 Financial Results Revenue was $ 63.5 million for the second quarter of 2021 , compared to $ 57.4 million for the prior quarter and $ 25.4 million for the second quarter of 2020. The increase over prior year was driven by continued U.S. commercial expansion and new product introductions . Gross profit was $ 58.6 million for the second quarter of 2021 , compared to $ 21.9 million for the same period of 2020. Gross margin was 92.4 % for the second quarter of 2021 , up from 86.3 % for the same period in the prior year , due primarily to the impact of an idle capacity charge in the second quarter of 2020 of $ 1.1 million , combined with current quarter product mix and manufacturing efficiencies . Operating expenses for the second quarter of 2021 were $ 54.5 million , compared to $ 22.5 million for the second quarter of 2020. The increase was mainly driven by an increase in personnel - related expenses to fund the expansion of the commercial , research and development , clinical and support organization . Net income was $ 4.1 million for the second quarter of 2021 and net income per share was $ 0.08 on a weighted - average basic share count of 49.7 million and $ 0.07 on a diluted share count of 55.6 million , compared to a net loss of $ 3.8 million and a net loss per share of $ 0.16 on a weighted average basic and diluted share count of 24.3 million in the same period of the prior year . Our cash , cash equivalents and short - term investments were $ 176.1 million as of June 30 , 2021 . COVID - 19 and Guidance Despite ongoing challenges and uncertainties in its operating environment , Inari Medical is updating financial guidance as follows : • For the full - year 2021 , revenue guidance is increased to $ 250 to $ 255 million from the previous guidance of $ 240 to $ 250 million . Webcast and Conference Call Information Inari Medical will host a conference call to discuss the second quarter 2021 financial results after market close on Tuesday , August 10 , 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 : 1160795. The live webinar can be accessed at https : //ir.ina rimedical.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 FlowTriever system is 510 ( k ) -cleared by the FDA and CE Mark approved for the treatment of pulmonary embolism and clot in transit in the right atrium . Forward Looking Statements