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OINARI MEDICAL ™ Inari Medical Reports Third Quarter 2021 Financial Results November 9 , 2021 IRVINE , Calif . , Nov. 09 , 2021 ( GLOBE NEWSWIRE ) -- Inari Medical , Inc. ( NASDAQ : NARI ) ( “ Inari ” ) , a 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 third quarter ended September 30 , 2021 . Third Quarter Revenue and Business Highlights : • Treated a record number of patients , with revenue of $ 72.9 million for the third quarter of 2021 , up 15 % sequentially and 88 % year - over - year . • Announced FDA clearance of ClotTriever Bold Thrombectomy Catheter , which is designed to treat older clots and more advanced DVT , potentially opening a large new TAM . • Presented data from first 500 patients enrolled in the FLASH PE registry , confirming best in class safety and on - table improvement in hemodynamic metrics , while showing much lower rates of mortality and long - term consequences for PE survivors than published literature . • Ended the quarter with $ 168.6 million in cash , cash equivalents and investments . " Our third quarter was as successful as it was exciting . We again treated a record number of patients and made important progress on all five of our growth drivers , " said Bill Hoffman , CEO of Inari Medical . " We presented data from our FLASH PE registry , confirming outstanding safety and acute efficacy . We believe it also shows , now with six month follow up , that FlowTriever changes the natural course of the disease in life saving and life changing ways . We also received FDA clearance for our ClotTriever Bold which might provide a treatment option for a whole new population of patients suffering the most devastating consequences of previously untreated DVT . We are thankful for the opportunity to serve our patients and our mission . " Third Quarter 2021 Financial Results Revenue was $ 72.9 million for the third quarter of 2021 , compared to $ 63.5 million for the prior quarter and $ 38.7 million for the third quarter of 2020 . The increase over prior year was driven by continued U.S. commercial expansion and new product introductions . Gross profit was $ 65.9 million for the third quarter of 2021 , compared to $ 35.5 million for the same period of 2020. Gross margin was 90.3 % for the third quarter of 2021 , compared to 91.7 % for the same period in the prior year , modestly lower primarily due to a change in inventory management in anticipation of our facility move . Operating expenses for the third quarter of 2021 were $ 68.6 million , compared to $ 28.3 million for the third quarter of 2020. The increase was mainly driven by an increase in personnel - related expenses as we increased headcount to fund the expansion of the commercial , research and development , clinical and support organization , including a one - time stock - based compensation expense of $ 8.3 million . Net loss was $ 2.8 million for the third quarter of 2021 and net loss per share was $ 0.06 on a weighted - average basic and diluted share count of 50.0 million , compared to net income of $ 6.5 million and net income per share of $ 0.13 and $ 0.12 on a weighted - average basic share count of 48.3 million and diluted share count of 55.4 million , respectively , in the same period of the prior year . Our cash , cash equivalents and investments were $ 168.6 million as of September 30 , 2021 . Updated Full - Year 2021 Revenue Guidance Inari Medical is updating financial guidance as follows : • For the full - year 2021 , revenue guidance is increased to $ 266 to $ 268 million , up from our previous guidance of $ 250 to $ 255 million . Webcast and Conference Call Information Inari Medical will host a conference call to discuss the third quarter 2021 financial results after market close on Tuesday , November 9 , 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 : 7775678. The live webinar can be accessed at https://ir.inarimedical.com . About Inari Medical , Inc. Inari Medical , Inc. is a medical device company focused on developing innovative 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 FDA and CE marked for the non - surgical removal of clot from peripheral blood vessels ,