On Monday, Oppenheimer initiated coverage on NASDAQ:NARI, Inari Medical (TASE:PMCN) Inc., with an Outperform rating and a price target set at $75.00. The firm highlighted Inari Medical's leading position in the thrombectomy space, specifically for the treatment of deep vein thrombosis (DVT) and pulmonary embolism (PE). With a market capitalization of $3.33 billion and impressive gross profit margins of 86.82%, the company has demonstrated strong operational efficiency.
The coverage note pointed out the competitive nature of the market but also emphasized the underpenetration in the U.S. market. It mentioned that ongoing clinical trials could provide a potential acceleration for the company. According to InvestingPro data, the company has achieved robust revenue growth of 22.41% over the last twelve months, though analysts anticipate some earnings challenges ahead.
Inari Medical's prospects heading into 2025 include new opportunities beyond its current DVT/PE offerings. The firm expects these opportunities to drive significant revenue growth and multiple expansion as investors begin to recognize the potential of these additional markets. InvestingPro subscribers can access detailed financial health analysis and 8 additional ProTips to better evaluate the company's growth potential.
In other recent news, Inari Medical Inc. reported a record revenue of $153.4 million in Q3 of 2024, marking a 21% year-over-year increase. The company also raised its full-year revenue outlook to between $601.5 million and $604.5 million, driven by a surge of 76.4% in international sales, particularly in Europe and Latin America.
Despite a GAAP operating loss this quarter, Inari Medical anticipates operating profitability in the first half of 2025. Inari Medical's ClotTriever Thrombectomy System for deep vein thrombosis (DVT) has gained national reimbursement approval in Japan, following regulatory clearance by the Pharmaceuticals and Medical Devices Agency.
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