Inari Medical (NASDAQ: NARI at https://www.webull.com/quote/nasdaq-nari ) is a company that provides medical equipment, Internationally, for the treatment of vascular thrombus and embolus. The company is based in Irvine, California. The devices made at Inari treat blood clots in the veins without the use of any drugs. Inari Medical started as a spin-out of its parent company Inceptus Medical. Inari medical manufactures devices used specifically for the venous system. Most devices available to treat thrombosis are arterial.
The company has the potential to earn $3.6 billion per year in the United States alone. It is estimated that every year somewhere between 400,000 – 650,000 patients are diagnosed with some vascular disorder. The device has passed the FDA regulations for safety and effectiveness. Inari medical has grown drastically between the period of 2018 to 2019. In 2018, the company had a revenue of $6.9 million and a loss of $10 million. However, their revenue went up to $51.1 million in the year 2019; an increase of 651.47% in one year.
The company was founded by Bob Rosenbluth, Paul Lubbock, and Brian Cox. The three of them also co-founded Inceptus Medical and Okami medical. Bob serves as the president of Impetus medical and he served as the president and CEO of Inari Medical till 2015. He is currently the chairman of Inari Medical. Paul Lubock is the vice-president of Inari Medical. Paul also was one of the founders of SenoRx, a company responsible for the development and marketing of instruments used to diagnose breast cancer. Brian is the vice-president of Okami Medical and Inari Medical as well.
Inari initially raised capital from its primary investors Versant Ventures and U.S Venture Partners. In March, 2018 Inari Medical received a new investor, Glide Healthcare and Geoff Pardo was set to join the board of directors of Inari. They raised a capital of $27 million with the introduction of this new investor.
A lot of companies have delayed going public this year because of the coronavirus pandemic, however, Inari medical found success in the market despite the COVID-19 pandemic.
According to medtechdrive.com, Inari Medical raised a capital of $156 million on its Initial Public Offering (IPO). They initially wanted to sell 7.2 million shares but increased the number to 8 million later on. Their shares were sold on the NASDAQ stock market under the name NARI for a price between $14 – $16 per share. The prices raised up to $19 per share and closed at $41. According to Bloomberg, Inari Medical was the best performing company of all the companies that went public this year. You can check more stock news for stocks after hours . Disclaimer: The analysis information is for reference only and does not constitute an investment recommendation.