Last Updated: 19 Sep 2024
Executive Summary
Inari Medical Inc. (NARI) is a commercial-stage medical device company focused on developing products to treat venous disease. The company has a strong market position with its VenaSeal closure system, which is the leading non-thermal closure device in the United States. Inari is also developing a number of other products, including the FlowTriever system for removing blood clots and the ClotTriever system for treating deep vein thrombosis.
The company's financial performance has been strong in recent quarters, with revenue growth of 22.5% year-over-year in the most recent quarter. Inari is also profitable, with a gross margin of 61.9%.
The stock price has performed well in recent months, rising from a low of $36.73 in March 2023 to a high of $69.40 in August 2023. The stock is currently trading at $44.38, which is below the analyst target price of $66.08.
Company Overview
Inari Medical was founded in 2013 and is headquartered in Irvine, California. The company's mission is to develop and commercialize innovative medical devices that improve the lives of patients with venous disease.
Inari's VenaSeal closure system is a non-thermal closure device that is used to treat varicose veins. The VenaSeal system is less invasive than traditional surgical methods and has been shown to be safe and effective.
Inari is also developing a number of other products, including the FlowTriever system for removing blood clots and the ClotTriever system for treating deep vein thrombosis. These products are still in the early stages of development, but they have the potential to be significant growth drivers for the company.
Fundamental Analysis
Inari Medical's financial performance has been strong in recent quarters. The company's revenue grew by 22.5% year-over-year in the most recent quarter, and its gross margin was 61.9%. Inari is also profitable, with a net income of $14.7 million in the most recent quarter.
The company's balance sheet is also strong. Inari has $200 million in cash and equivalents and no debt. This gives the company the financial flexibility to continue to invest in its business and develop new products.
Technical Analysis
The stock price of Inari Medical has performed well in recent months. The stock has risen from a low of $36.73 in March 2023 to a high of $69.40 in August 2023. The stock is currently trading at $44.38, which is below the analyst target price of $66.08.
The technical analysis of Inari Medical's stock price shows that the stock is in a bullish trend. The stock is above its 50-day and 200-day moving averages, and the relative strength index (RSI) is above 50. This indicates that the stock is likely to continue to rise in the short term.
Short Term Outlook
The short-term outlook for Inari Medical is positive. The company's financial performance is strong, and the stock price is in a bullish trend. The stock is likely to continue to rise in the short term, and it could reach the analyst target price of $66.08.
Long Term Outlook
The long-term outlook for Inari Medical is also positive. The company has a strong market position with its VenaSeal closure system, and it is developing a number of other products that have the potential to be significant growth drivers. The company is also financially strong, with a strong balance sheet and no debt. This gives the company the flexibility to continue to invest in its business and develop new products.
Analyst Recommendations
The majority of analysts covering Inari Medical have a buy rating on the stock. The average analyst target price is $66.08, which is above the current stock price of $44.38. This indicates that analysts are bullish on the stock and believe that it has the potential to continue to rise in the future.
