Inari Medical, Inc. (NASDAQ:NARI) Q4 2022 Earnings Call Transcript

Drew Hykes: Yes. So I think pricing is going to have multiple elements, right? I think most importantly, we’re going to continue to try and take price relative to the established FlowTriever and ClotTriever franchises. You heard Mitch describe some of those dynamics. And I think leveraging the broader economic value proposition, leveraging some of the new introductions we brought under the PPP models, I think, gives us some confidence we’re going to be able to maintain, if not take price with the core part of the business. As we bring out some of these new products, we have priced some of them outside of those PPPs. ProTrieve and InThrill are the first two examples of those. Those pricing — those price points were established based upon understanding the hospital economics, understanding the clinical unmet need, understanding the physician economics, all of the traditional inputs are reflected in those two $4,000 price points.

And I think as you look across the introductions that are coming in the pipeline, I think you’ll see, again, a mix of us adding new products under the PPP as well as pricing products outside the PPP, as you saw us do with ProTrieve and InThrill. And I think those strategies will be specific to the products as they enter the market.

Richard Newitter: Okay. And sorry, just if I can squeeze one last one. On the taking price, did you — are you starting to do that in the first half of this year? Or is that more of a second half ’23 opportunity for you? Thank you.

Drew Hykes: Yes. I don’t think we’ve ever stopped trying to take price. Most of our contracts are multiyear. So most of that work takes place as contracts expire. But we’ve got nine products now in the FlowTriever toolkit. And I think as we built out that toolkit, for instance, and those contracts have come up for renewal, that’s something that we’re always focused on. That will be true here in the first half of the year and looking out to the back half of the year as well.

Richard Newitter: Thank you very much.

Drew Hykes: Thanks Richard.

Mitch Hill: Thanks Richard.

Operator: This concludes our question-and-answer session, and the conference is also now concluded. Thank you for attending today’s presentation. You may now disconnect.