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

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Drew Hykes: Sure. Yes, no thanks for those, Adam. I can talk about Artix and guidance, and then I’ll invite Tom to talk about FLAME from there. But to answer your question on Artix, yes, there was a modest amount of Artix revenue that was included in guidance back in early January. At that point in time, the LMR was still underway. But keep in mind that was the smallest, of the new TAMs and as a result, had an even more modest contribution or contemplation within the guidance. And despite us making the decision, that we need to do more work before that product is ready for prime time, we feel as though we’ve got plenty of other levers and offsets to the modest contribution it was factored into the guidance. So, we still feel really confident in the $475 million, as you heard Mitch talk about, and that’s despite the incremental news on Artix. So with that, maybe I’ll turn things over to Tom, and he can tackle the FLAME questions.

Tom Tu: Thanks Drew. Yes, so Adam, thank you for the question about FLAME. As you can tell, we’re very excited about this data release, because it is the largest ever interventional study for high-risk PE. This is a group of patients with a predicted mortality anywhere from 25% to 50%. And frankly, the existing solutions, even guideline-directed solutions are unsatisfactory for this patient population. So if these trial results are positive and are well accepted, I think there is a very good chance that FlowTriever will make its debut in guidelines for the treatment of this patient subset. And I do think FlowTriever will get the outsized benefit for two reasons. First of all, we’re the ones who’ve invested the hard work in studying these patients and establishing our technologies through rigorous scientific methods and I think the physicians making choices about patient care acknowledge that.

Secondly, we have quite a bit of real-world data that suggests that our treatment effect is not a class effect. We have a unique mechanism of action. Our safety profile is pristine. And I think because of that, you’re going to see further publications that distinguish our treatments, FlowTriever and ClotTriever from other similar mechanical thrombectomy approaches, which is why I believe Inari is going to get the nod in terms of specific mention in guidelines.

Adam Maeder: Very helpful, thank you.

Drew Hykes: Thanks Adam.

Operator: The next question is from Marie Thibault with BTIG. Please go ahead.

Marie Thibault: Hi Mitch, hi Drew, hi Tom. Thanks for taking the questions this afternoon. Wanted to start here with international, would love to hear a little bit more about that market in terms of how you’re pricing the devices and where that could go over the next year. So you mentioned obviously some very nice percentage growth metrics here in the fourth quarter, but just wondering, should we expect to see a doubling in revenue. Can you give us kind of a sense of how you’re thinking about the international growth expansion this year?

Drew Hykes: Yes, thanks, Marie. I can get started on that and Mitch may want to pile on as well. But yes, we are excited to break out international for the first time you heard the $9 million in revenue for 2022. I think it continues to reflect the traction and the investment that we have made and the unmet need that exists internationally, much of that growth being driven at this point still out of Europe. We’ve got a nice commercial footprint that has now been established. We’re doing cases now across all of those markets. We’ve got incremental reimbursement established, as you’ve heard us talk about in Germany. We recently got some incremental reimbursement established in France. Each month, each quarter that goes by, we continue to see nice traction coming out of Western Europe, but still lots of work to do.

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