Inari Medical, Inc. (NARI): History, Ownership, Mission, How It Works & Makes Money

Did Inari Medical, Inc. (NARI) fundamentally change the game for venous thromboembolism (VTE) treatment, or did its purpose-built devices just create a compelling acquisition target? The answer is both, and the financial data from early 2025 tells the story of an exit that paid off handsomely for shareholders.

You need to understand the history of this medical device innovator-founded in 2011 to solve the problem of large venous clots-because its success culminated in Stryker acquiring the company for approximately $4.9 billion, or $80.00 per share, in February 2025. This move immediately took Inari Medical, Inc.'s proprietary FlowTriever and ClotTriever systems, which drove 2024 revenue guidance to over $600 million, and integrated them into a global MedTech powerhouse.

So, how did a company focused on a niche-removing clots from veins without using thrombolytic drugs-become a multi-billion-dollar asset in less than 15 years? Let's break down the mission, the technology, and the business model that made Inari Medical, Inc. one of the most significant medical device acquisitions of 2025.

Inari Medical, Inc. (NARI) History

You want to understand how Inari Medical, Inc. grew from a concept into a multi-billion dollar acquisition target. The direct takeaway is this: Inari Medical successfully carved out a market niche by focusing on purpose-built devices for venous clot removal, culminating in a major acquisition by Stryker in early 2025 for approximately $4.9 billion.

Given Company's Founding Timeline

Year established

Inari Medical was formally incorporated in Delaware in July 2011, initially as Inceptus Newco1 Inc., though significant operations and product development efforts started closer to 2013.

Original location

The company was founded and maintains its headquarters in Irvine, California, a key hub for medical device innovation in the US.

Founding team members

The core founding team included medical device veterans like Bob Rosenbluth, Brian Cox, and Paul Lubock, who brought deep expertise in developing and commercializing medical technologies.

Initial capital/funding

Early backing came from venture capital firms. The company secured a Series A funding round of $12.4 million in 2013, followed by a Series B of $19 million in 2015, and a Series C of $27 million in 2017. Total funding raised before its Initial Public Offering (IPO) was around $51.9 million.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's trajectory fundamentally shifted with two key product approvals and the massive 2025 acquisition. Honestly, the focus on the venous system-instead of repurposing arterial devices-was the initial game-changer.

• The ClotTriever and FlowTriever Approvals: These were not just new devices; they were the first purpose-built mechanical thrombectomy systems for the venous system, which handles larger, older, and more adhered clots than the arterial system. This innovation created a new standard of care for DVT and PE.
• The LimFlow Acquisition (November 2023): This move signaled a strategic pivot, using the company's strong cash position to diversify beyond VTE. The acquisition of LimFlow for treating CLTI, a severe form of peripheral artery disease, added a new segment that analysts project could contribute over $45 million in revenue by the 2025 fiscal year.
• The Stryker Acquisition (Q1 2025): This was the ultimate validation of the company's technology and market position. Stryker acquired Inari Medical for approximately $4.9 billion in cash, integrating the company's leading peripheral vascular portfolio into its own. This transaction, which closed by the end of the first quarter of 2025, transformed Inari from an independent, publicly traded entity into an operating subsidiary of a global medical technology leader. Here's the quick math: analysts had projected Inari Medical's standalone 2025 revenue to reach $708 million, so the acquisition price represented a significant premium based on its high-growth potential.

If you want to dig deeper into the capital structure and institutional holders before the acquisition, check out Exploring Inari Medical, Inc. (NARI) Investor Profile: Who's Buying and Why?

Inari Medical, Inc. (NARI) Ownership Structure

Inari Medical, Inc. is no longer a publicly traded entity; it is a wholly owned subsidiary of Stryker Corporation following a definitive acquisition that closed in February 2025 for a total fully diluted equity value of approximately $4.9 billion. This means the company's governance and strategic direction are now fully integrated into Stryker's organizational structure, moving from a diverse shareholder base to a single corporate owner.

Given Company's Current Status

As of November 2025, Inari Medical, Inc. is a private company, specifically a wholly owned subsidiary of Stryker Corporation, a global leader in medical technologies. The acquisition was completed on February 19, 2025, for $80.00 per share in cash, and the stock was subsequently delisted from the NASDAQ Global Select Market. The company now operates as a key component of Stryker's peripheral vascular segment, bringing its innovative FlowTriever and ClotTriever systems under a much larger umbrella. This shift simplifies the capital structure immensely, but still requires the same operational focus.

Given Company's Ownership Breakdown

The ownership structure is straightforward post-acquisition: Stryker Corporation holds 100% of the company's equity. To understand the shift, it helps to look at the ownership just prior to the acquisition, which highlights who controlled the company during its public phase in the 2025 fiscal year before the deal closed.

The high institutional ownership of 90.98% before the deal closed defintely made the all-cash tender offer much cleaner to execute. If you are interested in the financial entities that drove this valuation, you can read more at Exploring Inari Medical, Inc. (NARI) Investor Profile: Who's Buying and Why?

Given Company's Leadership

The core leadership team that drove Inari Medical's growth has largely remained in place to steer the business unit under Stryker's ownership, ensuring continuity in strategy and operations. The company is guided by a seasoned executive team with deep experience in the medical device sector.

• Drew Hykes, CEO: Succeeded the founder in January 2023, having served as COO since 2020. He continues to lead the business unit, now reporting into Stryker's structure.
• Kevin Strange, CFO: Assumed the Chief Financial Officer role in October 2024, succeeding Mitch Hill. His background includes over 15 years in the medical device industry, including roles at Boston Scientific.
• Dr. Thomas Tu, Chief Medical Officer (CMO): Leads the clinical strategy and medical affairs, a critical function for a device company focused on venous thromboembolism (VTE) treatment.

The key takeaway here is that the operational leadership remains intact, a common strategy in a value-driven acquisition like this one, ensuring the acquired company's growth momentum-which included a projected 2024 revenue of $525 million to $530 million-isn't lost during the integration process.

Inari Medical, Inc. (NARI) Mission and Values

Inari Medical's core purpose is fundamentally patient-centric, aiming to revolutionize the treatment of venous and other vascular diseases, moving beyond just fiscal targets to prioritize significant patient impact. This ethos is the cultural bedrock that guided the company through its acquisition by Stryker for approximately $4.9 billion in early 2025.

You're looking for the DNA of a company, not just its balance sheet, and Inari Medical's mission clearly states what they stand for. Their focus on venous thromboembolism (VTE) treatment, a condition impacting up to 900,000 lives in the United States each year, shows their commitment to a large, underserved medical need.

Given Company's Core Purpose

The company's purpose-built systems, like the FlowTriever and ClotTriever, are a direct manifestation of its commitment to pioneering mechanical thrombectomy solutions, which is a key reason the US mechanical thrombectomy market is valued around $6 billion and expected to grow 20% annually.

Here's the quick math: that market growth means the company's mission to establish its treatments as the standard of care is also a major financial opportunity. They defintely don't separate purpose from profit.

Official mission statement

The formal mission statement is a clear declaration of their commitment to improving lives in extraordinary ways:

• To treat and transform the lives of patients suffering from venous and other diseases.

Vision statement

The vision statement is simple and action-oriented, reflecting a focused ambition within the medical device space. This goal requires substantial investment in research and development (R&D) and effective market penetration, which you can explore further in Breaking Down Inari Medical, Inc. (NARI) Financial Health: Key Insights for Investors.

• Grow our thrombectomy leadership.

Given Company slogan/tagline

While Inari Medical doesn't use a single, heavily promoted universal slogan, the guiding principles that form their ethos are consistently communicated across all public messaging. The most prominent and foundational principle is a clean one-liner:

• Patients first. Always.

This patient-first ethos is supported by two other core values that drive their internal culture and product strategy:

• Make no small plans. Ever.
• Take care of each other. Constantly.

Inari Medical, Inc. (NARI) How It Works

Inari Medical, now a wholly owned subsidiary of Stryker as of February 2025, operates by designing and selling specialized, minimally invasive, catheter-based systems to remove large blood clots from the venous system, a procedure called mechanical thrombectomy. This approach offers physicians a dedicated, non-thrombolytic (clot-busting drug-free) solution for treating life-threatening venous thromboembolism (VTE) in the US and international markets.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

The company's value creation process is a vertically integrated, evidence-driven model focused on the venous disease space, a historically underserved market. They don't just sell devices; they sell a procedural solution, so clinical education is a massive part of the operation.

• Direct Sales Force: A highly specialized sales team works directly with interventional cardiologists, radiologists, and vascular surgeons, which provides rapid feedback for product improvements and drives procedure adoption.
• Clinical Evidence Generation: They invest heavily in randomized controlled trials (RCTs) like PEERLESS and DEFIANCE to establish their devices as the standard of care, not just an alternative.
• Manufacturing and Distribution: They maintain a vertically integrated structure, giving them control over quality and supply chain, which helps maintain their high gross margin, which was around 88.0% in 2023.
• Post-Acquisition Integration: As of November 2025, the operational focus is on integrating the high-growth peripheral vascular segment into Stryker's broader endovascular portfolio, aiming for accelerated scale-up. Exploring Inari Medical, Inc. (NARI) Investor Profile: Who's Buying and Why?

Here's the quick math: the US market for their core VTE products is an estimated $5.8 billion annually, and the LimFlow acquisition adds another $4.0 billion total addressable market (TAM), so the growth runway is defintely long.

Given Company's Strategic Advantages

Inari Medical's market success hinges on its dedicated focus and the clinical superiority of its purpose-built devices, which is what made it an attractive acquisition for Stryker for $4.9 billion.

• Purpose-Built Technology: Unlike competitors who often repurpose arterial devices, FlowTriever and ClotTriever were designed specifically for large-volume clot removal in large venous vessels, a key differentiator.
• Clinical Validation and Differentiation: Positive outcomes from trials like FLAME (FlowTriever for Acute Massive Pulmonary Embolism) showed a 90% improvement in survival rates in high-risk PE patients, which builds physician confidence and drives market share.
• Financial Profile: The company was on track for strong growth, with analyst-projected revenue for the 2025 fiscal year estimated at approximately $708 million, and expected to reach sustained operating profitability in the first half of 2025.
• Market Penetration: The core VTE markets (PE and DVT) are still significantly underpenetrated, with less than 20% of eligible patients currently receiving mechanical thrombectomy, leaving substantial room for expansion.

What this estimate hides is the continued investment in new ancillary products and international expansion, which are projected to add over $45 million to the revenue by 2025. The focus is on making the mechanical thrombectomy procedure the new standard of care, moving away from older, less effective treatments.

Inari Medical, Inc. (NARI) How It Makes Money

Inari Medical, Inc., now operating as a core business unit under Stryker Corporation following its February 2025 acquisition, makes money by developing and selling innovative, single-use, catheter-based mechanical thrombectomy systems for treating venous thromboembolism (VTE). Essentially, they sell premium medical devices-like the FlowTriever and ClotTriever systems-that physically remove large blood clots from veins, offering a superior, non-lytic solution to a massive, under-penetrated market.

Given Company's Revenue Breakdown

The company's financial engine is overwhelmingly driven by its core VTE products, which address deep vein thrombosis (DVT) and pulmonary embolism (PE). To be precise, our analysis of the projected $708 million in total revenue for the 2025 fiscal year shows a clear reliance on these established systems, though emerging products are starting to move the needle.

Here's the quick math: Analyst estimates projected 2025 revenue at about $708 million. Emerging Therapies, including the recently acquired LimFlow system for chronic limb-threatening ischemia, were expected to contribute over $45 million by 2025. That leaves the FlowTriever and ClotTriever systems to account for roughly $663 million, or 93.7% of the total. The core VTE business is defintely the cash cow.

Business Economics

The economics of the business are compelling, built on a razor-and-blade model where the high-margin, single-use disposable catheters are the recurring revenue driver. They sell the device, not the procedure, and the high cost is justified by superior clinical outcomes compared to older, less effective treatments like systemic thrombolysis (clot-busting drugs).

• Premium Pricing Power: The FlowTriever system, for instance, is the first FDA-cleared mechanical thrombectomy system for PE, giving it a first-mover advantage and premium pricing power in a market where the alternative is often conservative medical management (drugs).
• Massive Market Opportunity: The U.S. venous thromboembolism (VTE) market alone is an estimated $5.8 billion per year, and it remains less than 20% penetrated today. This low penetration means the company has a long runway for high-teens-plus revenue growth just by shifting the standard of care away from conservative drug therapy.
• High Gross Margin: The business has a phenomenal gross margin, which was in the mid-80s percentage range in 2024 (e.g., 87.1% in Q3 2024). This is a hallmark of a successful medical device company with proprietary technology and efficient manufacturing.
• Acquisition Synergy: Stryker's acquisition, completed in February 2025 for approximately $4.9 billion, immediately provides the Inari business unit with a much broader sales force and global distribution network, which should accelerate the penetration of the core VTE products and the newer emerging therapies like LimFlow. Exploring Inari Medical, Inc. (NARI) Investor Profile: Who's Buying and Why?

Given Company's Financial Performance

The financial story for 2025 is one of a high-growth company finally tipping into sustainable profitability, right before its acquisition. The focus is on top-line growth and margin preservation.

• 2025 Revenue Projection: Total revenue for the 2025 fiscal year was projected by analysts to reach approximately $708 million, reflecting a high-teens growth rate over the 2024 revenue guidance midpoint of around $603 million.
• Gross Profitability: The gross margin is expected to remain exceptionally strong, forecasted in the mid-80s percentage range, which means that for every dollar of revenue, about 85 cents are left to cover operating expenses and profit.
• Net Income and Profitability: The company was on track to achieve sustained operating profitability in the first half of 2025. Analysts projected a net profit of roughly $0.25 per share for the full fiscal year 2025. This is a critical pivot point, moving from a net loss in 2024 to a profitable operation in 2025.
• Operating Expenses: The key financial leverage point is operating expenses. While R&D and sales costs are high to drive market adoption and new product development-R&D was $29.4 million in Q3 2024-the massive gross margin allows them to scale these investments while still achieving operating leverage.

Inari Medical, Inc. (NARI) Market Position & Future Outlook

Inari Medical, Inc. is no longer an independent, publicly traded entity as of November 2025, having been acquired by Stryker Corporation in February 2025 for a total of $4.9 billion, or $80.00 per share. The Inari business unit now serves as Stryker's strategic entry point into the high-growth venous thromboembolism (VTE) market, where its FlowTriever and ClotTriever systems hold a market-leading position in mechanical clot removal.

This acquisition immediately positions Stryker to capture a larger share of the estimated $6 billion VTE market, with the Inari unit projected to contribute approximately $590 million to Stryker's 2025 sales. The future outlook is tied to Stryker's ability to scale Inari's technology globally and secure positive clinical trial data to shift standard-of-care guidelines.

Competitive Landscape

The competitive landscape for mechanical thrombectomy devices is intense, but Inari Medical's technology, now backed by Stryker's scale, remains a dominant force, particularly in the Pulmonary Embolism (PE) segment. The market is still largely underpenetrated, with less than 20% of VTE patients currently receiving interventional therapy instead of conservative medical management (like blood thinners).

Opportunities & Challenges

The biggest near-term opportunity is leveraging Stryker's commercial engine to expand the Inari portfolio internationally, plus still capitalizing on the shift from drug-based clot treatment (thrombolytics) to mechanical removal. The key risk is integration complexity and aggressive counter-moves from rivals like Penumbra, Inc.

Industry Position

The Inari business unit is the clear market leader in the high-growth, minimally invasive VTE treatment segment, a position significantly solidified by the acquisition. This is a classic bolt-on deal for Stryker, immediately giving them a leadership position in a new, rapidly expanding market. The company's products, FlowTriever and ClotTriever, are the gold standard for non-lytic (no clot-dissolving drugs) mechanical thrombectomy, which is safer for many patients.

• Dominant in PE: The FlowTriever system is the primary device for mechanical clot removal in the life-threatening pulmonary embolism (PE) market.
• High Growth Driver: The VTE thrombectomy market is growing at over 20% annually, making Inari a critical organic growth engine for Stryker.
• Clinical Validation: Ongoing randomized controlled trials are expected to provide Level I evidence, which is the final step to fully validating the interventional approach over traditional drug therapy.

To understand the financial implications of this acquisition on the broader medical device landscape, you should check out Breaking Down Inari Medical, Inc. (NARI) Financial Health: Key Insights for Investors.