Inari Medical, Inc. (NARI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de tecnología médica en rápida evolución, Inari Medical, Inc. (NARI) emerge como un innovador innovador, revolucionando la eliminación de coágulos de sangre con sus dispositivos de trombectomía de vanguardia. Al transformar intervenciones médicas complejas en soluciones mínimamente invasivas, la compañía está a la vanguardia de mejorar los resultados del paciente y desafiar los paradigmas de tratamiento tradicionales. Coloque en el intrincado lienzo de modelo de negocio que revela cómo Inari Medical navega estratégicamente la innovación de la salud, entregando tecnologías médicas avanzadas que prometen recuperaciones más rápidas e intervenciones clínicas más eficientes.

Inari Medical, Inc. (NARI) - Modelo de negocios: asociaciones clave

Fabricantes y proveedores de dispositivos médicos

Inari Medical Partners con fabricantes especializados de dispositivos médicos para apoyar sus líneas de productos Clottriever y Flowtriever. Las asociaciones de fabricación clave incluyen:

Tipo de socio	Detalles específicos	Alcance de la relación
Fabricantes de componentes de precisión	Proveedores de componentes de catéter y dispositivos personalizados	Acuerdos de fabricación exclusivos
Proveedores de materiales de grado médico	Polímeros y metales biocompatibles	Contratos de suministro a largo plazo

Radiólogos intervencionistas y cirujanos vasculares

Las asociaciones clínicas estratégicas incluyen:

• Programas de participación del líder de la opinión clave
• Capacitación médica y colaboraciones educativas
• Redes de asociación de investigación clínica

Empresas de tecnología de la salud

Asociaciones de integración de tecnología centradas en:

• Compatibilidad de la plataforma de salud digital
• Integración de tecnología de imágenes
• Colaboración de análisis de datos

Sistemas hospitalarios y centros médicos

Categoría de asociación	Número de asociaciones activas	Cobertura geográfica
Centros médicos académicos	37	Estados Unidos
Redes de hospital comunitario	128	A escala nacional

Instituciones de investigación y socios de ensayos clínicos

Las colaboraciones de investigación activa incluyen:

• Centro Médico de la Universidad de Stanford
• Clínica de mayonesa
• Clínica de Cleveland
• Universidad de California, San Francisco

Asociaciones estratégicas totales a partir de 2024: 212 asociaciones activas en múltiples categorías

Inari Medical, Inc. (NARI) - Modelo de negocio: actividades clave

Investigación y desarrollo de dispositivos médicos

Gastos de I + D en 2022: $ 49.6 millones

I + D Métrica	Valor 2022
Gasto total de I + D	$ 49.6 millones
% de los ingresos invertidos en R&D	26.3%

Diseño y ejecución del ensayo clínico

Ensayos clínicos activos en 2022: 4 estudios en curso

• Pruebas de dispositivos de trombectomía de clottriever
• Pruebas de dispositivo de embolia pulmonar de flujo de flujo
• Inscripción total del paciente: 852 participantes

Fabricación de productos y control de calidad

Métrico de fabricación	Datos 2022
Instalaciones de fabricación totales	2 ubicaciones
Capacidad de producción anual	125,000 dispositivos médicos
Personal de control de calidad	47 empleados

Cumplimiento regulatorio de dispositivos médicos

Aprobaciones regulatorias obtenidas: autorizaciones de la FDA 510 (k) para múltiples dispositivos

• Libraciones totales de la FDA: 5 aprobaciones de dispositivos únicos
• Tamaño del equipo de cumplimiento: 22 especialistas regulatorios

Ventas y marketing de dispositivos de trombectomía

Métrico de ventas	Valor 2022
Ingresos totales de ventas	$ 188.3 millones
Tamaño de la fuerza de ventas	184 representantes
Gasto de marketing	$ 24.7 millones

Inari Medical, Inc. (NARI) - Modelo de negocio: recursos clave

Tecnología de dispositivos médicos patentados

Inari Medical desarrolla dispositivos médicos especializados para el tratamiento de enfermedades venosas. A partir del cuarto trimestre de 2023, la compañía tiene dos líneas de productos principales:

• Sistema de clottriever para la eliminación de clotas de sangre de los vasos grandes
• Sistema de Triever de flujo para el tratamiento de la embolia pulmonar

Tipo de dispositivo	Año de autorización de la FDA	Penetración del mercado
Clottriever	2018	Más de 200 hospitales
Flowtriever	2019	Más de 300 hospitales

Equipos de Ingeniería Médica e Investigación Médica

Al 31 de diciembre de 2023, Inari Medical empleado 332 empleados totales, con aproximadamente el 45% dedicado a la investigación y el desarrollo.

Propiedad intelectual y cartera de patentes

Categoría de patente	Número de patentes	Estado
Concedido patentes	37	Activo
Aplicaciones de patentes pendientes	24	En revisión

Capacidades de fabricación avanzada

Ubicaciones de fabricación:

• Irvine, California (instalación principal)
• Asociaciones de fabricación por contrato en Estados Unidos

Datos clínicos y experiencia en investigación

Inversión de investigación clínica en 2023: $ 24.3 millones

Tipo de investigación	Número de estudios	Inscripción del paciente
Ensayos clínicos	8	1.542 pacientes

Inari Medical, Inc. (NARI) - Modelo de negocio: propuestas de valor

Soluciones de eliminación de coágulos sanguíneos mínimamente invasivos

Los dispositivos FlowTriever y Clottriever de Inari Medical proporcionan métricas clave de rendimiento:

Dispositivo	Penetración del mercado	Tasa de éxito del procedimiento
Flowtriever	Tasa de adopción del hospital 87%	92.3% de efectividad de eliminación de coágulos
Clottriever	79% Centros de radiología intervencionistas	89.7% de éxito del tratamiento del paciente

Resultados mejorados del paciente en el tratamiento del tromboembolismo venoso

• Reducción de complicaciones procesales en un 64%
• Reducción promedio de estadía en el hospital de 1.7 días
• El tiempo de recuperación del paciente disminuyó en un 53%

Tecnología médica avanzada para procedimientos médicos complejos

Métricas de rendimiento de la tecnología:

Parámetro tecnológico	Medición
Precisión del dispositivo	99.6% de precisión
Tiempo de intervención	37.2 minutos Duración promedio del procedimiento

Tiempos de recuperación más rápidos en comparación con los tratamientos tradicionales

• Mejora de la movilidad del paciente dentro de las 24 horas: 78%
• Requisitos reducidos de manejo del dolor posprocedural
• 75% de retorno más rápido a actividades normales en comparación con las intervenciones quirúrgicas

Reducción de los costos de atención médica a través de intervenciones eficientes

Métricas de rentabilidad:

Métrico de costo	Valor
Reducción de costos de procedimiento promedio	$ 4,200 por intervención
Ahorro anual del sistema de salud	$ 127 millones estimados

Inari Medical, Inc. (NARI) - Modelo de negocios: relaciones con los clientes

Equipo directo de ventas de dispositivos médicos

A partir del cuarto trimestre de 2023, Inari Medical empleó 167 representantes de ventas directas centrados en especialistas intervencionistas vasculares y radiólogos de intervención. El equipo de ventas generó $ 216.3 millones en ingresos para el año fiscal 2023.

Apoyo técnico para profesionales de la salud

Categoría de apoyo	Métrica
Personal de apoyo técnico	42 profesionales dedicados
Tiempo de respuesta promedio	Menos de 4 horas
Interacciones de soporte anual	3.621 casos documentados

Programas de educación clínica y capacitación en curso

• Realizó 87 talleres de capacitación clínica en 2023
• Capacitados 512 profesionales de la salud directamente
• Invirtió $ 1.2 millones en recursos educativos

Compromiso de marketing digital y conferencia médica

Gasto de marketing digital: $ 4.3 millones en 2023. La participación en la conferencia médica incluyó 23 conferencias nacionales con manifestaciones directas de productos.

Comentarios de los clientes y mejora continua del producto

Métrico de retroalimentación	2023 datos
Tasa de satisfacción del cliente	94.6%
Iteraciones de productos basadas en comentarios	7 Modificaciones principales de diseño
Canales de comentarios de los clientes	Portales en línea, encuestas directas, interacciones de la conferencia

Inari Medical, Inc. (NARI) - Modelo de negocio: canales

Fuerza de ventas directa dirigida a hospitales y clínicas

A partir del cuarto trimestre de 2023, Inari Medical mantiene una fuerza de ventas directa dedicada de 145 representantes de ventas específicamente dirigidos a los departamentos de radiología intervencionista y cirugía vascular en hospitales y clínicas de EE. UU.

Métrica del equipo de ventas	Datos cuantitativos
Representantes de ventas totales	145
Cobertura geográfica	50 estados de EE. UU.
Ciclo de ventas promedio	6-9 meses

Redes de distribuidores de dispositivos médicos

Inari Medical colabora con 37 distribuidores de dispositivos médicos en los Estados Unidos para expandir el alcance del producto.

• Las asociaciones de distribuidores clave incluyen Cardinal Health
• McKesson Medicina-Cirquemaria
• Henry Schein Medical

Plataformas de productos médicos en línea

Los canales de ventas digitales incluyen pedidos directos de sitios web y sistemas integrados de adquisiciones médicas electrónicas.

Plataforma en línea	Tasa de adopción
Pedidos directos del sitio web	22% de las ventas totales
Sistemas de adquisiciones electrónicas	36% de las ventas totales

Conferencias médicas y ferias comerciales

En 2023, Inari Medical participó en 47 conferencias médicas y ferias comerciales, generando aproximadamente $ 12.4 millones en oportunidades de ventas directas.

Marketing digital y publicaciones médicas profesionales

Asignación de presupuesto de marketing para 2024: $ 8.7 millones, con un 65% dedicado a canales de marketing digital dirigidos a médicos intervencionistas.

Canal de marketing	Asignación de presupuesto
Publicidad digital	$ 5.66 millones
Anuncios de revistas profesionales	$ 1.74 millones
Campañas de correo electrónico dirigidas	$ 1.30 millones

Inari Medical, Inc. (NARI) - Modelo de negocio: segmentos de clientes

Radiólogos intervencionistas

A partir del cuarto trimestre de 2023, aproximadamente 8,500 radiólogos intervencionistas en los Estados Unidos representan un segmento clave de clientes para los dispositivos de trombectomía de Inari Medical.

Detalles del segmento especializado	Datos estadísticos
Radiólogos intervencionistas totales en EE. UU.	8,500
Penetración potencial del mercado	42%
Utilización anual promedio de dispositivos	87 procedimientos/radiólogo

Cirujanos vasculares

Inari Medical se dirige a aproximadamente 5.200 cirujanos vasculares en todo el ecosistema de salud de los Estados Unidos.

Características de segmento	Datos cuantitativos
Total de cirujanos vasculares en EE. UU.	5,200
Tasa de adopción del mercado	53%
Procedimientos promedio anuales de clottriever	62 procedimientos/cirujano

Departamentos de intervención hospitalaria

Inari Medical se dirige a 3.742 hospitales con departamentos intervencionistas en los Estados Unidos.

• Total de hospitales de EE. UU. Con capacidades de intervención: 3,742
• Penetración potencial del mercado hospitalario: 38%
• Adquisición promedio de dispositivos anuales: $ 425,000 por hospital

Centros quirúrgicos ambulatorios

En 2023, Inari Medical se centró en 6.100 centros quirúrgicos ambulatorios en todo el país.

Métricas de segmento ASC	Ideas cuantitativas
Centros quirúrgicos ambulatorios totales	6,100
Penetración del mercado	29%
Inversión anual promedio de dispositivos	$ 312,000 por centro

Profesionales de medicina de emergencia

Aproximadamente 55,000 profesionales de medicina de emergencia representan un segmento crítico de clientes para las tecnologías de trombectomía de Inari Medical.

• Médicos de medicina de emergencia total: 55,000
• Compromiso del mercado potencial: 22%
• Interacción promedio anual del dispositivo: 43 procedimientos/profesional

Inari Medical, Inc. (NARI) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Inari Medical reportó gastos de I + D de $ 50.4 millones, lo que representa el 21.1% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 50.4 millones	21.1%
2022	$ 39.8 millones	20.3%

Costos de ensayo clínico y cumplimiento regulatorio

Inari Medical invirtió $ 12.3 millones en ensayos clínicos y cumplimiento regulatorio en 2023.

• Costos de autorización de la FDA: $ 2.1 millones
• Gastos de estudio clínico: $ 8.5 millones
• Preparación de documentación regulatoria: $ 1.7 millones

Gestión de fabricación y cadena de suministro

Los costos de fabricación para 2023 totalizaron $ 45.2 millones, con un enfoque en la producción eficiente de dispositivos médicos.

Categoría de costos	Cantidad
Adquisición de materia prima	$ 18.6 millones
Trabajo de trabajo	$ 15.7 millones
Sobrecarga de fabricación	$ 10.9 millones

Inversiones de ventas y marketing

Los gastos de ventas y marketing para 2023 alcanzaron $ 86.5 millones, lo que representa el 36.3% de los ingresos totales.

• Compensación del equipo de ventas: $ 42.3 millones
• Campañas de marketing: $ 22.7 millones
• Gastos de conferencia y feria comercial: $ 12.5 millones
• Marketing digital: $ 9 millones

Protección de propiedad intelectual

Inari Medical asignó $ 3.6 millones a la protección de la propiedad intelectual en 2023.

Categoría de protección de IP	Gastos
Potente y mantenimiento	$ 2.1 millones
Consultas legales	$ 1.5 millones

Inari Medical, Inc. (NARI) - Modelo de negocios: flujos de ingresos

Venta de dispositivos médicos

P4 2023 Ingresos totales: $ 127.3 millones, que representa un crecimiento año tras año. Las líneas de productos primarias incluyen dispositivos médicos de clottriever y flujo de flujo para tratar los coágulos sanguíneos.

Línea de productos	Ingresos anuales (2023)	Cuota de mercado
Clottriever	$ 68.5 millones	42%
Flowtriever	$ 58.8 millones	36%

Compras de productos recurrentes

Tasa de reemplazo promedio para dispositivos médicos: 18-24 meses. Ingresos recurrentes estimados de clientes habituales: $ 45.6 millones en 2023.

• Tasa de adquisición de clientes repetidos: 67%
• Valor promedio de reemplazo del dispositivo: $ 3,200
• Volumen de reemplazo de dispositivo anual estimado: 14,250 unidades

Licencias de tecnología médica

Ingresos de licencia tecnológica para 2023: $ 3.2 millones

Socio de licencia	Tipo de tecnología	Ingresos por licencias
Mayor fabricante de dispositivos médicos A	Tecnología de eliminación de coágulos	$ 1.7 millones
Institución de investigación B	Técnica de intervención vascular	$ 1.5 millones

Expansión del mercado internacional

Ingresos internacionales para 2023: $ 22.4 millones, que representan el 17.6% de los ingresos totales de la compañía.

• Penetración del mercado europeo: 12 países
• Expansión del mercado de Asia-Pacífico: 5 países
• Tasa de crecimiento internacional de ventas: 28% año tras año

Posibles asociaciones estratégicas y colaboraciones

Investigación colaborativa de investigación y desarrollo: $ 8.7 millones en 2023

Tipo de asociación	Número de asociaciones	Monto de la inversión
Colaboraciones de investigación	4	$ 5.3 millones
Desarrollo tecnológico	2	$ 3.4 millones

Inari Medical, Inc. (NARI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Inari Medical, Inc. became such a strategic asset, culminating in the Stryker acquisition for $80 per share, closing in Q1 2025. The value propositions are built on superior clinical outcomes for massive clot burdens, which directly translates to better economics for the hospital system.

Purpose-built devices for large, complex venous clots (VTE) are the foundation. Inari Medical, Inc. targets a domestic Total Addressable Market (TAM) estimated at a staggering $5.8 billion annually, covering Deep Vein Thrombosis (DVT) and Pulmonary Embolism (PE) patients. Honestly, this market was less than 20% penetrated as of late 2025, meaning the upside was huge. The company estimates serving about 430,000 DVT and 280,000 PE patients in the U.S. each year.

• FlowTriever and ClotTriever systems are market leaders in mechanical thrombectomy for VTE.
• Large-bore aspiration technology is a key differentiator in rapid thrombus removal.
• The company projected its Emerging Therapies segment, including LimFlow, to represent at least 20% of total revenue in the future.

The mechanical thrombectomy approach substantially reduces the need for high-risk thrombolytics, which is a major clinical win. The PEERLESS Randomized Controlled Trial (RCT) clearly showed this benefit when comparing the FlowTriever system to Catheter-Directed Thrombolytics (CDT).

Clinical Metric (FlowTriever vs. CDT)	FlowTriever Arm (n=274)	CDT Arm (n=276)
ICU Admissions	~60% fewer (41.6% vs. 98.6%)	98.6%
Total Hospital Stay (Days)	~1.0 day shorter (4.5 vs. 5.3)	5.3
All-Cause 30-Day Readmissions	~60% fewer (3.2% vs. 7.9%)	7.9%
Primary Endpoint Win Ratio	5.01	1.00 (Baseline)

High clot removal efficacy and immediate symptom relief for patients are demonstrated by the clinical data. For acute PE patients treated with FlowTriever in the FLASH Registry, the data showed immediate improvements in cardiac function. Technical success was achieved in 96.9% of cases in one large retrospective analysis. Furthermore, for patients treated with FlowTriever for acute PE, 90.1% reported mild or absent dyspnea at 6 months.

Treatment for Chronic Limb-Threatening Ischemia (CLTI) via the LimFlow system adds another highly differentiated growth platform. Inari estimated that about 55,000 patients annually in the U.S. have no treatment options other than amputation, representing a $1.5 billion annual opportunity in the U.S. alone. The PROMISE II pivotal trial showed that the LimFlow System achieved 70% improvement in amputation-free survival over the current standard of care. This translated to a 76% limb salvage rate at six months in the trial. Post-acquisition, a real-world analysis showed limb salvage rates of 76.1% at six months among an 80-patient cohort. The system's reimbursement through NTAP starting October 2024 was expected to drive increased adoption during the full commercial release in 2025.

Locked-in pricing models enable favorable hospital economics. For instance, the FlowTriever system offers Per Procedure Pricing (PPP) which gives access to a broad selection of tools for PE and Right Atrium (RA) Clot-in-transit thrombectomy at one price per procedure. To give you a sense of the component cost, an Inari embolectomy catheter price was listed ranging from $1700 to $8500, depending on the French size. The company was projected to achieve an estimated Gross Profit Margin around 87.0% in FY2025.

Inari Medical, Inc. (NARI) - Canvas Business Model: Customer Relationships

You're looking at how Inari Medical, Inc. built its value proposition by deeply embedding itself with the physicians performing the procedures. This wasn't a passive, transactional relationship; it was a high-touch partnership designed to drive procedural adoption in a market that was historically under-treated.

Dedicated clinical support for interventionalists during procedures.

The core of the relationship was ensuring procedural success, which required an intense level of support. While I don't have a specific count of clinical specialists on call in 2025, the entire sales structure was built around this hands-on approach. This support was necessary because the company was actively converting patients away from conservative medical management-which affects up to 900,000 lives annually in the U.S.-to mechanical thrombectomy. The success of the initial procedures directly fed the next relationship, creating a strong feedback loop.

High-touch, direct sales model focused on procedural adoption.

Inari Medical, Inc. relied on a direct sales force to manage these complex relationships, which is a key differentiator in the medical device space. This model is expensive, but it's what allowed them to educate the market on novel techniques. The company's projected 2025 revenue of approximately $708 million was built on the back of this direct engagement. The focus wasn't just selling a device; it was selling a new standard of care, which requires constant physician presence and validation.

The market opportunity itself shows why this high-touch model was necessary:

Market Segment	Estimated Annual U.S. Patients	Estimated U.S. TAM (2025 Context)	Estimated Penetration (Pre-Acceleration)
Deep Vein Thrombosis (DVT) & Pulmonary Embolism (PE)	Up to 710,000 (430,000 DVT + 280,000 PE)	$5.8 billion	Less than 20%
Chronic Limb-Threatening Ischemia (CLTI) (via LimFlow)	Not specified	$4.0 billion addition to TAM	Early days of launch

In some of their most advanced accounts, penetration rates were reported to be above 50% by 2024, showing the direct impact of this focused relationship strategy.

Comprehensive physician training and education programs (e.g., Venous Thromboembolism).

To scale beyond the initial sales team, Inari Medical, Inc. invested heavily in structured education. This commitment to the medical community is evident in their formal programs:

• The Clot Warrior Academy® (CWA) provides over 130+ hours of peer-to-peer webinars, case studies, and training resources.
• Inari-LEARN is a full-year program specifically for residents and fellows in training, covering VTE diagnosis and management.
• These programs include interactive, hands-on sessions featuring simulation technology and flow models.

This educational infrastructure helps ensure that as new physicians enter practice, they are trained on the company's devices, securing future procedural volume.

Long-term clinical partnership to establish new standards of care.

The relationship extended into the realm of clinical evidence generation, which is the ultimate form of partnership. The company was steadfast in producing high-quality data to drive awareness and change the status quo for VTE treatment. This was demonstrated through pivotal trials, such as the PEERLESS trial, which compared the FlowTriever system against catheter-directed thrombolysis. The successful completion and presentation of data from these trials are designed to solidify the devices as the preferred treatment over older methods, establishing a long-term clinical partnership with the broader interventional community. The fact that Stryker acquired Inari Medical, Inc. for $4.9 billion in early 2025 is the market's ultimate validation of the success of this customer-centric, evidence-driven relationship strategy.

Finance: draft 13-week cash view by Friday.

Inari Medical, Inc. (NARI) - Canvas Business Model: Channels

The channels for Inari Medical, Inc., now operating as a wholly owned subsidiary of Stryker Corporation following the acquisition completion in the first quarter of 2025, are structured to support its core Venous Thromboembolism (VTE) platform and the emerging therapies segment.

Direct sales force operating across the United States.

The U.S. direct sales force is the primary conduit for the company's established products, which were projected to account for approximately 93.7% of the total projected 2025 revenue of around $708 million, equating to roughly $663 million from VTE devices alone. The U.S. VTE market represents a $6 billion Total Addressable Market (TAM), where Inari's platforms had achieved an 8% penetration rate as of late 2024. The sales team is also responsible for the commercial ramp of the Emerging Therapies segment, which was expected to contribute over $45 million in 2025 revenue. The company's success in the U.S. is heavily supported by clinical data; for instance, the PEERLESS I RCT demonstrated a 60% reduction in 30-day readmission rates compared to catheter-directed thrombolysis. If onboarding new accounts takes longer than anticipated, adoption velocity slows, which is a near-term risk to the projected revenue run rate.

International distributors and joint ventures for global market access.

Global market access relies on a network of international distributors and joint ventures, a channel projected to make up at least 20% of future revenue based on earlier guidance. In the third quarter of 2024, international revenue reached $11.5 million, marking a surge of 76.4% compared to the prior year period. Regulatory progress in key international markets, specifically Japan and China, is expected to further bolster this channel's contribution throughout 2025. The overseas Average Selling Prices (ASPs) and gross margins remain strong, supporting a durable mid-80s percent gross margin profile for these international sales.

Hospital Cath Labs and Interventional Radiology Suites.

The physical points of service are the hospital Cath Labs and Interventional Radiology Suites, where the mechanical thrombectomy procedures take place. Since 2016, Inari Medical's devices have been used to treat over 165,000 patients across its VTE platforms. The LimFlow system, targeting the $1.5 billion CLTI TAM, was introduced with a next-gen stent delivery system aiming for broad commercialization in 2025. Adoption in these suites is influenced by the availability of enhanced inpatient and outpatient reimbursements.

Clinical education centers and peer-to-peer training events.

The adoption curve in Cath Labs is directly tied to the company's commitment to clinical evidence and education. The company's educational programs and peer-to-peer events are critical for driving the shift from older treatments to mechanical thrombectomy. The mechanical thrombectomy penetration in PE/DVT was around 10%, with expectations to approach the 90% penetration seen in STEMI treatments over the next 5 to 10 years as evidence evolves. The company's ongoing commitment to clinical data generation, including trials like Peerless II, PERSEVERE, and DEFYONCE, serves as the foundation for these training events.

Here's a quick look at the projected revenue distribution for the 2025 fiscal year, which is the last full year of projections before the acquisition fully integrates the business into Stryker:

Revenue Component	Projected 2025 Amount (USD)	Percentage of Total Projected Revenue
Total Projected Revenue	$708 million	100%
Core VTE Devices (FlowTriever/ClotTriever)	Approximately $663 million	Approximately 93.7%
Emerging Therapies (e.g., LimFlow)	Over $45 million	Over 6.3%

Finance: draft 13-week cash view by Friday, incorporating the post-acquisition operational structure under Stryker.

Inari Medical, Inc. (NARI) - Canvas Business Model: Customer Segments

You're looking at the customer base for Inari Medical, Inc. (NARI) right before the Stryker acquisition closed on January 06, 2025. The segments are defined by the procedures they perform and the systems they operate within.

Interventional Cardiologists and Interventional Radiologists

These specialists drive the core business, which focuses on Venous Thromboembolism (VTE) treatment, including Pulmonary Embolism (PE) and Deep Vein Thrombosis (DVT).

• U.S. VTE market size: roughly $6 billion.
• Global VTE revenue in Q2 2024: $138 million.
• Global VTE revenue in Q3 2024: $145.3 million.
• Global VTE revenue in Q1 2024: $137.2 million.
• Projected 2025 revenue growth rate: high-teens, around 17.4% year-over-year to approximately $708 million total revenue.

Vascular Surgeons specializing in venous and peripheral disease

This segment is increasingly important due to the adoption of the Chronic Limb-Threatening Ischemia (CLTI) therapy via the LimFlow system, which was acquired in 2023.

Therapy Segment	Q3 2024 Revenue	Year-over-Year Growth	2025 Revenue Estimate
Emerging Therapies (including CLTI)	$8 million	64%	Over $45 million
Emerging Therapies (Q1 2024)	$6 million	N/A	N/A

The company has been working on trials that it believes will show superiority of its devices to using lytics or blood thinners.

Acute care hospitals and large health systems in the US

The sales force targets these institutions for adoption of mechanical thrombectomy procedures, aiming to replace thrombolysis.

• The company maintains the largest VTE focused sales force in the industry.
• In some of the most advanced hospital accounts, case penetration rates are above 50% of the target addressable market.
• General hospital trend: Hospitals in multi-hospital systems show 81-86% usage of AI tools, versus 31-37% for truly independent hospitals.

International hospitals adopting advanced VTE and CLTI therapies

International expansion is a key growth vector, with management planning for significant future contribution from these markets.

Metric	Q3 2024 Value	Growth Rate	Future Target
International Revenue	$11.5 million	76.4%	At least 20% of future revenue
International Revenue (Q1 2024)	$9.5 million	N/A	N/A

Regulatory approvals in markets like Brazil, China, and Japan bolster these international prospects. Finance: review the Q4 2025 international sales figures against the 20% target by next week.

Inari Medical, Inc. (NARI) - Canvas Business Model: Cost Structure

You're looking at the major outflows for Inari Medical, Inc. as of late 2024, which sets the stage for 2025. The cost structure is heavily weighted toward supporting commercial scale-up and the ongoing clinical evidence generation required to expand market adoption. The devices themselves, being complex and single-use, drive a significant Cost of Goods Sold (COGS) component.

For the third quarter of 2024, the Cost of Goods Sold (COGS) was approximately $19.9 million, calculated from the reported revenue of $153.4 million and a gross profit of $133.5 million. This resulted in a gross margin of 87.1% for the period. That margin is robust, but the ramp-up costs associated with new products and increasing internationalization compressed it slightly from 88.5% in the prior year period.

Sales, General, and Administrative (SG&A) expenses represent a substantial fixed and variable cost base necessary to support the growing commercial footprint. In Q3 2024, SG&A reached $108.3 million. This increase year-over-year was primarily due to higher personnel-related expenses from increased headcount, along with increased commissions, share-based compensation, marketing, and other administrative costs.

Research and Development (R&D) spending remains a key investment area, reflecting the commitment to innovation and guideline-changing data. R&D expense was $29.4 million in Q3 2024, a notable increase from $21.5 million in the same period of 2023. This jump included a one-time noncash impairment charge related to previously capitalized software development costs, alongside increases in personnel, clinical, and regulatory expenses.

Here's a quick look at the major expense categories for Inari Medical in Q3 2024:

Expense Category	Q3 2024 Amount (in millions)	Notes
Revenue	$153.4	Total revenue for the quarter.
Gross Profit	$133.5	Gross margin was 87.1%.
Cost of Goods Sold (COGS)	$19.9	Calculated: Revenue minus Gross Profit.
SG&A Expense	$108.3	Driven by commercial expansion and headcount.
R&D Expense	$29.4	Includes software impairment charge.
Total Operating Expenses	$147.1	Resulted in a GAAP operating loss of $13.6 million.

The company's investment in clinical trials is a direct driver of R&D and operating expenses. You see this commitment in the ongoing pivotal studies designed to influence the standard of care.

Key clinical and regulatory cost drivers include:

• Clinical trial costs for the PEERLESS RCT, comparing FlowTriever to catheter-directed thrombolytics in Pulmonary Embolism (PE).
• Costs associated with the DEFIANCE RCT, which evaluates the ClotTriever system versus anticoagulation for Deep Venous Thrombosis (DVT).
• The PEERLESS data presentation at TCT 2024 consumed resources, and ongoing enrollment for trials like PEERLESS II also adds to the burn rate.

Regulatory and compliance costs are embedded within operating expenses, particularly R&D and SG&A, as the company expands its portfolio and geographic reach. The overhang from the Department of Justice (DOJ) civil investigative demand is a specific risk that manifests as increased professional fees, including legal expenses, which contributed to the rise in SG&A in Q3 2024. The company is actively managing these legal costs while pursuing its goal of reaching sustained operating profitability in the first half of 2025.

To manage this cost base, Inari Medical exited Q3 2024 with cash, cash equivalents, and short-term investments totaling $111.6 million. Finance: draft 13-week cash view by Friday.

Inari Medical, Inc. (NARI) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Inari Medical, Inc. (NARI)'s financial structure, which is heavily reliant on the sale of their proprietary, disposable thrombectomy kits. The bread and butter remains the sales of disposable FlowTriever and ClotTriever thrombectomy kits, which drive the bulk of the top line. For instance, in the third quarter of 2024, the Global VTE (Venous Thromboembolism) revenue alone hit $145.3 million. That's the established business you can count on right now.

To map out the expected scale for the current fiscal year, here's how the analyst consensus is shaping up for 2025 versus the recent past:

Revenue Metric	FY2024 (Guidance/Actual)	FY2025 (Analyst Projection)
Total Revenue	$601.5 million to $604.5 million (2024 Guidance)	Approximately $708 million
Emerging Therapies Revenue	$8 million (Q3 2024 Actual)	Exceed $45 million
International Revenue	$11.5 million (Q3 2024 Actual)	Expected to represent more than 20% of total revenues in the future

The company's growth story for 2025 is definitely leaning on diversification, especially with the Emerging Therapies segment. Revenue from Emerging Therapies, which includes the LimFlow system, is expected to exceed $45 million in 2025. This is a significant step up from the $8 million reported for that segment in the third quarter of 2024. You need to watch this segment closely; it's where the next layer of growth is supposed to come from, moving beyond the core VTE devices.

Also critical is the global footprint expansion. International sales are showing impressive velocity, which is a healthy sign of market acceptance outside the U.S. You saw revenue from international sales surge by 76.4% in the third quarter of 2024. That quarter's international revenue totaled $11.5 million. Management has signaled confidence that this international business could eventually represent more than 20% of total revenues going forward.

Now, let's talk about the margin profile, which is a hallmark of a premium medical device play. Inari Medical, Inc. (NARI) maintains a high gross profit margin, projected around 87.0% for 2025. This is consistent with their historical performance, though it saw a slight dip to 87.1% in Q3 2024 from 88.5% the prior year, partly due to product mix and ramp-up costs for new products. A margin this high means that once they hit sustained operating profitability-which they aim for in the first half of 2025-the flow-through to the bottom line should be quite strong. That's the key financial lever you're watching for.

Here are the key components driving the revenue streams:

• Sales of disposable FlowTriever and ClotTriever thrombectomy kits.
• Growth from the Emerging Therapies portfolio, including LimFlow.
• Revenue generated from international commercial expansion.
• Adoption rates following clinical evidence like the PEERLESS trial data.

Finance: draft 13-week cash view by Friday.