Inari Medical, Inc. (NARI): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide de la technologie médicale, Inari Medical, Inc. (NARI) émerge comme un innovateur révolutionnaire, révolutionnant l'élimination du caillot sanguin avec ses dispositifs de thrombectomie à pointe. En transformant les interventions médicales complexes en solutions mini-invasives, l'entreprise est à l'avant-garde de l'amélioration des résultats des patients et de la contestion des paradigmes de traitement traditionnels. Plongez dans la toile du modèle commercial complexe qui révèle comment Inari Medical navigue stratégiquement sur l'innovation des soins de santé, offrant des technologies médicales avancées qui promettent des récupérations plus rapides et des interventions cliniques plus efficaces.

Inari Medical, Inc. (NARI) - Modèle d'entreprise: partenariats clés

Fabricants et fournisseurs de dispositifs médicaux

Inari Medical s'associe à des fabricants de dispositifs médicaux spécialisés pour soutenir ses gammes de produits CLOTTRIEVER et FLOWTRIEVER. Les principaux partenariats de fabrication comprennent:

Type de partenaire	Détails spécifiques	Portée de la relation
Fabricants de composants de précision	Fournisseurs de composants de cathéter et d'appareil personnalisés	Accords de fabrication exclusifs
Fournisseurs de matériaux de qualité médicale	Polymères et métaux biocompatibles	Contrats d'approvisionnement à long terme

Radiologues interventionnels et chirurgiens vasculaires

Les partenariats cliniques stratégiques comprennent:

• Programmes d'engagement des leaders d'opinion clés
• Collaborations de formation des médecins et d'éducation
• Réseaux de partenariat de recherche clinique

Sociétés de technologie de santé

Les partenariats d'intégration technologique se sont concentrés sur:

• Compatibilité de la plate-forme de santé numérique
• Intégration de la technologie d'imagerie
• Collaboration d'analyse des données

Systèmes hospitaliers et centres médicaux

Catégorie de partenariat	Nombre de partenariats actifs	Couverture géographique
Centres médicaux académiques	37	États-Unis
Réseaux d'hôpital communautaire	128	À l'échelle nationale

Institutions de recherche et partenaires d'essai cliniques

Les collaborations de recherche active comprennent:

• Centre médical de l'Université de Stanford
• Clinique de mayo
• Clinique de Cleveland
• Université de Californie, San Francisco

Partenariats stratégiques totaux à partir de 2024: 212 partenariats actifs dans plusieurs catégories

Inari Medical, Inc. (NARI) - Modèle d'entreprise: activités clés

Recherche et développement des dispositifs médicaux

Dépenses de R&D en 2022: 49,6 millions de dollars

Métrique de R&D	Valeur 2022
Dépenses totales de R&D	49,6 millions de dollars
% des revenus investis dans la R&D	26.3%

Conception et exécution des essais cliniques

Essais cliniques actifs en 2022: 4 études en cours

• Essais de dispositifs de thrombectomie sur le clinage
• Essais de dispositifs d'embolie pulmonaire Flowtriever
• Inscription totale des patients: 852 participants

Fabrication de produits et contrôle de la qualité

Métrique manufacturière	2022 données
Installations de fabrication totale	2 emplacements
Capacité de production annuelle	125 000 dispositifs médicaux
Personnel de contrôle de la qualité	47 employés

Conformité réglementaire des dispositifs médicaux

Approbations réglementaires obtenues: FDA 510 (k) Claides pour plusieurs appareils

• Claitements totaux de la FDA: 5 approbations uniques de l'appareil
• Taille de l'équipe de conformité: 22 spécialistes réglementaires

Ventes et commercialisation des appareils de thrombectomie

Métrique des ventes	Valeur 2022
Revenu total des ventes	188,3 millions de dollars
Taille de la force de vente	184 représentants
Dépenses de marketing	24,7 millions de dollars

Inari Medical, Inc. (NARI) - Modèle d'entreprise: Ressources clés

Technologie des dispositifs médicaux propriétaires

Inari Medical développe des dispositifs médicaux spécialisés pour le traitement des maladies veineuses. Au quatrième trimestre 2023, la société a deux gammes de produits principales:

• Système de cliquet
• Système Flowtriever pour le traitement de l'embolie pulmonaire

Type d'appareil	Année d'autorisation de la FDA	Pénétration du marché
Vantard	2018	Plus de 200 hôpitaux
Flowtriever	2019	Plus de 300 hôpitaux

Équipes d'ingénierie et de recherche médicale qualifiées

Au 31 décembre 2023, Inari Medical a employé 332 employés au total, avec environ 45% dédiés à la recherche et au développement.

Propriété intellectuelle et portefeuille de brevets

Catégorie de brevet	Nombre de brevets	Statut
Nous a accordé des brevets	37	Actif
Demandes de brevet en instance	24	En revue

Capacités de fabrication avancées

Emplacements de fabrication:

• Irvine, Californie (installation principale)
• Partenariats de fabrication contractuels aux États-Unis

Données cliniques et expertise en recherche

Investissement en recherche clinique en 2023: 24,3 millions de dollars

Type de recherche	Nombre d'études	Inscription des patients
Essais cliniques	8	1 542 patients

Inari Medical, Inc. (NARI) - Modèle d'entreprise: propositions de valeur

Solutions d'élimination des caillots sanguins mini-invasifs

Les appareils Flowtriever et Clottriever d'Inari Medical fournissent des mesures de performance clés:

Appareil	Pénétration du marché	Taux de réussite de la procédure
Flowtriever	Taux d'adoption de l'hôpital de 87%	92,3% Efficacité d'élimination des caillots
Vantard	79% des centres de radiologie interventionnelle	89,7% du succès du traitement des patients

Amélioration des résultats des patients dans le traitement de la thromboembolie veineuse

• Réduction des complications procédurales de 64%
• Réduction du séjour à l'hôpital moyen de 1,7 jours
• Le temps de récupération des patients a diminué de 53%

Technologie médicale avancée pour les procédures médicales complexes

Métriques de performance technologique:

Paramètre technologique	Mesures
Précision de l'appareil	Précision à 99,6%
Temps d'intervention	37,2 minutes Durée de procédure moyenne

Temps de récupération plus rapide par rapport aux traitements traditionnels

• Amélioration de la mobilité des patients dans les 24 heures: 78%
• Réduction des exigences de gestion de la douleur post-procédurale
• 75% Retour plus rapide aux activités normales par rapport aux interventions chirurgicales

Réduction des coûts des soins de santé grâce à des interventions efficaces

Métriques de rentabilité:

Métrique coût	Valeur
Réduction des coûts de procédure moyenne	4 200 $ par intervention
Économies annuelles du système de soins de santé	127 millions de dollars estimés

Inari Medical, Inc. (NARI) - Modèle d'entreprise: relations avec les clients

Équipe de vente de dispositifs médicaux directs

Depuis le quatrième trimestre 2023, Inari Medical a employé 167 représentants des ventes directes axées sur les spécialistes interventionnels vasculaires et les radiologues interventionnels. L'équipe de vente a généré 216,3 millions de dollars de revenus pour l'exercice 2023.

Soutien technique aux professionnels de la santé

Catégorie de support	Métrique
Personnel de soutien technique	42 professionnels dévoués
Temps de réponse moyen	Moins de 4 heures
Interactions de soutien annuelles	3 621 cas documentés

Programmes de formation et de formation cliniques en cours

• A organisé 87 ateliers de formation clinique en 2023
• Formé 512 professionnels de la santé directement
• Investi 1,2 million de dollars dans les ressources éducatives

Marketing numérique et engagement de la conférence médicale

Dépenses de marketing numérique: 4,3 millions de dollars en 2023. La participation de la conférence médicale comprenait 23 conférences nationales avec des démonstrations directes de produits.

Commentaires des clients et amélioration continue des produits

Métrique de rétroaction	2023 données
Taux de satisfaction client	94.6%
Itérations des produits basées sur les commentaires	7 Modifications de conception majeures
Canaux de rétroaction des clients	Portails en ligne, enquêtes directes, interactions de conférence

Inari Medical, Inc. (NARI) - Modèle d'entreprise: canaux

Force de vente directe ciblant les hôpitaux et les cliniques

Depuis le quatrième trimestre 2023, Inari Medical conserve une force de vente directe dédiée de 145 représentants commerciaux ciblant spécifiquement les départements de radiologie interventionnelle et de chirurgie vasculaire dans les hôpitaux et cliniques américains.

Métrique de l'équipe de vente	Données quantitatives
Représentants des ventes totales	145
Couverture géographique	50 États américains
Cycle de vente moyen	6-9 mois

Réseaux de distributeurs de dispositifs médicaux

Inari Medical collabore avec 37 distributeurs de dispositifs médicaux à travers les États-Unis pour étendre la portée des produits.

• Les partenariats clés des distributeurs incluent Cardinal Health
• McKesson Medical-Surpical
• Henry Schein Medical

Plateformes de produits médicaux en ligne

Les canaux de vente numériques incluent la commande directe du site Web et les systèmes d'achat médicaux électroniques intégrés.

Plate-forme en ligne	Taux d'adoption
Commandes de site Web direct	22% du total des ventes
Systèmes d'approvisionnement électronique	36% des ventes totales

Conférences médicales et salons commerciaux

En 2023, Inari Medical a participé à 47 conférences médicales et salons commerciaux, générant environ 12,4 millions de dollars de possibilités de vente directes.

Marketing numérique et publications médicales professionnelles

Attribution du budget marketing pour 2024: 8,7 millions de dollars, avec 65% dédiés aux canaux de marketing numériques ciblant les médecins interventionnels.

Canal de marketing	Allocation budgétaire
Publicité numérique	5,66 millions de dollars
Publicités de journal professionnel	1,74 million de dollars
Campagnes par e-mail ciblées	1,30 million de dollars

Inari Medical, Inc. (NARI) - Modèle d'entreprise: segments de clientèle

Radiologues interventionnels

Au quatrième trimestre 2023, environ 8 500 radiologues interventionnels aux États-Unis représentent un segment de clientèle clé pour les appareils de thrombectomie d'Inari Medical.

Détails du segment spécialisé	Données statistiques
Les radiologues interventionnels totaux aux États-Unis	8,500
Pénétration potentielle du marché	42%
Utilisation moyenne des appareils annuels	87 Procédures / radiologue

Chirurgiens vasculaires

Inari Medical cible environ 5 200 chirurgiens vasculaires à travers l'écosystème des soins de santé américains.

Caractéristiques du segment	Données quantitatives
Total des chirurgiens vasculaires aux États-Unis	5,200
Taux d'adoption du marché	53%
Procédures annuelles moyennes de CLOTTRIEVER	62 procédures / chirurgien

Services interventionnels hospitaliers

Inari Medical cible 3 742 hôpitaux avec des services interventionnels aux États-Unis.

• Total des hôpitaux américains avec des capacités interventionnelles: 3 742
• Pénétration potentielle du marché hospitalier: 38%
• Aachat annuel moyen des dispositifs: 425 000 $ par hôpital

Centres chirurgicaux ambulatoires

En 2023, Inari Medical s'est concentré sur 6 100 centres chirurgicaux ambulatoires à l'échelle nationale.

Métriques du segment ASC	Idées quantitatives
Centres chirurgicaux ambulatoires totaux	6,100
Pénétration du marché	29%
Investissement moyen de l'appareil annuel moyen	312 000 $ par centre

Professionnels de la médecine d'urgence

Environ 55 000 professionnels de la médecine d'urgence représentent un segment de clientèle essentiel pour les technologies de thrombectomie d'Inari Medical.

• Médecins de médecine d'urgence totale: 55 000
• Engagement potentiel du marché: 22%
• Interaction moyenne annuelle de l'appareil: 43 procédures / professionnels

Inari Medical, Inc. (NARI) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Inari Medical a déclaré des dépenses de R&D de 50,4 millions de dollars, ce qui représente 21,1% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	50,4 millions de dollars	21.1%
2022	39,8 millions de dollars	20.3%

Frais d'essai cliniques et de conformité réglementaire

Inari Medical a investi 12,3 millions de dollars dans les essais cliniques et la conformité réglementaire en 2023.

• Coûts de dédouanement de la FDA: 2,1 millions de dollars
• Dépenses d'étude clinique: 8,5 millions de dollars
• Préparation de la documentation réglementaire: 1,7 million de dollars

Gestion de la fabrication et de la chaîne d'approvisionnement

Les coûts de fabrication pour 2023 ont totalisé 45,2 millions de dollars, en mettant l'accent sur la production efficace de dispositifs médicaux.

Catégorie de coûts	Montant
Achat de matières premières	18,6 millions de dollars
Travail de production	15,7 millions de dollars
Fabrication des frais généraux	10,9 millions de dollars

Investissements de vente et de marketing

Les frais de vente et de marketing pour 2023 ont atteint 86,5 millions de dollars, ce qui représente 36,3% des revenus totaux.

• Compensation de l'équipe de vente: 42,3 millions de dollars
• Campagnes marketing: 22,7 millions de dollars
• Dépenses de conférence et de salon: 12,5 millions de dollars
• Marketing numérique: 9 millions de dollars

Protection de la propriété intellectuelle

Inari Medical a alloué 3,6 millions de dollars à la protection de la propriété intellectuelle en 2023.

Catégorie de protection IP	Dépenses
Dépôt et entretien des brevets	2,1 millions de dollars
Consultations juridiques	1,5 million de dollars

Inari Medical, Inc. (NARI) - Modèle d'entreprise: Strots de revenus

Ventes de dispositifs médicaux

T2 2023 Revenu total: 127,3 millions de dollars, ce qui représente une croissance de 33% d'une année à l'autre. Les gammes de produits primaires comprennent les dispositifs médicaux de Clottriever et Flowtriever pour le traitement des caillots sanguins.

Gamme de produits	Revenus annuels (2023)	Part de marché
Vantard	68,5 millions de dollars	42%
Flowtriever	58,8 millions de dollars	36%

Achats récurrents de produits

Taux de remplacement moyen pour les dispositifs médicaux: 18-24 mois. Revenus récurrents estimés de clients réguliers: 45,6 millions de dollars en 2023.

• Taux d'acquisition des clients répétés: 67%
• Valeur de remplacement moyen de l'appareil: 3 200 $
• Volume de remplacement annuel estimé de l'appareil: 14 250 unités

Licence de technologie médicale

Revenus de licence de technologie pour 2023: 3,2 millions de dollars

Partenaire de licence	Type de technologie	Revenus de licence
Fabricant de dispositifs médicaux majeurs un	Technologie d'élimination des caillots	1,7 million de dollars
Institution de recherche B	Technique d'intervention vasculaire	1,5 million de dollars

Expansion du marché international

Revenus internationaux pour 2023: 22,4 millions de dollars, représentant 17,6% du total des revenus de l'entreprise.

• Pénétration du marché européen: 12 pays
• Expansion du marché en Asie-Pacifique: 5 pays
• Taux de croissance des ventes internationales: 28% en glissement annuel

Partenariats stratégiques potentiels et collaborations

Investissement en recherche et développement collaboratif: 8,7 millions de dollars en 2023

Type de partenariat	Nombre de partenariats	Montant d'investissement
Collaborations de recherche	4	5,3 millions de dollars
Développement technologique	2	3,4 millions de dollars

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.