Inari Medical, Inc. (NARI): Business Model Canvas [Dec-2025 Updated]

You're looking at the business architecture of Inari Medical, Inc. as it solidifies its position post-Stryker integration, and honestly, the financial pivot to profitability is the main event here. This model hinges on selling proprietary, single-use devices for large venous clots, which is why analysts project a fantastic gross margin of around 87.0% on total revenue expected to reach approximately $708 million for fiscal year 2025. What's interesting is how they manage the high-touch sales force and R&D costs while simultaneously launching new revenue streams, such as the LimFlow system, which should contribute over $45 million next year. Dive into the full Business Model Canvas below to see the key partnerships and resources driving this specialized, high-margin growth.

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

You're looking at the structure of Inari Medical, Inc. post-acquisition, which is now a wholly owned subsidiary of Stryker Corporation, finalized on February 19, 2025.

Stryker Corporation: Parent company providing global scale and capital

The definitive agreement to acquire Inari Medical, Inc. was announced on January 6, 2025. Stryker paid $80 per share in cash for Inari Medical, Inc., valuing the total fully diluted equity at approximately $4.9 billion. The tender offer expired on February 18, 2025, with 81.69% of Inari shares tendered. The acquired business contributed an estimated $603 million in annual sales to Stryker based on preliminary 2024 results.

Here are the key financial markers related to the transition:

Medikit Co.: Strategic distribution partner for the Japanese market

Inari Medical, Inc. entered a distribution agreement with Medikit Co., Ltd. to commercialize the ClotTriever system in Japan. This followed the national reimbursement approval from the Japanese Ministry of Health, Labor and Welfare (MHLW) on December 1, 2024. The partnership includes plans to accelerate the initiation of a 100-patient Post Market Surveillance study.

VFLO Medical/6 Capital: Joint venture for commercialization in Greater China

A joint venture was established with 6 Dimensions Capital (and its successor fund 120 Capital) and VFLO Medical, announced on December 2, 2024. VFLO Medical will commercialize Inari Medical, Inc.'s devices using its established infrastructure. The agreement grants VFLO the right to manufacture products for domestic sale in Greater China using Inari's technology.

Key Opinion Leaders (KOLs): Collaborating on clinical evidence and physician training

Inari Medical, Inc. has clinical evidence generation ongoing through active trials. The company has three pivotal trials in progress. The Investigator-Initiated Research (IIR) program supports independently developed research.

• Three pivotal trials currently in progress.
• PEERLESS trial expected to read out in the next few months (relative to late 2024/early 2025).
• A fourth trial focused on high-risk pulmonary embolism likely to be announced soon.

Hospital Systems: Primary partners for device adoption and procedural integration

The U.S. domestic Total Addressable Market (TAM) for Deep Vein Thrombosis (DVT) and Pulmonary Embolism (PE) is estimated at $5.8 billion per year. Adoption is currently estimated to be less than 20% penetrated in these markets. The LimFlow acquisition added a new pillar, with estimated ancillary product revenue exceeding $45 million by 2025, contributing to a $4.0 billion TAM.

Projected revenue figures for Inari Medical, Inc. in 2025, prior to the acquisition impact, were around $708 million, up from 2023 revenue of $493.6 million.

Finance: draft 13-week cash view by Friday.

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

You're hiring before product-market fit, but Inari Medical, Inc. has already moved past that stage; now, the key activities are all about scaling execution and defending premium pricing. Here's the breakdown of what the company is actively doing to drive its projected $708 million in total revenue for the 2025 fiscal year.

Manufacturing and supply chain management of single-use devices.

The core activity here is maintaining the high-quality, high-volume production necessary to support the projected revenue while preserving the premium margin structure. The company's success hinges on keeping the manufacturing process lean, as evidenced by the projected Gross Profit Margin for 2025, which analysts expect to remain high at around 87.0%. This margin implies that the Cost of Goods Sold (COGS) is targeted to be just 13.0% of revenue. The company has historically noted that rapid expansion can strain manufacturing infrastructure, so scaling capacity effectively is a constant, critical activity.

Clinical research, including the ongoing DEFIANCE and PEERLESS trials.

Inari Medical, Inc. is heavily invested in generating the highest level of clinical evidence to solidify its position as the standard of care. This involves managing several large, prospective trials:

• DEFIANCE Trial: This is a randomized controlled study for iliofemoral Deep Vein Thrombosis (DVT), designed to enroll up to 300 patients across as many as 60 global sites.
• PEERLESS Trial: Outcomes from the original PEERLESS RCT, comparing FlowTriever to Catheter-Directed Thrombolysis (CDT) for intermediate-risk Pulmonary Embolism (PE), showed superior results, including ~60% fewer ICU admissions (41.6% FT vs. 98.6% CDT).
• PEERLESS II Study: This is a follow-on trial, updated as of November 5, 2025, which is a prospective, multicenter RCT for acute PE, estimating enrollment of 1200 patients with a target completion date of July 2026.

Direct sales force training and high-touch physician education.

Driving revenue growth requires a highly trained, expanding commercial team. This activity is reflected in the Selling, General, and Administrative (SG&A) expenses, which saw significant increases due to higher headcount and commissions as the company expanded its sales territories. The company's ethos emphasizes that its sales force members must possess the necessary technical expertise, meaning training and onboarding are continuous, high-touch activities to prevent operational inefficiencies. The growth in Emerging Therapies, like LimFlow, necessitates specialized education for physicians on new procedures.

Research and development (R&D) for next-generation thrombectomy systems.

R&D spending is focused on developing solutions beyond the core Venous Thromboembolism (VTE) market, such as the Artix system for arterial thromboembolism. The most recent concrete data point shows R&D expense was $29.4 million in the third quarter of 2024, and management anticipated this expense as a percentage of revenue to decrease sequentially in the final quarter of 2024. This activity supports the pipeline that will drive growth after the VTE and LimFlow ramps mature.

Regulatory clearance and reimbursement strategy for new products like LimFlow.

This is a crucial activity, especially for the LimFlow system, which addresses the estimated 55,000 U.S. patients annually with Chronic Limb-Threatening Ischemia (CLTI) who have no other options. The reimbursement strategy has yielded concrete financial wins for 2025:

The Centers for Medicare & Medicaid Services (CMS) granted a New Technology Add-on Payment (NTAP) effective October 1, 2024, for inpatient cases. Furthermore, effective January 1, 2025, the payment for the procedure (CPT 0620T) was reassigned to a higher Ambulatory Payment Classification (APC 1579), resulting in:

The contingent consideration of up to $165 million tied to commercial and reimbursement milestones for LimFlow is also a direct financial outcome of successfully executing this regulatory and market access activity between 2025 and 2027.

Here's a snapshot of the 2025 financial targets tied to these activities:

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets that made Inari Medical, Inc. such a compelling acquisition target for Stryker in early 2025, valued at approximately $4.9 billion.

The foundation of Inari Medical's value rests on its purpose-built technology, which is protected by a significant and growing intellectual property estate.

• Proprietary FlowTriever and ClotTriever mechanical thrombectomy systems.
• Extensive intellectual property protecting purpose-built venous technology: As of late 2025, Inari Medical, Inc. had a total of 436 patent documents (applications and grants), with 119 granted patents and the remainder pending. Specific granted patents have issue dates in 2025, including one on November 11, 2025, and another on July 22, 2025.

The clinical validation for these systems is robust, providing the evidence needed for physician adoption and market leadership in the venous thromboembolism (VTE) space, which was valued around $6 billion in the US market.

The specialized human capital is another critical resource, responsible for driving the adoption of these complex devices in the operating room.

• Highly specialized and trained direct sales and clinical support team: The company had 1,300 total employees as of 2023, a team built to scale commercial operations and physician education.
• Strong clinical data from registries like CLOUT and randomized trials, including the ongoing DEFIANCE trial comparing ClotTriever therapy against anticoagulation alone.

Finally, the financial strength leading up to the acquisition provided the runway to execute on these strategies.

• Cash and short-term investments of approximately $112 million as of Q3 2024.

Finance: review the Q4 2025 pro-forma balance sheet reflecting the Stryker integration by next Tuesday.

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).

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:

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:

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.

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.

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:

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:

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.