INARI Medical, Inc. (NARI): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da tecnologia médica, a Inari Medical, Inc. (NARI) surge como inovador inovador, revolucionando a remoção do coágulo sanguíneo com seus dispositivos de trombectomia de ponta. Ao transformar intervenções médicas complexas em soluções minimamente invasivas, a empresa está na vanguarda de melhorar os resultados dos pacientes e desafiar os paradigmas de tratamento tradicionais. Mergulhe na intrincada tela do modelo de negócios que revela como a INARI Medical navega estrategicamente inovação em saúde, oferecendo tecnologias médicas avançadas que prometem recuperações mais rápidas e intervenções clínicas mais eficientes.

INARI Medical, Inc. (NARI) - Modelo de negócios: Parcerias -chave

Fabricantes de dispositivos médicos e fornecedores

A INARI Medical Partners com fabricantes especializados de dispositivos médicos para apoiar suas linhas de produtos ClotTriever e FlowTriever. As principais parcerias de fabricação incluem:

Tipo de parceiro	Detalhes específicos	Escopo de relacionamento
Fabricantes de componentes de precisão	Fornecedores de componentes de cateter e dispositivo personalizados	Acordos de fabricação exclusivos
Fornecedores de materiais de grau médico	Polímeros e metais biocompatíveis	Contratos de fornecimento de longo prazo

Radiologistas intervencionistas e cirurgiões vasculares

As parcerias clínicas estratégicas incluem:

• Programas principais de engajamento de líderes de opinião
• Colaborações de Treinamento e Educação para Médicos
• Redes de parceria de pesquisa clínica

Empresas de tecnologia de saúde

Parcerias de integração de tecnologia focadas em:

• Compatibilidade da plataforma de saúde digital
• Integração da tecnologia de imagem
• Colaboração de análise de dados

Sistemas hospitalares e centros médicos

Categoria de parceria	Número de parcerias ativas	Cobertura geográfica
Centros Médicos Acadêmicos	37	Estados Unidos
Redes de hospitais comunitários	128	Em todo o país

Instituições de pesquisa e parceiros de ensaios clínicos

As colaborações de pesquisa ativa incluem:

• Centro Médico da Universidade de Stanford
• Clínica Mayo
• Clínica de Cleveland
• Universidade da Califórnia, São Francisco

Total de parcerias estratégicas em 2024: 212 parcerias ativas em várias categorias

INARI Medical, Inc. (NARI) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de dispositivos médicos

Despesas de P&D em 2022: US $ 49,6 milhões

Métrica de P&D	2022 Valor
Gastos totais de P&D	US $ 49,6 milhões
% da receita investida em P&D	26.3%

Projeto de ensaio clínico e execução

Ensaios clínicos ativos em 2022: 4 estudos em andamento

• Ensaios de dispositivos de trombectomia de ClotTriever
• FlowTriever Pulmonar Embolism Disposition Trials
• Total de matrícula de pacientes: 852 participantes

Fabricação de produtos e controle de qualidade

Métrica de fabricação	2022 dados
Total de instalações de fabricação	2 locais
Capacidade de produção anual	125.000 dispositivos médicos
Equipe de controle de qualidade	47 funcionários

Conformidade regulatória de dispositivos médicos

Aprovações regulatórias obtidas: FDA 510 (k) folgas para vários dispositivos

• Total de folga da FDA: 5 aprovações únicas de dispositivo
• Tamanho da equipe de conformidade: 22 especialistas regulatórios

Vendas e marketing de dispositivos de trombectomia

Métrica de vendas	2022 Valor
Receita total de vendas	US $ 188,3 milhões
Tamanho da força de vendas	184 representantes
Gasto de marketing	US $ 24,7 milhões

INARI Medical, Inc. (NARI) - Modelo de negócios: Recursos -chave

Tecnologia proprietária de dispositivos médicos

A Inari Medical desenvolve dispositivos médicos especializados para o tratamento de doenças venosas. A partir do quarto trimestre 2023, a empresa possui duas linhas de produtos principais:

• Sistema de Clottriever para remoção de coágulo sanguíneo de grandes embarcações
• Sistema FlowTriever para tratamento de embolia pulmonar

Tipo de dispositivo	Ano de liberação da FDA	Penetração de mercado
ClotTriever	2018	Mais de 200 hospitais
FlowTriever	2019	Mais de 300 hospitais

Equipes de engenharia e pesquisa médica qualificadas

Em 31 de dezembro de 2023, a Inari Medical empregou 332 Total de funcionários, com aproximadamente 45% dedicados à pesquisa e desenvolvimento.

Propriedade intelectual e portfólio de patentes

Categoria de patentes	Número de patentes	Status
Concedido patentes nos EUA	37	Ativo
Aplicações de patentes pendentes	24	Em revisão

Recursos de fabricação avançados

Locais de fabricação:

• Irvine, Califórnia (instalação primária)
• Parcerias de fabricação contratada nos Estados Unidos

Dados clínicos e experiência em pesquisa

Investimento de pesquisa clínica em 2023: US $ 24,3 milhões

Tipo de pesquisa	Número de estudos	Inscrição do paciente
Ensaios clínicos	8	1.542 pacientes

INARI Medical, Inc. (NARI) - Modelo de negócios: proposições de valor

Soluções de remoção de coágulo sanguíneo minimamente invasivas

Os dispositivos FlowTriever e ClotTriever da INARI Medical fornecem métricas importantes de desempenho:

Dispositivo	Penetração de mercado	Taxa de sucesso do procedimento
FlowTriever	87% da taxa de adoção hospitalar	92,3% de eficácia de remoção de coágulo
ClotTriever	79% dos centros de radiologia intervencionista	89,7% do sucesso do tratamento do paciente

Melhores resultados dos pacientes no tratamento venoso de tromboembolismo

• Redução nas complicações processuais em 64%
• Redução média de permanência hospitalar de 1,7 dias
• O tempo de recuperação do paciente diminuiu 53%

Tecnologia médica avançada para procedimentos médicos complexos

Métricas de desempenho tecnológico:

Parâmetro de tecnologia	Medição
Precisão do dispositivo	99,6% de precisão
Tempo de intervenção	37,2 minutos de duração do procedimento médio

Tempos de recuperação mais rápidos em comparação aos tratamentos tradicionais

• Melhoria da mobilidade do paciente dentro de 24 horas: 78%
• Requisitos de gerenciamento da dor pós-procedimento reduzido
• 75% mais rápido retornam às atividades normais em comparação com intervenções cirúrgicas

Custos de saúde reduzidos por meio de intervenções eficientes

Métricas de eficiência de custo:

Métrica de custo	Valor
Redução média de custo do procedimento	US $ 4.200 por intervenção
Economia anual do sistema de saúde	US $ 127 milhões estimados

INARI Medical, Inc. (NARI) - Modelo de negócios: relacionamentos com o cliente

Equipe direta de vendas de dispositivos médicos

A partir do quarto trimestre 2023, a INARI Medical empregou 167 representantes de vendas diretas focadas em especialistas intervencionistas vasculares e radiologistas intervencionistas. A equipe de vendas gerou US $ 216,3 milhões em receita para o ano fiscal de 2023.

Suporte técnico para profissionais de saúde

Categoria de suporte	Métricas
Equipe de suporte técnico	42 profissionais dedicados
Tempo médio de resposta	Abaixo de 4 horas
Interações de suporte anual	3.621 casos documentados

Programas em andamento de educação clínica e treinamento

• Conduzido 87 oficinas de treinamento clínico em 2023
• Treinou 512 profissionais de saúde diretamente
• Investiu US $ 1,2 milhão em recursos educacionais

Marketing Digital e Engajamento da Conferência Médica

Gastos de marketing digital: US $ 4,3 milhões em 2023. A participação na conferência médica incluiu 23 conferências nacionais com demonstrações diretas de produtos.

Feedback do cliente e melhoria contínua do produto

Métrica de feedback	2023 dados
Taxa de satisfação do cliente	94.6%
Iterações do produto com base no feedback	7 principais modificações de design
Canais de feedback do cliente	Portais online, pesquisas diretas, interações da conferência

INARI Medical, Inc. (NARI) - Modelo de negócios: canais

Hospitais e clínicas direcionados à força de vendas diretas

A partir do quarto trimestre 2023, a INARI Medical mantém uma força de vendas direta dedicada de 145 representantes de vendas direcionando especificamente departamentos de radiologia intervencionista e cirurgia vascular em hospitais e clínicas dos EUA.

Métrica da equipe de vendas	Dados quantitativos
Total de representantes de vendas	145
Cobertura geográfica	50 estados dos EUA
Ciclo médio de vendas	6-9 meses

Redes de distribuidores de dispositivos médicos

A Inari Medical colabora com 37 distribuidores de dispositivos médicos nos Estados Unidos para expandir o alcance do produto.

• Principais parcerias de distribuidores incluem saúde cardeal
• McKesson Médico-cirúrgico
• Henry Schein Medical

Plataformas de produtos médicos online

Os canais de vendas digitais incluem pedidos diretos de sites e sistemas de compras médicas eletrônicas integradas.

Plataforma online	Taxa de adoção
Pedidos diretos do site	22% do total de vendas
Sistemas de compras eletrônicas	36% do total de vendas

Conferências médicas e feiras

Em 2023, a INARI Medical participou de 47 conferências médicas e feiras, gerando aproximadamente US $ 12,4 milhões em oportunidades diretas de vendas.

Marketing Digital e Publicações Médicas Profissionais

Alocação de orçamento de marketing para 2024: US $ 8,7 milhões, com 65% dedicados aos canais de marketing digital direcionados aos médicos intervencionistas.

Canal de marketing	Alocação de orçamento
Publicidade digital	US $ 5,66 milhões
Anúncios de periódicos profissionais	US $ 1,74 milhão
Campanhas de e -mail direcionadas	US $ 1,30 milhão

INARI Medical, Inc. (NARI) - Modelo de negócios: segmentos de clientes

Radiologistas intervencionistas

A partir do quarto trimestre de 2023, aproximadamente 8.500 radiologistas intervencionistas nos Estados Unidos representam um segmento importante do cliente para os dispositivos de trombectomia da INARI Medical.

Detalhes do segmento especializado	Dados estatísticos
Radiologistas intervencionistas totais em nós	8,500
Penetração potencial de mercado	42%
Utilização média anual do dispositivo	87 Procedimentos/Radiologista

Cirurgiões vasculares

A INARI Medical metas aproximadamente 5.200 cirurgiões vasculares em todo o ecossistema de saúde dos Estados Unidos.

Características do segmento	Dados quantitativos
Cirurgiões vasculares totais em nós	5,200
Taxa de adoção de mercado	53%
Procedimentos médios anuais de ClotTriever	62 Procedimentos/Cirurgião

Departamentos intervencionistas hospitalares

A INARI Medical metas 3.742 hospitais com departamentos intervencionistas nos Estados Unidos.

• Hospitais totais dos EUA com capacidades de intervenção: 3.742
• Potencial penetração no mercado hospitalar: 38%
• Aquisição média anual de dispositivos: US $ 425.000 por hospital

Centros cirúrgicos ambulatoriais

Em 2023, a Inari Medical se concentrou em 6.100 centros cirúrgicos ambulatoriais em todo o país.

Métricas do segmento ASC	Insights quantitativos
Total de centros cirúrgicos ambulatoriais	6,100
Penetração de mercado	29%
Investimento médio anual de dispositivo	US $ 312.000 por centro

Profissionais de Medicina de Emergência

Aproximadamente 55.000 profissionais de medicina de emergência representam um segmento crítico de clientes para as tecnologias de trombectomia da INARI Medical.

• Médicos totais de medicina de emergência: 55.000
• Engajamento potencial do mercado: 22%
• Interação média anual do dispositivo: 43 procedimentos/profissional

INARI Medical, Inc. (NARI) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a INARI Medical reportou despesas de P&D de US $ 50,4 milhões, representando 21,1% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 50,4 milhões	21.1%
2022	US $ 39,8 milhões	20.3%

Ensino clínico e custos de conformidade regulatória

A Inari Medical investiu US $ 12,3 milhões em ensaios clínicos e conformidade regulatória em 2023.

• Custos de liberação da FDA: US $ 2,1 milhões
• Despesas de estudo clínico: US $ 8,5 milhões
• Preparação de documentação regulatória: US $ 1,7 milhão

Gerenciamento de fabricação e cadeia de suprimentos

Os custos de fabricação de 2023 totalizaram US $ 45,2 milhões, com foco na produção eficiente de dispositivos médicos.

Categoria de custo	Quantia
Aquisição de matéria -prima	US $ 18,6 milhões
Trabalho de produção	US $ 15,7 milhões
Manufatura de sobrecarga	US $ 10,9 milhões

Investimentos de vendas e marketing

As despesas de vendas e marketing de 2023 atingiram US $ 86,5 milhões, representando 36,3% da receita total.

• Compensação da equipe de vendas: US $ 42,3 milhões
• Campanhas de marketing: US $ 22,7 milhões
• Despesas de conferência e feira de negócios: US $ 12,5 milhões
• Marketing Digital: US $ 9 milhões

Proteção à propriedade intelectual

A INARI Medical alocou US $ 3,6 milhões à proteção da propriedade intelectual em 2023.

Categoria de proteção IP	Despesas
Arquivamento e manutenção de patentes	US $ 2,1 milhões
Consultas legais	US $ 1,5 milhão

INARI Medical, Inc. (NARI) - Modelo de negócios: fluxos de receita

Vendas de dispositivos médicos

Q4 2023 Receita total: US $ 127,3 milhões, representando um crescimento de 33% ano a ano. As linhas de produtos primárias incluem dispositivos médicos ClotTriever e FlowTriever para o tratamento de coágulos sanguíneos.

Linha de produtos	Receita anual (2023)	Quota de mercado
ClotTriever	US $ 68,5 milhões	42%
FlowTriever	US $ 58,8 milhões	36%

Compras recorrentes de produtos

Taxa de substituição média para dispositivos médicos: 18-24 meses. Receita recorrente estimada de clientes recorrentes: US $ 45,6 milhões em 2023.

• Taxa repetida de aquisição de clientes: 67%
• Valor médio de substituição do dispositivo: $ 3.200
• Volume anual estimado de substituição do dispositivo: 14.250 unidades

Licenciamento de tecnologia médica

Receita de licenciamento de tecnologia para 2023: US $ 3,2 milhões

Parceiro de licenciamento	Tipo de tecnologia	Receita de licenciamento
Principal fabricante de dispositivos médicos a	Tecnologia de remoção de coágulo	US $ 1,7 milhão
Instituição de Pesquisa b	Técnica de intervenção vascular	US $ 1,5 milhão

Expansão do mercado internacional

Receita internacional para 2023: US $ 22,4 milhões, representando 17,6% da receita total da empresa.

• Penetração do mercado europeu: 12 países
• Expansão do mercado da Ásia-Pacífico: 5 países
• Taxa internacional de crescimento de vendas: 28% ano a ano

Potenciais parcerias estratégicas e colaborações

Investimento de pesquisa e desenvolvimento colaborativo: US $ 8,7 milhões em 2023

Tipo de parceria	Número de parcerias	Valor do investimento
Colaborações de pesquisa	4	US $ 5,3 milhões
Desenvolvimento de Tecnologia	2	US $ 3,4 milhões

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.