INARI just announced stellar results for the 1st Q
They reported rev up 113% Y/Y and strong sequential nuumbers
Record no of patients
gross profit +118% Y/Y
net inc/sh +44%
gross margin 91%
Guidance to $240M for 2021
The conf call started at 4:30PM EDT
The following is an excerpt from the press release
First Quarter 2021 Financial Results
Revenue was $57.4 million for the first quarter of 2021, compared to $48.6 million for the prior quarter and $27.0 million for the first quarter of 2020. The increase over prior year was driven by continued US commercial expansion and increased production adoption.
Gross profit for the first quarter of 2021 was $52.7 million compared to $24.2 million for the first quarter of 2020. Gross margin increased slightly to 91.9% for the first quarter of 2021, compared with 90.0% in the same quarter last year, due primarily to greater operating leverage.
Operating expenses were $45.1 million for the first quarter of 2021, compared with $19.4 million in the same quarter last year. The increase was driven primarily by personnel-related expenses to fund expansion of the commercial, research and development, clinical and support organizations, as well as expenses related to being a public company.
Net income was $7.5 million for the first quarter of 2021 and net income per share was $0.15 on a weighted-average basic share count of 49.4 million and $0.13 on a diluted share count of 55.7 million, compared to net income of $4.1 million and an income per share of $0.64 on a weighted-average basic share count of 64 million and $0.09 on a diluted share count of 45.0 million in the same period of the prior year.
Cash, cash equivalents and short-term investments were $174.1 million as of March 31, 2021.
The full press release is available on their investor relations site.
Transcript available shortly