NARI update

Inari Medical, an old holding for many people on this board, released preliminary 4th quarter results on Tuesday:…

I thought they were quite good. 7700 procedures last quarter, up 14% QoQ and 71% from last year, Inari is still showing good headway in becoming the standard for treatments in venous thrombi and emboli. Note that >90% of the procedures were unrelated to COVID, indicating there is strong continuing potential following the pandemic.

Full year results indicate about $277 MM revenue. They are currently, after the latest market selloff, priced at about $3.5B, for a price/trailing sales ratio around 12 - 13. Understanding this will not receive as high a P/S premium as SaaS companies due to less recurring revenue, I’m still of the view this is a bargain for a ~70% grower for those who wish to consider companies outside the core software firms.

Regards to all,