Inari Medical (NARI) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Product updates and safety communications

• ClotTriever XL recall was a voluntary IFU update for a specific patient subset, not due to device defect or malfunction.

• No revenue impact expected from the ClotTriever XL IFU change; product remains on the market.

• FlowSaver blood return system has been used in over 70,000 patients, with strong clinical data supporting reduced mortality and transfusion rates.

• All FlowSaver publications to date have been positive, with no field concerns from physicians.

Financial performance and growth drivers

• Achieved 23% top-line growth in Q2 and first half of the year, with strength across VTE, emerging therapies, and international segments.

• Growth is primarily driven by increased utilization in existing accounts, not by adding new accounts.

• VTE Excellence program is key to driving deeper account penetration, with most accounts in early engagement phases.

• International revenue is about 7% of total, with Europe leading and expansion planned for Japan and China in Q4.

Market trends and competitive landscape

• Market share has remained stable despite new entrants and exits; leadership is attributed to product performance, evidence, and commercial execution.

• Mechanical thrombectomy is expected to gain share from CDT, especially after RCT data from PEERLESS, with most impact in 2025.

• U.S. market growth of 18%-22% is seen as sustainable, driven by evidence, education, and market development.