What happened
Shares of Inari Medical (NARI -0.29%) were up 16.9% for the week as of late Thursday afternoon, according to data provided by S&P Global Market Intelligence. The medical device stock closed last week at $56.59, then rose to as high as $66.49 on Thursday. The stock is down more than 24% over the past year.
So what
Several executives of the healthcare company increased their ownership stake in the company this week, including former CEO and current board member William Hoffman, CFO Mitch Hill, CEO Drew Hykes, and Chief Medical Officer Thomas Tu. While the insider buying by itself doesn't necessarily mean good things, it is often viewed by other investors as a sign of confidence in the company. The company has had other recent news that could be driving the stock as well. On March 6, it announced results from its FLAME study on patients with high risk of pulmonary embolism using the company's FlowTriever system. The study was stopped early due to strong outcomes in FlowTriever patients, the company said.
Now what
The double dose of news came on top of what was generally a positive fourth-quarter and full-year report on Feb. 27. The company reported fourth-quarter revenue of $107.8 million, up 29% year over year and 12% sequentially. The one down note is the company had a loss of $5.8 million compared to net income of $1.1 million in the same quarter a year ago. For the year, the company said it had $383.5 million in revenue, up 38%, though the company lost $29.3 million for the year after reporting $9.8 million in net income the year before. The company's guidance predicted annual revenue this year between $470 million and $480 million, a rise of between 22.5% and 25.1%.
