What happened
Shares of Inari Medical (NARI 0.92%) were up by more than 21% as of 1:45 p.m. on Thursday after the company reported second-quarter results after the markets closed Wednesday. The healthcare stock is up more than 5% so far this year.
So what
Inari is a medical device maker that specializes in devices to help treat venous and other diseases. The company reported second-quarter revenue of $119 million, up 28.3% year over year and net income of $2.1 million, compared to a net loss of $10.2 million in the prior-year period and a net loss of $5.8 million in the first quarter.
The company cited new products, global commercial expansion, and increased adoption of procedures using the company's equipment for the improved results. Inari launched two new products in the quarter, RevCore and T16 Curve, both of which are used to aid patients with venous thromboembolism -- blood clots in the leg that often go undiagnosed, and which can become a serious medical condition. The company sees venous thromboembolism treatments as a $5.8 billion market that has hardly been tapped.
Now what
Buoyed by the increased earnings, management upgraded its full-year guidance for revenue to between $482 million and $492 million, up from prior guidance of between $478 million and $488 million. However, two analysts lowered their price targets for the company on Thursday. Piper Sandler's Adam Maeder lowered his price target from $92 to $90, and Wells Fargo's Larry Biegelsen lowered his from $105 to $100.
