 IRVINE, Calif., Aug. 11, 2020 GLOBE NEWSWIRE -- Inari Medical, Inc. NASDAQ: NARI Inari, a commercial-stage medical device company focused on developing products to treat and transform the lives of patients suffering from venous diseases, today reported financial results for its second quarter ended June 30, 2020. Second Quarter Highlights: Treated more patients in the second quarter of 2020 than in the first quarter of 2020, despite COVID-19 headwinds Reported revenue of 25.4 million in the second quarter of 2020, a 152 increase over the same quarter last year Established a weekly online educational series, the Clot Warrior Academy, attended to date by more than 600 physicians and 200 nurses and technicians Completed an initial public offering of 9.4 million shares, raising 163.0 million in net proceedsThe second quarter was difficult for so many companies and so many people, for all the reasons we know. Our team has responded to the challenges and risen to the occasion. Our employee training and physician education programs are better, our supply chain and production capacity are more robust, our pipeline is broader and deeper, and our relationships with our physicians, customers, and with each other are stronger than before the pandemic. Importantly, our team and physician partners found a way to treat more patients in the second quarter than in any previous quarter. In these humbling and uncertain times, we are thankful for the clarity of a mission and a cause bigger than ourselves and business, said Bill Hoffman, Chief Executive Officer.Second Quarter 2020 Financial Results Revenue was 25.4 million for the second quarter of 2020, compared to 27.0 million for the prior quarter and 10.1 million for the second quarter of 2019. The increase from last year was driven by continued US commercial expansion and increased product adoption.Gross profit for the second quarter of 2020 was 21.9 million compared to 8.7 million for the second quarter of 2019. Gross margin declined slightly to 86.3 for the second quarter of 2020, compared with 86.8 in the same quarter last year. In the current quarter, the positive impact of manufacturing efficiencies was partially offset by idle production capacity costs resulting from the COVID-19 pandemic.Operating expenses were 22.5 million for the second quarter of 2020, compared with 9.4 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 loss was 3.8 million for the second quarter of 2020 and net loss per share was 0.16 on a weighted-average basic and diluted share count of 24.3 million, compared to 1.0 million and a net loss per share of 0.17 on a weighted-average basic and diluted share count of 5.8 million in the same period of the prior year. Although the loss from operations was modestly improved at 603,000 in the current quarter, compared to 642,000 in the same quarter last year, the change in fair value of warrant liabilities of 2.9 million contributed to the higher net loss in the current quarter.Cash and cash equivalents were 194.8 million as of June 30, 2020, which includes net cash proceeds of 163.0 million from its initial public offering completed in May 2020.Outlook and COVID-19 Due to uncertainty surrounding the COVID-19 pandemic, Inari Medical will not provide financial guidance for the remainder of 2020 at this time. Management anticipates providing an update at the time of its third quarter earnings announcement, to the extent practicable, based on available information at that time.Webcast and Conference Call Information Inari Medical will host a conference call to discuss the second quarter financial results after market close on Tuesday, August 11, 2020 at 1:30 p.m. Pacific Time 4:30 p.m. Eastern Time. The conference call can be accessed live over the phone 833 519-1265 for U.S. callers or 914 800-3838 for international callers, using conference ID: 6859088. The live webinar can be accessed at Inari Medical, Inc. Inari Medical, Inc. is a commercial-stage medical device company focused on developing products to treat and transform the lives of patients suffering from venous diseases.Inari is focused on treating venous thromboembolism and improving the quality of life of patients suffering from this disease by safely and effectively removing blood clots. Inari has developed two minimally invasive, novel catheter-based mechanical thrombectomy devices that are designed to remove large clots from large vessels and eliminate the need for thrombolytic drugs. The ClotTriever system is 510k-cleared by the FDA for thrombectomy in the peripheral vessels and is used to treat patients suffering from deep vein thrombosis. The FlowTriever system is 510k-cleared by the FDA for the treatment of pulmonary embolism.Forward Looking Statements Statements in this press release contain forward-looking statements that are subject to substantial risks and uncertainties. Forward-looking statements contained in this press release may be identified by the use of words such as may, will, should, expect, plan, anticipate, could, intend, target, project, contemplate, believe, estimate, predict, potential or continue or the negative of these terms or other similar expressions. Forward-looking statements are based on Inaris current expectations, forecasts and assumptions, are subject to inherent uncertainties, risks and assumptions that are difficult to predict and actual outcomes and results could differ materially due to a number of factors. These and other risks and uncertainties include those described more fully in the section titled Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operation and elsewhere in its Quarterly Report on Form 10-Q for the period ended June 30, 2020 and in its other reports filed with the U.S. Securities and Exchange Commission. Forward-looking statements contained in this announcement are based on information available to Inari as of the date hereof and are made only as of the date of this release. Inari undertakes no obligation to update such information except as required under applicable law. These forward-looking statements should not be relied upon as representing Inaris views as of any date subsequent to the date of this press release. In light of the foregoing, investors are urged not to rely on any forward-looking statement in reaching any conclusion or making any investment decision about any securities of Inari.Investor Contact: Westwicke Partners Caroline Corner Phone 1-415-202-5678 INARI MEDICAL, INC. Condensed Consolidated Statements of Operations and Comprehensive Income Loss in thousands, except share and per share data unaudited Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenue 25,392 10,072 52,345 17,017 Cost of goods sold 3,487 1,331 6,193 2,262 Gross profit 21,905 8,741 46,152 14,755 Operating expenses Research and development 3,628 1,580 6,646 2,789 Selling, general and administrative 18,880 7,803 35,273 13,229 Total operating expenses 22,508 9,383 41,919 16,018 Income loss from operations 603 642 4,233 1,263 Other income expense Interest income 146 24 201 48 Interest expense 463 229 809 456 Change in fair value of warrant liabilities 2,884 118 3,317 242 Total other expenses 3,201 323 3,925 650 Net income loss and comprehensive income loss 3,804 965 308 1,913 Net income loss per share Basic 0.16 0.17 0.02 0.34 Diluted 0.16 0.17 0.01 0.34 Weighted average common shares used to compute net income loss per share, Basic 24,295,900 5,753,332 15,339,755 5,676,995 Diluted 24,295,900 5,753,332 47,362,292 5,676,995 INARI MEDICAL, INC. Condensed Consolidated Balance Sheets in thousands, except share data unaudited June 30, 2020 December 31, 2019 Assets Current assets Cash and cash equivalents 194,836 23,639 Accounts receivable, net 15,392 11,302 Restricted cash 50 50 Inventories, net 5,620 3,953 Prepaid expenses and other current assets 3,866 464 Total current assets 219,764 39,408 Property and equipment, net 4,176 3,331 Restricted cash 338 338 Deposits and other assets 76 1,469 Total assets 224,354 44,546 Liabilities, Mezzanine Equity and Stockholders Equity Deficit Current liabilities Accounts payable 2,294 2,549 Payroll-related accruals 7,223 5,225 Accrued expenses and other current liabilities 1,385 1,096 Total current liabilities 10,902 8,870 Notes payable, net 29,582 19,481 Warrant liabilities 1,169 Total liabilities 40,484 29,520 Commitments and contingencies Mezzanine equity Redeemable convertible preferred stock, par value 0.001, no shares authorized, issued, and outstanding as of June 30, 2020; 32,225,227 shares authorized, 31,968,570 shares issued and outstanding as of December 31, 2019; aggregate liquidation preference of zero as of June 30, 2020 and 54,415 as of December 31, 2019 54,170 Stockholders equity deficit Preferred stock, 0.001 par value, 10,000,000 shares authorized, no shares issued and outstanding at June 30, 2020; no shares authorized, issued, and outstanding at December 31, 2019 Common stock, 0. 