Inari Medical Q1 Earnings Beat Street View, Lifts FY22 Sales Outlook Above Consensus

• Inari Medical Inc's (NASDAQ:NARI) Q1 revenue was $86.8 million, up 4% sequentially and 51% Y/Y, beating the consensus of $83.61 million.
• The increase over the prior year was driven by continued U.S. commercial expansion and new product introductions.
• The gross margin was 88.5% compared to 91.9% a year ago, modestly lower primarily due to the move to its larger production facility in Q4 FY21.
• Operating expenses reached $79.9 million, compared to $45.1 million, mainly driven by personnel-related expenses on increased headcount to fund the commercial expansion, R&D, and clinical and support organizations.
• Inari posted a Q1 EPS loss of $(0.06), a turnaround from $0.13 a year ago and beating the consensus of $(0.09).
• The company treated 8,800 patients, up 14% sequentially. 
• Cash, cash equivalents, and short-term investments were $338.7 million.
• Guidance: Inari Medical expects FY22 sales of $360 million - $370 million, up from prior guidance of $350 million - $360 million, above the consensus of $356.69 million.
• Price Action: NARI shares traded lower by 5% at $79.18 on the last check Thursday.