IRVINE, Calif.—Andrew Hykes, the President and CEO of Inari Medical (TASE:PMCN), Inc. (NASDAQ:NARI), a $3.25 billion medical device company with impressive gross profit margins of 87%, recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Hykes sold a total of 3,000 shares of common stock on December 20, 2024. The shares were sold at prices ranging from $55.20 to $55.65, resulting in a total transaction value of $165,870. According to InvestingPro analysis, the stock is currently trading slightly above its Fair Value.
Following these transactions, Hykes maintains ownership of 439,310 shares directly. Additionally, indirect holdings attributed to family members include 1,550 shares each for three children and 1,000 shares held by his spouse.
The sales were conducted under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined plan to sell stocks, helping them avoid potential accusations of insider trading.
In other recent news, Inari Medical Inc. posted a record revenue of $153.4 million in Q3 of 2024, a 21% increase year-over-year. The company also raised its full-year revenue outlook to between $601.5 million and $604.5 million, driven by a surge of 76.4% in international sales, particularly in Europe and Latin America. Despite a GAAP operating loss this quarter, Inari Medical anticipates operating profitability in the first half of 2025. Inari Medical's ClotTriever Thrombectomy System for deep vein thrombosis has gained national reimbursement approval in Japan, following regulatory clearance by the Pharmaceuticals and Medical Devices Agency.
Oppenheimer initiated coverage on Inari Medical with an Outperform rating and a price target set at $75.00. Stifel maintained its Buy rating and a price target of $86.00, while Canaccord Genuity kept a Buy rating and a $74.00 price target on the company.
Inari Medical's FlowTriever system was found superior to catheter-directed thrombolytics for patients with intermediate-risk pulmonary embolism in the PEERLESS trial. The company believes this could potentially add an additional $150 million to its total addressable market. Inari Medical is also focusing on its Emerging Therapies segment and new product launches, such as LimFlow and Artix, to drive future growth.
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