$NARI
Inari Medical Inc

2020 Q2 Form 10-Q Financial Statement

#000156459020039299 Filed on August 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $25.39M $10.07M
YoY Change 152.1%
Cost Of Revenue $3.487M $1.331M
YoY Change 161.98%
Gross Profit $21.91M $8.741M
YoY Change 150.6%
Gross Profit Margin 86.27% 86.79%
Selling, General & Admin $18.88M $7.803M
YoY Change 141.96%
% of Gross Profit 86.19% 89.27%
Research & Development $3.628M $1.580M
YoY Change 129.62%
% of Gross Profit 16.56% 18.08%
Depreciation & Amortization $300.0K $120.0K
YoY Change 150.0%
% of Gross Profit 1.37% 1.37%
Operating Expenses $22.51M $9.383M
YoY Change 139.88%
Operating Profit -$603.0K -$642.0K
YoY Change -6.07%
Interest Expense $463.0K -$210.0K
YoY Change -320.48%
% of Operating Profit
Other Income/Expense, Net -$3.201M -$120.0K
YoY Change 2567.5%
Pretax Income -$3.804M -$965.0K
YoY Change 294.2%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.804M -$965.0K
YoY Change 294.2%
Net Earnings / Revenue -14.98% -9.58%
Basic Earnings Per Share -$0.16 -$0.17
Diluted Earnings Per Share -$0.16 -$0.17
COMMON SHARES
Basic Shares Outstanding 24.30M
Diluted Shares Outstanding 24.30M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $194.8M
YoY Change
Cash & Equivalents $194.8M $17.23M
Short-Term Investments
Other Short-Term Assets $4.000M
YoY Change
Inventory $5.620M
Prepaid Expenses
Receivables $15.39M
Other Receivables $0.00
Total Short-Term Assets $219.8M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $4.176M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $400.0K
YoY Change
Total Long-Term Assets $4.590M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $219.8M
Total Long-Term Assets $4.590M
Total Assets $224.4M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.294M
YoY Change
Accrued Expenses $8.600M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.90M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $29.60M
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $29.60M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $10.90M
Total Long-Term Liabilities $29.60M
Total Liabilities $40.48M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$40.90M
YoY Change
Common Stock $224.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $183.9M -$41.05M
YoY Change
Total Liabilities & Shareholders Equity $224.4M
YoY Change

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$3.804M -$965.0K
YoY Change 294.2%
Depreciation, Depletion And Amortization $300.0K $120.0K
YoY Change 150.0%
Cash From Operating Activities -$1.130M -$2.150M
YoY Change -47.44%
INVESTING ACTIVITIES
Capital Expenditures -$810.0K -$560.0K
YoY Change 44.64%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$810.0K -$560.0K
YoY Change 44.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 164.4M 10.00K
YoY Change 1643900.0%
NET CHANGE
Cash From Operating Activities -1.130M -2.150M
Cash From Investing Activities -810.0K -560.0K
Cash From Financing Activities 164.4M 10.00K
Net Change In Cash 162.5M -2.700M
YoY Change -6117.04%
FREE CASH FLOW
Cash From Operating Activities -$1.130M -$2.150M
Capital Expenditures -$810.0K -$560.0K
Free Cash Flow -$320.0K -$1.590M
YoY Change -79.87%

Facts In Submission

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<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Management Estimates</p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to the collectability of receivables, valuation of inventory, the fair value of common stock warrants, the fair value of preferred stock warrant liabilities, the fair value of stock options, recoverability of the Company&#8217;s net deferred tax assets, and related valuation allowance and certain accruals. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates.</p>
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AllowanceForDoubtfulAccountsReceivable
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CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
62000
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0
CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0
CY2019Q2 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0
CY2020Q2 us-gaap Deferred Offering Costs
DeferredOfferingCosts
3701000
CY2019Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
1169000
CY2018Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
213000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
3317000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
242000
nari Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Conversion Of Preferred Stock Warrants To Common Stock Warrants Upon Closing Of Ipo
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityConversionOfPreferredStockWarrantsToCommonStockWarrantsUponClosingOfIPO
4486000
CY2019Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
455000
CY2020Q2 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
163000000
CY2020Q2 nari Underwriters Discounts And Commissions Expenses
UnderwritersDiscountsAndCommissionsExpenses
12600000
CY2020Q2 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
3700000
CY2019Q4 nari Offering Cost Incurred
OfferingCostIncurred
1400000
CY2020Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.840336134
CY2020Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
318000
CY2019Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
537000
CY2020Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1817000
CY2019Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1067000
CY2020Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
911000
CY2019Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
640000
CY2020Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2892000
CY2019Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2246000
CY2020Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6028000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4610000
CY2020Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1852000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1279000
CY2020Q2 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
149000
us-gaap Capitalized Contract Cost Amortization Method
CapitalizedContractCostAmortizationMethod
The capitalized costs are amortized on a straight-line basis over the non-cancelable contract term of three years.
CY2020Q2 us-gaap Capitalized Contract Cost Amortization Period
CapitalizedContractCostAmortizationPeriod
P3Y
CY2020Q2 us-gaap Capitalized Contract Cost Net Current
CapitalizedContractCostNetCurrent
41000
CY2019Q4 us-gaap Capitalized Contract Cost Net Current
CapitalizedContractCostNetCurrent
46000
CY2020Q2 us-gaap Capitalized Contract Cost Net Noncurrent
CapitalizedContractCostNetNoncurrent
54000
CY2019Q4 us-gaap Capitalized Contract Cost Net Noncurrent
CapitalizedContractCostNetNoncurrent
87000
CY2020Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
170000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0244
CY2019Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
51000
us-gaap Operating Lease Expense
OperatingLeaseExpense
324000
us-gaap Operating Lease Expense
OperatingLeaseExpense
101000
nari Operating Lease Expiration Period
OperatingLeaseExpirationPeriod
2024
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
304000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
628000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
656000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
707000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
601000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2896000
CY2020Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
30250000
CY2019Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
20150000
CY2020Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
668000
CY2019Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
669000
CY2020Q2 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
798000
CY2019Q4 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
686000
CY2020Q2 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
130000
CY2019Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
17000
CY2020Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
668000
CY2019Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
669000
CY2020Q2 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
31968570
CY2020Q2 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
0
CY2020Q2 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
31968570
CY2020Q2 us-gaap Reclassifications Of Temporary To Permanent Equity
ReclassificationsOfTemporaryToPermanentEquity
54200000
CY2019Q4 us-gaap Capital Units Authorized
CapitalUnitsAuthorized
81244834
CY2020Q2 us-gaap Capital Units Authorized
CapitalUnitsAuthorized
310000000
CY2020Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
179558
CY2019Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
284398
CY2020Q2 nari Class Of Warrant Exercised For Cash
ClassOfWarrantExercisedForCash
77030
CY2020Q2 nari Number Of Common Stock Shares Issued Upon Exercise Of Preferred Stock Warrants
NumberOfCommonStockSharesIssuedUponExerciseOfPreferredStockWarrants
74723
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4060
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.8210
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.9340
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.4060
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.9207
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0146
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0185
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0168
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
505000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
99000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1000000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
190000
CY2020Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
7967000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y4M24D
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3804000
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-965000
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
308000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1913000
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Significant Change In Unrecognized Tax Benefits Nature Of Event
SignificantChangeInUnrecognizedTaxBenefitsNatureOfEvent
It is not expected that there will be a significant change in uncertain tax position in the next 12 months.
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
In the normal course of business, the Company is subject to examination by tax authorities. As of the date of the financial statements, there are no tax examinations in progress. The statute of limitations for tax years ended after December 31, 2015 and December 31, 2016 are open for state and federal tax purposes, respectively.
us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.00
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
25813190
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
39636184
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
39636184

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