$NARI
Inari Medical Inc

2020 Q3 Form 10-Q Financial Statement

#000156459020053548 Filed on November 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $38.72M $14.23M $10.07M
YoY Change 172.07%
Cost Of Revenue $3.228M $1.510M $1.331M
YoY Change 113.77%
Gross Profit $35.49M $12.72M $8.741M
YoY Change 178.99%
Gross Profit Margin 91.66% 89.39% 86.79%
Selling, General & Admin $23.08M $10.10M $7.803M
YoY Change 128.51%
% of Gross Profit 65.04% 79.4% 89.27%
Research & Development $5.217M $1.720M $1.580M
YoY Change 203.31%
% of Gross Profit 14.7% 13.52% 18.08%
Depreciation & Amortization $360.0K $150.0K $120.0K
YoY Change 140.0%
% of Gross Profit 1.01% 1.18% 1.37%
Operating Expenses $28.30M $11.82M $9.383M
YoY Change 139.4%
Operating Profit $7.190M $900.0K -$642.0K
YoY Change 698.89%
Interest Expense $251.0K -$210.0K -$210.0K
YoY Change -219.52%
% of Operating Profit 3.49% -23.33%
Other Income/Expense, Net -$694.0K -$527.0K -$120.0K
YoY Change 31.69%
Pretax Income $6.496M $366.0K -$965.0K
YoY Change 1674.86%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $6.496M $366.0K -$965.0K
YoY Change 1674.86%
Net Earnings / Revenue 16.78% 2.57% -9.58%
Basic Earnings Per Share $0.13 -$0.17
Diluted Earnings Per Share $0.13 $8.030K -$0.17
COMMON SHARES
Basic Shares Outstanding 48.34M 5.963M
Diluted Shares Outstanding 55.72M 43.91M

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $168.0M
YoY Change
Cash & Equivalents $24.03M $15.91M $17.23M
Short-Term Investments
Other Short-Term Assets $3.500M
YoY Change
Inventory $7.200M
Prepaid Expenses
Receivables $20.80M
Other Receivables $0.00
Total Short-Term Assets $199.5M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $5.500M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $900.0K
YoY Change
Total Long-Term Assets $6.300M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $199.5M
Total Long-Term Assets $6.300M
Total Assets $205.8M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.500M
YoY Change
Accrued Expenses $10.80M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.30M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $14.30M
Total Long-Term Liabilities $0.00
Total Liabilities $14.33M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$34.41M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $191.5M -$40.38M -$41.05M
YoY Change
Total Liabilities & Shareholders Equity $205.8M
YoY Change

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income $6.496M $366.0K -$965.0K
YoY Change 1674.86%
Depreciation, Depletion And Amortization $360.0K $150.0K $120.0K
YoY Change 140.0%
Cash From Operating Activities $5.350M -$330.0K -$2.150M
YoY Change -1721.21%
INVESTING ACTIVITIES
Capital Expenditures -$1.660M -$1.160M -$560.0K
YoY Change 43.1%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.660M -$1.160M -$560.0K
YoY Change 43.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -30.53M 180.0K 10.00K
YoY Change -17061.11%
NET CHANGE
Cash From Operating Activities 5.350M -330.0K -2.150M
Cash From Investing Activities -1.660M -1.160M -560.0K
Cash From Financing Activities -30.53M 180.0K 10.00K
Net Change In Cash -26.84M -1.310M -2.700M
YoY Change 1948.85%
FREE CASH FLOW
Cash From Operating Activities $5.350M -$330.0K -$2.150M
Capital Expenditures -$1.660M -$1.160M -$560.0K
Free Cash Flow $7.010M $830.0K -$1.590M
YoY Change 744.58%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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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2210000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1279000
CY2019Q3 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
220000
us-gaap Capitalized Contract Cost Amortization Method
CapitalizedContractCostAmortizationMethod
The capitalized costs are amortized on a straight-line basis over the non-cancelable contract terms, generally three years.
CY2019Q3 us-gaap Capitalized Contract Cost Amortization Period
CapitalizedContractCostAmortizationPeriod
P3Y
CY2019Q3 us-gaap Capitalized Contract Cost Net Current
CapitalizedContractCostNetCurrent
138000
CY2019Q4 us-gaap Capitalized Contract Cost Net Current
CapitalizedContractCostNetCurrent
46000
CY2019Q3 us-gaap Capitalized Contract Cost Net Noncurrent
CapitalizedContractCostNetNoncurrent
0
CY2019Q4 us-gaap Capitalized Contract Cost Net Noncurrent
CapitalizedContractCostNetNoncurrent
87000
CY2020Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
264000
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
71000
us-gaap Operating Lease Expense
OperatingLeaseExpense
588000
us-gaap Operating Lease Expense
OperatingLeaseExpense
173000
nari Operating Lease Expiration Period
OperatingLeaseExpirationPeriod
2024
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
190000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
761000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
751000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
720000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
542000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2964000
CY2019Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
20150000
CY2019Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
669000
CY2020Q1 us-gaap Line Of Credit
LineOfCredit
10000000
CY2020Q3 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
440000
CY2019Q4 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
686000
CY2020Q3 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
9000
CY2019Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
17000
CY2020Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
431000
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
CY2020Q3 us-gaap Capital Units Authorized
CapitalUnitsAuthorized
310000000
CY2020Q3 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
0.6460
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
0.9006
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
0.0167
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0168
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0244
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
959000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
140000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1959000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
330000
CY2020Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
11631000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y4M24D
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
6496000
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
366000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
6804000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1547000
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
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 Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
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 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, 2016 and December 31, 2017 are open for state and federal tax purposes, respectively.
us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.00
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
39435291

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