$NARI
Inari Medical Inc

2021 Q1 Form 10-Q Financial Statement

#000156459021026536 Filed on May 11, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $57.40M $26.95M
YoY Change 112.95% 287.81%
Cost Of Revenue $4.623M $2.706M
YoY Change 70.84% 190.97%
Gross Profit $52.77M $24.25M
YoY Change 117.65% 303.44%
Gross Profit Margin 91.95% 89.96%
Selling, General & Admin $36.90M $16.39M
YoY Change 125.08% 201.9%
% of Gross Profit 69.92% 67.61%
Research & Development $8.163M $3.018M
YoY Change 170.48% 149.42%
% of Gross Profit 15.47% 12.45%
Depreciation & Amortization $609.0K $274.0K
YoY Change 122.26% 149.09%
% of Gross Profit 1.15% 1.13%
Operating Expenses $45.06M $19.41M
YoY Change 132.14% 192.33%
Operating Profit $7.713M $4.836M
YoY Change 59.49% -867.62%
Interest Expense $73.00K $346.0K
YoY Change -78.9% -273.0%
% of Operating Profit 0.95% 7.15%
Other Income/Expense, Net -$46.00K -$724.0K
YoY Change -93.65% 503.33%
Pretax Income $7.667M $4.112M
YoY Change 86.45% -532.84%
Income Tax $198.0K $0.00
% Of Pretax Income 2.58% 0.0%
Net Earnings $7.469M $4.112M
YoY Change 81.64% -533.76%
Net Earnings / Revenue 13.01% 15.26%
Basic Earnings Per Share $0.15 $0.64
Diluted Earnings Per Share $0.13 $0.09
COMMON SHARES
Basic Shares Outstanding 49.36M 6.399M
Diluted Shares Outstanding 55.72M 44.95M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $174.1M $32.40M
YoY Change 437.35%
Cash & Equivalents $102.9M $32.76M
Short-Term Investments $71.20M
Other Short-Term Assets $2.200M $700.0K
YoY Change 214.29%
Inventory $13.70M $5.200M
Prepaid Expenses
Receivables $31.30M $14.70M
Other Receivables $0.00 $0.00
Total Short-Term Assets $221.3M $52.90M
YoY Change 318.34%
LONG-TERM ASSETS
Property, Plant & Equipment $7.600M $3.700M
YoY Change 105.41%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.700M $2.900M
YoY Change 96.55%
Total Long-Term Assets $13.30M $6.600M
YoY Change 101.52%
TOTAL ASSETS
Total Short-Term Assets $221.3M $52.90M
Total Long-Term Assets $13.30M $6.600M
Total Assets $234.6M $59.50M
YoY Change 294.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.500M $2.900M
YoY Change 89.66%
Accrued Expenses $15.10M $5.900M
YoY Change 155.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $20.62M $8.700M
YoY Change 136.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $29.50M
YoY Change -100.0%
Other Long-Term Liabilities $400.0K $1.600M
YoY Change -75.0%
Total Long-Term Liabilities $400.0K $31.10M
YoY Change -98.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.62M $8.700M
Total Long-Term Liabilities $400.0K $31.10M
Total Liabilities $21.00M $39.90M
YoY Change -47.37%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $233.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $213.6M -$34.52M
YoY Change
Total Liabilities & Shareholders Equity $234.6M $59.50M
YoY Change 294.29%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $7.469M $4.112M
YoY Change 81.64% -533.76%
Depreciation, Depletion And Amortization $609.0K $274.0K
YoY Change 122.26% 149.09%
Cash From Operating Activities $8.766M -$679.0K
YoY Change -1391.02% -58.34%
INVESTING ACTIVITIES
Capital Expenditures $1.265M $609.0K
YoY Change 107.72% -279.12%
Acquisitions
YoY Change
Other Investing Activities -$21.25M
YoY Change
Cash From Investing Activities -$22.51M -$609.0K
YoY Change 3596.39% 79.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.214M 10.02M
YoY Change -77.91% 100120.0%
NET CHANGE
Cash From Operating Activities 8.766M -679.0K
Cash From Investing Activities -22.51M -609.0K
Cash From Financing Activities 2.214M 10.02M
Net Change In Cash -11.71M 8.734M
YoY Change -234.12% -545.61%
FREE CASH FLOW
Cash From Operating Activities $8.766M -$679.0K
Capital Expenditures $1.265M $609.0K
Free Cash Flow $7.501M -$1.288M
YoY Change -682.38% -0.16%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2021Q1 dei Entity Shell Company
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CY2021Q1 us-gaap Use Of Estimates
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<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;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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AvailableForSaleSecuritiesDebtSecurities
135926000
CY2020Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
85011000
CY2021Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
64680000
CY2021Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
135926000
CY2020Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
35030000
CY2021Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
338000
CY2020Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
85011000
CY2020Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
264000
CY2021Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2496000
CY2020Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2607000
CY2021Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1391000
CY2020Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
787000
CY2021Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
9778000
CY2020Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
7203000
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9226000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9531000
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2642000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2033000
CY2021Q1 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
479000
CY2021Q1 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.
CY2021Q1 us-gaap Capitalized Contract Cost Amortization Period
CapitalizedContractCostAmortizationPeriod
P3Y
CY2021Q1 us-gaap Capitalized Contract Cost Net Current
CapitalizedContractCostNetCurrent
223000
CY2020Q4 us-gaap Capitalized Contract Cost Net Current
CapitalizedContractCostNetCurrent
228000
CY2021Q1 us-gaap Capitalized Contract Cost Net Noncurrent
CapitalizedContractCostNetNoncurrent
99000
CY2020Q4 us-gaap Capitalized Contract Cost Net Noncurrent
CapitalizedContractCostNetNoncurrent
0
CY2020Q4 nari Tenant Improvement Costs
TenantImprovementCosts
28000000
CY2020Q4 nari Tenant Improvement Costs To Be Funded By Lessor
TenantImprovementCostsToBeFundedByLessor
4500000
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0281
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
185000
CY2020Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
154000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
604000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
486000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
34000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
33000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
16000
CY2021Q1 nari Lessee Operating Lease Liability Payments Thereafter
LesseeOperatingLeaseLiabilityPaymentsThereafter
1000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1174000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
34000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1140000
CY2021Q1 nari Lessee Operating Lease Liability Not Yet Commenced Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityNotYetCommencedPaymentsRemainderOfFiscalYear
578000
CY2021Q1 nari Lessee Operating Lease Liability Not Yet Commenced Payments Due In Next Twelve Months
LesseeOperatingLeaseLiabilityNotYetCommencedPaymentsDueInNextTwelveMonths
2062000
CY2021Q1 nari Lessee Operating Lease Liability Not Yet Commenced Payments Due Year Two
LesseeOperatingLeaseLiabilityNotYetCommencedPaymentsDueYearTwo
2135000
CY2021Q1 nari Lessee Operating Lease Liability Not Yet Commenced Payments Due Year Three
LesseeOperatingLeaseLiabilityNotYetCommencedPaymentsDueYearThree
2207000
CY2021Q1 nari Lessee Operating Lease Liability Not Yet Commenced Payments Due Year Four
LesseeOperatingLeaseLiabilityNotYetCommencedPaymentsDueYearFour
2287000
CY2021Q1 nari Lessee Operating Lease Liability Not Yet Commenced Payments Due Thereafter
LesseeOperatingLeaseLiabilityNotYetCommencedPaymentsDueThereafter
14060000
CY2021Q1 nari Lessee Operating Lease Liability Not Yet Commenced Payments Due
LesseeOperatingLeaseLiabilityNotYetCommencedPaymentsDue
23329000
CY2021Q1 nari Number Of Letter Of Credit
NumberOfLetterOfCredit
2
CY2020Q4 nari Number Of Letter Of Credit
NumberOfLetterOfCredit
1
CY2020Q1 us-gaap Line Of Credit
LineOfCredit
10000000
CY2021Q1 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
430000
CY2020Q4 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
430000
CY2021Q1 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
83000
CY2020Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
47000
CY2021Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
347000
CY2020Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
383000
CY2020Q2 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
31968570
CY2020Q2 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
31968570
CY2021Q1 us-gaap Capital Units Authorized
CapitalUnitsAuthorized
310000000
CY2021Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
0
CY2020Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
0
CY2020Q2 nari Class Of Warrant Exercised For Cash
ClassOfWarrantExercisedForCash
77030
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0146
CY2020Q4 nari Number Of Common Stock Shares Issued Upon Exercise Of Preferred Stock Warrants
NumberOfCommonStockSharesIssuedUponExerciseOfPreferredStockWarrants
174776
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4060
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.4060
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0168
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3836000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
494000
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
42033000
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y7M6D
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.026
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
11900000
CY2021Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2021Q1 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.
CY2021Q1 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.
CY2021Q1 us-gaap Defined Contribution Plan Tax Status Extensible List
DefinedContributionPlanTaxStatusExtensibleList
us-gaap:QualifiedPlanMember
CY2021Q1 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
1.00
CY2021Q1 us-gaap Defined Benefit Plan Plan Assets Contributions By Plan Participant
DefinedBenefitPlanPlanAssetsContributionsByPlanParticipant
1.00
CY2021Q1 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.04
CY2021Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
838000
CY2020Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
31968570
CY2020Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
230478

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