Full Press Release Details
Financial Information Unless otherwise indicated, all financial and
operational information included herein is as of June 30, 2022. Indications for Use and Publication References Indications for Use and relevant labeling information for all Inari products included in this presentation are included in the appendix.
References to clinical studies and other publications cited in this presentation are located in the appendix. Forward Looking Statements This presentation (together with any other statements or information that we may make in connection therewith)
may contain are forward-looking statements. All statements other than statements of historical fact could be deemed forward-looking, including any estimates of revenue and total procedures, total addressable market, future results of operations,
financial position, research and development costs, capital requirements and our needs for additional financing; our business model and strategic plans for our products, technologies and business, including our implementation thereof; competitive
companies and technologies and our industry; our ability to grow and maintain our US sales force; our ability to develop new tools and new markets; the results of our clinical studies; our ability to commercialize, manage and grow our business by
expanding our sales and marketing organization and increasing our sales to existing and new customers; third-party payor reimbursement and coverage decisions; commercial success and market acceptance of our products; our ability to accurately
forecast customer demand for our products and manage our inventory; our ability to establish and maintain intellectual property protection for our products or avoid claims of infringement; FDA or other U.S. or foreign regulatory actions affecting us
or the healthcare industry generally, including healthcare reform measures in the United States; the timing or likelihood of regulatory filings and approvals; our ability to hire and retain key personnel; our ability to obtain additional financing;
and our expectations about market trends. Without limiting the foregoing, the words "may," "will," "should," "expect," "plan," "anticipate," "could,"
"intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms and
other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements are based on and reflect management's current expectations, assumptions,
estimates and projections that may or may not prove to be correct. These forward-looking statements are subject to a number of known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond our control. Moreover, we
operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any
factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this
presentation may not occur and our actual results, results, levels of activity, performance or achievements could differ materially and adversely from those anticipated or implied by any forward-looking statements. These and other known risks,
uncertainties and factors are described in detail under the caption "Risk Factors" and elsewhere in our filings with the Securities and Exchange Commission ("SEC"), including our most recent Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q. These filings are available in the Investor Relations section of our website at https://ir.inarimedical.com/ or at www.sec.gov. The forward-looking statements in this presentation are made only as of the date hereof.
Except to the extent required by law, we assume no obligation and do not intend to update any of these forward-looking statements after the date of this presentation or to conform these statements to actual results or revised expectations. All
forward-looking statements are expressly qualified in their entirety by the foregoing cautionary statements. You are cautioned not to place undue reliance on these forward-looking statements. This presentation is not an offer to sell securities of
Inari Medical and it is not soliciting offers to buy securities of Inari Medical nor will there be any sales of securities of Inari Medical in any state or jurisdiction where the offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or jurisdiction.
Opening Remarks Bill Hoffman, CEO Amanda | Louisville , KY
Our dedication to changing lives drives every decision we make Amanda |
Louisville , KY Jessica, 44 | Valparaiso, IN
We've made Patients first. Make no small plans. improving lives
our Always. Ever. responsibility. And that drives our passion and success Take care of each other. Constantly.
Introduction To Inari Drew Hykes, COO Audry | Detroit, MI
Management Presentation Agenda Time Duration Session 9:00 - 9:20AM
20 min. Introduction 9:20 - 10:10 AM 50 min. Inari Five Growth Drivers 10:10 - 10:20 AM 10 min. Break 10:20 - 10:40 AM 20 min. Physician Panel 10:40 - 10:50 AM 10 min. Financials and Closing Remarks 10:50 - 11:30 AM 40
Strong leadership team with breadth & depth Bill Hoffman Mitch Hill
Drew Hykes Dr. Tom Tu Chief Executive Officer Chief Financial Officer Chief Operating Officer Chief Medical Officer Angela Ahmad Brian Strauss Eric Louw Janet Byk John Borrell Justin Crockett Kevin Strange Kit Cariquitan Eric Khairy General Counsel
SVP Engineering SVP Marketing VP Manufacturing VP Finance & SVP Sales VP Inari Solutions VP Strategy & VP Quality Accounting Group Business Assurance & Development Reg. Affairs Norman Nie Paul Koehn Randy Hamlin Dr. Shon Chakrabarti Tara
Dunn Dr. Venkat Tummala Dr. Victor Tapson Vitas Sipelis VP Information SVP Operations VP Advanced VP & General Manager SVP Clinical Affairs & VP Medical Affairs VP Medical VP International Technology Development Chronic Venous Market
Development Affairs Diseases
Venous Thromboembolism (VTE) DVT Up to Develop Post-Thrombotic Syndrome
(PTS) within 2 years of a proximal DVT 50% PE Leading cause of cardiovascular death #3
DVT PE 430,000 280,000 US Patients US Patients VTE is a large $3.0B
$2.8B and highly TAM TAM underpenetrated Interventional Procedures Conservative Medical Management opportunity to serve patients $ in need 5.8B Total US VTE TAM Opportunity $ 15B+ Global VTE TAM Opportunity
Treatment of VTE evolving to definitive mechanical catheter
intervention Myocardial Anti-Coagulation Definitive Catheter Lytics Based Only Therapy Infarction Anti-Coagulation Definitive Catheter Lytics Based Stroke Only Therapy Expected Path for Anti-Coagulation Definitive Catheter Lytics Based VTE Only
Highly differentiated, purpose-built solutions Simple, intuitive
solutions Near complete thrombus removal Eliminate need for dangerous lytics Minimal blood loss Favorable hospital economics
Taking out all the clot matters
Our five growth drivers remain the roadmap Innovating Expanding Our
Driving Deeper Building Clinical Expanding Into Purpose-Built 1 2 3 4 5 U.S. Sales Force VTE Penetration Evidence New Markets Solutions >$20B Total Global TAM 270+ <5% 250+ 5 + U.S. Sales Territories Penetration into U.S. VTE Peer Reviewed
Publications Distinct Product Toolkits Incidence For 5 Distinct TAMs ~$10B US Prevalence Opportunity
Annual Revenue ($ in Millions) $300 Consistent, $250 133% premium $200
CAGR financial $150 $100 performance $50 $0 2019 2020 2021 $277M 91% 98% $330M 2021 Total Revenue 2021 Gross Margin YOY Growth (From FY20) Cash, Cash Equivalents, & Short-Term Investments (Q2 2022)
Our core competencies are scalable and allow us to treat more patients
Identify major unmet R&D innovation engine to High-Touch, scalable Clinical infrastructure patient needs rapidly design purpose- commercial org & market generating data to change built devices development capabilities standard of care
FOUNDATION OF OPERATIONAL AND MANUFACTURING EXCELLENCE
No small plans. And we're just getting started EXPANDING US SALES
FORCE BUILDING THE LARGEST INTERVENTIONAL SALES FORCE 1 DRIVING DEEPER PENETRATION STANDARDIZING PATIENT PATHWAYS 2 BUILDING CLINICAL EVIDENCE EXECUTING GUIDELINE-CHANGING CLINICAL TRIALS 3 INNOVATING NEW PRODUCTS DEVELOPING PURPOSE-BUILT SOLUTIONS
4 EXPANDING INTO NEW MARKETS LAUNCHING INTO NEW ADJACENCIES & GEOGRAPHIES 5
Growth Driver 1 Expanding Our US Sales Force John Borrell, SVP
2020 (Q2) 2022 (YTD) Sales >3.5x ~75 >270 Significant Territories
(US) growth in sales territories, Active increasing >2x ~650 ~1,400 Accounts (US) density of coverage Accounts per 0.6x ~9 ~5 Territory
PRODUCTIVITY REMAINS HIGH DESPITE GROWTH AND AGGRESSIVE TERRITORY
SPLITS 350 100 90 300 80 Revenue Growth Focused on 250 70 60 growth but 3.6x 200 50 3.1x remaining 150 40 Number of Territories efficient 30 100 20 50 10 0 0
AVERAGE SALES REP PRODUCTIVITY OVER FIRST 18 MONTHS 20 2.5X Sales rep
18 16 productivity 14 12 ramps up 10 8 quickly after 6 start date 4 2 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Months After Start Cases Per Territory
Continuing growth to fully tackle VTE and address new disease states
2022 FUTURE STATE Potential to be the largest interventionally- >270 focused sales team US Sales Territories
COMMERCIAL / MARKET DEVELOPMENT TEAM 12 8 National Health Economics
& Accounts Market Access (HEMA) Sales team efforts amplified by robust non-sales 7 7 Inari Solutions Medical Affairs commercial team Groups (ISG) (including doctors) 8 34 Medical Upstream/Downstream Education Group Marketing & Sales
Intentional fit-based hiring and promotion from within Single-tier
sales team w/ ~90% case High-powered, high- presence touch commercial Mining information across all sources, informing every decision we make system designed to solve patient needs Solution-based toolkits, not widgets Deliberate territory splits
& alignment of incentives
Our commercial system enables us to scale in new markets with
significant unmet needs US VTE Global Leadership Inari High-Touch Commercial Global Markets Solving Patient System Unmet Needs New Large Unmet Needs
Growth Driver 2 Driving Deeper Penetration Eric Khairy, SVP
A significant responsibility Addressable US VTE ~710,000 patients per
A significant responsibility 15-20% Receive any intervention
Addressable US VTE ~710,000 patients per year
A significant responsibility 15-20% Receive any intervention <5%
Treated with Inari products today Addressable US VTE ~710,000 patients per year
VTE lacks a systematic approach to identify, screen, and triage
patients MYOCARDIAL STROKE VTE INFARCTION Consistent screening Consistent screening protocols protocols Algorithms for triage Algorithms for triage and treatment and treatment Tracked metrics Tracked metrics Interventionalist Interventionalist
VTE patients are inside the hospital, yet most never see a VTE expert
Annual US VTE Incidence 710K US Hospital Beds ~740K Annual US Incidence per Bed ~1 500 Bed ~500 = Mid-sized hospital addressable VTE patients/year
We're helping Excellent clinical outcomes hospitals build
programs that Positive hospital economics connect VTE Systematic patient pathway patients to VTE (i.e., a "VTE program") experts
VTE Excellence is a codified & scalable process to build VTE
programs ENGAGE EMPOWER EXCEL ~120 Inari accounts ~20 Inari accounts ~1,250 Inari accounts Solidify consistent patient Find champions, Create patient pathway identification, triage, build the foundation and build awareness tracking
APPROX. ACCOUNT-LEVEL TAM PENETRATION BY STAGE 4x VTE Excellence
activities are 22% beginning to drive deeper 16% account-level TAM penetration 5% Engage Empower Excel
What's the future? Interventional TAM penetration in context
Myocardial VTE Today Infarction ~90% 15-20% Interventional TAM Interventional TAM penetration* penetration *Intervention includes both CABG and angioplasty
Growth Driver 3 Building Clinical Evidence Tara Dunn, SVP Clinical
Affairs Larry | Newport Beach, CA
Transforming patient care Do the right thing Generate data Develop Set
the for patients with urgency the market bar high
Clinical by the numbers 2,000+ 250+ Patients studied Peer reviewed to
date publications INCLUDING 2 RCTS 6 20+ Major prospective Active or completed Studies IIR engagements
Strong and versatile team driving the quality and pace of best-in-class
evidence generation Clinical Clinical Biostats Scientific Insights Research Communication Real World Data Trial Clinical Data Dissemination Execution Analytics
A tsunami of clinical data PE Trials: FLASH interim RCT enrollment
FLASH 800 FlowTriever Real-world all- late-breaking begins late-breaking System comers PE registry clinical trial clinical trial enrollment begins IDE enrollment begins High-risk PE Interim First high-risk st EU enrollment 1 mechanical study
FlowTriever PE multicenter Publication begins thrombectomy enrollment FDA cleared series from device Published in begins FLASH indicated for PE JACC 2015 2016 2017 2018 2019 2020 2021 2022 st 1 mechanical RCT thrombectomy enrollment device 2 CLOUT