Inari Medical, which makes minimally invasive medical devices for venous diseases, announced terms for its IPO on Monday.
The Irvine, CA-based company plans to raise $110 million by offering 7.3 million shares at a price range of $14 to $16. Insiders intend to purchase $20 million worth of shares in the offering. At the midpoint of the proposed range, Inari Medical would command a fully diluted market value of $797 million.
Inari's products have been used to treat more than 8,500 patients at approximately 600 hospitals across the United States, with approximately 91% of cases being performed since its commercial launch in the 3Q18. Economic disruptions associated with the pandemic began to negatively impact Inari's procedure volume beginning in mid-March, but despite the slowdown, the company's minimally invasive devices were used to treat approximately 2,400 patients in the 1Q20, up from 1,800 in the 4Q19 and 600 in the 1Q19.
Inari Medical was founded in 2011 and booked $71 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol NARI. BofA Securities and Morgan Stanley are the joint bookrunners on the deal. It is expected to price during the week of May 18, 2020.
