Inari Medical, Inc.

Stryker pegged Inari Medical’s 2024 revenues at $603 million while estimating that mechanical thrombectomy for VTE alone has reached a $6 billion opportunity in the U.S. and is growing about 20% annually. \n After professing a hearty appetite for tuck-in M&A last year and signing a string of smaller deals, Stryker is now opening its pocketbook a bit wider to acquire Inari Medical with its portfolio of blood-clot-busting devices and 1,400 employees.Stryker will put down $80 per share in cash for Inari for a total of about $4.9 billion. The company said the addition of Inari’s hardware for treating venous thromboembolism (VTE) in the arms, legs and lungs will provide a nice complement to its current neurovascular business for attacking strokes within the brain.“Inari has positively impacted the lives of hundreds of thousands of patients through the development of purpose-built tools that address unmet patient needs,” Inari CEO Drew Hykes said in a statement. “With Stryker’s capabilities and global infrastructure, we will be even better positioned to accelerate the development of innovative new solutions and expand our footprint.” The two companies estimate that up to 900,000 people in the U.S. suffer from venous blood clots each year—with patients at particularly high risk following hospitalizations and surgeries as well as during cancer treatment or pregnancy and childbirth.Inari’s catalog includes the catheter-based FlowTriever and ClotTriever systems for mechanically removing blood clots in cases of pulmonary embolism and deep vein thrombosis, respectively.Meanwhile, the Irvine, California-based company’s RevCore and InThrill devices are designed to help clear blocked stents as well as the arteriovenous fistulae used in dialysis. Additionally, in November 2023, Inari inked a $415 million deal to buy LimFlow, maker of a transcatheter-based covered stent that redirects blood flow around blocked arteries to help restore the delivery of oxygen to a leg at risk of being amputated.Stryker pegged Inari’s 2024 revenues at $603 million while estimating that mechanical thrombectomy for VTE alone has reached a $6 billion opportunity in the U.S. and is growing about 20% annually. The two companies said they expect the deal to be completed by the end of March.Last year, Stryker’s acquisitions included Molli Surgical, with its miniature tissue marker for targeting breast cancer lesions during surgery; care.ai, a developer of smart hospital systems and room management solutions; and Nico Corporation, maker of instruments for reaching deep strokes and surgically removing brain tumors.

Shares of Inari Medical were trading around $48 earlier today. The deal was announced after market close. The deal has been approved by the boards of both Portage, Michigan-based Stryker — the world’s second-largest orthopedic device company and fifth-largest device company overall — and Irvine, California-based Inari Medical, which develops thrombectomy systems for treating venous diseases. The companies expect to close the transaction by the end of the first quarter of 2025, pending a tender of a majority of outstanding Inari shares, regulatory approval and other customary conditions. Stryker characterized Inari’s product portfolio for  venous thromboembolism (VTE) as “innovative [and] highly complementary to Stryker’s Neurovascular business,” which develops and manufactures devices and systems for vascular access, embolization, thrombectomy, angioplasty and stenting. “The acquisition of Inari expands Stryker’s portfolio to provide life-saving solutions to patients who suffer from peripheral vascular diseases,” Stryker Chair and CEO Kevin Lobo said in a news release. “These innovations elevate the standard of care for venous thromboembolism patients and will accelerate Stryker’s impact in endovascular procedures.” Inari’s portfolio includes nitinol-enabled devices and systems like the FlowTriever for pulmonary embolism (PE), ClotTriever for deep vein thrombosis (DVT), LimFlow system for chronic limb-threatening ischemia (which Inari purchased for up to $415 million in 2023), and the new Artix thrombectomy system for acute limb ischemia. Medical Design & Outsourcing: How LimFlow’s foot-saving system prevents amputations in patients with no other options “Inari has positively impacted the lives of hundreds of thousands of patients through the development of purpose-built tools that address unmet patient needs,” Inari CEO Drew Hykes said in the release. “With Stryker’s capabilities and global infrastructure, we will be even better positioned to accelerate the development of innovative new solutions and expand our footprint.” Stryker’s M&A offensive: Andy Pierce discusses some of the devicemaker’s biggest deals — and a few seen as ‘head-scratchers’ Stryker cited CDC statistics showing that up to 900,000 people in the U.S. are affected by VTE Stryker executives will discuss their financial expectations from the deal on Jan. 28 during the company’s fourth quarter 2024 earnings call. Needham & Co. analysts Mike Matson, David Saxon and Joseph Conway said they expect the deal to be about 30 basis points accretive to Stryker’s organic growth and about 70 basis points accretive to gross margin, but about 2.4% dilutive to Stryker’s 2025 estimated earnings per share. BTIG analysis Ryan Zimmerman expects no regulatory hurdles, but said peripheral vascular competition from Penumbra is a concern, with the company taking peripheral vascular market share with its Lightning Flash and Bolt launches. “Even with [Stryker’s’ muscle behind [Inari], we expect that [Penumbra] will grow its Thrombectomy business above market, similar to what we’ve seen in Neurovascular,” Zimmerman wrote in an email to clients. “Whether or not this matters to [Stryker] in the near-term though may be less of a concern, but longer-term it will need to overcome this.” He also noted the U.S. Department of Justice’s ongoing investigation into Inari sales practices, but said Stryker’s deal shows the company’s “comfort in navigating this issue.”

ALISO VIEJO, Calif., Dec. 3, 2024 /PRNewswire/ -- Okami Medical, a commercial-stage medical device company, today announced the appointment of Bill Hoffman to its Board of Directors. "We are thrilled to welcome Bill to our Board of Directors," said Rhonda Robb, President and CEO of Okami Medical. "Bill brings extensive experience in the medical device industry and is an exceptionally strong leader with a track record of driving growth while creating a culture of operational excellence." Mr. Hoffman is a Venture Partner at Vensana Capital. He serves as a member of the board of directors for several med tech companies, including Inari Medical, where he held the CEO role from 2015 until 2022, leading the company through its initial public offering and helping to establish it as the global leader in the treatment of venous thromboembolism. He previously served as CEO at Visualase, acquired by Medtronic in 2014, and VP Sales at FoxHollow Technologies, acquired by ev3 in 2007. "I'm honored to join the Okami team and have been impressed by the performance of the LOBO vascular occluder in a wide variety of anatomies," commented Mr. Hoffman. "I look forward to working with the team to expand our commercial launch and make this important technology available to more physicians and patients." About Okami Medical Okami Medical, Inc. is a privately held medical device company with a mission to address the evolving needs of patients and physicians through the development of innovative, versatile, and intuitive devices for the occlusion of peripheral vessels. The company was created in 2017 by Inceptus Medical, a medical device incubator. The Inceptus team has a track record of creating innovative and successful companies including Inari Medical, Sequent Medical (acquired by Terumo in 2016) and MicroVention (acquired by Terumo in 2006). Okami is backed by members of the board of directors, Vensana Capital, U.S. Venture Partners (USVP), and medical device industry veterans. For more information, please visit . Source: Okami Medical, Inc. 949-446-9710 [email protected] SOURCE Okami Medical Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In GET STARTED