Kevin Strange has been appointed as the new Chief Financial Officer (CFO) of Inari Medical, slated to begin his new role in early October. This announcement was made by Inari Medical, a company known for its clot removal devices, coinciding with the disclosure of their second-quarter earnings. Strange will be succeeding Mitch Hill, who has been with Inari since 2019, a period during which the company not only went public but also saw a significant increase in its quarterly revenues, skyrocketing from $6 million to $146 million.
The transition was announced by Inari’s CEO Drew Hykes, who praised Hill for his pivotal role in establishing a robust financial, operational, and technological foundation that has supported the company’s growth. Hykes outlined that Hill was instrumental in identifying and grooming Kevin Strange to be his successor. Strange joined Inari back in 2020 as the vice president of strategy and business development and currently leads the day-to-day financial operations.
During an earnings call, Mitch Hill discussed the timing of his departure, expressing that the transition period feels right for him to retire. He clarified that although he is stepping down, he does not foresee taking up another executive role in the medical device sector post-retirement. However, his plans post-Inari remain open and undecided for the year 2025. Hill confirmed his commitment to continue supporting Strange in his new role until his own tenure at the company ends in early January 2025.
The company’s financial performance remains strong, with reported revenues of $146 million for the quarter, marking a 23% year-over-year growth. Subsequently, Inari has raised its full-year revenue guidance for the second consecutive quarter. CEO Hykes highlighted several growth catalysts for the company, including the full market release of the Venacore thrombectomy catheter, anticipated reentry into the acute limb ischemia sector, and prospective launches in markets like China and Japan. He also reaffirmed the company’s expectation to achieve sustained operating profitability by the first half of 2025.
Additionally, Kevin Strange addressed inquiries about Limflow, a company that Inari acquired the previous year for $415 million, which recently received FDA approval in September for a new device designed to treat chronic limb-threatening ischemia. According to Strange, the new device is gaining traction in the market, receiving positive feedback from doctors and hospitals. He emphasized that the company’s focus for the year is not just on immediate gains but on laying a solid foundation for a strong performance in 2025.
Analysts from Truist Securities referred to the CFO transition as unexpected but saw it as part of succession planning, which was announced together with the quarterly results. From the details provided and the strategic plans outlined, it is evident that Inari Medical is poised for continued growth and innovation under its new financial leadership, with significant advancements and expansions on the horizon.
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