Inari Medical tumbles after launching equity offering

Inari Medical

10/03/2022 15:16

(Updates, including stock activity)
    ** Inari Medical  NARI.O  shares tumble 16.4% to $81.83
early Thurs as co seeks equity
    ** Stock on course for record one-day pct decline. Biggest
fall was 15.5% drop on Aug 11, 2021
    ** Seller of devices to remove blood clots commenced 2 mln
share offering  urn:newsml:reuters.com:*:nGNX20YJ8s
    ** BofA and Morgan Stanley joint lead bookrunners
    ** NARI has ~50.6 mln shares outstanding for roughly $5 bln
market cap, per Refinitiv data
    ** Through close on Weds, shares gained 32% over the past
month
    ** On Feb 23, co reported Q4 rev of $83 mln (up 71% yr/yr)
and forecasted FY 2022 rev of $350-$360 mln, reflecting approx
28% growth at the midpoint over 2021  urn:newsml:reuters.com:*:nGNX5R70cp
    ** Wall Street firmly bullish on NARI with avg rating of
"strong buy"; median PT is $105 - Refinitiv
    ** NARI went public in May 2020 IPO priced at $19

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))