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Inari Medical, Inc. NARI recently announced the receipt of a national reimbursement approval from the Japanese Ministry of Health, Labor and Welfare for its ClotTriever Thrombectomy System for deep vein thrombosis (DVT).
NARI also entered into a distribution deal with Medikit Co. Ltd, a global medical device company, to facilitate the commercialization of the Clotriever system in Japan.
Likely Trend of NARI Stock Following the News
Following the announcement, shares of the company closed flat at $52.12 on Monday. However, in the year-to-date period, NARI’s shares have lost 19.7% against the industry’s 6.4% growth. The S&P 500 increased 27.1% in the same time frame.
The reimbursement approval and the new distribution deal with Medikit are likely to help NARI boost its ClotTriever sales in Japan and its overall revenues, which will likely increase the stock’s price. Meanwhile, the company currently has a market capitalization of $3.04 billion. NARI delivered an average earnings surprise of 24.8% in the last four quarters.
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More on NARI’s CloTriever System & Its Reimbursement Approval
NARI’s ClotTriever system is anFDA 510(k)-cleared and CE-Marked mechanical thrombectomy device specifically designed for the treatment of DVT. The 500-patient ClotTriever CLOUT Registry recently released two-year results that demonstrated a low risk for post-thrombotic syndrome, a significant clot removal rate and a strong safety profile. ClotTriever is one of the most studied thrombectomy devices for DVT, including the ongoing Randomized Controlled Trial, DEFIANCE, which compares ClotTriever to anticoagulation alone for patients with DVT. The ClotTriever portfolio includes ClotTriever Sheath 13F and 16F; ClotTriever; ClotTriever BOLD; ClotTriever XL and Fourth Generation Triever Catheters and ProTrieve Sheath.
The Japanese regulatory authority established a new functional category distinct from previous catheter-based therapies because of ClotTriever's unique technique of action for overall, wall-to-wall thrombus elimination in patients with DVT. The reimbursement premium for this new functional category is based on ClotTriever's extensive clinical data demonstrating its safety and effectiveness in eliminating different kinds of thrombi.
Inari’s distribution partner in Japan, Medikit , is a market-leading vascular medical device manufacturer that serves Japan, the United States and more than 30 other countries. Through this new collaboration, the company intends to expedite the start of its Post Market Surveillance study, which will involve 100 patients, and then expand its commercial reach.