Piper Sandler downgrades Inari Medical to Neutral on core concerns, DOJ probe

As previously reported, Piper Sandler downgraded Inari Medical to Neutral from Overweight with a price target of $55, down from $85, following quarterly results. The firm notes revenue was in-line with the pre-announcement and adjusted EPS slightly better than Street models. The company also reaffirmed its initial revenue guidance of +17.5%-20% growth year-over-year that was issued last month. Based on management’s commentary, Piper is backing into U.S. VTE of growth around the +15% level. Admittedly, this is a bit below its previous expectation and marks a healthy deceleration over the prior year. This development combined with some competitive concerns the firm has been wrestling with and the newly disclosed DOJ investigation move Piper to the sidelines for now.