Advertisement
New Zealand markets closed
  • NZX 50

    11,864.89
    -7.75 (-0.07%)
     
  • NZD/USD

    0.6142
    -0.0029 (-0.47%)
     
  • NZD/EUR

    0.5735
    -0.0006 (-0.11%)
     
  • ALL ORDS

    7,974.80
    -27.70 (-0.35%)
     
  • ASX 200

    7,724.30
    -25.40 (-0.33%)
     
  • OIL

    79.05
    +0.43 (+0.55%)
     
  • GOLD

    2,350.80
    +32.80 (+1.42%)
     
  • NASDAQ

    19,576.92
    +111.74 (+0.57%)
     
  • FTSE

    8,153.67
    -10.00 (-0.12%)
     
  • Dow Jones

    38,647.10
    -65.11 (-0.17%)
     
  • DAX

    18,078.57
    -187.11 (-1.02%)
     
  • Hang Seng

    17,941.78
    -170.85 (-0.94%)
     
  • NIKKEI 225

    38,814.56
    +94.09 (+0.24%)
     
  • NZD/JPY

    96.4280
    -0.3920 (-0.40%)
     

Inari Medical (NARI) Sues Truvic on Patent Infringement

Inari Medical, Inc. NARI recently announced that it has filed a patent infringement lawsuit against Imperative Care and its subsidiary, Truvic Medical.

Inari Medical filed the lawsuit in the U.S. District Court for the Northern District of California. The company seeks injunctive relief and damages for infringement. Inari Medical believes that Truvic is violating eight of its patents related to the treatment of deep vein thrombosis (DVT) and pulmonary emboli using aspiration-based thrombectomy devices. Truvic's Symphony thrombectomy machine is one of the products mentioned in the lawsuit.

Zacks Investment Research
Zacks Investment Research


Image Source: Zacks Investment Research

Price Performance

In the past six months, NARI shares have plunged 14.5% against the industry’s rise of 18.8%. The S&P 500 has gained 16.7% in the same time frame.

More on the News

Truvic, acquired by Imperative Care in 2021, has two FDA-cleared products —the Symphony and Prodigy thrombectomy systems. Symphony offers venous applications, and Prodigy offers peripheral arterial applications.

ADVERTISEMENT

Per the lawsuit, Truvic designed Symphony for the non-surgical removal of fresh, soft emboli and thrombi from blood vessels like Inari Medical’s FlowTriver and ClotTriver systems. According to Inari Medical's allegation against the company, Symphony primarily competes with its systems.

Per Inari Medical, Symphony "significantly overlaps with and mirrors" the design of the FlowTriever. According to the lawsuit, the company claimed that the products were similar in terms of features and mechanisms, such as telescoping aspiration catheters, an additional member used in addition to the catheter, the design of a hemostasis valve between the aspiration catheter and the aspiration source, and the removable clot-filtering canister.

Inari Medical claims in the lawsuit that Truvic has intentionally copied its gadgets and specifically targets the market that it is trying to break into. Additionally, NARI claims that Truvic hired its employees and occasionally made successful attempts to hire salespersons familiar with the DVT market. The company further claims that Truvic also targeted its physicians’ network.

Per the lawsuit, sales personnel from Truvic allegedly convinced physicians to let them watch procedures carried out using Inari Medical devices. Inari Medical also claims that Truvic persuaded physicians not to allow its representatives to be present while their gadgets were being utilized.

Inari Medical claims that months after the FDA approved Symphony, in September 2023, it contacted Truvic. According to the company, Truvic refused to provide one of its Symphony systems for study, citing confidentiality concerns.

Per Imperative Care’s management, the company did not infringe upon any valid patents. The company takes intellectual property rights seriously and is likely to vigorously defend against the claims made by Inari Medical.

The ongoing lawsuit is likely to increase the litigation expenses for Inari Medical. In case the company loses the lawsuit, it is likely to result in lower sales for Inari Medical’s products owing to increased competition for similar products.

Inari Medical, Inc. Price

Inari Medical, Inc. Price
Inari Medical, Inc. Price

Inari Medical, Inc. price | Inari Medical, Inc. Quote

Zacks Rank & Stocks to Consider

NARI carries a Zacks Rank #3 (Hold) at present.

Some better-ranked stocks in the broader medical space that have announced quarterly results are Align Technology, Inc. ALGN, Ecolab ECL and Boston Scientific Corporation BSX.

Align Technology, carrying a Zacks Rank of 2 (Buy), reported first-quarter 2024 adjusted earnings per share (EPS) of $2.14, beating the Zacks Consensus Estimate by 8.1%. Revenues of $997.4 million outpaced the consensus mark by 2.6%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Align Technology has a long-term estimated growth rate of 6.9%. ALGN’s earnings surpassed estimates in three of the trailing four quarters and missed once, the average surprise being 5.9%.

Ecolab, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 13.3%. ECL’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 1.7%.

Ecolab’s shares have rallied 33.8% against the industry’s 9.3% decline in the past year.

Boston Scientific reported first-quarter 2024 adjusted EPS of 56 cents, beating the Zacks Consensus Estimate by 9.8%. Revenues of $3.86 billion surpassed the Zacks Consensus Estimate by 4.9%. It currently carries a Zacks Rank #2.

Boston Scientific has a long-term estimated growth rate of 12.5%. BSX’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 7.5%.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Boston Scientific Corporation (BSX) : Free Stock Analysis Report

Ecolab Inc. (ECL) : Free Stock Analysis Report

Align Technology, Inc. (ALGN) : Free Stock Analysis Report

Inari Medical, Inc. (NARI) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research