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New Position and Some Adds
New position: $NARI
Anyone who has read anything I've posted knows I have a weak spot for medtech companies (I'm looking at you $SWAV, $DMTK, $ISRG, $INMD, $GMED, and sort of $MEDP and $PGNY. Oh, and also $SILK, $INSP, $OM, $TMDX, $STAA, and sort of $SDGR).
Inari Medical has incredible gross margins (88-92%), they're self-funding with slightly positive to slightly negative EBT margins, and revenue is growing rapidly (31% TTM). Just five years ago, May February 2017, they launched ClotTriever, with FlowTriever following in May 2018. 2018 revenue: $6.8 million. Four years later, their 2022 revenue came in at over $383 million.
They've barely scratched the surface of international expansion (international revenue was just 2.7% of their total TTM revenue) and their R&D expenses (19% of TTM revenue, which I'd actually like to see get close to 25%) are being put to good use as they just announced in June the commercial launch of two new products. They IPOed in May 2020 and their total return since is 55%, trailing $SPY (60%) and $QQQ (66%). If they execute international expansion, continue to bring additional products to market, and of course maintain growth of FlowTriever and ClotTriever, I don't see how they don't handily beat the market over the next 5 years. However, like ShockWave, I think they are also unlikely to be to be a standalone company in 5 years. Both seem like strong candidates to get purchased by a $JNJ or $MDT. That isn't part of my thesis. I don't want these companies to be acquired, but it just feels like that's what will happen (ShockWave has already been in several acquisition rumors in 2023).
I opened my standard position (~1% of my portfolio) and will be watching how the new products and international expansion do before considering adding more.
Initial position is at $65.25/sh
Other adds:
$BNTX - Added 42% more shares at $97.20/sh
$MRNA - Added 41% more shares at $99.00/sh
$PSNY - Added 39% more shares at $4.21/sh
$PCOR - Added 16% more shares at $64.70/sh
$PGNY - Added 12% more shares at $40.74/sh (This buy brings Progyny into my top 10 positions by total cost basis)
$MNDY - Added 25% more shares at $161.00/sh
$SDGR - Added 11% more shares at $36.39/sh (I'm with @hourglassnetwork on this one. Way overblown sell-off. Happy to add shares here even though it increases my cost basis).

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