Name: Kevin Strange
New title: CFO, Inari Medical
Previous title: Senior vice president of finance, accounting, strategy and business development, Inari Medical
Kevin Strange is set to replace Mitch Hill as Inari Medical’s CFO at the beginning of October, the company said Tuesday.
Hill joined Inari, a provider of clot removal devices, in 2019. During Hill’s time at Inari, the company went public and grew quarterly revenues from $6 million to $146 million.
Inari CEO Drew Hykes said on an earnings call Tuesday that Hill “helped build and scale a solid financial, operating and technology foundation” to support the growing company.
The outgoing CFO “helped us identify and develop Kevin Strange as his successor,” Hykes said.
Strange joined Inari in 2020 as vice president of strategy and business development. In his current role, Strange leads day-to-day financial operations. Hill will hand the CFO title to Strange at the start of October but will “continue to support Kevin's efforts in every way and will remain with Inari through early January 2025,” Hykes said.
An analyst asked Hill about the timing of the transition and his future plans on the earnings call. “I feel definitely like this is a great time for me to retire,” Hill said, adding that he has not given a lot of thought to what he will do after leaving the company.
The departing CFO ruled out taking another executive role at a medical device company but said otherwise “it's kind of a TBD in terms of what I'll be doing” in 2025.
Inari disclosed the CFO transition alongside its second-quarter results. Truist Securities analysts said in a note to investors the “(unexpected) CFO transition announced [with] results strikes us as succession planning.”
The company reported revenue of $146 million in the quarter, representing year-over-year growth of 23%, and raised its full-year revenue guidance for the second straight quarter. Hykes named the full market release of the Venacore thrombectomy catheter, anticipated reentry in acute limb ischemia and expected launches in China and Japan as upcoming catalysts.
The CEO reaffirmed Inari's expectations to reach “sustained operating profitability” in the first half of 2025.
Strange answered a question on the call about Limflow, a company Inari acquired last year for $415 million. Limflow received FDA approval in September for a device to treat patients with chronic limb-threatening loss of blood flow.
On the device launch, Strange said Inari is seeing “good traction in the marketplace, a lot of good enthusiasm among the docs and among hospitals,” but the goal this year is to build the foundations for “what should be a very positive 2025.”
