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DEVICES: Bill Hoffman leaving clot-treating co. in 'fantastic shape'
Bill Hoffman had more than 25 years of medical device experience when in 2015 he took a chance by joining a local medical device startup with 10 employees and no approved products.
That leap of faith paid and then some.
As chief executive and president of Irvine's Inari Medical Inc. (Nasdaq: NARI), Hoffman helped build one of Orange County's larger public companies.
The maker of products that treat blood clots in veins counts exploding revenue growth, an employee base topping 1,000, a new local headquarters base in the Irvine Spectrum and a market cap of about $4 billion as of last week.
The next chapter for Inari will be written under a different leadership team.
Hoffman on Aug. 3 announced he would remain on the board of directors while handing the chief executive reins to Chief Operating Officer Drew Hykes, who has been with the company for five years.
The exec change is effective Jan. 1.
"I have loved every second of my time here on this mission and with this team," Hoffman, who was 54 years old as of the company's last proxy, told analysts when announcing the decision, which he said was purely for personal reasons (see story, this page).
Growth Machine
Hykes is taking over a company on a fast track.
Revenue is expected to grow 33% this year to $369 million and another 20% in 2023, according to analysts' consensus estimates.
Inari has developed products from the ground up with a specific purpose to remove clots from veins...