Inari Medical Inc.: Transforming Venous Health Under Drew Hykes

Inari Medical Inc. stands out as a beacon of innovation in the medical device industry, especially in the treatment of venous thromboembolism (VTE). When Drew Hykes joined the company in 2017 as chief commercial officer, it was a modest startup of just 25 employees. However, what drew him to Inari was its pioneering technology: the FlowTriever and ClotTriever systems. Unlike traditional medical device manufacturers that repurpose arterial devices, Inari focused on creating specialized catheter-based tools specifically designed to remove large blood clots from veins, addressing a critical and often overlooked need in patient care.

Under Hykes’s leadership, Inari made significant strides in converting skeptics into believers. His strategic insight and understanding of the healthcare landscape contributed immensely to the company’s initial public offering (IPO) in 2020. Inari raised $156 million, achieving one of the strongest IPOs of the year with its share price soaring from an initial $19 to over $40 on the first trading day, ultimately valuing the firm at approximately $2 billion. Following this financial success, Hykes transitioned to chief operating officer and then to chief executive officer in 2023. His tenure marked a period of explosive growth for Inari, with revenues skyrocketing 63% from $336 million to $547.5 million in two years, solidifying its position as Orange County’s third fastest-growing public company within its market capitalization bracket.

In February 2024, Inari’s remarkable journey culminated with its acquisition by Stryker Corp. for $4.9 billion, showcasing the company’s robust market appeal and innovative solutions. Hykes has since embarked on a new chapter as CEO and president of Okami Medical Inc., another firm dedicated to developing minimally invasive medical devices that regulate blood flow through arteries.

Hykes’s Inspiring Journey: From Finance to Healthcare

Drew Hykes’s path to becoming a prominent leader in the medical device industry is both diverse and inspiring. Originally from Minneapolis, Hykes earned a bachelor’s degree in finance from the University of Wisconsin and an MBA from Harvard Business School. Hykes began his career in commercial banking but soon realized his passion lay in healthcare. He pivoted his career away from banking to join Medtronic in various roles that culminated in leadership positions in marketing and clinical regulatory affairs. His pivotal career move to Orange County in 2012 led him to Sequent Medical, the progenitor of Inari and Okami, eventually introducing him to the innovation-driven team at Inari.

The familiarity and respect he had developed for the Inari team played a crucial role in his decision to join the startup. Hykes focuses on building relationships and fostering a collaborative culture, underscoring the significance of a united front in achieving organizational success. His ability to navigate the complexities of medical technology and patient care resonated with his colleagues, making him a vital asset for Inari.

Embracing a Patient-Centric Ethos

One of Hykes’s defining characteristics is his unwavering commitment to a patient-first ethos. Former CEO Bill Hoffman, a mentor to Hykes, acknowledges this quality, noting that it makes Hykes an exceptional leader. Early on, Inari faced challenges with its technology; while patients benefitted clinically, the underlying mechanism was not performing to expectations. Hykes played a pivotal role in a decision to streamline the product line, prioritizing patient safety over immediate revenue potential. By eliminating non-essential components, the company significantly enhanced the efficacy of its devices, enabling better treatment outcomes for over 150,000 patients. This decision is now regarded as a hallmark moment in Inari’s history, showcasing the importance of making tough choices rooted in patient interest.

Innovative Technologies: A Commitment to Improvement

During his tenure, Hykes was instrumental in expanding Inari’s product portfolio by acquiring Paris-based LimFlow for $415 million in late 2023, which added new technologies for chronic limb-threatening ischemia. This strategic move emphasized Inari’s dedication to improving patient care and offering comprehensive treatment options for venous disorders. The focus on innovation and patient outcomes continued to shape the company’s roadmap, reinforcing its position as an industry leader.

New Ventures: Okami Medical

After the acquisition by Stryker, Hykes took a moment to reflect on his career before stepping into his new role at Okami Medical. Similar to Inari, Okami focuses on innovative technologies that aim to improve patient outcomes. The company’s LOBO Vascular Occlusion System and SENDERO Microcatheter represent cutting-edge advancements in vascular health management. The LOBO system utilizes unique braided technology, prioritizing minimally invasive methods to obstruct blood flow effectively during surgeries. Hykes emphasized the importance of being commercially focused as the company works to expand its footprint and clinical programs.

Securing an oversubscribed $45 million financing round led by Gilde Healthcare has positioned Okami for continued growth and development. Building upon his past experiences, including partnerships with key players in the industry, Hykes aims to replicate Inari’s success but with a new set of innovative products and a keen focus on patient care.

Leadership and the Future Ahead

As Hykes embarks on this new journey, he remains committed to leveraging his unique blend of financial insight, operational experience, and a profound understanding of patient needs. His collaborative approach will be a key asset in ensuring Okami can navigate the competitive medical device landscape effectively. Former colleagues believe that Hykes will lead Okami towards new heights, solidifying its mission to improve patient outcomes through innovative medical technology.

In recognition of his outstanding contributions to Inari and the healthcare industry, Hykes has earned accolades, including the title of Businessperson of the Year in the healthcare sector by the Business Journal. This recognition reflects not only his individual accomplishments but also his ability to inspire those around him, driving transformation through innovation and compassion for patients.

In conclusion, Drew Hykes’s career illustrates the profound impact of focused leadership within the medical device industry. With a compelling vision and an unwavering commitment to improving patient care, his legacy at Inari Medical and new ventures at Okami Medical are positioned to shape the future of vascular health solutions. As he forges ahead, the medical community can anticipate significant advancements that prioritize patient outcomes and innovative care methodologies, further positioning these companies at the forefront of medical technology.