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Mar 31, 2022
Avinger Q1 2022 Earnings Report
Reported first quarter results, impacted by the Omicron variant surge and hospital staffing shortages.
Key Takeaways
Avinger, Inc. reported a decrease in revenue for Q1 2022 compared to Q1 2021, with $1.9 million versus $2.6 million, impacted by COVID-19 related hospital constraints. The company maintained a strong cash position of $20.0 million and progressed the development of new catheter line extensions.
First quarter revenue was $1.9 million, down from $2.6 million in the prior year.
Gross margin was 28%, reflecting lower revenue levels.
FDA 510(k) clearance was received for Lightbox 3, with a full U.S. commercial launch announced.
A strong cash position of $20.0 million was maintained, enhanced by $7.6 million in gross proceeds.
Forward Guidance
Avinger expects to expand its recurring revenue base with the filing of 510(k) applications for two new catheters in its peripheral product portfolio in 2022 and is making progress on the development of its first entry into the coronary market.
Positive Outlook
- Improved access and growing case volumes are being seen in the second quarter.
- Lightbox 3 platform is now fully available.
- FDA 510(k) clearance for an in-stent restenosis (ISR) indication for Pantheris.
- Filing of 510(k) applications for two new catheters in peripheral product portfolio expected in 2022.
- Progress on development of image-guided CTO-crossing catheter for CAD.
Challenges Ahead
- Challenges from COVID-19 disruptions and hospital staffing shortages at the start of the year.
- First quarter revenue declined from the prior year.
- Gross margin decreased compared to the prior year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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