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Mar 31, 2024
Avinger Q1 2024 Earnings Report
Reported first quarter results with revenue of $1.9 million and gross margin of 18%.
Key Takeaways
Avinger reported first quarter 2024 revenue of $1.9 million with a gross margin of 18%. The company is advancing its new OCT-Guided Coronary Product Development and initiated Phase III verification and validation studies for its image-guided coronary CTO-crossing system.
Reported first quarter 2024 revenue of $1.9 million, and gross margin of 18%.
Continued full commercial launch of Tigereye ST and limited launch of the new Pantheris LV.
Initiated Phase III verification and validation studies for Avinger’s proprietary image-guided coronary CTO-crossing system in preparation for IDE submission.
Announced a strategic partnership and up to $15 million equity funding agreement with Zylox-Tonbridge, of which $7.5 million was funded in March 2024, opening a pathway to the greater China market.
Forward Guidance
Avinger is focused on advancing its coronary CTO solution and expanding into the China market through its partnership with Zylox-Tonbridge.
Positive Outlook
- Innovative coronary CTO solution has the potential to offer superior, simplified, and more predictable clinical outcomes.
- Strategic partnership with Zylox-Tonbridge provides a proven commercial channel for Avinger products to enter the robust and growing greater China market.
- Opportunity to partner with Zylox-Tonbridge to develop a more cost-efficient manufacturing structure.
- Accessing established reimbursement codes for both coronary CTO-crossing and OCT-diagnostic imaging following clearance.
- Extension of principal payments on Avinger’s debt from the first quarter of 2024 to the first quarter of 2027.
Challenges Ahead
- Dependency on a limited number of products.
- Resource requirements related to Pantheris, Tigereye and our Lightbox imaging console.
- Outcome of clinical trial results.
Historical Earnings Impact
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