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Jun 30, 2024
Avinger Q2 2024 Earnings Report
Reported second quarter results, implemented lower operating cost profile, and readied OCT-guided coronary device for IDE submission.
Key Takeaways
Avinger reported Q2 2024 revenue of $1.8 million with a gross margin of 20%. The company streamlined operating costs and is advancing its coronary product line development, with IDE submission anticipated in Q3 2024. They also secured up to $24 million in additional growth financing and appointed Thomas Davis as Chief Medical Officer.
Reported second quarter 2024 revenue of $1.8 million, with a sequentially increased gross margin of 20%.
Streamlined operating costs in June 2024 to support existing peripheral user base and advance coronary product line development.
Continued Phase III verification and validation studies for Avinger’s proprietary image-guided coronary CTO-crossing system for IDE submission anticipated in the third quarter of 2024.
Completed the conversion of $11 million of debt into shares of a new series of convertible preferred stock, reducing the outstanding principal amount of debt to $2.6 million.
Forward Guidance
Avinger expects improved gross margin and reduced operating costs in the second half of 2024.
Positive Outlook
- Improved gross margin expected.
- Reduced operating costs expected.
- Focus on coronary artery disease program.
- Advancing coronary product development.
- Streamlined operations of its peripheral business.
Historical Earnings Impact
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