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Sep 30, 2023
Avinger Q3 2023 Earnings Report
Avinger reported third quarter results with revenue of $1.8 million and a gross margin of 21%.
Key Takeaways
Avinger reported third quarter revenue of $1.8 million with a gross margin of 21%. The company is expanding its sales team to drive revenue growth in 2024 and advancing the development of a coronary CTO-crossing system.
Third quarter revenue reached $1.8 million, with a gross margin of 21%.
Full commercial launch initiated for Tigereye ST, the advanced image-guided CTO-crossing device.
Limited launch commenced for the new Pantheris LV (large vessel) image-guided atherectomy device.
Advancement in the development of an image-guided coronary CTO-crossing system, with IDE submission anticipated mid-2024.
Forward Guidance
Avinger is focused on driving revenue growth in 2024 through sales team expansion and new product launches.
Positive Outlook
- Full commercial launch of Tigereye ST.
- Limited launch of Pantheris LV.
- Advancement of coronary CTO-crossing system development.
- Sales team expansion planned for Q4.
- Positive clinical outcomes data for Pantheris SV below-the-knee atherectomy device.
Challenges Ahead
- Change in sales revenue primarily reflected a decrease in sales headcount.
- Gross margin decreased due to lower manufacturing volume over fixed costs.
- Net loss for the quarter was $4.5 million.
- Dependency on a limited number of products
- The outcome of clinical trial results
Historical Earnings Impact
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