Avinger Q4 2023 Earnings Report
Key Takeaways
Avinger reported a Q4 revenue of $1.9 million, a 5% sequential increase, and a gross margin of 20%. The company expanded its sales team by more than 25% and deepened its presence in key markets. Avinger also announced a strategic financing and partnership agreement with Zylox-Tonbridge.
Announced up to $15 million strategic financing and partnership agreement with Zylox-Tonbridge, with $7.5 million initial equity investment funded in March 2024.
Reported fourth quarter 2023 revenue of $1.9 million, a sequential increase of 5%, and gross margin of 20%.
Expanded sales team by more than 25% and deepened Avinger’s presence in key Midwest, Texas and Florida markets.
Expanded full commercial launch of Tigereye ST, Avinger’s most advanced image-guided peripheral CTO-crossing device, based on strong momentum in the fourth quarter.
Avinger
Avinger
Forward Guidance
The strategic relationship provides the opportunity for Avinger to partner with Zylox-Tonbridge to develop a more cost-efficient manufacturing structure to support the growth of global sales and improve gross margin. It also allows Avinger to access certain of Zylox-Tonbridge’s high-quality peripheral products for distribution in the U.S. and Germany, providing the opportunity for incremental revenue growth and increased sales productivity without significant R&D investment.
Positive Outlook
- Strategic equity funding to support growth initiatives in the U.S. market.
- Advance development of first coronary product.
- Opens a proven commercial channel for Avinger products to enter the robust and growing Greater China market.
- Opportunity to develop a more cost-efficient manufacturing structure to support the growth of global sales and improve gross margin.
- Allows Avinger to access certain of Zylox-Tonbridge’s high-quality peripheral products for distribution in the U.S. and Germany, providing the opportunity for incremental revenue growth and increased sales productivity without significant R&D investment.