In This Article:
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Total Revenue: $1.7 million for Q3 2024, down from $1.8 million in the previous quarter and the same period last year.
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Gross Margin: 26% in Q3 2024, up from 20% in Q2 2024 and 21% in Q3 2023.
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Operating Expenses: $4.1 million in Q3 2024, down from $4.5 million in Q2 2024 and $4.4 million in Q3 2023.
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Net Loss: $3.7 million in Q3 2024, a 15% improvement from $4.4 million in Q2 2024 and a 17% improvement from $4.5 million in Q3 2023.
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Adjusted EBITDA: Loss of $3.4 million in Q3 2024, a 12% improvement from a loss of $3.8 million in Q2 2024 and a 10% improvement from a loss of $3.7 million in Q3 2023.
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Cash and Cash Equivalents: $5.9 million as of September 30, 2024.
Release Date: November 07, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Avinger Inc (NASDAQ:AVGR) achieved notable improvements in operating efficiency and made meaningful strides toward strategic objectives.
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The company implemented a cost savings program, reducing overall headcount by 24%, leading to improved efficiency and gross margin.
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Despite a leaner sales team, Avinger Inc (NASDAQ:AVGR) maintained approximately 90% of revenue compared to the prior quarter and the same period last year.
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The full commercial launch of the Pantheris LV catheter showed positive market response, with a 20% increase in revenue over the previous quarter.
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Avinger Inc (NASDAQ:AVGR) made substantial progress in developing its first coronary product, with successful completion of phase three testing and preparation for an IDE application with the FDA.
Negative Points
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Total revenue for the third quarter of 2024 was $1.7 million, slightly down from $1.8 million in both the previous quarter and the same period last year.
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Operating expenses for the third quarter of 2024 were $4.1 million, indicating a need for further cost management.
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The company reported a net loss of $3.7 million for the third quarter of 2024, despite a 15% improvement from the previous quarter.
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Avinger Inc (NASDAQ:AVGR) faces material risks and uncertainties that could cause actual results to differ from forward-looking statements.
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The strategic decision to concentrate field support on higher volume user sites may limit market reach and revenue growth potential.
Q & A Highlights
Q: What feedback have you received from physicians regarding the Pantheris LV, and how do you foresee its future adoption? A: Jeffrey Soinski, CEO: The response to the Pantheris LV has been positive, with physicians appreciating its simplicity and ease of use. The device was designed to streamline procedures and is showing early success in the market. Despite being in the early stages of full commercial launch, Pantheris LV revenue increased by over 20% compared to the previous quarter.