Avinger Inc (NASDAQ:AVGR)
Avinger Inc (NASDAQ:AVGR), a major developer of treatments for peripheral artery disease, recently announced an update on several items of business. Among the updates are provisional results from the first quarter of the 2017 financial year. The company also announced an organizational rearrangement as well as ongoing progress on development of its products together with clinical programs.
Additionally, the company said it has been reviewing a number of strategic options that are focused on optimizing shareholder value. Among the options that the company is exploring and evaluating as part of the review are raising more capital from investors, aligning with strategic partners for distribution of products outside the United States, and a merger or sale of the company.
In a statement, the company said it had made significant progress in launching the Pantheris OCT-guided atherectomy into the market. This increased the company’s base of installed Lumivascular accounts and offered two years of data from the company’s VISION study. However, the company says it encountered a number of challenges concerning the reliability of the product as well as the marketing and commercialization of the Lumivascular technology. As a result, the company made changes in its business as it prepares to unveil the next generation Pantheris and Below-the-Knee products later in 2017 or early 2018.
Going by the provisional unaudited financial results the company is anticipating revenue of around $3.5 million for the 2017 first quarter. This represents a drop of 22% from the same period last year and a drop of 26% from the fourth quarter of last year. In the same quarter, the company is expecting revenue from disposable devices of $2.9 million, a drop of 12% from the fourth quarter of 2016 and a 22% drop from the fourth quarter of 2016.
The company expects revenue from Lightbox imaging consoles to be at $0.6 million representing a 50% drop compared to same period last year and a 40% decrease compared to the last quarter of 2016. In the first quarter, the Lumivascular accounts went up by five and closed the quarter at 161 accounts. The company reported a total of $23.0 million in cash and cash equivalents at the end of the last quarter. This is in comparison to the $36.1 million reported at the end of last year.
The company’s top priority for this year is to complete the Pantheris projects which it hopes will improve the reliability of the products as well as their usability in addition to expanding market opportunities.
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About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.