Core Viewpoint - Avinger, Inc. has entered into a general assignment for the benefit of creditors, leading to the liquidation of its assets and a voluntary dissolution of the company [1][2][3]. Group 1: Company Actions - On February 10, 2025, Avinger transferred substantially all of its assets to a California limited liability company for liquidation [2]. - The company's stockholders approved the assignment for the benefit of creditors and a plan for voluntary dissolution during a special meeting on February 5, 2025 [3]. - The board of directors approved the company's entrance into the assignment effective February 10, 2025 [3]. Group 2: Nasdaq Delisting - On February 11, 2025, Nasdaq notified Avinger that its securities would be delisted due to concerns regarding the company's compliance with listing requirements [4][5]. - Trading of Avinger's common stock was suspended on February 18, 2025, and a Form 25-NSE will be filed to remove the company's securities from Nasdaq [4]. - Nasdaq's decision was influenced by the company's recent filing of a Current Report and concerns about the residual equity interest of existing securities holders [5].

Financial Data and Key Metrics Changes - Total revenue for Q3 2024 was $1.7 million, down slightly from $1.8 million in both the previous quarter and the same period last year [22] - Gross margin for Q3 2024 was 26%, increased from 20% in Q2 2024 and 21% in Q3 2023, reflecting improved operating efficiency [23] - Operating expenses for Q3 2024 declined to $4.1 million compared to $4.5 million in Q2 2024 and $4.4 million in Q3 2023 [24] - Net loss for Q3 2024 was $3.7 million, reflecting a 15% improvement compared to $4.4 million in Q2 2024 and a 17% improvement compared to $4.5 million in Q3 2023 [25] - Adjusted EBITDA was a loss of $3.4 million, a 12% improvement compared to a loss of $3.8 million in Q2 2024 and a 10% improvement compared to a loss of $3.7 million in Q3 2023 [26] - Cash and cash equivalents totaled $5.9 million as of September 30 [26] Business Line Data and Key Metrics Changes - The field sales team now comprises 16 professionals, focusing on high-value accounts and demonstrating steady case activity [8] - Pantheris LV revenue increased over 20% compared to sales in Q2 2024, indicating early success in its full commercial launch [31][32] Market Data and Key Metrics Changes - The partnership with Zylox-Tonbridge aims to introduce Avinger's image-guided devices to the Greater China market, targeting an estimated 50 million people affected by peripheral artery disease [17][18] - Zylox received the innovative medical device review designation for the Pantheris device in China, which enables priority regulatory review [19] Company Strategy and Development Direction - The company implemented a cost savings program that reduced overall headcount by 24%, including a one-third reduction in the commercial team [8] - Avinger is focusing on the development of its coronary artery disease program, with significant progress made on an image-guided CTO crossing system [11][12] - The strategic partnership with Zylox includes investment alignment, market access, and cost-effective manufacturing [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing commercialization of the Pantheris LV and the potential of the coronary device to redefine treatment for coronary CTOs [13][14] - The company anticipates regulatory approval in China in the second half of 2025, with Zylox developing its manufacturing capabilities [34] Other Important Information - The company is actively engaging high-volume clinical sites for participation in the coronary trial, with plans to expand to 10 or more sites ahead of study initiation [12] - The design of the coronary CTO crossing system is expected to minimize X-ray radiation exposure and iodine-based contrast dye usage, enhancing safety for both physicians and patients [14][15] Q&A Session Summary Question: Feedback on Pantheris catheter and future adoption - Management noted positive feedback from physicians regarding the simplicity of operation and early success with a 20% revenue increase for Pantheris LV compared to Q2 2024 [30][31] Question: Confidence in Zylox's approval timeline and commercialization efforts - Management expressed confidence in Zylox's progress, stating that all products have successfully completed type testing and regulatory filings are expected to be completed by the end of the year, with approval projected in the second half of 2025 [33][34]

Company Performance - Avinger reported a quarterly loss of $1.82 per share, which was better than the Zacks Consensus Estimate of a loss of $2.03, and an improvement from a loss of $2.92 per share a year ago, indicating an earnings surprise of 10.34% [1] - The company posted revenues of $1.65 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 3.13%, although this represents a decline from year-ago revenues of $1.82 million [2] - Over the last four quarters, Avinger has surpassed consensus EPS estimates only once and has topped consensus revenue estimates just once [2] Stock Performance - Avinger shares have declined approximately 69.2% since the beginning of the year, contrasting with the S&P 500's gain of 24.3% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.40 on revenues of $1.9 million, and for the current fiscal year, it is -$4.69 on revenues of $7.2 million [7] Industry Outlook - The Medical - Instruments industry, to which Avinger belongs, is currently ranked in the top 25% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - The performance of Avinger’s stock may be influenced by the overall outlook for the industry, as empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions [5][8]

Financial Performance - Reported third quarter 2024 revenue of $1.7 million, with a gross margin of 26%, an increase from 20% in the previous quarter[2] - Revenues for the three months ended September 30, 2024, were $1,650,000, a decrease of 10.7% from $1,847,000 for the same period in 2023[19] - Gross profit for the three months ended September 30, 2024, was $426,000, representing a 12.7% increase from $378,000 in the prior year[19] - Net loss improved to $3.7 million, compared to $4.4 million in the second quarter of 2024, marking a 15% reduction in net loss[9] - Net loss for the three months ended September 30, 2024, was $(3,706,000), compared to a net loss of $(4,362,000) for the same period in 2023, reflecting a 15% improvement[20] - The company reported a net loss per share attributable to common stockholders of $(1.82) for the three months ended September 30, 2024, compared to $(2.82) in the same quarter of 2023[19] - Adjusted EBITDA loss improved to $3.4 million, compared to a loss of $3.8 million in the previous quarter[10] - Adjusted EBITDA for the three months ended September 30, 2024, was $(3,371,000), slightly better than $(3,834,000) in the previous quarter[20] Operating Expenses - Operating expenses decreased to $4.1 million, down from $4.5 million in the second quarter of 2024, reflecting a 16% reduction in selling, general and administrative expenses[7][8] - Total operating expenses for the three months ended September 30, 2024, were $4,095,000, down 9.1% from $4,505,000 in the same quarter of 2023[19] - Research and development expenses for the three months ended September 30, 2024, were $1,086,000, an increase of 20.1% from $904,000 in the prior year[19] Cash and Financial Health - Cash and cash equivalents totaled $5.9 million as of September 30, 2024[11] - Cash and cash equivalents increased to $5,901,000 as of September 30, 2024, from $5,275,000 at December 31, 2023[21] - Total current liabilities decreased significantly to $9,503,000 as of September 30, 2024, from $19,300,000 at December 31, 2023, indicating improved financial health[21] - Total assets as of September 30, 2024, were $13,601,000, a slight decrease from $13,770,000 at December 31, 2023[21] Product Development and Regulatory Updates - Initiated full commercial launch of the Pantheris LV image-guided atherectomy device for peripheral arteries[2] - Filed Investigational Device Exemption (IDE) pre-submission package with the U.S. FDA for the coronary CTO-crossing system, with submission anticipated in Q4 2024[2][4] - Zylox received Innovative Medical Device review designation for Pantheris in China, enabling priority regulatory review[5] - Anticipated completion of full manufacturing scale-up for Avinger devices in China by mid-2025[5] - Released clinical data showing 100% freedom from major adverse events at 30 days for Pantheris SV in the IMAGE-BTK study[2]

Revenue and Financial Performance - The company generated revenues of $7.7 million in 2023, down from $8.3 million in 2022 and $10.1 million in 2021, primarily due to staffing shortages and deferred elective procedures [135]. - Revenues for the three months ended September 30, 2024, decreased by approximately $0.2 million or 9% compared to the same period in 2023, with disposable catheter sales down 9% to $1.5 million [182]. - Revenues for the nine months ended September 30, 2024, decreased by approximately $0.4 million or 7% compared to the same period in 2023, with disposable catheter sales down 7% to $4.9 million [193]. - The company reported a net loss of $3.7 million and $13.6 million for the three and nine months ended September 30, 2024, respectively, with an accumulated deficit of $434.3 million as of the same date [160]. - Net cash used in operating activities for the nine months ended September 30, 2024 was $11.2 million, primarily due to a net loss of $13.6 million and an increase in net operating assets of $0.4 million [224]. - Net cash used in operating activities for the nine months ended September 30, 2023 was $11.0 million, with a net loss of $13.3 million [225]. Regulatory and Compliance - The company received 510(k) clearance from the FDA for the Tigereye Spinning Tip in April 2023, initiating a limited launch in Q2 2023 and expanding to full commercial availability in Q3 2023 [125]. - The company obtained 510(k) clearance for the Pantheris Large Vessel in June 2023, with a limited launch in Q3 2023 and full commercial availability expected in the second half of 2024 [126]. - The company received a Nasdaq delisting notice on April 25, 2023, due to a minimum bid price below $1.00, but regained compliance by September 27, 2023 [136][137]. - The company submitted a Compliance Plan to Nasdaq to address stockholders' equity deficiency and received an extension until November 14, 2023, to regain compliance [140]. - The company converted $11.0 million of outstanding indebtedness into equity in May 2024 as part of its plan to regain compliance with Nasdaq listing requirements [142]. Strategic Initiatives and Partnerships - A License Agreement was signed with Zylox-Tonbridge to distribute products in Greater China, with royalties based on gross revenue and product gross margin [149]. - The company is developing CTO crossing devices targeting the coronary artery disease market, with ongoing efforts to understand market requirements and anticipate additional expenses [123]. - The company expects to receive an additional $7.5 million upon the successful completion of certain milestones related to a strategic partnership and collaboration transaction [142]. - The company is focusing its sales and marketing efforts on interventional cardiologists, vascular surgeons, and interventional radiologists, while also developing relationships with key opinion leaders [132]. Operational Challenges and Cost Management - The company has experienced increased production and operating costs due to inflationary pressures, along with constraints in manufacturing and shipping caused by port closures and labor shortages [146]. - A workforce reduction plan was implemented in June 2024, decreasing total headcount by 17 employees, including a 33% reduction in sales personnel dedicated to the peripheral business [159]. - Gross margin for the three months ended September 30, 2024, increased to 26%, compared to 21% during the same period in 2023, primarily due to a decrease in cost of revenues [184]. - Gross margin for the nine months ended September 30, 2024, decreased to 21%, compared to 28% during the same period in 2023, primarily due to rising costs of materials and decreased production levels [195]. Financing and Capital Structure - The company anticipates issuing additional shares through financing transactions to maintain compliance with Nasdaq's Equity Requirement, with a recent public offering generating gross proceeds of $6.0 million [145]. - The company entered into a Purchase Agreement for up to $15 million in shares, with an initial issuance of 75,327 common shares at $3.664 each, totaling $7.5 million [152]. - In June 2024, the company issued 3,614,457 shares of common stock at a price of $1.66 per share, resulting in net proceeds of approximately $5.2 million after expenses [207]. - The company has a total contractual obligation of $8.4 million as of September 30, 2024, which includes operating lease obligations, CRG Loan, and non-cancelable purchase commitments [215]. - The CRG Loan amount is $4.2 million, with total obligations under the loan expected to reach $6.2 million by December 2028, including future interest and a back-end fee [216]. Future Outlook and Risks - The company expects to incur losses for the foreseeable future and may need to raise additional capital through equity or debt financings to meet operational needs and product development [203]. - The company may need to file for bankruptcy if additional sources of liquidity are not available to meet obligations [203]. - The company is evaluating its banking relationships following the acquisition of Silicon Valley Bank by First Citizens Bank, which could impact access to cash [204]. - The company anticipates demand for new product introductions, including Tigereye ST and Pantheris LV, impacting inventory levels [224]. Cash Management and Liquidity - As of September 30, 2024, the company had cash and cash equivalents of $5.9 million, up from $5.3 million as of December 31, 2023, while the accumulated deficit increased to $434.3 million from $420.7 million [202]. - Cash and cash equivalents were maintained with one financial institution, with current deposits exceeding insured limits, indicating low credit risk [230]. - An immediate 100 basis point change in interest rates would not materially affect the fair value of cash equivalents due to their short-term maturities [229]. - The company does not currently use or plan to use financial derivatives in its investment portfolio [229].

Avinger, Inc. (AVGR) has announced the full commercial launch of its Pantheris LV image-guided directional atherectomy system. It is the first and only image-guided system for treating peripheral artery disease (PAD) in large vessels.The Pantheris LV builds upon the success of Avinger’s Pantheris SV, expanding its application to above-the-knee procedures with advanced features that enhance both performance and usability.Significance of Pantheris LVPer Avinger, the full commercialization of Pantheris LV mark ...

Financial Data and Key Metrics Changes - Total revenue for Q2 2024 was $1.8 million, down from $1.9 million in Q1 2024 and $2 million in Q2 2023, attributed to reduced field sales headcount [18] - Gross margin for Q2 2024 was 20%, compared to 18% in Q1 2024 and 30% in Q2 2023, reflecting lower production activity [18][44] - Operating expenses decreased to $4.5 million in Q2 2024 from $5.4 million in Q1 2024 and $4.3 million in Q2 2023, following a 24% reduction in headcount [19] - Net loss for Q2 2024 was $4.4 million, an improvement from $5.5 million in Q1 2024 and comparable to $4.2 million in Q2 2023 [45] Business Line Data and Key Metrics Changes - The company has streamlined operations in its peripheral business while maintaining a field presence to support existing users [13] - The Pantheris LV atherectomy system is set for full commercial launch, having completed its limited launch phase [39][40] Market Data and Key Metrics Changes - The partnership with Zylox-Tonbridge is expected to open the Greater China market for Avinger's products, with regulatory approval anticipated in 2025 [16][41] - Avinger will sell finished goods to Zylox, which will be royalty-bearing, enhancing revenue potential from the Chinese market [17] Company Strategy and Development Direction - The company is focusing on advancing its coronary CTO program towards IDE filing, with plans to file by the end of Q3 2024 [4][37] - Avinger aims to improve gross margins and reduce operating costs in the second half of 2024 following recent headcount reductions [19][33] - The strategic partnership with Zylox is expected to enhance manufacturing capabilities and reduce costs [25][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of the coronary device to redefine treatment for chronic total occlusions, emphasizing its advantages over existing solutions [9][34] - The company anticipates that the cost reductions will positively impact financial performance in the latter half of 2024 [19][33] - Management highlighted the enthusiasm from physicians regarding the new coronary device, indicating strong interest in participation in clinical studies [60] Other Important Information - Avinger has improved its balance sheet, with cash and cash equivalents totaling $8.8 million as of June 30, 2024 [20] - The company converted $11 million of debt into equity, significantly enhancing stockholders' equity [20][32] Q&A Session Summary Question: Impact of personnel reduction on revenue - Management clarified that the recent headcount reduction was not related to the Zylox collaboration and was a strategic decision to focus on the coronary program [49][50] Question: Timeline for Zylox's regulatory filings - Management indicated that Zylox is well along in the regulatory process and expects a robust filing package for the NMPA, aiming for a 2025 launch [27][52] Question: Full commercial launch of Pantheris LV - Management confirmed that the full commercial launch of Pantheris LV is imminent following successful limited launch experiences [58] Question: IDE filing and study initiation timeline - Management expects to file the IDE in the near term, with a typical clearance timeframe of four to six months, aiming for early 2025 to begin clinical studies [59][62]

Company Performance - Avinger reported a quarterly loss of $2.82 per share, significantly worse than the Zacks Consensus Estimate of a loss of $0.43, and an improvement from a loss of $8.85 per share a year ago, indicating a surprise of -555.81% [1] - The company generated revenues of $1.85 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 27.57% and down from $2.04 million in the same quarter last year [1] - Avinger has not surpassed consensus EPS or revenue estimates over the last four quarters [1] Stock Performance - Avinger shares have declined approximately 54.6% since the beginning of the year, contrasting with the S&P 500's gain of 9% [2] - The current Zacks Rank for Avinger is 3 (Hold), suggesting that the shares are expected to perform in line with the market in the near future [4] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.42 on revenues of $2.73 million, and for the current fiscal year, it is -$2.08 on revenues of $10.5 million [4] - The trend of estimate revisions for Avinger is mixed, and future changes in estimates will be closely monitored following the recent earnings report [4] Industry Context - The Medical - Instruments industry, to which Avinger belongs, is currently ranked in the top 42% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [5] - NeuroPace, Inc., another company in the same industry, is expected to report a quarterly loss of $0.29 per share, reflecting a year-over-year change of +19.4%, with revenues projected at $18.72 million, up 13.4% from the previous year [5]

Financial Performance - Revenues for the company were $10.1 million in 2021, $8.3 million in 2022, and $7.7 million in 2023, reflecting a decline primarily due to staffing shortages and a competitive market for talent [147]. - The company experienced a net loss of $4.4 million and $9.9 million for the three and six months ended June 30, 2024, respectively, with an accumulated deficit of $430.6 million as of the same date [172]. - Revenues for the three months ended June 30, 2024, decreased by approximately $0.2 million or 10% compared to the same period in 2023, with disposable catheter sales down 9% to $1.7 million [192]. - Revenues for the six months ended June 30, 2024, decreased by approximately $0.2 million or 6% compared to the same period in 2023, with disposable catheter sales down 6% to $3.4 million [200]. - Gross margin for the three months ended June 30, 2024, decreased to 20%, compared to 30% for the same period in 2023, primarily due to decreased production levels and rising material costs [194]. - Gross margin for the six months ended June 30, 2024, decreased to 19%, compared to 32% for the same period in 2023, attributed to decreased production levels and rising material costs [202]. - Net cash used in operating activities for the six months ended June 30, 2024, was $8.3 million, compared to $7.5 million for the same period in 2023 [228][229]. - Net cash provided by financing activities for the six months ended June 30, 2024, was $11.8 million, primarily from the issuance of preferred and common stock [230]. Regulatory and Compliance - The company received 510(k) clearance from the FDA for the Tigereye Spinning Tip in April 2023, with a limited launch initiated in Q2 2023 and full commercial availability expected in Q3 2023 [138]. - In June 2023, the company received FDA clearance for the Pantheris Large Vessel, targeting larger vessels, with a limited launch in Q3 2023 and full availability anticipated in the second half of 2024 [139]. - The company received a Nasdaq delisting notice on April 25, 2023, due to a bid price deficiency, but regained compliance by September 27, 2023 [148][149]. - The company submitted a Compliance Plan to Nasdaq to address stockholders' equity deficiencies and received an extension until November 14, 2023, to regain compliance [150][151]. - The company is required to achieve an aggregate of $10 million in gross revenue within any four consecutive fiscal quarters to trigger an additional investment of $7.5 million from the Purchaser [165]. Capital and Financing - The company undertook actions including converting $11.0 million of debt into equity and completing a public equity offering in June 2024, raising gross proceeds of $6.0 million [153]. - The company anticipates needing to issue additional shares to maintain compliance with Nasdaq's stockholders' equity requirement [156]. - A Securities Purchase Agreement was established with Zylox-Tonbridge for up to $15 million in shares, with an initial closing of $7.5 million on March 5, 2024 [163]. - The company completed a Private Placement for gross proceeds of $7.5 million [181]. - The minimum liquidity requirement of the Loan Agreement was reduced from $3.5 million to $1.5 million for a specified period in 2024 [181]. - The total CRG Loan amount as of June 30, 2024, is $4.0 million, with an obligation of $6.2 million upon maturity in December 2028, including a $2.1 million back-end fee [222]. - The minimum liquidity requirement was reduced from $3.5 million to $1.0 million until April 1, 2024, and then will revert to $3.5 million [223]. Operational Changes - The company undertook a workforce reduction of 17 employees, including a 33% reduction in sales personnel dedicated to the peripheral business, to lower operating expenses [171]. - The lease was extended for one year, obligating the company to pay approximately $1.3 million in base rent payments through November 2025 [169]. - The company has not been profitable since inception and has financed operations primarily through private and public placements of securities and debt financing [172]. - The company has a total lease obligation of approximately $7.1 million in base rent payments through November 2025 [225]. - The weighted average remaining lease term as of June 30, 2024, is 1.4 years [225]. Research and Development - The company has been working on developing CTO crossing devices for the coronary artery disease market, which is highly competitive and requires additional expenses [136]. - Research and development expenses for the three months ended June 30, 2024, decreased by approximately $0.1 million or 9% compared to the same period in 2023, mainly due to the completion of development efforts for Tigereye ST and Pantheris LV [196]. - Research and development expenses for the six months ended June 30, 2024, decreased by approximately $0.4 million or 16% compared to the same period in 2023, primarily due to reduced headcount and completed development efforts [203]. - The company anticipates optimizing inventory levels in light of forecasted demand related to new product introductions, specifically Tigereye ST and Pantheris LV [228]. Market Strategy - The Lumivascular platform is the only technology offering radiation-free, high-definition real-time visualization during PAD treatment, which is expected to improve patient outcomes [141]. - The company focuses its marketing efforts on interventional cardiologists, vascular surgeons, and interventional radiologists, while also developing relationships with key opinion leaders in hospitals [145].

[Second Quarter and Recent Highlights](index=1&type=section&id=Second%20Quarter%20and%20Recent%20Highlights) Avinger reported Q2 2024 revenue of **$1.8 million** and a **20%** gross margin, while advancing its coronary CTO system and securing new financing | Metric | Value | | :--- | :--- | | Q2 2024 Revenue | $1.8 million | | Q2 2024 Gross Margin | 20% | - Streamlined operating costs in June 2024 to support the existing peripheral user base while advancing coronary product development, with **full effects expected in the second half of 2024**[2](index=2&type=chunk) - Continued Phase III studies for its coronary CTO-crossing system, with an Investigational Device Exemption (IDE) submission anticipated in **Q3 2024**[2](index=2&type=chunk) - Completed the conversion of **$11 million** of debt into convertible preferred stock, reducing outstanding principal debt to **$2.6 million**[2](index=2&type=chunk) - Secured up to **$24 million** in additional growth financing, with an initial **$6 million** funded in June 2024[2](index=2&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management confirmed the coronary CTO solution is on track for **Q3 2024** IDE filing, alongside cost streamlining and sales team focus - The company's coronary CTO solution is on track for filing an IDE application by the end of **Q3 2024**[2](index=2&type=chunk) - Avinger aims to address the large, underserved coronary CTO market, which is characterized by invasive, complex, and expensive procedures with uncertain outcomes[2](index=2&type=chunk) - The company has streamlined its operating cost profile and focused its field sales team on supporting peripheral device users, expecting reduced operating expenses in **H2 2024**[3](index=3&type=chunk) [Second Quarter 2024 Financial Results](index=2&type=section&id=Second%20Quarter%202024%20Financial%20Results) Avinger reported Q2 2024 revenue of **$1.8 million**, a net loss of **$4.4 million**, and initiated cost reductions, ending the quarter with **$8.8 million** in cash | Financial Metric | Q2 2024 (Millions) | Q1 2024 (Millions) | Q2 2023 (Millions) | | :--- | :--- | :--- | :--- | | Total Revenue | $1.8M | $1.9M | $2.0M | | Gross Margin | 20% | 18% | 30% | | Operating Expenses | $4.5M | $5.4M | $4.3M | | Net Loss | $4.4M | $5.5M | $4.2M | | Adjusted EBITDA Loss | $3.8M | $3.9M | $3.4M | - In June 2024, the company initiated a cost reduction program, reducing headcount by approximately **24%** to streamline operations and focus on its coronary artery disease program[4](index=4&type=chunk) - Cash and cash equivalents totaled **$8.8 million** as of June 30, 2024[5](index=5&type=chunk) - In May 2024, converted **$11 million** of debt into preferred stock, reducing principal debt to **$2.6 million** with no principal payments required until **2027**[6](index=6&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) This section presents the unaudited consolidated financial statements for Q2 2024, including Statements of Operations, Adjusted EBITDA reconciliation, and the Balance Sheet [Statements of Operations and Comprehensive Loss](index=5&type=section&id=Statements%20of%20Operations%20and%20Comprehensive%20Loss) Avinger reported Q2 2024 total revenues of **$1.85 million**, a gross profit of **$378,000**, and a net loss of **$4.36 million**, resulting in a **$2.82** net loss per share | Metric (in thousands) | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Revenues | $1,847 | $2,041 | | Gross Profit | $378 | $605 | | Total Operating Expenses | $4,505 | $4,334 | | Loss from Operations | $(4,127) | $(3,729) | | Net Loss | $(4,362) | $(4,176) | | Net Loss per Share | $(2.82) | $(8.86) | [Reconciliation of Adjusted EBITDA to Net Loss and Comprehensive Loss](index=6&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA%20to%20Net%20Loss%20and%20Comprehensive%20Loss) Avinger reported a Q2 2024 non-GAAP Adjusted EBITDA loss of **$3.83 million**, reconciled from a GAAP net loss of **$4.36 million** | Metric (in thousands) | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Net loss and comprehensive loss | $(4,362) | $(4,176) | | Add: Interest expense, net | $234 | $445 | | Add: Stock-based compensation | $207 | $239 | | Add: Certain depreciation and amortization | $86 | $68 | | **Adjusted EBITDA** | **$(3,834)** | **$(3,422)** | [Balance Sheet](index=7&type=section&id=Balance%20Sheet) As of June 30, 2024, Avinger reported total assets of **$17.3 million**, total liabilities of **$9.5 million**, and a shift to **$7.8 million** in stockholders' equity | Metric (in thousands) | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $8,806 | $5,275 | | Total current assets | $14,900 | $12,162 | | **Total assets** | **$17,295** | **$13,770** | | Total current liabilities | $9,002 | $19,300 | | **Total liabilities** | **$9,542** | **$19,972** | | **Total stockholders' equity (deficit)** | **$7,753** | **$(6,202)** | [About Avinger, Inc.](index=3&type=section&id=About%20Avinger%2C%20Inc.) Avinger is a medical device company developing image-guided, catheter-based systems for diagnosing and treating peripheral and coronary vascular diseases - Avinger designs and develops the first image-guided, catheter-based system for diagnosing and treating vascular disease[8](index=8&type=chunk) - The company's current products, including the Ocelot, Tigereye®, and Pantheris® families, are used for treating peripheral artery disease (PAD)[8](index=8&type=chunk) - Avinger is developing its first product for coronary artery disease (CAD), an image-guided system for crossing CTOs in the coronary arteries[8](index=8&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) Avinger uses non-GAAP financial measures like Adjusted EBITDA to supplement GAAP results, providing investors with additional insights into operational performance and trends - The company uses non-GAAP financial measures to help investors evaluate ongoing operating results and trends[10](index=10&type=chunk) - Avinger defines Adjusted EBITDA as net loss and comprehensive loss adjusted for interest expense, other income, stock-based compensation, certain inventory charges, and depreciation/amortization[12](index=12&type=chunk) - A reconciliation of non-GAAP measures to their most directly comparable GAAP measures is provided in the financial statement tables[11](index=11&type=chunk)