Avinger, Inc. (NASDAQ:AVGR) Q3 2020 Earnings Conference Call November 10, 2020 4:30 PM ET Company Participants Matt Kreps – Investor Relations Jeff Soinski – Chief Executive Officer Mark Weinswig – Chief Financial Officer Conference Call Participants Rommel Dionisio – Aegis Capital Operator Greetings, and welcome to the Avinger Third Quarter 2020 Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Ins ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Title of each class: Trading Symbol(s): Name of each exchange on which registered: Common Stock, par value $0.001 per share AVGR The Nasdaq Capital Market FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-36 ...

Financial Data and Key Metrics Changes - Total revenue for Q2 2020 was $1.5 million, a decrease of 37% from $2.3 million in Q2 2019 and a decline from $2.3 million in Q1 2020, primarily due to COVID-19 impacts [21][10] - Gross margin in Q2 2020 was 24%, compared to 31% in the same quarter last year, affected by reduced volumes and excess inventory charges [22] - Operating expenses decreased to $4 million in Q2 2020 from $6 million in Q1 2020 and $5.4 million in Q2 2019, reflecting successful cost reduction efforts [23] - Net loss attributable to common shareholders was $5 million in Q2 2020, down from $6.8 million in Q1 2020 and $5.5 million in Q2 2019 [23] - Adjusted EBITDA loss was $2.9 million, an improvement from $4.8 million in Q1 2020 and $4 million in Q2 2019, marking the best results in the company's history [24] - Cash and cash equivalents totaled $16.6 million as of June 30, 2020, up from $9.9 million as of March 31, 2020, bolstered by financing activities [25] Business Line Data and Key Metrics Changes - Pantheris revenue declined by 13% year-over-year, with strong relative performance attributed to the introduction of Pantheris SV [21] - Disposable sales decreased by 28%, but Pantheris sales only declined by 13%, indicating resilience in the product line [11] - Console-related sales and service revenue increased slightly on a sequential basis as new sites were rolled out [22] Market Data and Key Metrics Changes - Procedural volume saw a significant increase in May and June as states began to loosen restrictions, with July 2020 revenues higher than both July 2019 and July 2018 [10] - The company added 27 new lumivascular sites in the trailing 12 months, with five new sites launched in July 2020 [12][13] Company Strategy and Development Direction - The company is focused on expanding its proprietary image-guided approach to treating peripheral artery disease (PAD) and anticipates growth from the upcoming launch of Ocellaris, its next-generation CTO crossing system [8] - Avinger is committed to improving operational efficiency and has implemented cost-reduction measures while continuing to invest in product development [19][23] - The company plans to submit a 510(k) application for the L300 Lightbox imaging console, expected to enhance new account acquisition and operational efficiency [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery from COVID-19 impacts, noting increased case activity and utilization trends continuing into the third quarter [27] - The company remains aware of ongoing challenges posed by the pandemic but is encouraged by positive progress and the resilience shown by the team [20][19] - Management anticipates FDA clearance for Ocellaris in the second half of 2020, with plans for a limited launch following approval [14][34] Other Important Information - The company has maintained its manufacturing operations as an essential business during the pandemic and has built safety inventory to meet customer needs [19] - Avinger has made significant progress in clinical studies despite delays due to COVID-19, with plans to resume patient enrollment in the fourth quarter [18][35] Q&A Session Summary Question: How was the sales performance in the recent quarter better than expected? - Management noted that the impact of COVID-19 was less severe than anticipated, with increased utilization in May and June contributing to better-than-expected revenue [30][31] Question: Are there any anticipated disruptions in the new product pipeline due to COVID? - Management confirmed that the Ocellaris timeline remains on track, with no significant delays expected in product development despite some slowdowns in clinical studies [34][35] Question: What is the outlook on the reimbursement environment? - Management indicated no significant changes are expected in reimbursement for atherectomy codes, with potential incremental opportunities related to imaging claims [37]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Title of each class: Trading Symbol(s): Name of each exchange on which registered: Common Stock, par value $0.001 per share AVGR The Nasdaq Capital Market FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-36817 A ...

Avinger, Inc. (NASDAQ:AVGR) Q1 2020 Earnings Conference Call May 13, 2020 4:30 PM ET Company Participants Matt Kreps - Managing Director of Darrow Associates Jeff Soinski - Chief Executive Officer Mark Weinswig - Chief Financial Officer Conference Call Participants Nathan Weinstein - Aegis Capital Operator Good day, ladies and gentlemen, and welcome to your Avinger First Quarter 2020 Results Call. All lines have been placed on a listen-only mode. And the floor will be open for questions following the presen ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Title of each class: Trading Symbol(s): Name of each exchange on which registered: Common Stock, par value $0.001 per share AVGR The Nasdaq Capital Market FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-36817 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-36817 AVINGER, INC. (Exact name of registrant as specified in its charter) Delaware 20-8873453 (State or other jurisdiction of (I.R.S. Employer incorporation or organ ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2019 was $2.4 million, a 19% increase from $2 million in Q3 2018 [20] - Catheter sales increased by 33% year-over-year, contributing to the overall revenue growth [7][20] - Gross margin improved to 35%, up from 31% in Q2 2019 and 27% in Q3 2018 [22] - Net loss before preferred dividends was $4.6 million, an improvement of 14% from $5.4 million in the prior year [24] Business Line Data and Key Metrics Changes - Pantheris revenue increased by 81% year-over-year and 48% quarter-over-quarter to $1.6 million, including over $400,000 from Pantheris SV [9] - Pantheris SV was launched in 25 sites during Q3, with expectations for increased revenue contribution in Q4 [7][11] - Sales for the Pantheris seven-French catheter increased by 29% year-over-year [8] Market Data and Key Metrics Changes - The atherectomy market in the U.S. is over $500 million and growing, with significant interest in the Pantheris product line [37] - The CTO crossing market is estimated at $90 million to $100 million, with potential for growth through the Ocellaris product [38] Company Strategy and Development Direction - The company is focused on expanding its product line with Pantheris SV and preparing for the launch of Ocellaris, aimed at treating chronic total occlusions [13][14] - Aiming to increase sales productivity and expand the customer base through a growing sales team, which increased from 20 to 28 members [12][41] - The company plans to maintain a lean operating cost structure while driving revenue growth and improving margins [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of Pantheris SV and the overall product line, anticipating continued revenue growth [26] - The company is optimistic about the upcoming CE Marking for Ocellaris, which will facilitate its entry into the European market [14] - Management highlighted the importance of clinical outcomes and safety data in driving product adoption and market expansion [45] Other Important Information - Cash and cash equivalents totaled $14.5 million as of September 30, 2019, down slightly from $14.8 million at the end of Q2 2019 [25] - The company has made significant strides in reducing operating expenses while increasing sales and marketing investments [23] Q&A Session Summary Question: What was debt as of Sep 30? - The company had a debt balance of $8.6 million at the end of September, with payment terms beginning in 2021 [27] Question: Will operating expenses remain flat going forward? - The company expects to keep total operating expenses roughly flat while increasing sales and marketing spending [29] Question: What are total FTEs now approximately? - The company has approximately 83 employees, with about 28 in sales [30] Question: How does the company view future gross margin improvements? - Management is optimistic about further gross margin increases as revenue grows and operating efficiencies improve [32] Question: What is the user profile and utilization trends for Pantheris? - Pantheris SV has been shipped to 43 accounts, with ongoing interest and utilization primarily from the seven-French product [34] Question: What is the total addressable market (TAM) for the company's products? - The total market for atherectomy and CTO crossing is estimated to exceed $600 million, with significant growth potential [39] Question: Does the company feel it has good coverage in high PAD incident areas? - The company has strategically placed its sales team in key markets with high atherectomy procedure volumes and plans to expand further [41] Question: Will positive feedback on Pantheris SV accelerate broader rollout? - The company is currently in full national launch mode for Pantheris SV, having transitioned quickly from a limited launch [44]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Title of each class: Trading Symbol(s): Name of each exchange on which registered: Common Stock, par value $0.001 per share AVGR The Nasdaq Capital Market FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ...