Avinger(AVGR)2024-11-07 22:22Financial 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]