Avinger(AVGR) - 2024 Q1 - Quarterly Results

Financial Performance - Avinger reported first quarter 2024 revenue of $1.9 million, maintaining the same revenue level as the previous quarter and the same quarter last year [2]. - Gross margin for the first quarter of 2024 was 18%, down from 20% in the fourth quarter of 2023 and 34% in the first quarter of 2023 [4]. - Operating expenses increased to $5.4 million in the first quarter of 2024, compared to $5.0 million in the fourth quarter of 2023 and $4.9 million in the first quarter of 2023 [4]. - The net loss for the first quarter of 2024 was $5.5 million, compared to $5.0 million in the fourth quarter of 2023 and $4.6 million in the first quarter of 2023 [4]. - Adjusted EBITDA for the first quarter of 2024 was a loss of $3.9 million, an improvement from a loss of $4.3 million in the fourth quarter of 2023 [5]. Strategic Initiatives - Avinger initiated Phase III studies for its proprietary image-guided coronary CTO-crossing system, with an IDE submission anticipated in Q3 2024 [2]. - A strategic partnership with Zylox-Tonbridge was announced, including up to $15 million in equity funding, with $7.5 million funded in March 2024 [2]. - Avinger aims to redefine the coronary CTO market with its innovative image-guided approach, targeting established reimbursement codes [2]. Cash and Assets - Cash and cash equivalents totaled $7.2 million as of March 31, 2024 [5]. - Total current assets increased to $14,121,000 as of March 31, 2024, up from $12,162,000 on December 31, 2023, representing a growth of 16.1% [18]. - Cash and cash equivalents rose to $7,174,000, compared to $5,275,000 at the end of 2023, marking an increase of 36.1% [18]. - Accounts receivable grew to $1,377,000, up from $1,014,000, indicating a significant increase of 36% [18]. - Inventories decreased to $4,562,000 from $5,298,000, a decline of 13.9% [18]. - Right of use asset increased to $1,991,000 from $1,102,000, a significant increase of 80.8% [18]. - Additional paid-in capital increased to $422,157,000 from $414,493,000, a rise of 1.8% [18]. Liabilities and Deficits - Total liabilities increased to $20,914,000 as of March 31, 2024, up from $19,972,000 at the end of 2023, reflecting a rise of 4.7% [18]. - Total stockholders' deficit improved to $(4,054,000) from $(6,202,000), showing a reduction of 34.6% [18]. - Accrued compensation increased to $2,523,000 from $2,311,000, an increase of 9.2% [18]. - Borrowings rose to $14,751,000 from $14,293,000, reflecting a growth of 3.2% [18].