Avinger(AVGR)2022-05-11 01:10Financial Data and Key Metrics Changes - Total revenue for Q1 2022 was 5.1 million, flat compared to Q1 2021 [22] - Adjusted EBITDA for Q1 2022 was a loss of 4 million in Q1 2021 [23] - Cash and cash equivalents totaled 7.6 million in January 2022 [23][24] Business Line Data and Key Metrics Changes - The launch of the Lightbox 3 imaging console has seen positive reviews and increased customer activity, contributing to improved procedural volume starting in March 2022 [6][8] - The company is developing two new catheter line extensions for its peripheral product portfolio, expected to broaden appeal and drive growth [10][12] Market Data and Key Metrics Changes - The company has identified a significant opportunity in the coronary artery disease market, with approximately 50,000 CTO PCI procedures performed annually in the U.S. [15][41] - The coronary market is seen as a transformational value opportunity due to its large addressable market and existing reimbursement profile [14][42] Company Strategy and Development Direction - Avinger aims to expand market penetration through the new Lightbox 3 and the development of innovative products for both peripheral and coronary applications [20][25] - The company is focused on leveraging its proprietary image-guided platform to address challenges in the coronary artery disease market [14][42] Management's Comments on Operating Environment and Future Outlook - Management noted a challenging hospital environment in Q1 2022 due to COVID-19 and staffing shortages, but expressed optimism about improving procedural volumes in Q2 2022 [6][30] - The company anticipates continued growth in procedural volumes and is encouraged by the recent commercial launch of the Lightbox 3 [20][30] Other Important Information - Mark Weinswig, the Chief Financial Officer, announced his resignation effective at the end of the week, initiating a search for a new CFO [20] - The company executed a reverse stock split in March 2022 to regain compliance with NASDAQ minimum bid rules [23] Q&A Session Summary Question: What caused the lower procedure volumes in the quarter? - Management indicated that both the Omicron variant surge and hospital staffing challenges contributed to the lower procedure volumes [28] Question: What is the current trend in procedure volumes? - Management reported a steady increase in procedural volume starting in March and continuing into May, with optimism for further growth [30] Question: How does the Lightbox 3 impact clinical staff utilization? - The portability of the Lightbox 3 has allowed for quicker engagement with new accounts and increased case volumes, demonstrating its effectiveness [32][34] Question: Were there any changes in the types of procedures performed? - Management noted a return to a more typical mix of procedures as elective procedures opened up, with an increase in SFA and popliteal cases [36] Question: What potential does the company see in the coronary artery disease market? - Management expressed excitement about the opportunity to make CTO PCI procedures more accessible and efficient, potentially reducing the need for invasive CABG procedures [41][42]