Avinger(AVGR)2023-05-11 00:38Financial Data and Key Metrics Changes - Total revenue for Q1 2023 was 2 million in Q4 2022 [24] - Gross margin improved to 34% from 28% in the year-ago quarter, stable compared to Q4 2022 [24] - Operating expenses decreased to 5.2 million in the year-ago quarter and increased from 4.6 million, compared to 4.2 million in Q4 2022 [24] - Adjusted EBITDA loss was 4.6 million in Q1 2022 and a loss of 10.4 million at the end of the quarter [25] Business Line Data and Key Metrics Changes - Sales productivity improved by over 25%, achieving the same revenue with a lower sales headcount [8] - Pantheris SV small vessel atherectomy device showed significant growth in procedures and revenue compared to the prior year [13] Market Data and Key Metrics Changes - The company is expanding its clinical sales force, having added two new clinical specialists with more expected to join [9] Company Strategy and Development Direction - The company aims to increase case coverage and catheter utilization through the expansion and training of its clinical sales team [22] - Plans to launch two new peripheral products in the second half of 2023, which will broaden the product portfolio and create new usage drivers [22] - The development of a coronary product application is underway, targeting a market with significant potential [18][23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recent Tigereye ST clearance and the anticipated Pantheris LV launch, which are expected to drive growth [26] - The company is focused on leveraging clinical data to enhance product adoption and market penetration [31] Other Important Information - The company received 510(k) clearance for the Tigereye ST catheter and initiated limited launch activities [6] - Pantheris LV is expected to receive FDA clearance in mid-2023, with a limited launch planned shortly thereafter [38] Q&A Session Summary Question: Update on ISR data and its impact on product adoption - Management noted that the ISR data has been powerful in enabling the sales force to market the device effectively, leading to increased adoption [30] Question: Status of Tigereye ST limited launch - The limited launch has commenced, with initial results expected soon, and full commercial availability anticipated in Q3 2023 [34] Question: Expectations for Pantheris LV product launch - The company is hopeful for timely FDA clearance and plans to initiate a limited launch in Q3 2023, with full commercial availability expected in Q4 2023 [39]