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Avinger (AVGR) investor relations material
Avinger Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2024 revenue ranged from $1.65 million to $1.7 million, with gross margin improving to 26% from 21% in Q3 2023 and net loss at $3.7 million, reflecting cost reduction measures including a 24% workforce reduction and sales realignment.
Operating efficiency improved, with a 15% reduction in net loss and 12% improvement in adjusted EBITDA compared to Q2 2024.
Pantheris LV launched commercially with strong early feedback, and the coronary CTO system advanced toward FDA submission, with IDE filing anticipated in Q4 2024 and patient enrollment expected in H1 2025.
Partnership with Zylox-Tonbridge advanced for China market entry, manufacturing, and regulatory progress, with regulatory approval anticipated in the second half of 2025.
Substantial doubt exists about the ability to continue as a going concern without additional financing, as cash is expected to fund operations only through Q4 2024.
Financial highlights
Q3 2024 revenue was $1.65–$1.7 million, down from $1.8 million in Q2 2024 and Q3 2023; nine-month revenue was $5.36 million, down 7% year-over-year.
Gross margin improved to 26% in Q3 2024 from 20% in Q2 2024 and 21% in Q3 2023; nine-month gross margin declined to 21% from 28% year-over-year.
Operating expenses declined to $4.1 million from $4.5 million in Q2 2024 and $4.4 million in Q3 2023.
Net loss was $3.7 million in Q3 2024, a 15% improvement from Q2 2024 and 17% from Q3 2023; nine-month net loss was $13.6 million.
Cash and cash equivalents totaled $5.9 million as of September 30, 2024, expected to fund operations only through Q4 2024.
Outlook and guidance
IDE application for the coronary CTO crossing system expected to be filed after FDA pre-submission feedback in Q4 2024, with patient enrollment targeted for H1 2025.
Regulatory approval for product entry into China anticipated in the second half of 2025, with manufacturing scale-up by Zylox-Tonbridge expected by mid-2025.
Cash on hand and expected revenues projected to fund operations only through Q4 2024; additional capital is needed to continue beyond this period.
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