Avinger, Inc., a medical device company specializing in image-guided systems for treating Peripheral Artery Disease (PAD), reported its financial results for the third quarter and nine months ended September 30, 2024. The company generated revenues of $1.65 million for the third quarter, a decrease of approximately 9% from $1.82 million in the same period of 2023. For the nine months ended September 30, 2024, total revenues were $5.36 million, down from $5.75 million in the prior year. The decline in revenue was attributed to reduced sales of disposable catheters and other product lines.

Despite the revenue drop, Avinger achieved a gross profit of $426,000 for the third quarter, up from $388,000 in 2023, resulting in a gross margin increase to 26% from 21%. Total operating expenses decreased to $4.10 million from $4.42 million year-over-year, contributing to a reduced net loss of $3.71 million for the third quarter, compared to a loss of $4.48 million in the same period last year. For the nine months, the net loss was $13.59 million, slightly higher than the $13.30 million loss reported in 2023.

The company’s cash and cash equivalents increased to $5.90 million as of September 30, 2024, from $5.28 million at the end of 2023. Avinger’s total current liabilities significantly decreased to $9.50 million from $19.30 million, while total stockholders’ equity improved to $3.88 million, up from a deficit of $6.20 million at the end of 2023. This improvement was largely due to recent financing activities, including a $7.5 million capital raise through the issuance of common and preferred stock.

Strategically, Avinger has focused on enhancing its product offerings, including the recent FDA clearances for its Tigereye ST and Pantheris LV devices. The company also entered into a License and Distribution Agreement with Zylox-Tonbridge for product distribution in Greater China, which is expected to bolster its market presence.

In June 2024, Avinger executed a workforce reduction of approximately 24%, aimed at lowering operating expenses while supporting product development initiatives. The company continues to face challenges, including ongoing losses and the need for additional funding to sustain operations, raising substantial doubt about its ability to continue as a going concern.