Avinger Inc. ( (AVGR) ) has released its Q3 earnings. Here is a breakdown of the information Avinger Inc. presented to its investors.
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Avinger, Inc. is a medical device company specializing in the development and marketing of intravascular image-guided, catheter-based systems for diagnosing and treating vascular diseases, with a focus on peripheral and coronary arteries.
In its third-quarter earnings report for 2024, Avinger announced improved financial metrics driven by a reduced operating cost profile and increased gross margins. The company also highlighted recent strategic initiatives, including the commercial launch of new products and advancements in regulatory filings.
Key financial highlights include a revenue of $1.7 million for the quarter with a gross margin increase to 26%. Avinger has successfully implemented a cost reduction program, leading to a 15% improvement in net and comprehensive loss. The company is also focused on coronary product development, having filed an IDE pre-submission package with the FDA for its proprietary coronary crossing system, with further regulatory progress expected by the end of the year.
Avinger has also made strategic advancements, including the launch of the Pantheris LV device and the appointment of a new Chief Medical Officer, which reflect its commitment to innovation and leadership in vascular treatment. The company is also expanding its presence in China through a partnership with Zylox-Tonbridge, anticipating regulatory clearance and manufacturing scale-up in 2025.
Looking forward, Avinger aims to continue enhancing operational efficiency and product innovation, with expectations of accelerated market adoption due to established reimbursement codes for its coronary solutions and ongoing regulatory progress in key international markets.
