Avinger reports second quarter 2024 results

Implements lower operating cost profile, readying oct-guided coronary device for ide submission redwood city, ca / accesswire / august 8, 2024 / avinger, inc. (nasdaq:avgr), a commercial-stage medical device company developing and marketing the first and only intravascular image-guided, catheter-based systems for diagnosis and treatment of vascular disease, today reported results for the second quarter ended june 30, 2024. second quarter and recent highlights reported second quarter 2024 revenue of $1.8 million, with a sequentially increased gross margin of 20% streamlined operating costs in june 2024 to provide support for its existing peripheral user base while advancing coronary product line development, with the full effect of the cost reductions expected to be seen in the second half of 2024 continued phase iii verification and validation studies for avinger's proprietary image-guided coronary cto-crossing system for ide submission anticipated in the third quarter of 2024 building product inventory for full commercial launch of the new pantheris lv (large vessel) image-guided atherectomy device in the coming weeks announced the appointment of thomas davis, md, facc, a highly experienced interventional cardiologist and pre-eminent leader in the treatment of vascular disease, as chief medical officer completed the conversion of $11 million of debt into shares of a new series of convertible preferred stock, reducing the outstanding principal amount of debt to $2.6 million with no principal payments until 2027 secured up to $24 million in additional growth financing, with $6 million funded in june 2024 and up to an additional $18 million available based upon the exercise in full of coronary clinical milestone-linked warrants "the phase iii verification and validation studies for our innovative coronary cto solution remain on track for filing an ide application by the end of the third quarter," said jeff soinski, avinger's president and ceo.
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