Avinger reports fourth quarter and year end 2021 results
Redwood city, ca / accesswire / march 22, 2022 / 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 fourth quarter and full year ended december 31, 2021. financial and recent highlights full year 2021 revenue of $10.1 million, an increase of 16% from the prior year fourth quarter revenue of $2.4 million, reflecting the impact of omicron variant surge and hospital staffing shortages on procedural volume full year gross margin of 34%, increased from 30% in 2020 ground-breaking clinical data from insight trial, evaluating the safety and efficacy of pantheris for the treatment of in-stent restenosis (isr), presented at the viva clinical conference in october 2021 received 510(k) clearance in november 2021 for a new isr clinical indication for pantheris, the only directional atherectomy device to have this indication received 510(k) clearance in january 2022 for the lightbox 3 next-generation imaging console successfully completed first cases with lightbox 3 in select hospitals beginning in february 2022, paving the way for expansion to full commercial availability in the second quarter of 2022 progressed the development of two new catheter line extensions for pad treatment advanced initial development efforts for the first ever image-guided cto-crossing catheter for the treatment of coronary artery disease (cad) maintained a strong cash position of $19.5 million at december 31, 2021, enhanced by the addition of $7.6 million in gross proceeds raised in january 2022 "the avinger team executed important strategic initiatives across the company during 2021, despite the continued challenges of the covid-19 resurgence," commented jeff soinski, avinger's president and ceo.
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