Avinger reports third quarter 2023 results

Redwood city, ca / accesswire / october 26, 2023 / 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 third quarter ended september 30, 2023. third quarter and recent highlights third quarter revenue of $1.8 million, and gross margin of 21% initiated full commercial launch for tigereye st, avinger's most advanced image-guided cto-crossing device, in september commenced limited launch of the new pantheris lv (large vessel) image-guided atherectomy device advanced development of the first-ever image-guided coronary cto-crossing system, including successful completion of additional animal and cadaver heart studies, in preparation for ide submission anticipated mid-2024 named phil preuss to new position of chief commercial officer in october, to lead sales force expansion and drive revenue growth initiatives released updated, best-in-class interim data from the pantheris sv image-btk (below-the-knee) study in key opinion leader presentation at the amp clinical conference strengthened balance sheet through conversion of $1.9 million or 12% of outstanding debt to a new series of convertible preferred stock, and raising net proceeds of $5.1 million through the sale of common stock in the company's at-the-market (atm) facility "with full commercial launch of our tigereye st cto-crossing catheter and limited launch of our new pantheris lv image-guided atherectomy system in the third quarter, exciting new clinical outcomes data for our pantheris sv below-the-knee atherectomy device, and the outstanding performance and increased mobility of our lightbox 3 imaging console launched last year, we have built the most advanced peripheral products portfolio in the industry," commented jeff soinski, avinger's president and ceo.
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