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Avinger, Inc (AVGR) Stock Price Fall Despite Promising Product Developments

Avinger, Inc. (AVGR) stock prices are down nearly 11% as of market open on April 20th, 2021, with a price per share of USD$0.98.


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AVGR’s 2020 Financial Results

AVGR reported the financial results from Q4 2020 ended December 31st, 2020 on march 12th 2021. The report indicated a substantial rise in revenue generated, with the company raking in USD$2.7 million, the highest revenue reported in the past 3 years.

Success of Tigereye

Revenue from image-guided CTO increased by 38% compared to the previous quarter. This increase was largely driven by the limited launch of AVGR’s new Tigereye device. January 2021 saw the full commercial launch of Tigereye following the success of the limited launch.

AVGR Growth

Increases in sales activity and streamlining of cost efficiency saw gross margins increase by a significant 36%.Q4 2020 also saw the opening of 9 new Lumivascular accounts, bringing the number of new accounts for the year of 2020 up to 36.

Consolidating AVGR Finances

AVGR also negotiated its existing loan agreement in January of 2021, extending the maturity date to 2025. Their financial position for the near future was further consolidated by reports of the company having USD$22.2 million in cash on hand as of December 31st 2020. February 2021 saw AVGR initiate a common stock offering that generated almost USD$13 million in net proceeds.

Success of Pantheris Catheters

With AVGR’s Pantheris SV OCT-guided atherectomy catheters having been launched in Q3 2019, the company reported in mid-April 2021 that more than 100 accounts had made purchases of the catheters for the treatment of Peripheral Artery Disease. 2020 saw more than 1700 Pantheris SV catheters in 2020, which resulted in revenue growth of more than 100% for the device as compared to 2019.

Scope of Tigereye

Following the full commercial launch of Tigereye in January 2021, as of April 8th 2021Tigereye had been launched in 30 clinical sites, boasting more than 160 cases that were performed successfully. In light of this success, AVGR anticipates a 60% increase in its combined Lumivascular CTO revenue for Q1 2021, as compared to the same quarter of the previous year.

Outlook of AVGR’s Future

With their financial situation being consolidated by their common stock offering and restructuring of their existing loan agreement, AVGR is situated to capitalize on the growing success of its product line. Investors look to the proliferation of AVGR’sLumivascularplatform across the United States and the success of Tigereye to lead the company into further profitability in the hopes of driving shareholder value up.

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