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Here’s What you Should Know About Aftermarket Skyrocketing Avinger, Inc. (AVGR) Stock

Avinger, Inc. (AVGR) is a medical device company engaged in the design and development of catheter-based, image-guided platforms to diagnose and treat patients with Peripheral Artery Disease. The company’s Lumivascular program treats vascular diseases and consists of the Lightbox imaging console, the Ocelot catheters, and Tigereye occlusion catheters, and the Pantheris atherectomy devices.

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The price of AVGR stock during the regular trading on January 14, 2022, was $0.31 with a slight decline of 0.57%. At last check in the aftermarket, the stock skyrocketed by 20.3%.

AVGR: Events and Happenings

On January 14, 2022, AVGR reported about the closure of a direct registered offering of the sum of 7,600 shares of its convertible preferred stock and warrants for the acquisition of approximately 16,150,000 shares of the company’s common stock for gross proceeds worth $7.6 million. The rate of shares of the company’s preferred stock was $1,000 per share at a conversion price of $0.40 per share.

On January 11, 2022, AVGR reported the receipt of its premarket clearance from the FDA for the Lightbox 3 imaging console of the company.

AVGR: CEO Comments

Speaking at the occasion, AVGR CEO Jeff Soinski said that Lightbox 3 delivered notable developments in imaging, capability, and portability. He further added that the Lightbox’ reduced cost and increased portability can be utilized to fast-track new account acquisition, invigorate current users and support new futuristic catheter capabilities.

On November 17, 2021, AVGR reported about the receipt of premarket clearance of clinical indication for the Pantheris image-guided atherectomy system from the FDA. The clearance allowed direct marketing of Pantheris by AVGR for treating in-stent restenosis.

AVGR: Key Financials

On November 11, 2021, AVGR announced its financial results for the third quarter ended September 30, 2021. Some of the key updates are as follows

Revenue and Assets

Total revenue for Q3 2021 was $2.4 million comparable to the same period of 2020 when it was $2.3 million, a significant increase of 3% over the period of the year was observed. Total current assets for Q3 2021 were $29.6 million.

Net Loss per Share

Basic and diluted net loss per share for Q3 2021 was $6.0 million or $0.06 per share as compared with $5.5 million or $0.08 per share for the same quarter of 2020.

On October 7, 2021, AVGR reported the outcomes from the INSIGHT clinical studies presented at the VIVA conference. The trial was intended to assess the safety and effect of the Pantheris image-guided atherectomy platform.

Conclusion

AVGR stock decelerated 68% from the past six months period due to the global retardation of the economic activities because of the pandemic situation. The current positive aftermarket trend is basically due to uncertain market conditions which allowed the investors to place their trust in the company’s policies. The analysts are optimistic that the company will reap the benefits of its healthy strategies.

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