Avinger Q1 2024 revenue flat at $1.9M; gross margin drops to 18%, net loss widens to $5.5M

Avinger Inc

Revenue $1.9M unchanged YoY and QoQ; gross margin fell to 18% from 34% in Q1 2023.
Net loss of $5.5M vs $4.6M in Q1 2023; operating expenses rose to $5.4M.
Secured up to $15M equity funding from Zylox-Tonbridge; $7.5M funded in March 2024.
Initiated Phase III studies for coronary CTO-crossing system; IDE submission expected Q3 2024.
Exchanged $61M Series A preferred stock for new Series A-1 with $10M value and no liquidation preference.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Avinger Inc reported first quarter ended March 31, 2024 results: revenue $1.9 million, net income $5.5 million.

Period: first quarter ended March 31, 2024
Revenue: $1.9 million
Net income: $5.5 million
Result: reported results

Exact text from the filing

treatment of vascular disease, today reported results for the first quarter ended March 31, 2024. First Quarter and Recent Highlights ● Reported first quarter 2024 revenue of $1.9 million, and gross margin of 18% ● Continued full commercial launch of Tigereye ST, Avinger’s most advanced image-guided peripheral CTO-crossing device, and limited launch of the new

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Source: SEC EDGAR

accession 0001437749-24-017102

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