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Avinger Announces Second Quarter 2018 Financial Results | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
By: Nasdaq / GlobeNewswire - 13 Aug 2018 | Back to overview list |
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REDWOOD CITY, Calif., Aug. 13, 2018 (GLOBE NEWSWIRE) -- Avinger, Inc. (Nasdaq: AVGR), a leading developer of innovative treatments for peripheral artery disease (PAD), today reported results for the second quarter ended June 30, 2018. Second Quarter and Recent Highlights
“Receiving FDA clearance for our next generation Pantheris 3.0 was a key highlight of the second quarter and a significant milestone for Avinger. Following successful cases and positive physician feedback in initial US sites, we are now focused on the commercial rollout of this next generation device to our installed base of accounts,” said Jeff Soinski, Avinger’s president and CEO. “We delivered strong sequential quarter revenue growth and made significant progress on the development of our pipeline products and in our clinical programs during the second quarter. We also added new capital to our balance sheet and made important new additions to our senior leadership team in recent months. I am pleased with the progress we are making as we return the company to growth and excited about our prospects for the future.” Second Quarter 2018 Financial Results Gross margin for the second quarter of 2018 was -5%, compared to -59% in the second quarter of 2017 and 22% in the first quarter of 2018. Gross margin in the second quarter would have been 25%, excluding excess and obsolete inventory charges and stock-based compensation charges as defined under non-GAAP measures in this press release. Operating expenses for the second quarter of 2018 were $5.4 million, a 45% decrease compared to $9.8 million in the second quarter of 2017 and a 10% decrease compared to $6.0 million in the first quarter of 2018. Operating loss for the second quarter of 2018 was $5.5 million, a 51% improvement compared to $11.3 million for the second quarter of 2017 and a 2% improvement compared to $5.6 million in the first quarter of 2018. Net loss attributable to common stockholders for the second quarter of 2018 was $6.6 million, compared to $12.8 million for the second quarter of 2017 and compared to $15.9 million for the first quarter of 2018. Adjusted EBITDA, as defined under non-GAAP measures in this press release, was a loss of $4.0 million for the second quarter of 2018, an improvement of $2.7 million compared to a loss of $6.7 million for the second quarter of 2017 and an improvement of $0.8 million compared to the first quarter of 2018. Cash and cash equivalents totaled $10.1 million as of June 30, 2018, compared to $14.4 million as of March 31, 2018. The cash levels at June 30, 2018 do not include the $3.55 million capital fundraising completed in July 2018. As of June 30, 2018, there were approximately 9.3 million shares of common stock, 41,800 shares of Series A preferred stock and 1,701 shares of Series B preferred stock outstanding. Each share of the Series A preferred stock is convertible into 500 shares of the Company’s common stock at a conversion price of $2.00 per share and each share of Series B preferred stock, after taking into account the effect of the July 2018 registered direct offering, is convertible into approximately 633 shares of the Company’s common stock at a conversion price of $1.58. Assuming conversion of all outstanding shares of preferred stock and the current conversion prices, the Company would have approximately 31.3 million shares of common stock outstanding at June 30, 2018, excluding outstanding warrants. Conference Call Individuals interested in listening to the conference call may do so by dialing (877) 407-8293 for domestic callers or (201) 689-8349 for international callers. To listen to a live webcast, please visit; https://hd.choruscall.com/InComm/?callme=true&passcode=13679774&h=true&info=company&r=true&B=6 . A replay of the call will be available beginning August 13, 2018 at approximately 7:30pm PT/10:30pm ET through August 27, 2018. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Conference ID: 13682440. The webcast will also be available on Avinger's website for 3 months following the completion of the call at: www.avinger.com. Forward-Looking Statements Non-GAAP Financial Measures The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for comparable GAAP financial measures, and should be read only in conjunction with the Company’s financial statements prepared in accordance with GAAP. A reconciliation of the Company’s non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations. Adjusted EBITDA. Avinger defines Adjusted EBITDA as Loss from Operations plus Stock-based Compensation expense plus charges for our excess and obsolete inventory plus Depreciation and Amortization expense plus charges related to our organizational and facilities restructuring activities and litigation settlement expense. Non-GAAP Gross Profit. Avinger defines Non-GAAP Gross Profit as Gross Profit plus Stock-based Compensation expense included in Gross Profit plus charges for our excess and obsolete inventory. Investors are cautioned that there are a number of limitations associated with the use of non-GAAP financial measures as analytical tools. Furthermore, these non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP, and the components that Avinger excludes in its calculation of non-GAAP financial measures may differ from the components that its peer companies exclude when they report their non-GAAP results of operations. Avinger compensates for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures. In the future, the Company may also exclude other non-recurring expenses and other expenses that do not reflect the Company’s core business operating results. Public Relations Contact: Investor Contact: Mark Weinswig
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Copyright 2018 Nasdaq / GlobeNewswire | Back to overview list |