Avinger Announces Third Quarter 2016 Results

REDWOOD CITY, Calif., Nov. 03, 2016 (GLOBE NEWSWIRE) -- Avinger, Inc. (NASDAQ:AVGR) (the "Company"), a leading developer of innovative treatments for peripheral artery disease ("PAD"), today reported results for the third quarter ended September 30, 2016.

Third Quarter and Recent Highlights
  • Revenue of $5.3 million, a 95% increase compared to the third quarter of 2015
  • Added 17 Lumivascular™ accounts, expanding the installed base of the Company's Lumivascular platform to 143 accounts
  • Completed a public offering of common stock which resulted in net proceeds of $31.5M
  • Established national sales agreements with HealthTrust Purchasing Group and the U.S. Department of Veterans Affairs
  • Launched upgraded Lightbox L250 imaging console and began shipments of Pantheris® with enhanced plaque cutting capability
  • Received expanded FDA indications for Pantheris as a diagnostic imaging device

"We are very pleased with our sales execution this quarter, which reflects the proactive changes made to the sales organization, as well as our recent success in signing contracts with large healthcare providers," said Jeff Soinski, Avinger's president and CEO. "Additionally, we closed a significant financing this quarter which allows us to continue to focus on driving adoption of our Lumivascular technology."

Dr. John B. Simpson, Avinger's founder and executive chairman, stated, "In addition to ramping our revenues, we also have increased and upgraded our product offerings, and have made good progress on our R&D pipeline with regulatory filings planned in upcoming quarters. Our new catheters and Lightbox reflect our continued focus on responding to physician feedback, and our planned future products should allow us to better treat patients with more complex lesions in more tortuous locations, smaller vessels below the knee and eventually in the coronary arteries."

Third Quarter 2016 Financial Results

Total revenue was $5.3 million for the third quarter ended September 30, 2016, a 95% increase from the third quarter of 2015 and a 14% increase from the second quarter of 2016. Revenue related to Lightbox imaging consoles was $1.4 million, a 65% increase compared to the third quarter of 2015 and a 43% increase from the second quarter of 2016. Revenue from disposable devices was $3.9 million, a 110% increase compared to the third quarter of 2015 and a 5% increase from the second quarter of 2016. Revenue results reflect the second full quarter of Pantheris sales following FDA clearance on March 1, 2016 as well as continued strong adoption of the Lumivascular platform by new hospital customers.

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