Q1 2024 Avinger Inc Earnings Call Transcript
Key Points
- Avinger Inc (AVGR) announced a strategic partnership with Zylox-Tonbridge, enhancing market access in Greater China and providing up to $15 million in equity financing.
- The company is making significant progress in the development of its first coronary product, with Phase 3 verification and validation studies underway.
- Avinger Inc (AVGR) has a new coronary device in development that combines real-time OCT guidance with precise control, potentially reducing procedure times and improving success rates.
- The partnership with Zylox-Tonbridge includes royalty-bearing sales and potential future cost reductions for Avinger Inc (AVGR) through manufacturing efficiencies.
- Avinger Inc (AVGR) continues to expand its peripheral business, with new sales representatives and clinical specialists enhancing market penetration.
- Avinger Inc (AVGR) reported a net loss of $5.5 million for the first quarter of 2024, indicating ongoing financial challenges.
- Gross margin declined to 18% in Q1 2024 from 34% in Q1 2023, reflecting lower production activity and optimization of inventory levels.
- Operating expenses increased to $5.4 million in Q1 2024, driven by costs associated with the Zylox-Tonbridge transaction and other corporate activities.
- The company's revenue remained flat at $1.9 million, showing no growth compared to the previous quarters.
- Avinger Inc (AVGR) faces uncertainties in the regulatory timelines for product registration in China, which could delay market entry and revenue generation from this region.
Greetings and welcome to the Avinger first quarter 2024 results call. (Operator Instructions) Please note this call is being recorded. I will now turn the conference over to your host, Mr. Matt Kreps. Sir, you may begin.
Thank you, and thank you all for participating in today's call. I'd like to welcome you to Avinger's first quarter 2024 conference call. Joining us today are Avinger's CEO, Jeff Soinski; and Principal Financial Officer, Nabeel Subainati. Earlier today, Avinger released financial results for the quarter ended March 31, 2024, a copy of the release is posted on the Avinger website under Investor Relations.
Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that are not statements of historical fact should be
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