Avinger (Nasdaq:AVGR) – maker of the Lumivascular image-guided, catheter-based system to treat peripheral artery disease (PAD) – continued to experience declining sales as it retrenched during the third quarter, according to its newest earnings report.
The Redwood, Calif.–based company has been cutting jobs and other costs– and focusing on existing accounts and winning FDA clearance for new devices.
Avinger had 73 employees, including 20 sales employees, as of Oct. 15. The number is down nearly two-thirds from the 197 employees, including 70 in sales, that the company had at the end of 2016, according to SEC filings.
Meanwhile, sales continue to decline. Revenue was $2.1 million for the third quarter ended Sept. 30, down 61% from the same quarter a year ago. Net losses were $10.4 million, compared to $13 million for the third quarter of 2016.