Updated to include market reaction.
The Redwood City, Calif.-based company posted losses of approximately $6 million, or 14¢ per share, on sales of $1.8 million for the three months ended March 31, seeing losses shrink 62.6% while sales grew 1.7% compared to the same period during the previous fiscal year.
Losses per share were just behind the 13¢ consensus on Wall street, where analysts expected to see sales of $1.9 million, which the company narrowly missed.
“We are excited about the continued momentum for our Lumivascular platform, including the expansion of our customer base, the strong performance of our next-generation Pantheris and the recent FDA clearance of Pantheris SV. In the first quarter, we grew our Pantheris business significantly compared to the year-ago period. We have also made progress on our growth initiatives, including driving utilization at current sites, opening new Lumivascular sites, developing new devices, advancing our clinical data and expanding our sales force to fuel further growth. On the new product front, we believe Pantheris SV has the potential to expand our addressable market by as much as 50%, or an additional $180 million. We are initially focused on the limited launch of this highly-differentiated platform to select key opinion leader sites within our network. We anticipate transitioning to full commercial launch during the third quarter with the roll-out of Pantheris SV to our more than 75 Lumivascular sites. Our user base is eager to commence cases with this technology, which offers a compelling new therapeutic option for patients suffering from PAD in smaller vessels, including those below-the-knee,” prez & CEO Jeff Soinski said in a press release.
Avinger did not release updated guidance for its 2019 fiscal year or its coming second quarter.
Shares in Avinger are down approximately 12.4% so far today at 61¢ as of 9:50 a.m. EDT.
Last month, Avinger said that it won FDA 510(k) clearance for its Pantheris SV small vessel image-guided atherectomy system.