Shares in Avinger (NSDQ:AVGR) have tumbled today after the medical device maker missed expectation on Wall Street with its fourth quarter and full year 2017 earnings.
The Redwood City, Calif.-based company posted losses of $8.6 million, or $12.58 per share, on sales of $1.9 million for the 3 months ended December 31, seeing losses shrink 28.2% while sales fell 59.1% compared with the same period during the previous year.
For the full year, Avinger posted losses of $42.6 million, or $74.74 per share, on sales of $9.9 million, seeing losses shrink 16.1% while sales fell 48.3% compared to the previous year.
Avinger’s fourth quarter losses-per-share missed the Wall Street consensus of $9.33.
“With our recent financing successfully completed, we believe we are on solid footing as we work to achieve a number of important product development and regulatory milestone goals this year. We continue to expect FDA clearance of the next generation Pantheris in the first half of 2018, and we are preparing to initiate a rollout of this significantly improved device to our loyal physician base following clearance,” Avinger prez & CEO Jeff Soinski said in a press release.
Shares in Avinger have dropped 18.3% so far today, at $1.13 as of 2:53 p.m. EDT.
