Updated to reflect corrected financial data from Avinger.
The Redwood City, Calif.-based company posted losses of $15.9 million, or $7.99 per share, on sales of $1.8 million for the three months ended March 31, seeing losses grow 3.7% while sales shrunk 48.2% compared with the same period during the previous year.
Losses-per-share were well ahead of the 84¢ consensus on Wall Street, where analysts expected too see sales of $2 million.
“We achieved several major successes during the first quarter of 2018. Our next generation Pantheris was approved in Europe late last year and continues to perform favorably. We expect to receive FDA clearance of the next-gen Pantheris this quarter and are eager to roll it out to selected U.S. accounts immediately after approval. We also revamped our capital structure during the first quarter. We converted the large majority of outstanding debt into equity, completed an $18 million financing, and regained Nasdaq compliance. We look forward to completing several additional product development milestones and pursuing a growth strategy during the remainder of 2018,” prez & CEO Jeff Soinski said in a press release.
Shares in Avinger rose 0.8% today, closing at $1.26.
In March, Avinger said it launched its Pantheris lumivascular atherectomy system with extended nosecone in the European Union, touting that the device has been used in its first human patients.