Avinger (NSDQ:AVGR) posted fourth-quarter results today that missed the earnings consensus on Wall Street but matched on sales.
The Redwood City, Calif.-based company — maker of an image-guided, catheter-based peripheral artery disease treatment — reported losses of –$4.6 million, or –7¢ per share, on sales of $2.73 million for the three months ended Dec. 31, 2020, for a sales growth of 18.68% compared with Q4 2019.
Earnings per share were –7¢ per share, 1¢ behind The Street, where analysts were looking for sales of $2.73 million.
“Avinger remains focused on driving top-line growth by introducing new products, launching new accounts and expanding utilization at existing sites. In January, we progressed to full commercial launch of Tigereye, our next generation CTO-crossing device, following the completion of a successful limited launch program in the fourth quarter. Patient outcomes are compelling as more and more sites complete their first cases with this new device, demonstrating the benefits of Tigereye’s enhanced imaging, steerability and new distal tip design in a real-world clinical setting,” CEO Jeff Soinski said in a news release.
Soinski said Avinger enters 2021 in a strong competitive position, with three next-generation products launched over the past three years, a leaner operating cost structure, a better commercial organization and a strengthened balance sheet.
“We are also investing in future growth drivers, including our next-generation Lightbox 3 slated for 510(k) submission by mid-year, additional new PAD catheter solutions, the expansion of our field sales team and advancement of our clinical efforts in support of expanded use and reimbursement,” Soinski said. “In addition, we are in the first stages of expanding into the coronary artery disease (CAD) market by developing proprietary new product applications of our Tigereye technology for the treatment of chronic total occlusions in this challenging and underserved market.”
Avinger did not provide financial guidance for fiscal year 2021.
Shares in AVGR were down –4.55% to $1.68 apiece in morning trading today. MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down slightly.
