Avinger shares drop on Q4 prelims

Avinger (NSDQ:AVGR) saw shares prices drop -12% today after it released preliminary financial results for the 4th quarter, missing analysts’ expectations on Wall Street.

The Redwood City, Calif.-based company said it expects a total revenue of $4.7 million, up 62% over Q4 2015 but down -11% from the 3rd quarter.

Revenue from disposable devices is expected to be $3.7 million, down -5% from Q3, and revenue related to Lightbox imaging consoles is down -29% to $1.0 million. Avinger said it expects full-year 2016 sales of $19.2 million, up nearly 80% from 2015. Analysts on The Street were looking for Q4 sales of $5.6 million and full-year revenues of $20.1 million. The news pushed AVGR shares down -12% today in mid-afternoon trading to $3.42 apiece.

“While we are encouraged by the continued expansion of our installed base, our revenue for the 4th quarter came in lower than expected, with capital sales in the quarter being the largest contributor to the shortfall. In addition, our disposable revenue continues to ramp more slowly than anticipated,” president & CEO Jeff Soinski said in prepared remarks. “As we continue to invest in our commercial organization, we are also making incremental improvements to our current version of Pantheris, which we plan to rollout in the coming months. We also expect to file for 510(k) clearance of our next-generation Pantheris, which includes more substantial design enhancements, by the end of the 2nd quarter.”

“I believe our revenue will increase because our clinical outcomes are truly unique,” added founder & executive chairman Dr. John Simpson. “With Avinger’s catheters physicians are able to treat arteries more precisely than ever before. As far as I know, there has never been another peripheral atherectomy catheter with a better safety profile than Pantheris. Numerous refinements including ways to address calcium with unique cutters/shafts and more robust apposition balloons are in the works. Because of our clinical results, I am confident in the value that Pantheris will provide to patients as we continue to pursue our mission of radically changing the way vascular disease is treated.”

In December, Avinger won 510(k) clearance from the FDA for the Lightbox L250 imaging console. The software is designed to improve visualization inside vessels before, during and after Pantheris Lumivascular atherectomy procedures in patients with peripheral artery disease.

The console enables clinicians to create borders around vessel features and generate data regarding diameter and area. Users can also generate vessel size measurements for reference vessel sizing, according to Avinger.

The post Avinger shares drop on Q4 prelims appeared first on MassDevice.

from MassDevice http://ift.tt/2jk7oIN