Avinger tumbles on Q4 revenue miss

Shares in Avinger (NSDQ:AVGR) dropped today after the medical device maker missed expectations on Wall Street with its 4th quarter results.

The Redwood City, Calif.-based company posted losses of -$13.5 million, or -58¢ per share, on sales of $4.7 million for the 3 months ended Dec. 31, for bottom-line loss of -0.3% on sales growth of 64% compared with the same period last year.

Adjusted to exclude 1-time items, earnings per share were -58¢, behind consensus on The Street, where analysts were looking for sales of $5.1 million.

“We are pleased with the expansion of our installed base which positions us well in advance of our new product offerings, with both a next-gen Pantheris and below-the-knee platform introduction anticipated in 2017,” president & CEO Jeff Soinski said in prepared remarks. “Our R&D team is focused on getting our anticipated new products market-ready, as we prepare to maximize the impact of those launches later in the year. To that end, we are focusing our commercial resources while finalizing our launch plans and forecasts and we anticipate providing financial guidance once we fully update our operating plan.”

Avinger did not provide financial guidance for 2017.

AVGR shares were trading at $2.14 apiece today in afternoon trading, down -18.5%.

In January, Avinger released 2-year interim data from the pivotal Vision trial of its Pantheris system, touting high rates of freedom from target lesion revascularization. The study was designed to analyze the effectiveness of the Pantheris during directional atherectomy procedures.

The Pantheris device is designed to identify vessel lumen and wall structures including intima, internal elastic lamina, media, external elastic lamina and stent struts, as well as vessel morphologies.

Data from an interim sample of 55-patients indicated an 86% freedom from target lesion revascularization at 12 months and 82% freedom at 24 months. No amputations were reported and statistically significant improvements in ankle brachial index and Rutherford classifications were reported at 30 days and maintained through 24 months.

Avinger reported that only 9.6% of lesions treated using standalone optical coherence tomography guided atheterctomy with the Pantheris received adjunctive drug coated balloon therapy, and only 5% received adjunctive stent therapy.

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