Avinger, Inc. (NASDAQ:AVGR) Q3 2023 Earnings Call Transcript

Avinger, Inc. (NASDAQ:AVGR) Q3 2023 Earnings Call Transcript October 26, 2023

Avinger, Inc. misses on earnings expectations. Reported EPS is $-2.92 EPS, expectations were $-2.85.

Operator: Greetings. Welcome to the Avinger Third Quarter 2023 Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to your host, Matt Kreps, Investor Relations at Avinger. You may begin.

Matt Kreps: Thank you and thank you all for participating in today’s call. I’d like to welcome you to Avinger’s third quarter 2023 conference call. Joining us today are Avinger’s CEO, Jeff Soinski; and Principal Financial Officer, Nabeel Subainati. Earlier today, Avinger release financial results for the quarter ended September 30, 2023. A copy of the release is posted on the Avinger website under Investor Relations. Before we begin, I’d like to remind you that management will make statements during this call that include forward-looking statements within the meaning of federal securities laws, which may be pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that are not statements of historical fact should be deemed to be forward-looking statements.

A doctor wearing a surgical mask performing a routine eye treatment at a hospital. Editorial photo for a financial news article. 8k. --ar 16:9

All forward-looking statements, including, without limitation or future financial expectations, are based upon our current estimates and various functions. These statements involve material risks and uncertainties that could cause actual results or events to differ materially from those anticipated or implied by these forward-looking statements. Accordingly, you should place -- you should not place undue reliance on these statements. For a list and description of the risks and uncertainties associated with our business, please see our Form 10-K and 10-Q filings with the Securities and Exchange Commission. Avinger disclose any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise.

Today’s presentation will also include references to non-GAAP financial measures such as adjusted EBITDA. A reconciliation of these non-GAAP financial measures to the most comparable GAAP financial measures is available within the earnings release, which can be found on Avinger’s website. Now, with that, I’d like to now turn the call over to Jeff.

Jeff Soinski: Thank you, Matt. Good afternoon and thank you all for joining us. The third quarter was another exciting period for Avinger as we started commercial activities on two innovative new devices, Tigereye ST and Pantheris LV, after receiving FDA 510(k) clearance in the second quarter. These two products not only bring new capabilities to their respective markets, they also represent the first time we have had the opportunity to launch two new major catheter products in the same year. While revenue declined as a result of lower sales head count during the quarter, we maintained good momentum in our business on a sales productivity basis. We announced today an exciting growth initiative for our sales team and we are confident that the commercial introduction of Tigereye ST and Pantheris LV combined with an expanded field presence will provide meaningful growth opportunities for our PAD business in 2024.

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