Avinger shares slide on Q2 miss

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Avinger

Shares in Avinger (NSDQ:AVGR) fell today after the medical device developer missed expectations on Wall Street with its second quarter earnings results.

The Redwood City, Calif.-based company posted losses of $12.8 million, or 54¢ per share, on sales of $2.5 million for the 3 months ended June 30, seeing losses shrink 5.2% while sales shrunk 47.5% compared with the same period last year.

Losses per share were just above the 47¢ consensus on Wall Street, where analysts were expecting to see sales of $3 million for the quarter.

“Following our strategic reorganization in April, I’m pleased with how our more focused commercial organization has come together to drive utilization within our installed base of Lumivascular accounts. We’ve also continued to make solid progress on our next generation of Pantheris catheters, which we believe will significantly improve user experience and allow us to approach new markets in 2018 and beyond. We expect to begin enrollment in our Insight study for the treatment of in-stent restenosis in the third quarter, and believe that our expanded claims and clinical data programs will be important contributors to our future growth. While we continue to make progress on these growth initiatives, we’ve also significantly reduced our cash burn as we review strategic and financial alternatives,” prez & CEO Jeff Soinski said in a prepared statement.

Avinger shares have fallen approximately 9.3% so far today, at 41¢ as of 12:07 p.m. EDT.

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