Shares in Avinger have fallen over 15% today after the medical device maker missed expectations on Wall Street with its 1st quarter earnings results.
The Redwood City, Calif.-based company posted losses of $15.3 million, or 64¢ per share, on sales of $3.5 million for the 3 months ended March 31, seeing losses shrink 5.1% while sales shrunk by 23.1% compared with the same period in the previous fiscal year.
The company’s losses per share were just below Wall Street consensus of 64¢, while revenue also fell below consensus on the street of $3.9 million.
“We are pleased with how our organization has responded following our recent restructuring, and are making good progress on our core strategic initiatives. Our sales force is focused on driving utilization in our installed base to improve productivity in the near term and maintain a strong commercial presence in advance of our new product offerings. Our R&D and operations teams continue to implement improvements to our current Pantheris products and are rapidly advancing our two new Pantheris offerings, Pantheris 3.0, our next generation atherectomy catheter, and a lower-profile Pantheris device, toward 510(k) filings later this year. These two new product offerings are expected to meaningfully improve product reliability and usability and significantly expand our addressable market, as we re-position the company for growth in 2018,” prez & CEO Jeff Soinski said in a press release. “In addition, we have recently received FDA approval of our IDE application for an in-stent restenosis trial for Pantheris. In-stent restenosis is especially challenging for physicians to treat, and we believe that Pantheris will prove to be an important new therapy in a segment estimated to represent approximately 20% of PAD procedures in the U.S. We expect to begin patient enrollment in the third quarter of this year.”
Shares have dropped 18% today, down 10¢ at 49¢ as of 2:51 p.m. EDT.
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