Avinger, Inc.

Total revenue in Q3 2024 was $1.7 million, down slightly from $1.8 million in both Q2 2024 and Q3 2023. Gross margin was 26%, versus 20% in Q2 2024 and 21% in Q3 2023. Operating expenses were $4.1 million, down from $4.5 million in Q2 2024 and $4.4 million in Q3 2023. Net loss and comprehensive loss was $3.7 million, improving from $4.4 million in Q2 2024 and $4.5 million in Q3 2023. Adjusted EBITDA loss was $3.4 million, compared with a loss of $3.8 million in Q2 2024 and $3.7 million in Q3 2023. Cash and cash equivalents were $5.9 million at September 30. Management did not provide formal revenue or earnings guidance; it said the coronary IDE is anticipated in the first half of 2025, China regulatory clearance is anticipated in 2025, and Zylox full manufacturing scale-up is expected by mid-2025.

Jeff Soinski framed the quarter as a step-change in operating efficiency after the June restructuring, saying the company is now focused on higher-value peripheral accounts while directing resources toward its coronary opportunity. He was upbeat on Pantheris LV, describing early market response as positive and emphasizing that the simplified design should broaden adoption. He also struck a confident tone on the coronary CTO system, calling it potentially transformative and highlighting the combination of OCT guidance, lower procedure complexity, and existing reimbursement.

Nabeel Subainati focused on the financial impact of the restructuring and the resulting margin improvement. He said gross margin rose to 26% from 20% sequentially and 21% year over year, operating expenses declined to $4.1 million, SG&A fell by close to $0.6 million or 16%, and net loss improved to $3.7 million; adjusted EBITDA loss improved to $3.4 million. He also noted cash and cash equivalents of $5.9 million at September 30, but did not give a detailed cash runway or capital allocation plan.

Analyst RK asked about early physician feedback on Pantheris LV and how adoption should develop. Management said response has been positive, citing simplicity of operation and noting Pantheris LV revenue rose over 20% versus Q2 despite only a partial-quarter launch. On Zylox, the analyst asked how confident management was in approval timing and what additional work remained; Jeff said all products had completed type testing, several filings were already made, remaining filings should be done by year-end, and the company expects approval in China in the second half of 2025 while Zylox builds manufacturing capability.