Avinger shares rise despite Q4 earnings miss

Shares in Avinger (NSDQ:AVGR) have risen today despite the medical device maker posting fourth quarter earnings that missed expectations on Wall Street. The Redwood City, Calif.-based company posted losses of $6.9 million, or 31¢ per share, on sales of $2 million for the three months ended December 31, seeing losses shrink 31.8% while sales grew 6% compared with the same period during the previous year. Losses per share were just behind the 29¢ consensus on Wall Street for the quarter. For the full year, Avinger posted losses of $35.7 million, or $3.34 per share, on sales of $7.9 million, seeing losses shrink 26.8% while sales shrunk 20.3% compared with the prior fiscal year. “We are excited with the continued momentum for our next-generation Pantheris atherectomy device, including treatment of our 500th patient in December. Pantheris fourth quarter revenue increased 18% quarter-over-quarter, with more than 65 of our Lumivascular centers now using the next-generation device. Feedback from the field continues to be excellent, with clinical results, product reliability and case volume all tracking positively for the next generation device. We continued to build our sales organization in the fourth quarter and expect to increase sales headcount in 2019 as we scale utilization and drive revenue growth. On the new product front, we remain enthusiastic about the potential for Pantheris SV to expand our available market with the first-ever image-guided atherectomy system ...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News MassDevice Earnings Roundup Wall Street Beat Avinger Source Type: news