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Avinger, Inc. Announces Preliminary Second Quarter 2016 Revenue Results

Management to host conference call today at 2:00pm PT/5:00pm ET

REDWOOD CITY, Calif., July 12, 2016 (GLOBE NEWSWIRE) -- Avinger, Inc., (NASDAQ:AVGR) a leading developer of innovative treatments for peripheral artery disease (PAD), announced today that based on preliminary unaudited financial results, it expects total revenue of approximately $4.7 million for the second quarter ended June 30, 2016, an increase of 57% from the second quarter of 2015.

Revenues from disposable devices were $3.7 million, a 118% increase compared to the second quarter of 2015 and a 12% increase from the first quarter of 2016. Revenue related to Lightbox™ imaging consoles is expected to be $ 1.0 million, a 29% decrease compared to the second quarter of 2015 and a 17% decrease from the first quarter of 2016. During the quarter, the installed base of Lumivascular™ accounts increased by 19 and ended the quarter at 126 accounts.

"Although we experienced lower than expected utilization of Pantheris in the second quarter, we remain enthusiastic about the longer-term outlook for this disruptive technology," said Jeff Soinski
, Avinger's President and CEO. "With an established and growing installed base, we are now focusing more acutely on market development and physician training."

Dr. John B. Simpson
, Avinger's Founder and Executive Chairman, stated, "Based on our early commercial experience, we have continued to make improvements to Pantheris, and in particular the robustness of its optical imaging fiber, and have received positive feedback from physicians on the performance of the current device. We are also making progress on new versions of Pantheris which include enhanced cutting...