Revenue during the quarter dropped 23.09 percent to $3.49 million from $4.54 million in the previous year period. Gross margin for the quarter stood at negative 16.73 percent as compared to a positive 25.97 percent for the previous year period.

Operating loss for the quarter was $13.82 million, compared with an operating loss of $15.03 million in the previous year period.

Adjusted EBITDA for the quarter stood at negative $11.86 million compared to negative $12.72 million in the prior year second quarter.

“We are pleased with how our organization has responded following our recent restructuring, and are making good progress on our core strategic initiatives,” said Jeff Soinski, Avingers president and chief executive officer. "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.

Cash conversion cycle (CCC) has decreased to 121 days for the quarter from 265 days for the last year period. Days sales outstanding went down to 53 days for the quarter compared with 61 days for the same period last year.

Days inventory outstanding has decreased to 92 days for the quarter compared with 250 days for the previous year period. At the same time, days payable outstanding went down to 25 days for the quarter from 46 for the same period last year.