Avinger Inc (AVGR) saw its loss almost stable for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $13.46 million, or $1.07 a share.
Revenue during the quarter surged 63.77 percent to $4.68 million from $2.86 million in the previous year period. Gross margin for the quarter contracted 1582 basis points over the previous year period to 20.97 percent.
Operating loss for the quarter was $11.96 million, compared with an operating loss of $12.31 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $9.46 million compared to negative $9.76 million in the prior year second quarter.
“We are pleased with the expansion of our installed base which positions us well in advance of our new product offerings, with both a next-gen Pantheris and below-the-knee platform introduction anticipated in 2017,” said Jeff Soinski, Avinger’s president and chief executive officer. “Our R&D team is focused on getting our anticipated new products market-ready, as we prepare to maximize the impact of those launches later in the year. To that end, we are focusing our commercial resources while finalizing our launch plans and forecasts and we anticipate providing financial guidance once we fully update our operating plan.”
Working capital declines
Avinger Inc has witnessed a decline in the working capital over the last year. It stood at $41.31 million as at Dec. 31, 2016, down 5.20 percent or $2.27 million from $43.58 million on Dec. 31, 2015. Current ratio was at 6.52 as on Dec. 31, 2016, down from 6.82 on Dec. 31, 2015.
Debt increases substantially
Avinger Inc has witnessed an increase in total debt over the last one year. It stood at $41.29 million as on Dec. 31, 2016, up 39.65 percent or $11.72 million from $29.56 million on Dec. 31, 2015. Avinger has witnessed an increase in long-term debt over the last one year. It stood at $41.29 million as on Dec. 31, 2016, up 39.65 percent or $11.72 million from $29.56 million on Dec. 31, 2015. Total debt was 77.09 percent of total assets as on Dec. 31, 2016, compared with 54.64 percent on Dec. 31, 2015. Debt to equity ratio was at 9.74 as on Dec. 31, 2016, up from 1.90 as on Dec. 31, 2015.
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