HomeTop MoversHere is why Avinger Inc. (AVGR) stock turnaround in the after-hours on...

Here is why Avinger Inc. (AVGR) stock turnaround in the after-hours on Tuesday?

Avinger Inc. (AVGR) shares surged 3.09% in after-hours on Tuesday, August 10, 2021, and closed the daily trading at $1.00. In the regular trading session on Tuesday, AVGR’s stock lost 3.96%. AVGR shares have risen73.21% over the last 12 months, and they have moved up 2.82% in the past week. Over the past three months, the stock has lost 7.62%, while over the past six months, it has declined 51.74%.

Let’s see what’s going on with the company recently?


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AVGR recent financial results announcement

On August 10, 2021, Avinger, Inc. (AVGR), announced its financial results for the second quarter ended June 30, 2021.

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AVGR Q2 2021 financial highlights

  • AVGR reported revenue of $2.8 million in Q2 2021 compared to $1.46 in Q2 2020.
  • The gross margin for the second quarter of 2021 was 36%, compared with 24% in the second quarter of 2020.
  • In Q2 2021, operating expenses were $5.4 million, compared with $4.0 million in the second quarter of 2020.
  • It suffered a net loss of 2.5 million in Q2 2021 compared with a $4.0 million loss in the second quarter of 2020.
  • Adjusted EBITDA was – $3.9 million in Q2 2021, compared with a loss of $2.9 million in the second quarter of 2020.
  • As of June 30, 2021, Company had cash and cash equivalents totalled $26.7 million.

AVGR New Lightbox 3 Imaging Console

On August 9, 2021, Avinger, Inc. (AVGR) submitted a 510(k) application to the U.S. Food & Drug Administration (FDA) for its new Lightbox 3 imaging console.

The Lightbox 3 is much smaller in size, weight, and cost compared to the existing platform, and is anticipated to speed the evaluation process and reduce barriers to adoption in new accounts.

New Pantheris clinical indication for ISR treatment

On July 6, 2021, Avinger, Inc. (AVGR) submitted a 510(k) application to the U.S. Food & Drug Administration (FDA) for a new Pantheris clinical indication for the treatment of in-stent restenosis (ISR) in the lower extremity arteries.

The treatment of in-stent restenosis represents both a significant market and healthcare burden. Avinger’s proprietary Lumivascular technology allows physicians, for the first time, to see from inside the artery during an atherectomy by using an imaging modality called optical coherence tomography, which is displayed on Avinger’s Lightbox console.

Issuance and Allowance of Seven U.S. Patents

On May 25, 2021, Avinger, Inc (AVGR) announced the issuance and allowance of seven U.S. patents to date in 2021.

These new U.S. patents include a wide range of claims relating to Avinger’s proprietary optical coherence tomography (OCT) intravascular imaging system and its OCT-guided catheters for the treatment of vascular disease.

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Conclusion

AVGR recovered its early loss in the after-hours after the company announced its top-notch performance in Q2 2021. We can expect it to continue its positivity in the coming days as well.

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