Avinger(AVGR)2024-03-20 20:16Financial Performance - Fourth quarter 2023 revenue was $1.9 million, a sequential increase of 5% from $1.8 million in Q3 2023, but a decrease from $2.0 million in Q4 2022[5]. - Gross margin for Q4 2023 was 20%, down from 21% in Q3 2023 and 34% in Q4 2022, primarily due to lower production activity and increased non-cash stock-based compensation[6]. - Operating expenses for Q4 2023 were $5.0 million, compared to $4.4 million in Q3 2023 and $4.5 million in Q4 2022, driven by increased sales headcount and corporate expenses related to the Zylox-Tonbridge transaction[6]. - Net loss for Q4 2023 was $5.0 million, compared to $4.5 million in Q3 2023 and $4.2 million in Q4 2022[6]. - Adjusted EBITDA for Q4 2023 was a loss of $4.3 million, compared to a loss of $3.7 million in Q3 2023 and a loss of $3.8 million in Q4 2022[7]. - The net loss for the three months ended December 31, 2023, was $5,024 thousand, compared to a net loss of $4,476 thousand for the same period in 2022, representing a 12.2% increase in losses year-over-year[19]. - Adjusted EBITDA for the twelve months ended December 31, 2023, was $(15,406) thousand, slightly improved from $(15,634) thousand for the same period in 2022[19]. - The accumulated deficit increased to $(420,696) thousand from $(402,376) thousand, indicating a worsening financial position[20]. - The company reported stock-based compensation of $237 thousand for the three months ended December 31, 2023, compared to $219 thousand for the same period in 2022, a 8.2% increase[19]. Cash and Assets - Cash and cash equivalents totaled $5.3 million as of December 31, 2023, with an additional $7.5 million raised in March 2024 from the Zylox-Tonbridge investment[8]. - Total current assets decreased to $12,162 thousand as of December 31, 2023, down from $20,987 thousand a year earlier, reflecting a 42.5% decline[20]. - Cash and cash equivalents significantly decreased to $5,275 thousand from $14,603 thousand, indicating a 63.9% reduction year-over-year[20]. - Total liabilities slightly decreased to $19,972 thousand as of December 31, 2023, compared to $20,049 thousand in the previous year[20]. - The company has a total stockholders' deficit of $(6,202) thousand as of December 31, 2023, compared to a positive equity of $4,146 thousand a year earlier[20]. Strategic Initiatives - A strategic partnership with Zylox-Tonbridge was announced, providing up to $15 million in funding to support U.S. growth initiatives and product development[2]. - The sales team was expanded by over 25%, enhancing presence in key markets such as the Midwest, Texas, and Florida[2]. - Development of a proprietary image-guided coronary CTO-crossing system is advancing, with an IDE submission anticipated in Q3 2024[4]. - The company aims to redefine the coronary market with a simplified approach to crossing chronic total occlusions, leveraging established reimbursement codes[4]. Liabilities and Compensation - Accounts payable increased to $777 thousand from $631 thousand, reflecting a 23.1% rise in current liabilities[20]. - Accrued compensation rose to $2,311 thousand from $1,401 thousand, representing a 64.9% increase year-over-year[20].