$AVGR
Avinger Inc

2021 Q1 Form 10-Q Financial Statement

#000143774921011163 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $2.559M $2.261M
YoY Change 13.18% 22.88%
Cost Of Revenue $1.665M $1.760M
YoY Change -5.4% 19.97%
Gross Profit $894.0K $501.0K
YoY Change 78.44% 34.32%
Gross Profit Margin 34.94% 22.16%
Selling, General & Admin $3.945M $4.386M
YoY Change -10.05% 10.04%
% of Gross Profit 441.28% 875.45%
Research & Development $1.598M $1.594M
YoY Change 0.25% 12.73%
% of Gross Profit 178.75% 318.16%
Depreciation & Amortization $194.0K $225.0K
YoY Change -13.78% 12.5%
% of Gross Profit 21.7% 44.91%
Operating Expenses $5.543M $5.980M
YoY Change -7.31% 10.74%
Operating Profit -$4.649M -$5.479M
YoY Change -15.15% 8.99%
Interest Expense $396.0K $398.0K
YoY Change -0.5% 13.71%
% of Operating Profit
Other Income/Expense, Net -$7.000K -$4.000K
YoY Change 75.0% -101.67%
Pretax Income -$5.050M -$5.850M
YoY Change -13.68% 15.61%
Income Tax
% Of Pretax Income
Net Earnings -$5.052M -$5.851M
YoY Change -13.66% 15.75%
Net Earnings / Revenue -197.42% -258.78%
Basic Earnings Per Share -$1.33
Diluted Earnings Per Share -$55.23K -$400.1K
COMMON SHARES
Basic Shares Outstanding 4.572M 16.81M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.45M $9.860M
YoY Change 208.82% -40.99%
Cash & Equivalents $30.45M $9.862M
Short-Term Investments
Other Short-Term Assets $1.320M $1.020M
YoY Change 29.41% -56.41%
Inventory $3.936M $3.875M
Prepaid Expenses
Receivables $1.531M $1.352M
Other Receivables $0.00 $0.00
Total Short-Term Assets $37.23M $16.11M
YoY Change 131.07% -33.18%
LONG-TERM ASSETS
Property, Plant & Equipment $552.0K $1.387M
YoY Change -60.2% -35.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $476.0K $637.0K
YoY Change -25.27%
Total Long-Term Assets $4.876M $6.687M
YoY Change -27.08% 212.48%
TOTAL ASSETS
Total Short-Term Assets $37.23M $16.11M
Total Long-Term Assets $4.876M $6.687M
Total Assets $42.11M $22.80M
YoY Change 84.69% -13.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $786.0K $1.385M
YoY Change -43.25% 42.93%
Accrued Expenses $856.0K $695.0K
YoY Change 23.17% -23.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.070M $9.370M
YoY Change -77.91% 19.52%
Total Short-Term Liabilities $7.235M $14.46M
YoY Change -49.97% 11.79%
LONG-TERM LIABILITIES
Long-Term Debt $11.32M $0.00
YoY Change
Other Long-Term Liabilities $144.0K $10.00K
YoY Change 1340.0% -73.68%
Total Long-Term Liabilities $144.0K $10.00K
YoY Change 1340.0% -73.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.235M $14.46M
Total Long-Term Liabilities $144.0K $10.00K
Total Liabilities $21.63M $18.39M
YoY Change 17.63% 41.76%
SHAREHOLDERS EQUITY
Retained Earnings -$372.4M -$354.2M
YoY Change 5.14% 6.06%
Common Stock $392.9M $358.6M
YoY Change 9.56% 3.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.48M $4.408M
YoY Change
Total Liabilities & Shareholders Equity $42.11M $22.80M
YoY Change 84.69% -13.15%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$5.052M -$5.851M
YoY Change -13.66% 15.75%
Depreciation, Depletion And Amortization $194.0K $225.0K
YoY Change -13.78% 12.5%
Cash From Operating Activities -$4.803M -$4.970M
YoY Change -3.36% -17.11%
INVESTING ACTIVITIES
Capital Expenditures $11.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$11.00K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $13.08M 3.889M
YoY Change 236.26% -38.83%
NET CHANGE
Cash From Operating Activities -$4.803M -4.970M
Cash From Investing Activities -$11.00K
Cash From Financing Activities $13.08M 3.889M
Net Change In Cash $8.263M -1.081M
YoY Change -864.38% -463.97%
FREE CASH FLOW
Cash From Operating Activities -$4.803M -$4.970M
Capital Expenditures $11.00K
Free Cash Flow -$4.814M -$4.970M
YoY Change -3.14% -18.24%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">1.</div> Organization</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><div style="display: inline; font-weight: bold;">Organization, Nature of Business</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Avinger, Inc. (the &#x201c;Company&#x201d;), a Delaware corporation, was incorporated in <div style="display: inline; font-style: italic; font: inherit;"> March 2007. </div>The Company designs, manufactures and sells image-guided, catheter-based systems that are used by physicians to treat patients with peripheral artery disease (&#x201c;PAD&#x201d;). Patients with PAD have a build-up of plaque in the arteries that supply blood to areas away from the heart, particularly the pelvis and legs. The Company manufactures and sells a suite of products in the United States (&#x201c;U.S.&#x201d;) and in select international markets. The Company has developed its Lumivascular platform, which integrates optical coherence tomography (<div style="display: inline; font-style: italic; font: inherit;"> &#x201c;OCT&#x201d;) </div>visualization with interventional catheters and is the industry's only system that provides real-time intravascular imaging during the treatment portion of PAD procedures. The Company's Lumivascular platform consists of a capital component, our Lightbox console, as well as a variety of disposable catheter products. The Company's current products include its non-imaging catheters, Wildcat and Kittycat <div style="display: inline; font-style: italic; font: inherit;">2,</div> as well as its Lumivascular platform products, Ocelot, Ocelot PIXL, Ocelot MVRX and Tigereye, all of which are designed to allow physicians to penetrate a total blockage in an artery, known as a chronic total occlusion (&#x201c;CTO&#x201d;). The Company also has image-guided atherectomy solutions under its suite of Lumivascular products, Pantheris and Pantheris SV, which are designed to allow physicians to precisely remove arterial plaque in PAD patients. The Company is located in Redwood City, California.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><div style="display: inline; font-weight: bold;">Liquidity Matters</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">In the course of its activities, the Company has incurred losses and negative cash flows from operations since its inception. As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>the Company had an accumulated deficit of <div style="display: inline; font-style: italic; font: inherit;">$372.4</div> million. The Company expects to incur losses for the foreseeable future. The Company believes that its cash and cash equivalents of <div style="display: inline; font-style: italic; font: inherit;">$30.4</div> million at <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and expected revenues and funds from operations will be sufficient to allow the Company to fund its current operations through <div style="display: inline; font-style: italic; font: inherit;">2022.</div> We received net proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$3.9</div> million from the sale of our common stock in our <div style="display: inline; font-style: italic; font: inherit;"> January 2020 </div>offering, <div style="display: inline; font-style: italic; font: inherit;">$2.3</div> million of loan proceeds in <div style="display: inline; font-style: italic; font: inherit;"> April 2020 </div>pursuant to the Paycheck Protection Program (&#x201c;PPP&#x201d;) under the Coronavirus Aid, Relief and Economic Security (&#x201c;CARES&#x201d;) Act, <div style="display: inline; font-style: italic; font: inherit;">$3.0</div> million from the sale of our common stock in <div style="display: inline; font-style: italic; font: inherit;"> April </div>and <div style="display: inline; font-style: italic; font: inherit;"> May 2020, </div><div style="display: inline; font-style: italic; font: inherit;">$5.5</div> million from the sale of our common stock in <div style="display: inline; font-style: italic; font: inherit;"> June </div>and <div style="display: inline; font-style: italic; font: inherit;"> July 2020, </div><div style="display: inline; font-style: italic; font: inherit;">$11.3</div> million from the sale of our common stock in <div style="display: inline; font-style: italic; font: inherit;"> August </div>and <div style="display: inline; font-style: italic; font: inherit;"> September 2020, </div>and approximately <div style="display: inline; font-style: italic; font: inherit;">$13.1</div> million from the sale of our common stock in <div style="display: inline; font-style: italic; font: inherit;"> February 2021. </div>The Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> have any immediate plans to raise additional funds through future equity or debt financings. However, the Company <div style="display: inline; font-style: italic; font: inherit;"> may </div>decide to raise additional funds to meet its operational needs and capital requirements for product development, clinical trials and commercialization or other strategic objectives.</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The Company can provide <div style="display: inline; font-style: italic; font: inherit;">no</div> assurance that it will be successful in raising funds pursuant to additional equity or debt financings or that such funds will be raised at prices that do <div style="display: inline; font-style: italic; font: inherit;">not</div> create substantial dilution for our existing stockholders. Given the volatility in the Company's stock price, any financing that we <div style="display: inline; font-style: italic; font: inherit;"> may </div>undertake in the next <div style="display: inline; font-style: italic; font: inherit;">twelve</div> months could cause substantial dilution to our existing stockholders, there can be <div style="display: inline; font-style: italic; font: inherit;">no</div> assurance that the Company will be successful in acquiring additional funding at levels sufficient to fund its various endeavors. In addition, the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic and responses thereto have resulted in reduced consumer and investor confidence, instability in the credit and financial markets, volatile corporate profits, restrictions on elective medical procedures, and reduced business and consumer spending, which could increase the cost of capital and/or limit the availability of capital to the Company. During the <div style="display: inline; font-style: italic; font: inherit;">second</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2020</div> the Company took certain actions to manage available cash and other resources to mitigate the effects of COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> on our business, which included reduction of discretionary costs, reduction of base salaries for all of our non-manufacturing employees by <div style="display: inline; font-style: italic; font: inherit;">20%</div> and reduction of hours worked by our manufacturing workers by <div style="display: inline; font-style: italic; font: inherit;">20%.</div> Salaries and hours worked largely returned to prior levels by <div style="display: inline; font-style: italic; font: inherit;"> July 2020.</div></div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">If the Company is unable to raise additional capital in sufficient amounts or on terms acceptable to it, the Company <div style="display: inline; font-style: italic; font: inherit;"> may </div>have to significantly reduce its operations or delay, scale back or discontinue the development of <div style="display: inline; font-style: italic; font: inherit;">one</div> or more of its products. The financial statements do <div style="display: inline; font-style: italic; font: inherit;">not</div> include any adjustments that might result from the outcome of this uncertainty. The Company's ultimate success will largely depend on its continued development of innovative medical technologies, its ability to successfully commercialize its products and its ability to raise significant additional funding.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><div style="display: inline; font-weight: bold;">Public Offerings</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On <div style="display: inline; font-style: italic; font: inherit;"> January 31, 2020, </div>we completed a public offering of <div style="display: inline; font-style: italic; font: inherit;">6,428,572</div> shares of common stock at an offering price of <div style="display: inline; font-style: italic; font: inherit;">$0.70</div> per share. As a result, we received net proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$3.9</div> million after underwriting discounts, commissions, legal and accounting fees, and other ancillary expenses. Due to anti-dilution provisions, the conversion price of the outstanding shares of Series B preferred stock, which was issued in our <div style="display: inline; font-style: italic; font: inherit;"> February 2018 </div>offering, was reduced to <div style="display: inline; font-style: italic; font: inherit;">$0.70</div> per share.</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 9pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On <div style="display: inline; font-style: italic; font: inherit;"> April 30, 2020, </div>we completed a public offering of <div style="display: inline; font-style: italic; font: inherit;">12,600,000</div> shares of common stock at an offering price of <div style="display: inline; font-style: italic; font: inherit;">$0.25</div> per share. On <div style="display: inline; font-style: italic; font: inherit;"> May 6, 2020 </div>we issued an additional <div style="display: inline; font-style: italic; font: inherit;">1,890,000</div> shares of common stock at the same offering price pursuant to the exercise in full of the underwriter's over-allotment option in connection with the aforementioned offering. As a result, we received aggregate net proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$3.0</div> million after underwriting discounts, commissions, legal and accounting fees, and other ancillary expenses. Due to anti-dilution provisions, the conversion price of the outstanding shares of Series B preferred stock, which was issued in our <div style="display: inline; font-style: italic; font: inherit;"> February 2018 </div>offering, was reduced to <div style="display: inline; font-style: italic; font: inherit;">$0.25</div> per share.</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 9pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On <div style="display: inline; font-style: italic; font: inherit;"> June 26, 2020, </div>we completed a public offering of <div style="display: inline; font-style: italic; font: inherit;">20,000,000</div> shares of common stock at an offering price of <div style="display: inline; font-style: italic; font: inherit;">$0.27</div> per share. On <div style="display: inline; font-style: italic; font: inherit;"> July 9, 2020 </div>we issued an additional <div style="display: inline; font-style: italic; font: inherit;">3,000,000</div> shares of common stock at the same offering price pursuant to the exercise in full of the underwriter's over-allotment option in connection with the aforementioned offering resulting in <div style="display: inline; font-style: italic; font: inherit;">$0.7</div> million of additional net proceeds. As a result, we received aggregate net proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$5.5</div> million including the overallotment option and after underwriting discounts, commissions, legal and accounting fees, and other ancillary expenses.</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 9pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On <div style="display: inline; font-style: italic; font: inherit;"> August 6, 2020, </div>under the Shelf Registration Statement, we completed a public offering of <div style="display: inline; font-style: italic; font: inherit;">15,789,474</div> shares of common stock at an offering price of <div style="display: inline; font-style: italic; font: inherit;">$0.38</div> per share. On <div style="display: inline; font-style: italic; font: inherit;"> August 11, 2020 </div>we issued an additional <div style="display: inline; font-style: italic; font: inherit;">2,368,421</div> shares of common stock at the same offering price pursuant to the exercise in full of the underwriter's over-allotment option in connection with the aforementioned offering. As a result, we received aggregate net proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$6.2</div> million after underwriting discounts, commissions, legal and accounting fees, and other ancillary expenses.</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 9pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On <div style="display: inline; font-style: italic; font: inherit;"> August 25, 2020, </div>under the Shelf Registration Statement, we completed a public offering of <div style="display: inline; font-style: italic; font: inherit;">11,063,830</div> shares of common stock at an offering price of <div style="display: inline; font-style: italic; font: inherit;">$0.47</div> per share. On <div style="display: inline; font-style: italic; font: inherit;"> September 1, 2020 </div>we issued an additional <div style="display: inline; font-style: italic; font: inherit;">1,000,000</div> shares of common stock at the same offering price pursuant to the exercise in full of the underwriter's over-allotment option in connection with the aforementioned offering. As a result, we received aggregate net proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$5.1</div> million after underwriting discounts, commissions, legal and accounting fees, and other ancillary expenses.</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 9pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On <div style="display: inline; font-style: italic; font: inherit;"> February 2, 2021, </div>under the Shelf Registration Statement, we completed a bought deal offering of <div style="display: inline; font-style: italic; font: inherit;">10,000,000</div> shares of common stock at an offering price of <div style="display: inline; font-style: italic; font: inherit;">$1.44</div> per share. As a result, we received aggregate net proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$13.1</div> million after underwriting discounts, commissions, legal and accounting fees, and other ancillary expenses.</div></div>
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CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><div style="display: inline; font-weight: bold;">Use of Estimates</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The preparation of financial statements in conformity with U.S.&nbsp;GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Management uses significant judgment when making estimates related to its stock-based compensation, accruals related to compensation, the valuation of the common stock warrants, provisions for doubtful accounts receivable and excess and obsolete inventories, clinical trial accruals, and its reserves for sales returns and warranty costs. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are <div style="display: inline; font-style: italic; font: inherit;">not</div> readily apparent from other sources. Although these estimates are based on the Company's knowledge of current events and actions it <div style="display: inline; font-style: italic; font: inherit;"> may </div>undertake in the future, actual results <div style="display: inline; font-style: italic; font: inherit;"> may </div>ultimately materially differ from these estimates and assumptions.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
91435000
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14616000
CY2021Q1 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
0
CY2020Q1 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
0

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