2021 Q4 Form 10-K Financial Statement

#000143774922006919 Filed on March 22, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $2.403M $10.13M $2.730M
YoY Change -11.98% 15.63% 6.64%
Cost Of Revenue $1.691M $6.706M $1.750M
YoY Change -3.37% 9.16% 6.71%
Gross Profit $712.0K $3.424M $980.0K
YoY Change -27.35% 30.79% 5.38%
Gross Profit Margin 29.63% 33.8% 35.9%
Selling, General & Admin $3.870M $15.63M $3.830M
YoY Change 1.04% 9.06% -12.36%
% of Gross Profit 543.54% 456.34% 390.82%
Research & Development $1.398M $5.900M $1.390M
YoY Change 0.58% 3.6% -11.46%
% of Gross Profit 196.35% 172.31% 141.84%
Depreciation & Amortization $162.0K $687.0K $220.0K
YoY Change -26.36% -23.41% -8.33%
% of Gross Profit 22.75% 20.06% 22.45%
Operating Expenses $5.268M $21.53M $5.210M
YoY Change 1.11% 7.51% -12.14%
Operating Profit -$4.556M -$18.10M -$4.230M
YoY Change 7.71% 4.0% -15.4%
Interest Expense -$434.0K $1.651M -$450.0K
YoY Change -3.56% -2.42% 32.35%
% of Operating Profit
Other Income/Expense, Net -$6.000K $2.337M $50.00K
YoY Change -112.0% 4073.21% -78.26%
Pretax Income -$4.996M -$17.41M -$4.630M
YoY Change 7.9% -8.41% -9.57%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$4.996M -$17.41M -$4.630M
YoY Change 7.9% -8.39% -9.57%
Net Earnings / Revenue -207.91% -171.89% -169.6%
Basic Earnings Per Share -$4.57
Diluted Earnings Per Share -$1.046M -$3.687M -$54.35K
COMMON SHARES
Basic Shares Outstanding 95.56M 4.722M 84.92M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.50M $19.50M $22.19M
YoY Change -12.14% -12.14% 102.83%
Cash & Equivalents $19.50M $19.50M $22.19M
Short-Term Investments
Other Short-Term Assets $300.0K $300.0K $350.0K
YoY Change -14.29% -14.29% 12.9%
Inventory $4.601M $4.601M $3.876M
Prepaid Expenses
Receivables $1.393M $1.393M $1.484M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $25.79M $25.79M $27.90M
YoY Change -7.54% -7.56% 67.8%
LONG-TERM ASSETS
Property, Plant & Equipment $95.00K $3.274M $727.0K
YoY Change -86.93% -31.65% -56.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $420.0K $420.0K $510.0K
YoY Change -17.65% -17.65% -25.44%
Total Long-Term Assets $3.694M $3.694M $5.300M
YoY Change -30.3% -30.3% -26.4%
TOTAL ASSETS
Total Short-Term Assets $25.79M $25.79M $27.90M
Total Long-Term Assets $3.694M $3.694M $5.300M
Total Assets $29.49M $29.49M $33.20M
YoY Change -11.18% -11.19% 39.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.394M $1.394M $694.0K
YoY Change 100.86% 102.03% 4.68%
Accrued Expenses $718.0K $3.312M $669.0K
YoY Change 7.32% 4.15% 2.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $3.590M
YoY Change -100.0% -100.0% -59.98%
Total Short-Term Liabilities $4.706M $4.706M $7.462M
YoY Change -36.93% -36.92% -41.65%
LONG-TERM LIABILITIES
Long-Term Debt $12.29M $12.29M $9.400M
YoY Change 30.71% 30.71%
Other Long-Term Liabilities $575.0K $2.769M $0.00
YoY Change -15.06% -100.0%
Total Long-Term Liabilities $575.0K $15.06M $0.00
YoY Change 18.93% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.706M $4.706M $7.462M
Total Long-Term Liabilities $575.0K $15.06M $0.00
Total Liabilities $19.76M $19.76M $20.12M
YoY Change -1.77% -1.78% 18.84%
SHAREHOLDERS EQUITY
Retained Earnings -$384.8M -$367.3M
YoY Change 4.74% 5.46%
Common Stock $394.5M $380.4M
YoY Change 3.7% 7.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.723M $9.723M $13.08M
YoY Change
Total Liabilities & Shareholders Equity $29.49M $29.49M $33.20M
YoY Change -11.18% -11.19% 39.33%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$4.996M -$17.41M -$4.630M
YoY Change 7.9% -8.39% -9.57%
Depreciation, Depletion And Amortization $162.0K $687.0K $220.0K
YoY Change -26.36% -23.41% -8.33%
Cash From Operating Activities -$3.531M -$15.70M -$3.170M
YoY Change 11.39% 5.81% -9.94%
INVESTING ACTIVITIES
Capital Expenditures -$16.00K $34.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $30.00K
YoY Change -100.0% -100.0%
Cash From Investing Activities -$16.00K -$34.00K $30.00K
YoY Change -153.33% -152.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -34.00K $13.04M 0.000
YoY Change -49.86% -100.0%
NET CHANGE
Cash From Operating Activities -3.531M -$15.70M -3.170M
Cash From Investing Activities -16.00K -$34.00K 30.00K
Cash From Financing Activities -34.00K $13.04M 0.000
Net Change In Cash -3.581M -$2.688M -3.140M
YoY Change 14.04% -123.91% -10.54%
FREE CASH FLOW
Cash From Operating Activities -$3.531M -$15.70M -$3.170M
Capital Expenditures -$16.00K $34.00K
Free Cash Flow -$3.515M -$15.73M
YoY Change 6.04%

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ProceedsFromIssuanceOfDebt
2330000 USD
CY2021 avgr Proceeds From The Issuance Of Common Stock Under Officers And Directors Purchase Plan
ProceedsFromTheIssuanceOfCommonStockUnderOfficersAndDirectorsPurchasePlan
0 USD
CY2020 avgr Proceeds From The Issuance Of Common Stock Under Officers And Directors Purchase Plan
ProceedsFromTheIssuanceOfCommonStockUnderOfficersAndDirectorsPurchasePlan
36000 USD
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
13043000 USD
CY2021 us-gaap Stock Issued1
StockIssued1
4175000 USD
CY2020 us-gaap Stock Issued1
StockIssued1
3866000 USD
CY2021 avgr Reclassification Of Right Of Use Asset To Prepaid Rent
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-133000 USD
CY2020 avgr Reclassification Of Right Of Use Asset To Prepaid Rent
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-169000 USD
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
21000 USD
CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 USD
CY2021 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b><em style="font: inherit;">1.</em> Organization</b></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>Organization, Nature of Business</b></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">Avinger, Inc. (the “Company”), a Delaware corporation, was incorporated in <em style="font: inherit;"> March </em><em style="font: inherit;">2007.</em> The Company designs, manufactures and sells image-guided, catheter-based systems that are used by physicians to treat patients with peripheral artery disease (“PAD”). 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 (“U.S.”) and in select international markets. The Company has developed its Lumivascular platform, which integrates optical coherence tomography (<em style="font: inherit;"> “OCT”) </em>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 consoles, as well as a variety of disposable catheter products. The Company’s current catheter products includes its Lumivascular platform products, Ocelot and Tigereye, all of which are designed to allow physicians to penetrate a total blockage in an artery, known as a chronic total occlusion (“CTO”). 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.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>Liquidity Matters</b></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; 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 <em style="font: inherit;"> December 31, 2021, </em>the Company had an accumulated deficit of $384.8 million. The Company expects to incur losses for the foreseeable future. The Company believes that its cash and cash equivalents of $19.5 million at <em style="font: inherit;"> December 31, 2021, </em>together with approximately $6.7 million net proceeds from the <em style="font: inherit;"> January 2022 </em>equity financing, and expected revenues and funds from operations will be sufficient to allow the Company to fund its current operations through the <em style="font: inherit;">second</em> quarter of <em style="font: inherit;">2023.</em> The Company received net proceeds of approximately $3.9 million from the sale of its common stock in its <em style="font: inherit;"> January 2020 </em>offering, $2.3 million of loan proceeds in <em style="font: inherit;"> April 2020 </em>pursuant to the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief and Economic Security (“CARES”) Act, which was forgiven in <em style="font: inherit;"> April 2021, </em>$3.0 million from the sale of its common stock in <em style="font: inherit;"> April </em>and <em style="font: inherit;"> May 2020, </em>$5.5 million from the sale of its common stock in <em style="font: inherit;"> June </em>and <em style="font: inherit;"> July 2020, </em>$11.3 million from the sale of its common stock in <em style="font: inherit;"> August </em>and <em style="font: inherit;"> September 2020, </em>and approximately $13.0 million from the sale of its common stock in <em style="font: inherit;"> February 2021. </em>The Company does <em style="font: inherit;">not</em> have any immediate plans to raise additional funds through future equity or debt financings. However, the Company <em style="font: inherit;"> may </em>decide to raise additional funds to meet its operational needs and capital requirements for product development, clinical trials and commercialization or other strategic objectives.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">The Company can provide <em style="font: inherit;">no</em> 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 <em style="font: inherit;">not</em> create substantial dilution for its existing stockholders. Given the volatility in the Company’s stock price, any financing that we <em style="font: inherit;"> may </em>undertake in the next <em style="font: inherit;">twelve</em> months could cause substantial dilution to its existing stockholders, there can be <em style="font: inherit;">no</em> assurance that the Company will be successful in acquiring additional funding at levels sufficient to fund its various endeavors. In addition, the COVID-<em style="font: inherit;">19</em> 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 <em style="font: inherit;">second</em> quarter of <em style="font: inherit;">2020,</em> the Company took certain actions to manage available cash and other resources to mitigate the effects of COVID-<em style="font: inherit;">19</em> on its business, which included reduction of discretionary costs, reduction of base salaries for all of its non-manufacturing employees by 20% and reduction of hours worked by its manufacturing workers by 20%. Salaries and hours worked largely returned to prior levels by <em style="font: inherit;"> July 2020.</em></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">On <em style="font: inherit;"> September 22, 2021, </em>we received a letter from Nasdaq’s Listing Qualifications Department notifying us that we were <em style="font: inherit;">not</em> in compliance with Nasdaq Listing Rule <em style="font: inherit;">5550</em>(a)(<em style="font: inherit;">2</em>), as the minimum bid price for our listed securities was less than <em style="font: inherit;">$1</em> for the previous <em style="font: inherit;">30</em> consecutive business days. We had a period of <em style="font: inherit;">180</em> calendar days, or until <em style="font: inherit;"> March 21, 2022, </em>to regain compliance with the rule referred to in this paragraph. To regain compliance, the bid price of our common stock must close at <em style="font: inherit;">$1</em> or more for a minimum of <em style="font: inherit;">ten</em> consecutive business days. The notice has <em style="font: inherit;">no</em> present impact on the listing of our securities on Nasdaq. On <em style="font: inherit;"> March 14, 2022, </em>we effected a <em style="font: inherit;">1</em>-for-<em style="font: inherit;">20</em> reverse stock split of our outstanding shares of common stock. However, there is <em style="font: inherit;">no</em> guarantee that such reverse stock split will result in the bid price of our common stock closing at <em style="font: inherit;">$1</em> or more for the required <em style="font: inherit;">ten</em> consecutive business days.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The Company has <em style="font: inherit;">not</em> yet regained compliance with the Minimum Bid Price Requirement. In accordance with Nasdaq Listing Rule <em style="font: inherit;">5810</em>(c)(<em style="font: inherit;">3</em>)(A), the Company provided written notice to Nasdaq requesting an additional <em style="font: inherit;">180</em> calendar days to cure the deficiency on <em style="font: inherit;"> March 17, 2022, </em>but have <em style="font: inherit;">not</em> yet received a response. If Nasdaq delists our common stock from trading on its exchange and we are <em class="GFJY4-DIN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font: inherit;">not</em> able to list our securities on another national securities exchange, we could face significant material adverse consequences including among other things, a decreased ability to issue additional securities or obtain additional financing in the future, a limited availability of market quotations for our securities, reduced liquidity for our securities.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">If the Company is unable to raise additional capital in sufficient amounts or on terms acceptable to it, the Company <em style="font: inherit;"> may </em>have to significantly reduce its operations or delay, scale back or discontinue the development of <em style="font: inherit;">one</em> or more of its products. The financial statements do <em style="font: inherit;">not</em> 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.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>Public Offerings</b></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">On <em style="font: inherit;"> January 31, 2020, </em>the Company completed a public offering of 321,429 shares of common stock at an offering price of $14.00 per share. As a result, the Company received net proceeds of approximately $3.9 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 the <em style="font: inherit;"> February 2018 </em>offering, was reduced to $14.00 per share.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">On <em style="font: inherit;"> April 30, 2020, </em>the Company completed a public offering of 630,000 shares of common stock at an offering price of $5.00 per share. On <em style="font: inherit;"> May 6, 2020, </em>the Company issued an additional 94,500 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, the Company received aggregate net proceeds of approximately $3.0 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 the <em style="font: inherit;"> February 2018 </em>offering, was reduced to $5.00 per share.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">On <em style="font: inherit;"> June 26, 2020, </em>the Company completed a public offering of 1,000,000 shares of common stock at an offering price of $5.40 per share. On <em style="font: inherit;"> July 9, 2020, </em>the Company issued an additional 150,000 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 $0.7 million of additional net proceeds. As a result, the Company received aggregate net proceeds of approximately $5.5 million including the overallotment option and after underwriting discounts, commissions, legal and accounting fees, and other ancillary expenses.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">On <em style="font: inherit;"> August 6, 2020, </em>under the universal shelf registration statement filed on <em style="font: inherit;"> March 7, 2019 (</em>the “Shelf Registration Statement,”), the Company completed a public offering of 789,474 shares of common stock at an offering price of $7.60 per share. On <em style="font: inherit;"> August 11, 2020, </em>the Company issued an additional 118,421 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, the Company received aggregate net proceeds of approximately $6.2 million after underwriting discounts, commissions, legal and accounting fees, and other ancillary expenses.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">On <em style="font: inherit;"> August 25, 2020, </em>under the Shelf Registration Statement, the Company completed a public offering of 553,192 shares of common stock at an offering price of $9.40 per share. On <em style="font: inherit;"> September 1, 2020, </em>the Company issued an additional 50,000 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, the Company received aggregate net proceeds of approximately $5.1 million after underwriting discounts, commissions, legal and accounting fees, and other ancillary expenses.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">On <em style="font: inherit;"> February 2, 2021, </em>under the Shelf Registration Statement, the Company completed a bought deal offering of 500,000 shares of common stock at an offering price of $28.80 per share. As a result, the Company received aggregate net proceeds of approximately $13.0 million after underwriting discounts, commissions, legal and accounting fees, and other ancillary expenses.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><i><em style="font: inherit;"> January 2022 </em>Offering</i></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">On <em style="font: inherit;"> January 14, 2022, </em>the Company entered into a securities purchase agreement with several institutional investors pursuant to which the Company agreed to sell and issue, in a registered direct offering (<em style="font: inherit;"> “January 2022 </em>offering”), an aggregate of 7,600 shares of the Company’s Series D Convertible Preferred Stock, par value of $0.001 per share, at an offering price of $1,000 per share. Concurrently, the Company agreed to issue to these investors warrants to purchase up to an aggregate of 807,500 shares of the Company’s common stock (the “Common Warrants”). As a result, the Company received aggregate net proceeds of approximately $6.7 million after underwriting discounts, commissions, legal and accounting fees, and other ancillary expenses.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">In connection with the <em style="font: inherit;"> January 2022 </em>offering and in accordance with the securities purchase agreement, the Company held a special meeting of stockholders on <em style="font: inherit;"> March 11, 2022 </em>to consider a proposal (the “Proposal”) to amend to the Company’s Amended and Restated Certificate of Incorporation, as amended (the “Charter”) to effect a reverse split of the outstanding shares of the Company’s common stock at a ratio between <em style="font: inherit;">1</em>-for-5 and <em style="font: inherit;">1</em>-for-20 (the “Reverse Split Amendment”). The Company’s stockholders approved the Reverse Split Amendment at the special meeting. On <em style="font: inherit;"> March 11, 2022, </em>following receipt of stockholder approval, the Company’s Board of Directors approved a reverse split ratio of <em style="font: inherit;">1</em>-for-20 and the Company filed an amendment to our Charter to effect such reverse stock split, effective as of <em style="font: inherit;">5:00</em> pm Eastern Time on <em style="font: inherit;"> March 14, 2022.</em></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">Pursuant to the purchase agreement, the Company filed a certificate of designation (the “Certificate of Designation”) with the Secretary of State of Delaware designating the rights, preferences and limitations of the shares of Series D preferred stock, which became effective on <em style="font: inherit;"> January 14, 2022. </em>The Certificate of Designation provided, in particular, that the Series D preferred stock will have <em style="font: inherit;">no</em> voting rights, other than the right to vote as a class on certain matters, except that each share of Series D preferred stock had the right to cast 37,500 votes per share of Series D preferred stock on the Proposal (the “Supermajority Voting Rights”); provided, that the votes cast by the holders of the Series D preferred stock must be counted in the same proportion as the aggregate shares of common stock voted on the Proposal. Because the Proposal was approved by our stockholders at the special meeting held on <em style="font: inherit;"> March 11, 2022, </em>the Series D preferred stock <em style="font: inherit;">no</em> longer has Supermajority Voting Rights.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">The holders of the Series D preferred stock are entitled to dividends, on an as-if converted basis, equal to dividends actually paid, if any, on shares of Common Stock. The Series D preferred stock is convertible into shares of common stock at a conversion price of $8.00 per share, as adjusted for the most recent reverse stock split. The conversion price can be adjusted pursuant to the Certificate of Designation for stock dividends and stock splits, subsequent rights offerings, pro rata distributions of dividends or the occurrence of a fundamental transaction (as defined in the Certificate of Designation). The Series D preferred stock can be converted at the option of the holders at any time. In addition, subject to the satisfaction of certain conditions, the Company <em style="font: inherit;"> may </em>cause the holders of the Series D preferred stock to convert their shares of Series D preferred stock; provided, that shares of Series D preferred stock cannot be converted to common stock if the applicable holder would beneficially own in excess of <em style="font: inherit;">4.99%</em> (or, upon election by such holder prior to the issuance of any shares of Series D preferred stock, <em style="font: inherit;">9.99%</em>) of our outstanding common stock. A holder of Series D preferred stock <em style="font: inherit;"> may, </em>upon notice to the Company, increase or decrease such beneficial ownership limitation, but <em style="font: inherit;">not</em> in excess of <em style="font: inherit;">9.99%.</em></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">The Common Warrants have an exercise price of $9.60 per share and become exercisable beginning <em style="font: inherit;"> July 14, 2022. </em>The Common Warrants will expire <span style="-sec-ix-hidden:c82306669">five</span> years following the time they become exercisable, or <em style="font: inherit;"> July 14, 2027. </em>The Company also issued to the Placement Agent or its designees warrants to purchase up to an aggregate of 66,500 shares of common stock (the “Placement Agent Warrants”). The Placement Agent Warrants are subject to the same terms as the Common Warrants, except that the Placement Agent Warrants have an exercise price of $10.00 per share and a term of <span style="-sec-ix-hidden:c82306672">five</span> years from the commencement of the sales pursuant to the <em style="font: inherit;"> January 2022 </em>Offering, or <em style="font: inherit;"> January 12, 2027.</em></p>
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-384800000 USD
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
19500000 USD
CY2021Q4 us-gaap Debt Securities Available For Sale Accumulated Gross Unrealized Gain Loss Before Tax
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0 USD
CY2021 us-gaap Use Of Estimates
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"/> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>Use of Estimates</b></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">The preparation of financial statements in conformity with U.S. 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 <em style="font: inherit;">not</em> readily apparent from other sources. Although these estimates are based on the Company’s knowledge of current events and actions it <em style="font: inherit;"> may </em>undertake in the future, actual results <em style="font: inherit;"> may </em>ultimately materially differ from these estimates and assumptions.</p>
CY2021 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
16000 USD
CY2020 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
18000 USD
CY2021 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
0
CY2021 avgr Product Warranty Accrual Payments And Release
ProductWarrantyAccrualPaymentsAndRelease
55000 USD
CY2020 avgr Product Warranty Accrual Payments And Release
ProductWarrantyAccrualPaymentsAndRelease
164000 USD
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
187000 USD
CY2020Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
193000 USD
CY2020Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
137701
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-21587000 USD
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
19000 USD
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
19000 USD
CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2000 USD
CY2020 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
26000 USD
CY2021 avgr Accounts Receivable Allowance For Credit Loss Recovery Writeoff
AccountsReceivableAllowanceForCreditLossRecoveryWriteoff
-15000 USD
CY2020 avgr Accounts Receivable Allowance For Credit Loss Recovery Writeoff
AccountsReceivableAllowanceForCreditLossRecoveryWriteoff
-26000 USD
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
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6000 USD
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
19000 USD
CY2020Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
193000 USD
CY2019Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
215000 USD
CY2021 us-gaap Product Warranty Accrual Warranties Issued
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49000 USD
CY2020 us-gaap Net Income Loss Available To Common Stockholders Basic
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-22872000 USD
CY2021 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2020 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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2462000
CY2021 us-gaap Earnings Per Share Basic And Diluted
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CY2020 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-9.29
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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205847
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
222525
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
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2503000 USD
CY2020Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1904000 USD
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
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0 USD
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790000 USD
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2366000 USD
CY2020Q4 us-gaap Unrecognized Tax Benefits
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2307000 USD

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