NasdaqCM:AVGR

Stock Analysis Report

Executive Summary

Avinger, Inc., a commercial-stage medical device company, designs, manufactures, and sells image-guided and catheter-based systems used by physicians to treat patients with peripheral arterial disease (PAD) in the United States and Europe.


Snowflake Analysis

Mediocre balance sheet with limited growth.


Similar Companies

Share Price & News

How has Avinger's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: AVGR's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-8.5%

AVGR

11.3%

US Medical Equipment

5.3%

US Market


1 Year Return

-95.6%

AVGR

-4.5%

US Medical Equipment

-10.7%

US Market

Return vs Industry: AVGR underperformed the US Medical Equipment industry which returned -4.5% over the past year.

Return vs Market: AVGR underperformed the US Market which returned -10.7% over the past year.


Shareholder returns

AVGRIndustryMarket
7 Day-8.5%11.3%5.3%
30 Day-27.5%-8.5%-13.6%
90 Day-64.5%-15.6%-19.8%
1 Year-95.6%-95.6%-3.8%-4.5%-8.9%-10.7%
3 Year-99.9%-99.9%47.0%43.0%15.5%8.0%
5 Year-100.0%-100.0%78.8%60.2%35.2%20.4%

Price Volatility Vs. Market

How volatile is Avinger's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Avinger undervalued compared to its fair value and its price relative to the market?

0.63x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate AVGR's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate AVGR's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: AVGR is unprofitable, so we can't compare its PE Ratio to the Medical Equipment industry average.

PE vs Market: AVGR is unprofitable, so we can't compare its PE Ratio to the US market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate AVGR's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: AVGR is good value based on its PB Ratio (0.6x) compared to the US Medical Equipment industry average (3x).


Next Steps

Future Growth

How is Avinger forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

11.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: AVGR is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: AVGR is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: AVGR is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: AVGR's revenue (32.4% per year) is forecast to grow faster than the US market (7.2% per year).

High Growth Revenue: AVGR's revenue (32.4% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if AVGR's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Avinger performed over the past 5 years?

8.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: AVGR is currently unprofitable.

Growing Profit Margin: AVGR is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: AVGR is unprofitable, but has reduced losses over the past 5 years at a rate of 8.5% per year.

Accelerating Growth: Unable to compare AVGR's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: AVGR is unprofitable, making it difficult to compare its past year earnings growth to the Medical Equipment industry (1%).


Return on Equity

High ROE: AVGR has a negative Return on Equity (-282.09%), as it is currently unprofitable.


Next Steps

Financial Health

How is Avinger's financial position?


Financial Position Analysis

Short Term Liabilities: AVGR's short term assets ($16.6M) exceed its short term liabilities ($12.8M).

Long Term Liabilities: AVGR's short term assets ($16.6M) exceed its long term liabilities ($4.1M).


Debt to Equity History and Analysis

Debt Level: AVGR's debt to equity ratio (130.1%) is considered high.

Reducing Debt: AVGR had negative shareholder equity 5 years ago, but is now positive and has therefore improved.


Balance Sheet

Inventory Level: AVGR has a high level of physical assets or inventory.

Debt Coverage by Assets: AVGR's debt is covered by short term assets (assets are 1.9x debt).


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: AVGR has less than a year of cash runway based on its current free cash flow.

Forecast Cash Runway: AVGR has less than a year of cash runway if free cash flow continues to grow at historical rates of 7.8% each year.


Next Steps

Dividend

What is Avinger's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

Notable Dividend: Unable to evaluate AVGR's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate AVGR's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if AVGR's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if AVGR's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of AVGR's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.8yrs

Average management tenure


CEO

Jeff Soinski (57yo)

5.33s

Tenure

US$607,406

Compensation

Mr. Jeffrey M. Soinski, also known as Jeff, has been Chief Executive Officer, President and Director of Avinger, Inc. (“Avinger”) since December 29, 2014. From Avinger’s formation in September 2009 until t ...


CEO Compensation Analysis

Compensation vs Market: Jeff's total compensation ($USD607.41K) is about average for companies of similar size in the US market ($USD605.16K).

Compensation vs Earnings: Jeff's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Jeffrey Soinski
President5.33yrsUS$607.41k0.24% $16.5k
Mark Weinswig
Chief Financial Officer1.83yrsUS$431.95k0.19% $12.9k
Himanshu Patel
Chief Technology Officer6.5yrsUS$426.93k0.20% $13.7k
Keith Schaefer
Chief Operating Officerno datano datano data
Philip Preuss
Vice President of Marketing & Business Operations2.92yrsno datano data
Corey Gibbs
Vice President of Sales2.67yrsno datano data
Jaafer Golzar
Chief Medical Officer1.75yrsno datano data

2.8yrs

Average Tenure

51.5yo

Average Age

Experienced Management: AVGR's management team is considered experienced (2.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Jeffrey Soinski
President5.33yrsUS$607.41k0.24% $16.5k
James McElwee
Independent Director9.08yrsUS$140.00k0.028% $1.9k
James Cullen
Non-Executive Chairman & Lead Independent Director2.33yrsUS$157.50k0.028% $1.9k
Tamara Elias
Independent Director0.33yrno datano data

3.8yrs

Average Tenure

66yo

Average Age

Experienced Board: AVGR's board of directors are considered experienced (3.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 577.8%.


Top Shareholders

Company Information

Avinger, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Avinger, Inc.
  • Ticker: AVGR
  • Exchange: NasdaqCM
  • Founded: 2007
  • Industry: Health Care Equipment
  • Sector: Healthcare
  • Market Cap: US$6.978m
  • Shares outstanding: 16.81m
  • Website: https://www.avinger.com

Number of Employees


Location

  • Avinger, Inc.
  • 400 Chesapeake Drive
  • Redwood City
  • California
  • 94063
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
AVGRNasdaqCM (Nasdaq Capital Market)YesCommon StockUSUSDJan 2015
VG2BDB (Deutsche Boerse AG)YesCommon StockDEEURJan 2015

Biography

Avinger, Inc., a commercial-stage medical device company, designs, manufactures, and sells image-guided and catheter-based systems used by physicians to treat patients with peripheral arterial disease (PAD) in the United States and Europe. It develops lumivascular platform that integrates optical coherence tomography visualization with interventional catheters to provide real-time intravascular imaging during the treatment portion of PAD procedures. The company’s lumivascular products comprise Lightbox imaging consoles, as well as the Ocelot family of catheters, which are designed to penetrate a total blockage in an artery; and Pantheris, an image-guided atherectomy device that allows physicians to precisely remove arterial plaque in PAD patients. In addition, its first-generation chronic total occlusion (CTO)-crossing catheters, Wildcat and Kittycat 2, which employs a proprietary design that uses a rotational spinning technique allowing the physician to switch between passive and active modes when navigating across a CTO. The company markets and sells its products to interventional cardiologists, vascular surgeons, and interventional radiologists. Avinger, Inc. was founded in 2007 and is headquartered in Redwood City, California. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/01 01:21
End of Day Share Price2020/03/31 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.