Avinger, Inc. (NASDAQ: AVGR) was founded in 2007 and is headquartered in Redwood City, California, USA, with 197 full-time employees. It is a commercial medical device company.
Avinger’s main direction is medical treatment equipment for arteriosclerosis obliterans. The new technology launched is lumivascular (intravascular imaging, lumivascular=loom+vessel, meaning Light+vessel), which adds optical fiber to the front end of the traditional equipment. Imaging analysis of the internal situation helps physicians better deal with plaque blockage in blood vessels and avoid damage to blood vessel walls.
Avinger’s equipment is mainly used in Peripheral artery disease, (PAD, occlusive artery disease), that is, due to chronic occlusion of the artery (common in the lower extremities) and gradually lose consciousness. In severe cases, the limb is often amputated. There are no symptoms in the early stage. The first stage is numbness of the lower limbs, the second stage is intermittent claudication, the third stage is often painful at rest, and the fourth stage will have lower limb necrosis, skin ulcers, diabetes and peripheral nerve disorders. Smoking, hyperlipidemia, high blood pressure, diabetes, obesity and genetics are often the main causes of PAD.
Avinger’s advantage is that Ocelot, a first-generation product, passed FDA verification in 2012. Compared with other competitor products, because the fiber is added to the cutter head, it has excellent imaging capabilities, so it can better observe the position in the blood vessel to avoid secondary damage to the blood vessel; at the same time, according to their research report After causing damage to the blood vessel wall, PAD will have a 95% recurrence rate, and under non-invasive conditions, the recurrence rate is only 15%.
Avinger’s disadvantage is that the company is small and the initial investment cost is high. Almost all competitors are large-scale medical product manufacturers. The new product Pantheris Catheter is still in the IDE Trial stage and has not been approved for sale by the FDA. The company’s threat comes from big-name competitors, such as the design and manufacturer of bridging equipment: Abbott Laboratories (ABT), BARD (BCR), Boston Scientific (BSX), Cook Medical, Covidien (COV), Johnson & Johnson (JNJ) and Medtronic, And the market competitors of atherectomy (the atherectomy) are Boston Scientific (BSX), Cardiovascular Systems (CSII), Covidien (COV), Spectranetics (SPNC) and Volcano.
Avinger began commercialization in 2009 and officially launched its “vascular imaging” platform series in 2012. The global annual expenditure for PAD hospitalization has exceeded $21 billion, and the market demand is huge. The core product Ocelot has passed FDA and European standards for clinical treatment in 12 years. Among its competitors, there is a small company Cardiovascular Systems (CSII), which also IPO with similar products in January 2014, which rose by 10%+ in one month.
Avinger (AVGR) investment:
AVGR landed on NASDAQ on 2015-01-30 with ONCE , with an issue price of US$13. Currently (October 2017) only 30 cents are left.