BTIG Affirms Avinger (AVGR) at 'Buy'; Cuts PT to $6 Amid Q2 Numbers, Financing

August 12, 2016 10:48 AM EDT
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Price: $2.25 -4.26%

Rating Summary:
    4 Buy, 1 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 1 | Down: 2 | New: 3
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BTIG lowers its price target on Buy-rated Avinger, Inc. (Nasdaq: AVGR) from $18 down to $6 amid recent Q2 results and financing agreements.

Analyst Sean Lavin commented, Our updated rev estimates have nothing to do with AVGR’s financing, which was needed and de-risks AVGR some. We would have updated our model earlier but were not able to thus we are publishing now. After Q2, we set out to better understand the issues impacting sales. The general feedback we received from a very active user who speaks to other users was imaging has the potential to make artherectomy safer and more effective, but the device is not ready for commercial prime time. He said issues with the fibers and illumination are becoming less frequent, but now it is appropriate for thought leaders willing to take extra time to be early publishers, but it is not ready for the average doctor who just wants things to work so he can get in and out of the operating room efficiently. We do not know if AVGR can correct the issues. If they can, we see the stock being a potential home run from here. If they cannot, adoption is unlikely.

FY16 revenue estimate moves to $19 million, FY17 is at $29 million.

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