Jeffrey M. Soinski, the Chief Executive Officer of Avinger Inc . (NASDAQ:), recently sold 3,690 shares of the company’s common stock. The micro-cap medical device company, currently valued at $1.92 million, has seen its stock decline by nearly 80% over the past year. The shares were sold at a price of $0.5567 each, totaling approximately $2,054. Following this transaction, Soinski retains ownership of 55,265 shares. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value metrics, despite generating $7.26 million in revenue over the last twelve months. The sale was conducted to cover tax withholding obligations related to the vesting of restricted stock units, and it was not a discretionary trade by Soinski. Discover more insights about Avinger and 1,400+ other stocks through comprehensive InvestingPro Research Reports, featuring detailed analysis and actionable intelligence for smarter investing decisions.
In other recent news, Avinger Inc., a medical device company, announced a series of significant developments. Avinger reported a slight decrease in total revenue to $1.7 million for a recent quarter, but also noted improvements in gross margins to 26% and a decrease in operating expenses to $4.1 million. The company has decided to halt the production and sales of its peripheral artery disease products to concentrate on developing devices for treating coronary artery disease, resulting in the termination of 36 employees.
Avinger’s executive officers have waived rights ahead of a potential company liquidation due to a liquidity shortfall. Furthermore, the company faces a potential delisting from the Nasdaq due to non-compliance with the minimum bid price requirement. On a more positive note, Avinger is progressing with Phase III testing of a new coronary device, with a partnership with Zylox-Tonbridge expected to expand its market in China.
In terms of financial management, Avinger declared dividends on its Series E, F, and H Convertible Preferred Stock and increased the number of designated shares of Series F Preferred Stock. Additionally, the company expanded its equity incentive plan and extended its term to 2034. These are the recent developments for Avinger Inc.
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