Medical Devices - Vascular Intervention/Cardiology
Strategic Profile
Avinger focused on high-margin image-guided atherectomy and chronic total occlusion (CTO) crossing devices serving interventional cardiologists and endovascular specialists. However, the company faced severe financial distress.
Cyborg Score Rationale
On February 10, 2025, Avinger entered into a general assignment for the benefit of creditors, indicating insolvency and liquidation. The company is no longer operationally viable and is in asset disposition phase.
Top Insights
(February 2025) Avinger executed an assignment for the benefit of creditors, triggering a liquidation process to pay off creditors
Trailing twelve month revenue was $7.26M, reflecting a micro-cap company with minimal commercial scale
The company had 72 employees and struggled with execution on international partnerships and regulatory adoption
Strong technology moat with OCT-guided imaging but failed to achieve durable commercial adoption due to reimbursement, competition, and limited resources
Named Competitors
Penumbra — Vascular intervention and neurovascular devices
Angiodynamics — Vascular intervention and interventional oncology devices
Cook Biotech — Catheter-based medical devices and biologics
Terumo — Vascular intervention and cardiovascular devices
Recent Developments
(February 2025) Entered assignment for benefit of creditors and received NASDAQ delisting notice
(November 2024) Released Q3 2024 earnings showing continued operational challenges
(June 2023) Announced completion of first clinical cases with Tigereye ST image-guided CTO crossing system
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