Avinger, Inc. (AVGR): History, Ownership, Mission, How It Works & Makes Money

Avinger, Inc. (AVGR) is a medical device company focused on image-guided catheters for Peripheral Artery Disease (PAD)-but is its recent strategic pivot enough to turn its financial trajectory?

The company's unique intravascular imaging technology, like the Pantheris LV atherectomy system, is a game-changer for treating complex vascular blockages, yet it is still operating with a Trailing Twelve Month (TTM) revenue of only $7.26 Million and a net loss of nearly $(18.6) Million as of late 2024.

You need to understand the real impact of their shift toward coronary product development-with human clinical trials defintely starting in H1 2025-and the potential revenue boost from the Zilox partnership in the massive Greater China market where they anticipate revenue well into 2025.

Avinger, Inc. (AVGR) History

You need to understand Avinger, Inc.'s history because its trajectory-from a pioneering image-guided therapy company to a firm navigating a voluntary dissolution in 2025-is a masterclass in medical device market risks. The company was built on the innovative foundation of its founder, a serial entrepreneur in vascular medicine, but ultimately faced significant financial and operational headwinds that forced a massive strategic pivot and, ultimately, a liquidation plan in early 2025. It's a story of great technology meeting harsh commercial reality.

Given Company's Founding Timeline

Year established

Avinger, Inc. was incorporated in Delaware on March 8, 2007.

Original location

The company's principal executive offices have been located in Redwood City, California.

Founding team members

The company was founded by John B. Simpson, Ph. D., M.D., a highly respected figure who previously founded other major vascular medical device companies like Advanced Cardiovascular Systems and FoxHollow Technologies.

Initial capital/funding

Avinger has raised a total of $171 million over 10 funding rounds throughout its history. Its first major financing was a $24.2 million Series A round, which was secured on December 1, 2010, a few years after its founding.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The most significant shifts for Avinger came not from product innovation, but from the brutal necessity of financial survival, particularly in its final year of operation as a standalone public entity. The core business model, despite its technological edge, struggled to generate sufficient revenue-only $7.65 million in 2023-to cover its burn rate, which resulted in a negative EBITDA of -$17.18 million in the twelve months leading up to late 2024.

The company's final, defintely transformative decisions in early 2025 were a direct response to this financial pressure:

• Strategic Pivot to Coronary Artery Disease (CAD): In February 2025, Avinger announced a sharp shift away from its core Peripheral Artery Disease (PAD) product line to focus solely on developing devices for CAD, specifically for CTO-crossing in coronary arteries. This was a Hail Mary pass to redefine a large, underserved market.
• Workforce Reduction: Concurrent with the strategic pivot, the company terminated 36 employees involved in PAD product sales and manufacturing, a move to drastically cut operating expenses, which had been around $4.1 million in Q3 2024.
• Voluntary Dissolution and Liquidation: The ultimate transformative moment came on February 5, 2025, when stockholders approved the voluntary dissolution and liquidation plan, followed by an assignment for the benefit of creditors on February 10, 2025. This action marked the end of Avinger as an operating public company and triggered a Nasdaq delisting notice.

This sequence shows a company attempting a radical strategic change (CAD focus) while simultaneously preparing for liquidation, which tells you everything about the urgency of their cash situation. For a deeper dive into the numbers that drove this, you should read Breaking Down Avinger, Inc. (AVGR) Financial Health: Key Insights for Investors.

Avinger, Inc. (AVGR) Ownership Structure

Avinger, Inc. is a publicly traded company that, as of February 2025, has entered a voluntary dissolution and liquidation process, fundamentally shifting its governance from a traditional executive team to an Assignee overseeing asset liquidation. This means the common stock ownership represents a residual equity interest, which is unlikely to realize value after creditors are paid.

Given Company's Current Status

Avinger, Inc. (AVGR) was a commercial-stage medical device company listed on the Nasdaq Capital Market (NasdaqCM:AVGR), but its operational status changed dramatically in early 2025. Stockholders approved a voluntary dissolution and liquidation plan in February 2025, leading the company to execute a general Assignment for the Benefit of Creditors (ABC) on February 10, 2025.

The company transferred substantially all its assets to an entity called Avinger (assignment for the benefit of creditors), LLC, which is now responsible for the wind-down and asset liquidation. Trading of the common stock on Nasdaq was suspended on February 18, 2025, due to public interest concerns and the low residual equity value for shareholders. The company's market capitalization was approximately $1.52 million as of February 14, 2025, reflecting the dire financial position.

Given Company's Ownership Breakdown

The ownership structure, based on 2025 fiscal year data, shows a highly concentrated retail investor base, but the liquidation process makes the common stock ownership largely irrelevant for potential returns. The total shares outstanding were approximately 3.20 million.

Given Company's Leadership

The traditional corporate leadership structure was dismantled in February 2025 as part of the liquidation process, meaning the company is no longer steered by a CEO or Board of Directors in the operational sense.

The former executive team and most of the Board of Directors were terminated or resigned on or around February 10, 2025. This included the termination of CEO Jeffrey M. Soinski, CTO Himanshu N. Patel, and Vice President of Finance Nabeel P. Subainati. The governance is now entirely focused on the orderly transfer and liquidation of assets.

• Governing Body: The company is governed by the Assignee, Avinger (assignment for the benefit of creditors), LLC.
• Assignee's Role: The Assignee is responsible for liquidating the company's assets, winding down operations, and distributing any net proceeds to creditors.
• Primary Contact: All inquiries regarding the liquidation should be directed to representatives of the Assignee, such as Andrew Kitirattagarn.

The strategic shift from peripheral artery disease (PAD) products to coronary artery disease (CAD) devices, announced just before the liquidation vote, was defintely a final, desperate move. You can read more about the original strategic goals in the Mission Statement, Vision, & Core Values of Avinger, Inc. (AVGR).

Avinger, Inc. (AVGR) Mission and Values

Avinger, Inc.'s core purpose centered on revolutionizing vascular care through its Lumivascular technology, aiming to replace blind procedures with real-time, image-guided precision for better patient outcomes. This mission, however, was ultimately not financially sustainable, leading to the company's voluntary dissolution and liquidation in February 2025.

Avinger, Inc.'s Core Purpose

The company's cultural DNA was built on a commitment to innovation and patient safety, driven by the belief that physicians should be able to 'see' inside the artery during treatment, not just rely on X-ray and tactile feedback. This focus on visualization was the heart of its value proposition.

Official mission statement

While Avinger, Inc. did not maintain a single, formal mission statement, its operating dedication was to radically change the way vascular disease is treated by developing the first image-guided, catheter-based systems for diagnosis and treatment. The core of this mission was to provide physicians with real-time intravascular imaging (Optical Coherence Tomography or OCT) to guide their interventions.

• Deliver proven precision in atherectomy procedures.
• Reduce procedural risks like perforations and dissections.
• Decrease exposure to ionizing radiation for both patients and staff.
• Expand the patient population eligible for endovascular treatment of Peripheral Artery Disease (PAD).

Despite this patient-centric focus, the company struggled with commercialization, reporting a trailing twelve-month EBITDA of approximately -$17.18 million before the December 2024 disclosure of a liquidity shortfall, which forced the 2025 liquidation.

Vision statement

The company's long-term aspiration, as stated in prior filings, was to become the leading provider of image-guided medical devices for physicians treating vascular diseases. This vision was tied to the success of its proprietary Lumivascular platform, which included products like the Pantheris atherectomy device and the Ocelot and Tigereye CTO crossing catheters.

The vision shifted strategically in the final year, with Avinger announcing a pivot from its primary focus on PAD products toward developing devices for treating Coronary Artery Disease (CAD). This move was an attempt to redefine a larger market opportunity, but it came too late to save the company from its financial challenges, including a 2023 net loss of -$18.32 million on $7.65 million in revenue.

• Lead the market with the Lumivascular platform.
• Successfully commercialize new devices like Pantheris LV and Tigereye ST.
• Progress with Phase III testing for the new coronary device.

To be fair, the technology was innovative, but the capital burn was defintely too high to sustain the vision. Exploring Avinger, Inc. (AVGR) Investor Profile: Who's Buying and Why? Exploring Avinger, Inc. (AVGR) Investor Profile: Who's Buying and Why?

Avinger, Inc. slogan/tagline

The company consistently branded its technology and approach with a simple, powerful concept that served as its de facto tagline, emphasizing the core benefit of the Lumivascular platform.

• See and Treat.

This phrase encapsulated the breakthrough: the ability to 'see inside the artery during treatment' to guide the removal of plaque more precisely than ever before, which was the ultimate promise to the physician. The whole point was giving doctors the knowledge to act better, and that's a clean one-liner.

Avinger, Inc. (AVGR) How It Works

Avinger, Inc. was a commercial-stage medical device company that designed and sold image-guided, catheter-based systems for treating vascular disease, but as of November 2025, the company is in the final stages of a voluntary dissolution and liquidation process approved by stockholders in February 2025. The company's core value proposition was its proprietary Lumivascular platform, which integrated real-time Optical Coherence Tomography (OCT) imaging directly into its interventional catheters, allowing physicians to see inside the artery during Peripheral Artery Disease (PAD) procedures.

Given Company's Product/Service Portfolio

The company's product portfolio, which was transferred to an assignee for liquidation in February 2025, centered on the Lumivascular platform. This technology was intended to reduce the need for ionizing radiation (X-ray fluoroscopy) by providing high-resolution, internal vessel visualization.

Given Company's Operational Framework

The operational framework was designed to be vertically integrated, from R&D to in-house manufacturing in Redwood City, California, and direct sales in the U.S. and Germany. That framework ceased to operate in early 2025. The core value creation model was based on a razor-and-blade strategy: selling the high-cost, reusable Lightbox imaging console, and then generating recurring revenue from the sales of the disposable, single-use Ocelot, Tigereye, and Pantheris catheters.

Here's the quick math on why the model failed: the company's Trailing Twelve Month (TTM) revenue as of September 30, 2024, was only $7.26 million, but its TTM Net Loss was -$17.35 million. That gap was defintely unsustainable. In the end, the operations shifted entirely to asset disposition:

• Liquidation Event: Stockholders approved a voluntary dissolution and liquidation on February 5, 2025.
• Asset Transfer: The company executed a general assignment for the benefit of creditors (ABC) on February 10, 2025, transferring all assets to an Assignee for sale and distribution to creditors.
• Strategic Pivot Failure: An earlier attempt to pivot to Coronary Artery Disease (CAD) and a strategic partnership with Zylox-Tonbridge, which included up to a $15 million equity funding agreement, was not enough to prevent the liquidation.

The company's final operational reality in November 2025 is the winding down of its corporate existence. Exploring Avinger, Inc. (AVGR) Investor Profile: Who's Buying and Why?

Given Company's Strategic Advantages

Avinger's primary strategic advantage was its proprietary Lumivascular technology, which, while innovative, could not overcome the financial and market adoption hurdles. This advantage is now an asset for sale in the liquidation process.

• Real-Time Visualization: The integration of Optical Coherence Tomography (OCT) provided physicians with an unparalleled, high-resolution view inside the artery, which was a clear clinical benefit over traditional fluoroscopy or intravascular ultrasound (IVUS).
• Reduced Radiation Exposure: The OCT-guided system reduced the physician and patient exposure to ionizing radiation, a significant safety advantage.
• Precision in PAD Treatment: Devices like the Pantheris were designed to allow for more precise plaque removal (atherectomy), theoretically leading to better patient outcomes and lower complication rates.
• Intellectual Property (IP): The company held a portfolio of patents covering its OCT-guided catheters and imaging consoles, which represented the most valuable remaining asset for the Assignee to sell to a competitor or a new entity.

What this estimate hides is that the high capital cost of the Lightbox console and the slow pace of physician adoption in a competitive peripheral vascular market ultimately eroded the advantage. The company's market capitalization was only about $1.52 million when the stock became inactive in February 2025, which tells you everything about the market's valuation of its strategic position at the end.

Avinger, Inc. (AVGR) How It Makes Money

Avinger, Inc. generated revenue primarily through a classic medical device 'razor-and-blade' model: selling the capital equipment (the Lightbox imaging console) to establish a customer base, and then earning recurring revenue from the sale of disposable, single-use catheters (like Pantheris and Tigereye) required for each procedure.

This model, however, proved unsustainable, as the company executed an assignment for the benefit of creditors and became defintely defunct in February 2025, failing to achieve the scale necessary to cover its high operating costs. [cite: 9, 8 in previous steps]

Avinger, Inc.'s Revenue Breakdown

Based on the company's last operational period leading up to its cessation in early 2025, the majority of the Trailing Twelve Month (TTM) revenue of $7.26 million (as of September 30, 2024) came from the consumable component of its technology. [cite: 4, 2 in previous steps]

Business Economics

The core economic challenge for Avinger was the mismatch between its high fixed costs and low revenue volume, a common pitfall for early-stage medical device firms.

• The Razor-and-Blade Trap: The business was designed to be profitable on the recurring disposable catheter sales, which carry a higher gross margin than the one-time Lightbox console sale.
• Gross Margin: The gross margin (revenue minus cost of goods sold) was extremely low for a medical device company, sitting at only 26% in Q3 2024, despite a strategic cost-cutting effort. This margin was simply not enough to cover the massive operating expenses.
• High Burn Rate: The company was quickly burning through cash, with a negative EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of $17.18 million in the last twelve months of operation, indicating a deep operational loss.
• Pricing Strategy: Catheter pricing was set to drive recurring revenue, but the installed base of Lightbox consoles was too small to generate the necessary volume of high-margin procedures. The company's focus shifted to higher-value accounts and its new Pantheris LV device to try and boost this volume. [cite: 6 in previous steps]

Here's the quick math: generating only $1.7 million in revenue in Q3 2024 with a 26% margin means a gross profit of only about $442,000, which is dwarfed by the $4.1 million in operating expenses for that same quarter.

Avinger, Inc.'s Financial Performance

The company's financial performance leading up to its failure in early 2025 clearly illustrated a business model that was cash-starved and structurally unprofitable. You can find a detailed breakdown of the company's final operating health here: Breaking Down Avinger, Inc. (AVGR) Financial Health: Key Insights for Investors

• Total Revenue: The TTM revenue ending September 30, 2024, was $7.26 million, a 5.1% decrease from the prior year's TTM revenue.
• Net Loss: The TTM net loss was a staggering $17.35 million as of September 30, 2024, demonstrating the inability to turn a profit. [cite: 2 in previous steps, 7 in previous steps]
• Cash Position: As of September 30, 2024, cash and cash equivalents were only $5.9 million, projected to fund operations only through Q4 2024, which is a major red flag for a going concern. [cite: 5 in previous steps]
• Liquidity Risk: The company faced a potential default on its financial obligations in late 2024 due to a liquidity shortfall, failing to meet a loan's minimum liquidity covenant.

The analyst forecast for Avinger's full fiscal year 2025 revenue, made before the company's February demise, was approximately $7.34 million, a projection that was never realized due to the company's insolvency. [cite: 1 in previous steps] This situation is a stark reminder that high growth potential in the medical device space needs to be backed by a defintely sustainable cash runway.

Avinger, Inc. (AVGR) Market Position & Future Outlook

Avinger, Inc.'s market position in November 2025 is defined by its voluntary dissolution and liquidation, a decision approved by stockholders in February 2025, which fundamentally shifts its outlook from growth to asset realization. The company's future trajectory is now tied to the value of its proprietary Lumivascular technology, which integrates Optical Coherence Tomography (OCT) imaging directly into its atherectomy catheters, a unique selling point in the peripheral and coronary artery disease device space. Breaking Down Avinger, Inc. (AVGR) Financial Health: Key Insights for Investors

Competitive Landscape

Avinger operated as a small, highly specialized player in the global atherectomy devices market, which was valued at approximately $1.04 billion in 2025. The company's market share was negligible compared to major diversified medical device firms, which dominate the space with broad product portfolios and massive distribution networks. The primary competitive advantage of Avinger was its real-time imaging technology, an asset that may still hold value for larger firms.

Opportunities & Challenges

In the context of the company's assignment for the benefit of creditors (ABC) in February 2025, traditional opportunities and risks have been replaced by factors influencing the liquidation process and the final recovery value for stakeholders.

Industry Position

Avinger's industry standing in late 2025 is that of a failed innovator, a small company whose unique technology was defintely hampered by cash burn and an inability to achieve scale. The company's trailing twelve-month EBITDA was a negative $17.18 million before the liquidation was approved, showing the unsustainable operating model. It was simply burning cash too fast.

• Niche Technology: The Lumivascular platform, integrating Optical Coherence Tomography (OCT) with atherectomy, was a technological leader in visualization, but it lacked the commercial muscle of rivals.
• Financial Distress: The approval of a voluntary dissolution and liquidation plan in February 2025, and the subsequent assignment for the benefit of creditors, confirmed its inability to continue as a going concern.
• Market Exit: The company's market capitalization, which dropped to approximately $1.51 million by November 2025, reflects a near-complete loss of public market value, signaling an effective exit from the competitive landscape.

The strategic shift away from Peripheral Artery Disease (PAD) and towards Coronary Artery Disease (CAD) devices, announced just before the liquidation, was a final attempt to pivot to a higher-growth, higher-margin segment, but it was too late to secure the necessary capital. The main question now is which large medical device company will acquire the Lumivascular intellectual property (IP) and for how much.

Finance: Track the assignee's public filings regarding the asset sale and creditor distribution schedule by the end of the year.