Avinger Inc (AVGR) 2023 Q3 法說會逐字稿

2023 results conference call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to your host, Matt Kreps, Investor Relations at Avinger. You may begin.

2023 年業績電話會議。 （操作員說明）請注意，本次會議正在錄製中。現在我將把會議轉交給東道主 Avinger 投資者關係部的 Matt Kreps。你可以開始了。

Thank you. And thank you all for participating in today's call. I'd like to welcome you to Avinger's third quarter 2023 conference call. Joining us today are Avinger's CEO, Jeff Soinski; and Principal Financial Officer, Nabeel Subainati. Earlier today, Avinger released financial results for the quarter ended June 30, 2023. A copy of the release is posted on the Avinger website under Investor Relations.

謝謝。感謝大家參加今天的電話會議。歡迎您參加 Avinger 的 2023 年第三季電話會議。今天加入我們的是 Avinger 的執行長 Jeff Soinski；財務長 Nabeel Subainati。今天早些時候，Avinger 發布了截至 2023 年 6 月 30 日的季度財務業績。該新聞稿的副本發佈在 Avinger 網站的投資者關係欄位下。

Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the safe harbor provisions in the Private Securities Litigation Reform Act of 1995.

在我們開始之前，我想提醒您，管理層將在本次電話會議期間發表聲明，其中包括聯邦證券法含義內的前瞻性聲明，這些聲明是根據美國《私人證券訴訟改革法案》中的安全港條款制定的。1995 年。

These statements contained in this call that are not statements of historical facts should be deemed to be forward-looking statements. All forward-looking statements, including, without limitation, our future financial expectations are based upon our current estimates and various assumptions.

本次電話會議中包含的這些並非歷史事實陳述的陳述應被視為前瞻性陳述。所有前瞻性陳述，包括但不限於我們未來的財務預期，均基於我們目前的估計和各種假設。

These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements. For a list and description of the risks and uncertainties associated with our business, please see our Form 10-K and 10-Q filings with the Securities and Exchange Commission.

這些陳述涉及重大風險和不確定性，可能導致實際結果或事件與這些前瞻性陳述預期或暗示的結果或事件有重大差異。因此，您不應過度依賴這些陳述。有關與我們業務相關的風險和不確定性的清單和描述，請參閱我們向美國證券交易委員會提交的 10-K 表格和 10-Q 表格。

Avinger disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise. Today's presentation will also include reference to non-GAAP financial measures such as adjusted EBITDA. A reconciliation of these non-GAAP financial measures to the most comparable GAAP financial measures is available within the earnings release, which can be found on Avinger's website

除法律要求外，Avinger 不承擔任何更新或修改任何財務預測或前瞻性陳述的意圖或義務，無論是由於新資訊、未來事件或其他原因。今天的演示還將提及非公認會計準則財務指標，例如調整後的 EBITDA。這些非 GAAP 財務指標與最具可比性的 GAAP 財務指標的對帳可在收益發布中找到，可以在 Avinger 的網站上找到

And with that, I'd like to now turn the call over to Jeff.

現在我想把電話轉給傑夫。

Thank you, Matt. Good afternoon and thank you all for joining us. The third quarter was another exciting period for Avinger as we started commercial activities on two innovative new devices, Tigereye ST and Pantheris LV. After receiving FDA 510(k) clearance in the second quarter.

謝謝你，馬特。下午好，感謝大家加入我們。第三季對 Avinger 來說是另一個令人興奮的時期，我們開始了兩款創新新設備 Tigereye ST 和 Pantheris LV 的商業活動。在第二季度獲得 FDA 510(k) 批准後。

These two products not only bring new capabilities to their respective markets. They also represent the first time we've had the opportunity to launch two new major catheter products in the same year. While revenue declined as a result of lower sales headcount during the quarter, we maintained good momentum in our business on a sales productivity basis.

這兩款產品不僅為各自的市場帶來了新功能。它們也代表我們第一次有機會在同一年推出兩款新的主要導管產品。儘管由於本季度銷售人員數量減少而導致收入下降，但我們在銷售生產力的基礎上保持了良好的業務勢頭。

We announced today an exciting growth initiative for our sales team, and we're confident that the commercial introduction of Tigereye ST and Pantheris LV, combined with an expanded field presence, will provide meaningful growth opportunities for our PAD business in 2024.

今天，我們為我們的銷售團隊宣布了一項令人興奮的成長計劃，我們相信Tigereye ST 和Pantheris LV 的商業推出，加上擴大的現場業務，將為我們的PAD 業務在2024 年提供有意義的成長機會。

With the launch of these two new catheter products, the build-out of our image-guided peripheral portfolio is largely complete, allowing us to focus our primary R&D efforts on the development of our first coronary product application.

隨著這兩款新導管產品的推出，我們的影像導引週邊產品組合的建構已基本完成，使我們能夠將主要研發工作集中在開發我們的第一個冠狀動脈產品應用上。

We believe we can redefine the market for coronary CTO-crossing with a superior, simplified and more predictable image-guided solution for a complex and challenging condition. And we're excited to extend our proprietary image-guided technology to this large and underserved market with established reimbursement already in place.

我們相信，我們可以透過針對複雜且具有挑戰性的情況的卓越、簡化和更可預測的影像引導解決方案來重新定義冠狀動脈 CTO 交叉市場。我們很高興能夠將我們專有的影像引導技術擴展到這個龐大且服務不足的市場，並且已經建立了報銷機制。

We made significant progress on this initiative during the third quarter, including successfully completing a second round of animal studies and a first round of human cadaver heart studies at a leading clinical institution.

第三季度，我們在這項措施上取得了重大進展，包括在一家領先的臨床機構成功完成了第二輪動物研究和第一輪人體屍體心臟研究。

Based on our progress to date, we believe we remain on track to file an Investigational Device Exemption or IDE application with the FDA in the middle of next year to allow for initiation of a clinical study following approval.

根據我們迄今為止的進展，我們相信我們仍有望在明年年中向 FDA 提交研究器械豁免或 IDE 申請，以便在批准後啟動臨床研究。

While we're excited about the potential for our new products to provide new growth opportunities for the company. We are also focused on improving operating metrics for our current PAD portfolio. While we saw a decline in total revenue related to a reduction in sales headcount.

我們對新產品為公司提供新的成長機會的潛力感到興奮。我們也致力於改善目前 PAD 產品組合的營運指標。雖然我們看到總收入的下降與銷售人員的減少有關。

Sales productivity or revenue per sales had remained strong for our existing team members in the third quarter. With revenue per sales rep increasing and revenue for total sales heads remaining consistent with the prior quarter.

第三季度，我們現有團隊成員的銷售生產力或單位銷售收入仍然強勁。每位銷售代表的收入增加，總銷售人員的收入與上一季保持一致。

And our press release today, we announced plans to expand our direct sales team by more than 25% in the fourth quarter. By investing in the growth of our sales team over the next 12 months. We expect to strengthen our selling capabilities in existing territories and enable our organization to provide more focused and consistent clinical support in high-volume hospital centers.

在今天的新聞稿中，我們宣布計劃在第四季將直銷團隊規模擴大 25% 以上。透過在未來 12 個月內投資於我們銷售團隊的成長。我們希望加強我們在現有地區的銷售能力，並使我們的組織能夠在大容量醫院中心提供更有針對性和一致的臨床支援。

We also provide the opportunity to expand our sales footprint to new territories that are contiguous with our highest performing regions, as well as expand into new geographic areas over the next 12 months. Combined with our two new catheter product launches and our highly portable Lightbox 3 imaging console launch last year. We are confident that these investments will drive meaningful revenue growth for our PAD business in 2024.

我們還提供機會將我們的銷售足跡擴大到與我們表現最好的地區毗鄰的新地區，並在未來 12 個月內擴展到新的地理區域。結合我們去年推出的兩款新導管產品和高度便攜的 Lightbox 3 成像控制台。我們相信，這些投資將在 2024 年為我們的 PAD 業務帶來顯著的收入成長。

In our press release, we also announced that Phil Preuss will lead these efforts in his new role as Chief Commercial Officer with executive management responsibility for all sales and marketing activities. Phil is one of Avinger's longest-serving employees, and he brings over 15 years of direct industry experience to this expanded role.

在我們的新聞稿中，我們也宣布 Phil Preuss 將擔任首席商務官的新職務，領導這些工作，負責所有銷售和行銷活動的執行管理。 Phil 是 Avinger 任職時間最長的員工之一，他為這一擴展的職位帶來了超過 15 年的直接行業經驗。

He understands the clinical setting and our customer needs at a deep level and has led the commercial launch and development of our advanced product portfolio in his prior position as Chief Marketing Officer. Phil has the full support of our sales leadership team, and I'm confident he will make a positive impact in this new role.

他深入了解臨床環境和我們的客戶需求，並在擔任首席行銷長之前領導了我們先進產品組合的商業推出和開發。菲爾得到了我們銷售領導團隊的全力支持，我相信他將在這個新角色中產生積極的影響。

Let me take a few minutes to provide updates on our two newest peripheral products. We received 510(k) clearance for our new Tigereye ST high-speed CTO-crossing catheter in April and initiated limited launch in May.

讓我花幾分鐘時間提供有關我們兩款最新外圍產品的最新資訊。我們的新型 Tigereye ST 高速 CTO 交叉導管於 4 月獲得了 510(k) 許可，並於 5 月開始有限發布。

Based on the positive physician feedback, clinical outcomes and product reliability demonstrated during the limited launch period, we made the decision in September to advance Tigereye ST to full commercial launch. 17 physicians at 13 sites have now completed approximately 60 cases with the new system.

基於在有限的上市期間所表現出的積極的醫生反饋、臨床結果和產品可靠性，我們在 9 月決定將 Tigereye ST 推進全面商業上市。 13 個地點的 17 名醫生現已使用新系統完成了大約 60 個病例。

Our sales team is focused on expanding the penetration of Tigereye ST into new sites and new users and existing sites. And we're excited about the potential for this advanced technology platform to drive growth of our CTO business in the fourth quarter.

我們的銷售團隊致力於將 Tigereye ST 的滲透率擴大到新站點、新用戶和現有站點。我們對這項先進技術平台在第四季度推動我們 CTO 業務成長的潛力感到興奮。

For those new to the call Tigereye ST is a low-profile five French system designed across chronic total occlusions or CTOs, which are completely blocked arteries in the peripheral vasculature, both above and below the knee.

對於剛接觸 Tigereye ST 的人來說，Tigereye ST 是一款低調的五法式系統，專為慢性完全閉塞或 CTO 設計，這些閉塞是膝蓋上方和下方的外周脈管系統中的動脈完全阻塞。

Tigereye ST spend that speeds up to 1,000 RPM and generates high-definition OCT imaging during the procedure, providing real-time information to guide treatment and help physicians stay in the true lumen during crossing a critical advantage for the patient.

Tigereye ST 的速度高達 1,000 RPM，並在手術過程中產生高清 OCT 成像，提供即時資訊來指導治療並幫助醫生在穿越過程中保持在真實管腔中，這對患者來說是一個關鍵優勢。

Tigereye ST has an innovative and unique user controlled the flexible tip to precisely direct the catheter during treatment and incorporates multiple design upgrades in the tip configuration and catheter shaft to increase pricing power and procedural success.

Tigereye ST 擁有創新且獨特的用戶控制柔性尖端，可在治療期間精確引導導管，並在尖端配置和導管軸中納入多項設計升級，以提高定價能力和手術成功率。

In June, we received 510(k) clearance for our new Pantheris LV image-guided atherectomy system. Marking the first time Avinger has received 510(k) clearance for two new catheter products in the same year and making a tremendous leap forward for our high-speed peripheral portfolio.

6 月，我們的新型 Pantheris LV 影像導引斑塊切除系統獲得了 510(k) 許可。這標誌著 Avinger 首次在同年獲得兩款新導管產品的 510(k) 批准，並為我們的高速週邊產品組合實現了巨大飛躍。

We developed Pantheris LV with the objective of streamlining the atherectomy procedure. Opening additional user in case opportunities for our platform. And in combination with our Lightbox 3 imaging console, expanding the mainstream appeal of our image-guided platform.

我們開發 Pantheris LV 的目的是簡化斑塊旋切手術。為我們的平台開啟更多用戶機會。與我們的 Lightbox 3 成像控制台相結合，擴大了我們影像引導平台的主流吸引力。

Pantheris LV represents a new device category for us, not a replacement or upgrade of an existing device. Pantheris LV device is designed to treat vessels 3 to 7 millimeters in diameter and is ideally suited to treat lesions in the larger SFA and popliteal arteries above them behind the knee, where the majority of PAD procedures are performed.

Pantheris LV 對我們來說代表了一個新的設備類別，而不是現有設備的替換或升級。 Pantheris LV 裝置設計用於治療直徑為 3 至 7 毫米的血管，非常適合治療膝蓋後面較大的 SFA 和膕動脈的病變，大部分 PAD 手術都是在此處進行的。

Pantheris LV incorporates several design features from our highly successful Pantheris SV small vessel device. And like Pantheris SV does not require a balloon for plaque apposition. Pantheris SV operates at significantly higher rotational speeds than our current atherectomy offerings with variable speeds up to 3,000 RMP during treatment and also introduces enhanced guidewire management and plaque management systems to the platform.

Pantheris LV 融合了我們非常成功的 Pantheris SV 小型容器設備的多項設計特點。與 Pantheris SV 一樣，不需要氣球來進行斑塊並置。 Pantheris SV 的運行速度明顯高於我們目前的斑塊切除產品，在治療期間可變速度高達 3,000 RMP，並且還在平台上引入了增強的導絲管理和斑塊管理系統。

We initiated limited launch for Pantheris LV in August and consistent with our process. We're using the limited launch period to fully understand the clinical capabilities of the new device, gauge product performance and reliability in a real-world clinical setting and prepare our clinical sales team for full national launch.

我們於 8 月啟動了 Pantheris LV 的限量發行，並且與我們的流程保持一致。我們利用有限的發佈時間來充分了解新設備的臨床功能，在現實臨床環境中衡量產品性能和可靠性，並為我們的臨床銷售團隊在全國範圍內的全面發布做好準備。

We have now completed 25 cases at 10 clinical sites and expect to gain additional case experience in approximately 12 current and new sites by year end. Pending additional learning from our limited launch process, we anticipate expanding that full commercial launch early next year.

我們現已在 10 個臨床中心完成了 25 個病例，預計到年底將在約 12 個現有和新中心獲得更多病例經驗。在從我們有限的發布過程中獲得更多經驗之前，我們預計將在明年初擴大全面的商業發布。

While we're excited about the introduction of these new devices, our highly differentiated Pantheris SV, small vessel atherectomy device continues to deliver exceptional patient outcomes in daily clinical use and in our groundbreaking image PTK clinical study.

雖然我們對這些新設備的推出感到興奮，但我們高度差異化的 Pantheris SV 小血管斑塊切除設備在日常臨床使用和我們突破性的影像 PTK 臨床研究中繼續為患者提供卓越的治療效果。

Pantheris SV is primarily used to treat patients with below-the-knee lesions, many of whom suffer from critical limb ischemia or CLI, the most severe form of PAD. The unique and compelling benefits of using Pantheris SV to treat these challenging patients was highlighted in three podium presentations at the Amputation Prevention Symposium in August.

Pantheris SV 主要用於治療膝蓋以下病變的患者，其中許多患者患有嚴重的肢體缺血或 CLI（最嚴重的 PAD 形式）。 8 月截肢預防研討會上的三場講台演講強調了使用 Pantheris SV 治療這些具有挑戰性的患者的獨特而引人注目的好處。

During his presentation at amp, Dr. Tom Davis, a key opinion-leading interventional cardiologist shared updated interim data from the IMAGE-BTK post market study designed to evaluate the safety and efficacy of Pantheris SV in treating below the knee lesions.

在 amp 的演講中，意見領先的介入性心臟病專家 Tom Davis 博士分享了 IMAGE-BTK 上市後研究的最新中期數據，該研究旨在評估 Pantheris SV 在治療膝蓋以下病變的安全性和有效性。

The majority of the 46 patients enrolled in the study suffered from an advanced stage of peripheral disease with an average diagnosis or blockage of 94% prior to the procedure. Treatment with Pantheris SV is proving to be highly effective. Average diagnosis was reduced to 26% following treatment with Pantheris SV alone and to 9% following the use of adjunctive therapy representing a 90% reduction in the blockage following the procedure.

參與研究的 46 名患者中，大多數患者患有晚期週邊疾病，在手術前平均診斷或阻塞率為 94%。 Pantheris SV 治療已被證明非常有效。單獨使用 Pantheris SV 治療後，平均診斷率降低至 26%，使用輔助治療後，平均診斷率降低至 9%，這意味著手術後阻塞減少了 90%。

Safety data are equally compelling with 100% freedom from major adverse events reported in the study. Perhaps most exciting are the longer-term results demonstrated in the study. Patients, who have completed their 12-month follow-up exhibited 96% freedom from target lesion revascularization and 93% patency at limbs treated.

安全性數據同樣令人信服，研究報告中 100% 沒有發生重大不良事件。也許最令人興奮的是研究中展示的長期結果。完成 12 個月追蹤的患者表現出 96% 的目標病變血管重建自由度和 93% 的治療肢體通暢率。

This is unprecedented data for the treatment of advanced disease below the knee. We look forward to providing further updates on IMAGE-BTK and the final cohort of patients reached the 12-month endpoint of the study.

對於治療膝蓋以下的晚期疾病來說，這是前所未有的數據。我們期待提供 IMAGE-BTK 的進一步更新以及達到該研究 12 個月終點的最終患者群組。

As we look to the future, we're excited to bring the benefits of our image-guided platform to a large and growing coronary artery disease market. We've discussed our first product application extensively targeting development of a superior image-guided solution to the complex, expensive and uncertain procedures currently used across chronic total occlusions in the coronary arteries.

展望未來，我們很高興能夠將影像導引平台的優勢帶入龐大且不斷成長的冠狀動脈疾病市場。我們廣泛討論了我們的第一個產品應用，旨在開發一種卓越的影像導引解決方案，以解決目前用於治療冠狀動脈慢性完全閉塞的複雜、昂貴且不確定的手術。

We believe Avinger can redefine the standard of care in this market by leveraging our proprietary technology platform to create the first and only fully integrated image-guided system for crossing coronary CTO's. Our development program focuses on low profile catheter designs that combine real-time OCT guidance with precise control and steer ability to facilitate an integrated approach intended to allow a larger number of physicians to safely and efficiently cross coronary CTO's.

我們相信 Avinger 可以利用我們的專有技術平台創建第一個也是唯一一個用於穿越冠狀動脈 CTO 的完全整合影像引導系統，從而重新定義該市場的護理標準。我們的開發計劃專注於薄型導管設計，將即時 OCT 引導與精確控制和操縱能力相結合，以促進綜合方法，旨在讓更多醫生安全有效地穿過冠狀動脈 CTO。

Like our peripheral catheters, our coronary devices will incorporate a precise measurement capability to help physicians properly sized balloons or stents prior to placement, which is critical for optimal outcomes. Our CTO-crossing device would access existing reimbursement codes for both the therapeutic procedure as well as for coronary OCT diagnostic imaging immediately upon FDA clearance.

與我們的外周導管一樣，我們的冠狀動脈裝置將具有精確的測量功能，以幫助醫生在放置前正確確定球囊或支架的尺寸，這對於最佳結果至關重要。我們的 CTO 交叉設備將在 FDA 批准後立即存取治療程序以及冠狀動脈 OCT 診斷影像的現有報銷代碼。

We believe that an OCT guided catheter design for crossing efficiency combined with an immediately available attractive reimbursement scenario provides the opportunity for a highly compelling economic value proposition. We are making excellent progress on the development of this exciting new device.

我們相信，可提高穿越效率的 OCT 引導導管設計與立即可用的有吸引力的報銷方案相結合，為實現極具吸引力的經濟價值主張提供了機會。我們在開發這款令人興奮的新設備方面取得了巨大進展。

Early in the third quarter, we completed a second round of animal studies with advanced product prototypes. Later in the quarter, we completed a first round of product evaluation in an innovative cadaver heart model at a top KOL center and expect to complete additional testing of this model in the fourth quarter.

第三季初，我們利用先進的產品原型完成了第二輪動物研究。本季度晚些時候，我們在頂級 KOL 中心完成了創新屍體心臟模型的第一輪產品評估，並預計在第四季度完成對該模型的額外測試。

We continue to advance our product design based on learning from these studies and feedback from our clinical advisory board and believe we remain on track to finalize design selection this year. As we advance this program, we anticipate being in a position to file an IDE application with the FDA by mid-2024 to allow for initiation of a clinical trial following approval.

我們根據這些研究的學習和臨床顧問委員會的回饋繼續推進我們的產品設計，並相信我們仍有望在今年完成設計選擇。隨著我們推進該計劃，我們預計能夠在 2024 年中期向 FDA 提交 IDE 申請，以便在批准後啟動臨床試驗。

We continue to make progress across our portfolio to provide a strong foundation for growth, advancing two strategically important new peripheral products into commercialization. Investing in our commercial organization to extend our reach and case coverage capability and developing a game-changing first coronary product application that targets a large and underserved market with an attractive economic value proposition. We look forward to reporting our progress in these and other areas on our year end call.

我們繼續在我們的產品組合中取得進展，為成長奠定堅實的基礎，將兩種具有戰略意義的新外圍產品推向商業化。投資我們的商業組織，以擴大我們的覆蓋範圍和病例覆蓋能力，並開發一種改變遊戲規則的首個冠狀動脈產品應用，該應用針對一個龐大且服務不足的市場，並具有有吸引力的經濟價值主張。我們期待在年終電話會議上報告我們在這些和其他領域的進展。

At this point I'd like to turn the call over to Nabeel Subainati, our Principal Financial Officer & Accounting Officer, to take us through the financial results, and then I'll return for Q&A.

此時，我想將電話轉給我們的財務長兼會計長 Nabeel Subainati，讓我們了解財務結果，然後我將返回進行問答。

Thank you, Jeff. Total revenue was $1.8 million for the third quarter of 2023, compared to $2.0 million in the second quarter of 2023 and $2.3 million in the third quarter of last year. Productivity for our field sales team members remained strong during the quarter and the decline in revenue was primarily due to attrition in our sales team. As Jeff mentioned, we expect to expand our sales team by more than 25% in the fourth quarter, with further expansion anticipated over the next 12 months.

謝謝你，傑夫。 2023 年第三季的總收入為 180 萬美元，而 2023 年第二季的總收入為 200 萬美元，去年第三季的總收入為 230 萬美元。本季我們的現場銷售團隊成員的生產力仍然強勁，收入下降主要是由於我們的銷售團隊的人員流失。正如 Jeff 所提到的，我們預計第四季銷售團隊規模將擴大 25% 以上，並預計在未來 12 個月內進一步擴大。

Gross margin for the third quarter of 2023 was 21%, compared to 30% in the second quarter of 2023 and 35% in the third quarter of 2022. The change in gross margin primarily reflects lower manufacturing volume over fixed cost in the third quarter. Operating expenses for the third quarter of 2023 were $4.4 million, compared to $4.3 million in the second quarter and $4.5 million in the third quarter of last year.

2023 年第三季的毛利率為 21%，而 2023 年第二季為 30%，2022 年第三季為 35%。毛利率的變動主要反映了第三季的製造量低於固定成本。 2023 年第三季的營運支出為 440 萬美元，而第二季為 430 萬美元，去年第三季為 450 萬美元。

Net loss and comprehensive loss for the third quarter of 2023 was $4.5 million, compared to $4.2 million in the second quarter and $4.1 million in the third quarter of last year. Adjusted EBITDA, as defined under our non-GAAP financial measures in this press release was a loss of $3.7 million, up slightly from a loss of $3.4 million in the second quarter and a loss of $3.6 million in the third quarter of last year.

2023 年第三季的淨虧損和綜合虧損為 450 萬美元，而第二季為 420 萬美元，去年第三季為 410 萬美元。根據本新聞稿中我們的非 GAAP 財務指標的定義，調整後 EBITDA 為虧損 370 萬美元，略高於第二季的虧損 340 萬美元和去年第三季的虧損 360 萬美元。

For more information regarding non-GAAP financial measures discussed in this press release, please see non-GAAP financial measures below as well as the reconciliation of non-GAAP measures to the nearest GAAP measure provided in the tables below.

有關本新聞稿中討論的非 GAAP 財務指標的更多信息，請參閱下面的非 GAAP 財務指標以及下表中提供的非 GAAP 指標與最接近的 GAAP 指標的調整表。

Cash and cash equivalents totaled $8.7 million as of September 30, we were we strengthened our balance sheet with the conversion of $1.9 million or 12% of the then outstanding debt to a new series of convertible preferred stock and raised net proceeds of approximately $5.1 million through the sale of common stock and the company's ATM facility during the quarter.

截至9 月30 日，現金和現金等價物總計870 萬美元，我們透過將190 萬美元（即當時未償債務的12%）轉換為一系列新的可轉換優先股來加強我們的資產負債表，並透過以下方式籌集了約510 萬美元的淨收益：本季出售普通股和公司的 ATM 設施。

At this point, I'd like to turn the call back to Jeff for Q&A.

此時，我想將電話轉回傑夫進行問答。

Thanks, Nabeel. We're excited about the progress we're making on several fronts, gaining valuable case experience and advancing our commercial programs for Tigereye ST and Pantheris LV. Continuing to build the clinical body of evidence in support of our proprietary image-guided approach and rapidly advancing the development of our first coronary product application, which we believe represents a transformational value opportunity for Avinger.

謝謝，納比爾。我們對在多個方面取得的進展感到興奮，獲得了寶貴的案例經驗並推進了 Tigereye ST 和 Pantheris LV 的商業項目。繼續建立臨床證據來支持我們專有的影像引導方法，並快速推進我們第一個冠狀動脈產品應用的開發，我們相信這對 Avinger 來說是一個轉型的價值機會。

We're investing in our sales organization under new executive leadership to extend our reach and drive the growth of our business. And through it all, we remain committed to making a difference in the lives of patients and the physicians who treat them with the most advanced image-guided tools available on the market.

我們正在新的行政領導下投資我們的銷售組織，以擴大我們的影響力並推動我們業務的成長。縱觀這一切，我們仍然致力於改變患者和使用市場上最先進的影像引導工具治療患者的醫生的生活。

At this point, we'd be happy to take your questions.

此時，我們很樂意回答您的問題。

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

There are no questions in queue. I will now turn the call over to Jeff Soinski for any closing remarks.

隊列中沒有問題。我現在將把電話轉給傑夫·索因斯基（Jeff Soinski）發表結束語。

Well, thank you very much for joining our call this afternoon. We very much appreciate your interest in our company and look forward to reporting our further progress in the coming year. Thank you.

好的，非常感謝您今天下午加入我們的電話會議。我們非常感謝您對我們公司的興趣，並期待報告我們來年的進一步進展。謝謝。

This concludes today's conference and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，您現在可以掛斷電話了。感謝您的參與。