Avinger Inc (NASDAQ:AVGR) stock has soared over 60% since mid-October after the company announced the expansion to the US reach with seven new accounts in the third quarter.
Key Development
The medical device space has grown at a fair clip over the past few years and one of the more interesting companies in this particular space is Avinger Inc. The company is best known for having produced the only intravascular image-guided, catheter-based device for diagnosing and treating Peripheral Artery Disease (PAD). Earlier on in October, the company made a major announcement with regards to expansion in its business. It goes without saying that it is a significant development for the company and it’s stock price has reacted accordingly following the announcement.
Avinger announced that in the third quarter, it had opened up as many as 7 of its new Lumivascular centers in the United States and some of them have also been opened up in markets that could prove to be highly important strategically. The states of Arizona, Florida and Georgia are well known for being PAD markets of high importance and high volume, which is why Avinger has opened up some its centers in those states as well. In the long run, such a move will have immense strategic importance for the company and could give it the all-important first mover’s advantage in the years to come.
Jeff Soinski, who is the Chief Executive Officer as well as the President of the company spoke about the developments at the time. He said, “We are excited to report the launch of seven new clinical centers using Avinger’s best-in-class Lumivascular platform during the third quarter, as we continue to expand our geographic reach in the U.S. and bring highly differentiated new products to market.” The company’s unique devices have apparently been successful in providing physicians with highly specialized insights with regard to a patient’s condition. Hence, it would be interesting to see how the company performs following the establishment of the new centers. The stock should also be tracked closely by investors over the coming days.
