Company Valuation: Avinger, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2018 2019 2020 2021 2022 2023
Market Cap 1 7.037 11.8 37.37 43 8.068 3.469
Change - 67.7% 216.7% 15.06% -81.24% -57.01%
Enterprise Value (EV) 1 -1.887 14.68 32.24 38.97 9.824 13.59
Change - 878.1% 119.6% 20.88% -74.79% 38.33%
P/E - -0.36x -0.95x -1.97x -0.25x -0.19x
PBR 1.11x 1.71x 2.86x 4.42x 2.05x -0.56x
PEG - - 0x 0x 0.05x 0x
Capitalization / Revenue 0.89x 1.29x 4.27x 4.25x 0.98x 0.45x
EV / Revenue -0.24x 1.61x 3.68x 3.85x 1.19x 1.78x
EV / EBITDA 0.09x -0.79x -1.95x -2.24x -0.62x -0.83x
EV / EBIT 0.09x -0.76x -1.85x -2.15x -0.62x -0.82x
EV / FCF 0.17x -1.1x -3.81x -4.09x -0.92x -1.63x
FCF Yield 581% -91% -26.2% -24.4% -109% -61.5%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 - -954.4 -139.4 -68.57 -65.4 -14.31
Distribution rate - - - - - -
Net sales 1 7.915 9.131 8.761 10.13 8.273 7.652
EBITDA 1 -20.79 -18.47 -16.51 -17.41 -15.76 -16.35
EBIT 1 -22.07 -19.36 -17.4 -18.1 -15.96 -16.64
Net income 1 -27.56 -19.45 -19.01 -17.41 -17.62 -18.32
Net Debt 1 -8.924 2.881 -5.132 -4.031 1.756 10.12
Reference price 2 899.9996 341.9998 132.0299 134.9999 16.2750 2.7100
Nbr of stocks (in thousands) 7.82 34.5 283 319 496 1,280
Announcement Date 3/6/19 3/6/20 3/11/21 3/22/22 3/16/23 3/20/24
1USD in Million2USD
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
40.54x5.24x29.72x0.31% 13.72B
31.89x8.43x25.2x1.35% 4.18B
24.63x2.88x21.47x1.18% 1.3B
47.84x - - - 1.17B
-13.02x - - - 338M
Average 26.38x 5.52x 25.46x 0.95% 4.14B
Weighted average by Cap. 37.33x 5.78x 28.18x 0.59%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA