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. 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 needs and other areas on our year end call. At this point, I’d like to turn the call over to Nabeel Subainati, our Principal Financial Officer and Accounting Officer to take us through the financial results and then I will return to Q&A. Nabeel?
Nabeel Subainati: Thank you, Jeff. Total revenue was $1.8 million for the third quarter of 2023, compared with $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. Gross margin for the third quarter of 2023 was 21%, compared with 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. 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. 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.
Cash and cash equivalents totaled $8.7 million as of September 30th. 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 in the company’s ATM facility during the quarter. At this point, I’d like to turn the call back to Jeff for Q&A.
Jeff Soinski: Thanks, Nabeel. We are excited about the progress we are 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. We are 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. At this point, we would be happy to take your questions.
Operator: Thank you. [Operator Instructions] There are no questions in queue. I will now turn the call over to Jeff Soinski for any closing remarks.
Jeff Soinski: 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.
Operator: This concludes today’s conference and you may disconnect your lines at this time. Thank you for your participation.
