Aspira Women's Health (AWH) Q2 2024 earnings summary

Executive summary

• Q2 2024 OvaSuite revenue was $2.4 million with 6,471 tests performed, a 3% increase in volume year-over-year, but revenue was flat sequentially and down 3% year-over-year due to lower average unit price.

• OvaWatch product volume grew 48% year-over-year, expanding the addressable market tenfold to 2–4 million tests annually with new longitudinal monitoring features.

• Commercial strategy refresh and improved sales efficiency led to record OvaSuite test volumes and higher productivity per sales rep.

• Cash utilization decreased 16% sequentially from Q1 2024; pro forma cash post-July financing is ~$5 million.

• The company continues to face substantial doubt about its ability to continue as a going concern due to recurring losses and low cash balance.

Financial highlights

• Q2 2024 revenue was $2.4 million, down 3% year-over-year; gross margin was 59%, down from 62% last year due to higher costs.

• Net loss for Q2 2024 was $3.5 million, compared to $2.3 million in Q2 2023.

• Product volume reached 6,471, up 3% year-over-year; OvaWatch test volume grew 48% year-over-year.

• Average unit price was $374 in Q2 2024, down from $396 in Q2 2023.

• Cash and equivalents at June 30, 2024, were $962,000–$1.0 million; pro forma cash post-July financing is ~$5 million.

Outlook and guidance

• Full-year 2024 cash utilization guidance reduced to $13–14.5 million, down from $15–18 million.

• Test volume is expected to increase in the remainder of 2024 due to sales and marketing investments and OvaWatch longitudinal testing.

• The company expects to continue incurring net losses and negative cash flows for the rest of 2024.

• In-play initiatives (grants, sample sales, partnerships, ATM facility) expected to fund near-term operations.

• Focus remains on expanding OvaSuite adoption, payer coverage, and advancing the molecular test pipeline.