Aspira Women's Health (AWH) Q3 2024 earnings summary

Executive summary

• Delivered 6,001 OvaSuite tests in Q3 2024, a 4% year-over-year increase, despite weather-related disruptions in key markets.

• OvaSuite revenue reached $2.3 million in Q3 2024, up 2% year-over-year, with OvaWatch volume growing 27% and now comprising 22% of total OvaSuite volume.

• Expanded field sales team and improved sales efficiency drove higher test volumes, with tests per sales rep up 21% for the nine months ended September 30, 2024.

• Launched OvaWatch for longitudinal monitoring, secured a new EMR integration partnership with Dorsata, and expanded distribution with BioReference Labs.

• Awarded a $10 million ARPA-H grant for EndoInform/ENDOinform, with the first milestone completed and payment expected by year-end.

Financial highlights

• OvaSuite revenue was $2.3 million in Q3 2024, up 2% year-over-year; gross margin improved to 60% from 59% in Q3 2023.

• Average unit price for OvaSuite was $376, with OvaWatch's AUP up 4% to $360.

• Net loss for Q3 2024 was $3.55 million, a 25% improvement from Q3 2023, reflecting lower operating expenses and favorable warrant liability changes.

• Cash and restricted cash stood at $2.1 million as of September 30, 2024; cash used in operations was $2.9 million, a 12% reduction from Q3 2023.

• Operating expenses for Q3 2024 decreased 6% year-over-year, with G&A down 25% and R&D down 9%; sales and marketing expenses rose 26% due to team expansion and website launch.

Outlook and guidance

• Full-year 2024 cash utilization guidance reaffirmed at $13.0–$14.5 million.

• R&D expenses expected to rise in Q4 2024 as EndoInform/ENDOinform development accelerates.

• Anticipate first $2 million ARPA-H payment by year-end and aim to complete the next milestone in Q1 2025.

• Management expects continued net losses and negative cash flows for the remainder of 2024; plans to raise additional capital through equity, debt, or other strategic sources.

• EndoInform targeted for launch within two years, with efforts to accelerate timeline.