In This Article:
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OvaSuite Revenue: $2.3 million in Q3 2024, a 2% increase from $2.2 million in Q3 2023.
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OvaSuite Test Volume: Increased 4% year-over-year for Q3 2024.
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OvaWatch Test Volume: Increased 27% year-over-year for Q3 2024.
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Average Unit Price (AUP): $376 in Q3 2024, compared to $383 in Q3 2023.
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OvaWatch Average Unit Price: Increased 4% to $360 in Q3 2024 from $347 in Q3 2023.
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Gross Margin: Improved to 60% in Q3 2024 from 59% in Q3 2023.
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Research and Development Expenses: Decreased by $90,000 or 9% in Q3 2024 compared to Q3 2023.
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Sales and Marketing Expenses: Increased by $441,000 or 26% in Q3 2024 compared to Q3 2023.
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General and Administrative Expenses: Decreased by $675,000 or 25% in Q3 2024 compared to Q3 2023.
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Cash Used in Operating Activities: $2.9 million in Q3 2024, down 12% from $3.3 million in Q3 2023.
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Cash and Restricted Cash: $2.1 million as of September 30, 2024, down from $2.9 million as of December 31, 2023.
Release Date: November 14, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Aspira Womens Health Inc (NASDAQ:AWH) delivered over 6,000 OvaSuite tests in Q3 2024, marking a 4% increase from the same period in 2023.
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The company secured a $10 million federal award from ARPA-H to fund the development of ENDOinform, a non-invasive diagnostic test for endometriosis.
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OvaWatch, part of the OvaSuite portfolio, saw a 27% year-over-year increase in test volume for the quarter.
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The New York State Department of Health approved OvaWatch for use, expanding access to a significant healthcare market.
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Aspira Womens Health Inc (NASDAQ:AWH) improved its gross margins to 60% in Q3 2024, up from 59% in Q3 2023.
Negative Points
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Severe weather, including Hurricane Helene, negatively impacted growth in several major markets, affecting Q3 2024 performance.
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The average unit price for OvaSuite tests decreased slightly, contributing to a modest decrease in overall revenue.
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Research and development expenses are expected to increase in Q4 2024, potentially impacting short-term financials.
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The company filed for an extension to complete its Q3 2024 financial report due to complex accounting matters.
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Cash and restricted cash decreased to $2.1 million as of September 30, 2024, down from $2.9 million at the end of 2023.
Q & A Highlights
Q: Why do you think Aspira's endometriosis proposal was chosen by ARPA-H out of the 1,700 submissions? A: Dr. Sandra Milligan, President: The selection was due to Aspira offering a complete package from development to commercialization, with a proven track record for our OvaSuite. ARPA-H likely valued our ability to take a proposed solution all the way to the finish line, highlighting our science, development, and commercialization capabilities.