Aspira Women’s Health Reports First Quarter 2021 Financial Results
May 13 2021 - 8:01AM
Aspira Women’s Health Inc. (“Aspira”) (Nasdaq: AWH), a
bio-analytical based women’s health company focused on gynecologic
disease, today reported its financial results for the first quarter
ended, March 31, 2021.
“We are pleased to announce two strategic
relationships today. A significant commercial relationship and an
innovation collaboration. We expect that these relationships will
significantly contribute to our goal of eradicating late stage
Ovarian cancer detection,” stated Valerie Palmieri, President and
CEO.
Recent Corporate Highlights
- Decentralized Platform / Aspira Synergy Agreement with
Large Health NetworkWe are announcing the execution an
Aspira Synergy agreement with one of the largest women’s health
networks whereby the OVA1plus testing will be performed in
their laboratory with data interpretation by Aspira. The health
network employs 300+ physicians and is responsible for 500,000
patient visits per year.
- Prospective Clinical Study
for Benign Risk Monitoring and High Risk Early Ovarian
Cancer Detection Northwell
Health®Initiation of a large prospective
study with The Feinstein Institutes for Medical Research, the
science arm of Northwell Health, the largest private healthcare
provider in New York State. Northwell Health treats over 2 million
patients annually and employs over 16,000 credentialled physicians.
The study will further support longitudinal studies for the use of
OVASight as a serial monitoring test for high-risk women
predisposed for hereditary ovarian cancer.
- Expansion of Executive
TeamGreg Richard joined the Company as Head of Corporate
Strategy, Reimbursement and Managed Care. In this role, Mr. Richard
will be responsible for our overall corporate strategy, enhancing
our blueprint for reimbursement for the company’s current products
as well as the new products and services in our robust pipeline. In
addition, he will also be responsible for leading our Revenue Cycle
Management and supporting the Company’s strategic business
development initiatives.
- FinancingOn February 8, 2021, we completed a
public offering of Aspira common stock resulting in net proceeds of
approximately $47.7 million, including full exercise of the
underwriter’s option to purchase additional shares and after giving
effect to underwriting discounts and other expenses.
- Financial
HighlightsYear over Year Results – First Quarter
of 2021 versus First Quarter of 2020:-
Total product and genetics revenue increased 23% to $1.496
million up from $1.220 million in 2020- Total
product and genetics volumes increased 5% to 3,950 units up from
3,761 units in 2020Quarter over Quarter Results – First
Quarter 2021 versus Fourth Quarter 2020:-
Total product and genetics revenue increased 3% to $1.496
million up from $1.446 million in the fourth quarter of last
year.- Total product and genetics volumes were
relatively flat at 3,950 units compared to 3,937 units in the
fourth quarter of last year.
First Quarter Highlights:
- Product revenue was $1,416,000 for the three months ended March
31, 2021 compared to $1,185,000 for the same period in 2020, an
increase of 19%.
- The number of OVA1plus tests performed increased 3%, to 3,775
OVA1plus tests during the three months ended March 31, 2021
compared to 3,654 OVA1plus tests for the same period in 2020. The
volume was down slightly on a sequential basis as we experienced
disruption from the February storms.
- The revenue per OVA1plus test performed increased to
approximately $375 compared to $324 for the same period in 2020, an
increase of 16 % and increased 3% compared to the fourth quarter of
2020 price of $364. This increase was primarily driven by an
increase in payments by contracted payers.
- Gross profit margin on OVA1plus was 54% in the first quarter
compared to 50% in the fourth quarter of 2020 and 44% in the first
quarter of 2020.
- Research and development expenses for the three months ended
March 31, 2021 increased by $477,000, or 121%, compared to the
same period in 2020. This increase was primarily due to clinical
utility and product development costs related to OVASight, our
third-generation product, as well as investments in bioinformatics
and Aspira Synergy. We expect research and development expenses to
increase in 2021, as a result of increased projects and clinical
studies.
- Sales and marketing expenses for the three months
ended March 31, 2021 increased by $993,000, or 47%,
compared to the same period in 2020. This increase was primarily
due to increased personnel and public relation costs, partially
offset by lower travel costs due to the COVID-19 pandemic. We
expect sales and marketing expenses to increase in 2021, due to
investing in key strategic hires and product portfolio expansion,
as well as the continued re-openings relating to the COVID-19
pandemic, provided that the COVID-19 pandemic does not further
escalate and result in new quarantines and state closures.
- General and administrative expenses for the three months ended
March 31, 2021 increased by $799,000, or 47%, compared to the
same period in 2020. This increase was primarily due to an increase
in legal expenses of $284,000, headcount and personnel expenses of
$374,000 and board of director fees of $185,000. We expect general
and administrative expenses to increase in 2021 due to higher
personnel costs.
- We ended the first quarter with approximately $59.4 million in
cash. Cash used in operations in the first quarter of 2021 was
$5.2M. Cash utilization in the fourth quarter of 2020 was $4.2M.
The increase was driven by the timing of 2020 bonus payouts as well
as new hires and consultants, marketing and promotional activities
as well as research and development spending focused on
EndoCheck.
Conference Call and Webcast
Aspira will host a call today at 4:30 p.m.
Eastern Time to discuss results followed by a question and answer
period.
|
Domestic: |
877-407-4018 |
International: |
201-689-8471 |
Conference ID: |
13719197 |
Webcast: |
http://public.viavid.com/index.php?id=144631 |
About Aspira Women’s Health Inc.Aspira is
transforming women’s health with the discovery, development and
commercialization of innovative testing options and bio-analytical
solutions that help physicians assess risk, optimize patient
management and improve gynecologic health outcomes for
women. OVA1®plus combines our FDA-cleared products OVA1® and
OVERA® to detect risk of ovarian malignancy in women with adnexal
masses. Aspira GenetiXSM testing offers both targeted and
comprehensive genetic testing options with a gynecologic focus.
With over 10 years of expertise in ovarian cancer risk assessment
Aspira has expertise in cutting-edge research to inform our next
generation of products. Our focus is on delivering products that
allow healthcare providers to stratify risk, facilitate early
detection and optimize treatment plans.
Visit our website for more information about our
products at www.aspirawh.com.
Forward-Looking StatementsThis
press release contains forward-looking statements, as defined in
the Private Securities Litigation Reform Act of 1995. These
statements involve a number of risks and uncertainties. All
statements other than statements of historical facts contained in
this press release are forward-looking statements. Words such as
“may,” “expects,” “intends,” “anticipates,” “believes,”
“estimates,” “plans,” “seeks,” “could,” “should,” “continue,”
“will,” “potential,” “projects” and similar expressions are
intended to identify forward-looking statements. These
forward-looking statements speak only as of the date of this press
release and are subject to a number of risks, uncertainties and
assumptions, including those described in the section entitled
“Risk Factors” in Aspira’s Annual Report on Form 10-K for the year
ended December 31, 2020. The events and circumstances reflected in
Aspira’s forward-looking statements may not be achieved or occur
and actual results could differ materially from those projected in
the forward-looking statements. Aspira expressly disclaims any
obligation to update, amend or clarify any forward-looking
statements to reflect events, new information or circumstances
occurring after the date of this press release, except as required
by law.
Investor Relations
Contact:Ashley R. RobinsonLifeSci Advisors, LLCTel
617-535-7742
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