Aspira Women’s Health Provides Commercial, Reimbursement and Cash Guidance Updates
Aspira Women’s Health (Nasdaq: AWH) reported significant commercial and operational updates for Q2 2024. Key highlights include a monthly product volume increase of over 26% from January to May 2024, and a year-to-year growth in sales representative productivity. OvaWatch volume surged by 88%, and the company is expanding to the Philippines with higher margin expectations. Reimbursement has progressed with new Anthem and Medicaid coverage, potentially adding 16 million lives in upcoming quarters. Anticipated guidance shows a reduction in cash used in operations for 2024.
- Monthly OvaSuite product volume grew by more than 26% from January to May 2024.
- Sales volume per full-time sales representative grew to 569 from 484 year-over-year.
- OvaWatch volume increased by over 88% compared to the same period in 2023.
- Expansion into the Philippines is on track, expected to generate higher margins.
- New Anthem contracts add over 2 million covered lives, with plans to add up to 16 million more.
- Maryland and Kentucky expanded Medicaid coverage, putting OvaSuite on the fee schedule in nine states.
- No specific negative financial data or adverse clinical results were reported.
- Potential risks include the dependency on new regions adopting Anthem coverage and Medicaid expansions.
- The PR does not disclose any detailed financial metrics or revenue figures for Q2 2024.
Insights
Aspira Women's Health provided several significant updates that can greatly impact their financial standing and investor confidence. The company's monthly OvaSuite product volume has increased by
Reimbursement expansion is another notable development. The addition of Anthem's Connecticut, New Hampshire and Maine plans, which brings an additional 2 million covered lives, should significantly bolster revenue potential. Furthermore, the expansion of Medicaid coverage in Maryland and Kentucky, adding OvaWatch at $
From a cash flow perspective, Aspira's announcement that they plan to revise their 2024 cash used in operations guidance downward is particularly encouraging. Lower operational cash usage without sacrificing growth suggests prudent financial management and potential profitability improvements in the near term.
Overall, these updates reflect a positive trend in both operational efficiency and market acceptance, which are important for long-term financial health and stability.
The company's update signals promising market dynamics for Aspira Women’s Health. The significant increase in OvaWatch volume, up by
The planned commercial launch in the Philippines could strategically diversify revenue sources and expand the geographic footprint. Revenue from this market is expected to generate higher margins due to lower local operational costs absorbed by the laboratory partner. Market diversification, especially in regions with lower operational expenses, can provide stability against domestic market fluctuations.
The expansion into new reimbursement regions with Anthem and Medicaid’s inclusion of OvaWatch in several states, adds a layer of financial predictability and reduces out-of-pocket expenses for patients, increasing test adoption rates. This trend can potentially set a precedent for other insurance providers, further broadening market access.
A retail investor should note that such market growth and reimbursement expansions typically precede revenue growth. Keeping an eye on upcoming earnings reports will be key to validating these optimistic projections.
Monthly OvaSuiteSM product volume grew by more than
Reimbursement momentum continued with expanded Anthem and Medicaid coverage for OvaSuite
Cash used in operations guidance for 2024 expected to be lowered
AUSTIN, Texas, June 13, 2024 (GLOBE NEWSWIRE) -- Aspira Women’s Health Inc. (“Aspira” or the “Company”) (Nasdaq: AWH), a bio-analytical based women’s health company focused on the development of gynecologic disease diagnostic tools, today provided interim commercial and operational updates for the second quarter of 2024.
Product volume continued its sustained monthly gains, growing by more than
“We are excited to share highlights from across the organization,” said Nicole Sandford, Aspira’s CEO. “The momentum is truly undeniable. Product volume in May 2024 surpassed April continuing our monthly growth we have experienced all year. Importantly, we are reaching these new heights with a leaner, more professional sales team. Sales volume per full-time representative on a year-to-date basis continues to increase, proving that our focus on our sales team while deepening relationships with larger physician groups and channel partnerships is working. With our highly qualified representatives in our territories and an expanded inside sales capability, we expect to drive accelerated growth for the rest of the year.”
Ms. Sandford continued, “OvaWatch sales growth is a major leading indicator of our future growth. The addressable market for OvaWatch, which is now available to assist in the initial and ongoing assessment of malignancy risk for women with an adnexal mass, is estimated to be between 2 and 4 million tests a year. This is a more than 10-fold increase over the estimated Ova1Plus® addressable market of approximately 200,000 tests per year. We believe we are well-positioned to capture a significant share of this larger market as a trusted provider of innovative gynecology diagnostics, especially with the expansion of the test for mass monitoring and the release of powerful new publications1,2 just a few weeks ago.”
The Company’s expansion into the Philippines is on track for a commercial launch of OvaWatch in the third quarter. Revenues from this agreement are expected to generate higher margins compared to margins achieved in the U.S. market as costs associated with providing the test are absorbed by the Company’s laboratory partner in the Philippines. Aspira will receive a fee-per-test for access to its proprietary algorithm. Moreover, the Company’s inside sales team will support physician adoption using third-party resources, local to the Philippines, that are already trained and supporting the U.S. sales team today.
On the reimbursement front, the Company today announced that it has executed an OvaSuite contract with Anthem Plans of Connecticut, New Hampshire, and Maine, adding over 2 million covered lives under the umbrella agreement with Anthem. Aspira was nationally certified by Anthem earlier this year and the Company expects to add up to 16 million covered lives over the next few quarters as additional regions are added.
Additionally, the states of Maryland and Kentucky each expanded their Medicaid coverage for OvaWatch adding the test to the fee schedule at
Torsten Hombeck, Chief Financial Officer of Aspira added, “We are glad to see our relationship with Anthem expand to a second region within the Anthem family, bringing our total lives with Anthem to 9 million. We anticipate adding more regions representing an additional 16 million lives, including Ohio, Indiana, Missouri, Wisconsin, and Kentucky in the coming months. We are optimistic that other commercial payers will follow suit, given the strength of our published data in the peer-reviewed journal Frontiers in Medicine showing that OvaWatch can improve a physician’s ability to predict malignancy by
The Company anticipates providing a downward revision of the 2024 cash used in operations guidance during the second quarter 2024 earnings call.
About Aspira Women’s Health Inc.
Aspira Women’s Health Inc. is dedicated to the discovery, development, and commercialization of noninvasive, AI-powered tests to aid in the diagnosis of gynecologic diseases.
OvaWatch® and Ova1Plus® are offered to clinicians as OvaSuiteSM. Together, they provide the only comprehensive portfolio of blood tests to aid in the detection of ovarian cancer for the 1.2+ million American women diagnosed with an adnexal mass each year. OvaWatch provides a negative predictive value of
Our in-development test pipeline is designed to expand our ovarian cancer portfolio and addresses the tremendous need for noninvasive diagnostics for endometriosis, a debilitating disease that impacts millions of women worldwide. In ovarian cancer, our OvaMDxSM risk assessment is designed to combine microRNA and protein biomarkers with patient data to further enhance the sensitivity and specificity of our current tests. In endometriosis, EndoCheckSM is the first-ever noninvasive test designed to identify endometriomas, one of the most commonly occurring forms of endometriosis. The EndoMDxSM test is designed to combine microRNA and protein biomarkers with patient data to identify all endometriosis.
Forward-Looking Statements
This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks and uncertainties. Such forward-looking statements include statements regarding, among other things, the timing and completion of any products in the pipeline development and other statements that are predictive in nature. Actual results could differ materially from those discussed due to known and unknown risks, uncertainties, and other factors. These forward-looking statements generally can be identified by the use of words such as “designed to,” “expect,” “plan,” “anticipate,” “could,” “may,” “intend,” “will,” “continue,” “future,” other words of similar meaning and the use of future dates. Forward-looking statements in this press release and other factors that may cause such differences include the satisfaction of customary closing conditions related to the offering and the expected timing of the closing of the offering. These and additional risks and uncertainties are described more fully in the company’s filings with the SEC, including those factors identified as “Risk Factors” in our most recent Annual Report on Form 10-K, for the fiscal year ended December 31, 2023, and subsequent Quarterly Reports on Form 10-Q. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Aspira presently does not know, or that Aspira currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Aspira’s expectations, plans, or forecasts of future events and views as of the date of this press release. Subsequent events and developments may cause the Company’s assessments to change. However, while Aspira may elect to update these forward-looking statements at some point in the future, Aspira expressly disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Aspira’s assessments of any date after the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Investor Relations Contact:
Torsten Hombeck, Ph.D.
Chief Financial Officer
Aspira Women’s Health
Investors@aspirawh.com
FAQ
What was the growth in Aspira Women’s Health monthly OvaSuite product volume from January to May 2024?
How much did the OvaWatch volume increase compared to the same period in 2023?
What new coverage did Aspira Women’s Health secure for OvaSuite?
What is the expected impact of Aspira's expansion into the Philippines?
How many additional covered lives does Aspira aim to add through Anthem in the coming quarters?
What Medicaid expansions were announced by Aspira Women’s Health?
What is Aspira Women’s Health's guidance on cash used in operations for 2024?
