Aspira Women's Health Reports Fourth Quarter and Full Year 2024 Financial Results

Rhea-AI Summary

Aspira Women's Health (AWH) reported its Q4 and full-year 2024 financial results, achieving record OvaSuite revenue of $9.2 million and 24,305 units sold. Q4 2024 highlights include:

- Product revenue up 9.5% to $2.3M
- OvaSuite tests increased 6.1% to 6,004 units
- Average unit price rose 4.3% to $391
- Gross profit margin improved to 63.4%
- Operating expenses decreased 8% to $4.9M

Full-year 2024 performance showed flat product revenue at $9.2M, with test volume up 1.3% and average unit price down 1% to $378. The company raised $5.75M through convertible notes ($1.36M) and ATM facility ($4.39M). Cash balance stands at $3.7M, with an additional $1.5M ARPA-H milestone payment pending.

Positive

• Q4 product revenue increased 9.5% YoY to $2.3M
• Q4 gross profit margin improved 6.2 percentage points to 63.4%
• Operating expenses reduced by 10% YoY to $21.8M for full-year 2024
• Secured $10M federal government investment for ENDOinform
• Successfully raised $5.75M through convertible notes and ATM facility

Negative

• Full-year 2024 revenue remained flat at $9.2M
• Average unit price declined 1% to $378 in full-year 2024
• Low cash balance of $3.7M may indicate potential liquidity concerns
• Minimal growth in test volume (1.3%) for full-year 2024

Insights

Financial Analyst

Aspira's Q4 performance shows momentum with 9.5% revenue growth to $2.3 million, driven by both volume (6.1% increase) and pricing (4.3% higher AUP). However, this quarterly strength couldn't overcome earlier challenges, leaving full-year revenue flat at $9.2 million.

The efficiency improvements are notable - Q4 gross margins expanded 6.2 percentage points to 63.4% year-over-year, while operating expenses decreased 8%. For the full year, operating expenses decreased 10% to $21.8 million, demonstrating management's cost discipline.

The company's financial position remains precarious with just $3.7 million in cash (plus a pending $1.5 million milestone payment). Recent capital raises totaling $5.75 million through convertible notes and ATM offerings were necessary given quarterly operating expenses of $4.9 million. This suggests a relatively short runway without additional funding or significant revenue acceleration.

The strategic shift under new CEO Mike Buhle toward accelerating top-line growth makes sense given the flat revenue performance. While operational improvements in margins and cost structure provide a foundation for improved financial performance, Aspira needs significant revenue growth to approach profitability. The $10 million ARPA-H award provides validation and non-dilutive capital, but investors should monitor quarterly test volumes and revenue closely for evidence that the new commercial strategy is gaining traction.

Healthcare Industry Expert

Aspira's OvaSuite diagnostics platform is showing modest volume growth with 24,305 tests performed in 2024, a 1.3% increase year-over-year. The Q4 acceleration to 6.1% volume growth could signal improving market adoption, though it's too early to confirm a sustainable trend.

The slight decrease in annual average unit price (-1.0%) suggests some pricing pressure in the women's health diagnostics market, though Q4's pricing improvement of 4.3% is encouraging. Women's health diagnostics remain a critical but challenging market, particularly for ovarian cancer detection where early identification significantly impacts survival rates.

The federal $10 million investment in ENDOinform represents important external validation of Aspira's technology platform beyond its current OvaSuite offerings. Expanding into endometriosis diagnostics would significantly increase Aspira's addressable market, as endometriosis affects approximately 10% of reproductive-age women globally.

The new CEO's strategic focus on an "improved go-to-market strategy" while maintaining a "leaner cost model" reflects the reality that niche diagnostic companies must balance clinical validation with commercial execution. His mention of "in-licensing opportunities, channel partners, and strategic collaborations" suggests recognition that standalone growth may be challenging without expanding the product portfolio or distribution channels. The emphasis on "digital integrations" aligns with healthcare's broader shift toward integrated diagnostic information systems.

Record 2024 OvaSuite revenue of $9.2 million and volume of 24,305 units sold

AUSTIN, TX / ACCESS Newswire / March 27, 2025 / 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 reported its financial results for the fourth quarter and year ended December 31, 2024. Select financial results are as follows:

Fourth Quarter 2024 and Recent Financial Highlights
• Product revenue increased 9.5% to $2.3 million for the three months ended December 31, 2024, compared to $2.1 million for the same period in 2023.
• The number of OvaSuite tests performed increased 6.1% to approximately 6,004 during the three months ended December 31, 2024, compared to the approximately 5,659 OvaSuite tests for the same period in 2023.
• The average unit price (AUP) increased 4.3% to $391 for the three months ended December 31, 2024, compared to $376 for the same period in 2023.
• Gross profit margin improved 6.2 percentage points to 63.4% for the three months ended December 31, 2024, compared to 57.2% for the same period in 2023.
• Total operating expenses were $4.9 million for the three months ended December 31, 2024, a decrease of $0.4 million, or 8%, compared to the same period in 2023.
• Cash balance as of March 27, 2024, of approximately $3.7 million, excluding the pending $1.5 million ARPA-H milestone payment currently in process of payment.
• Company successfully completed a $1.36 million convertible note raise and raised $4.39 million under its At-The-Market (ATM) facility in the 4th quarter and subsequent to year end, bringing the total funds raised to $5.75 million.

For the Full Year 2024:
• Product revenue was unchanged at $9.2 million for the year ended December 31, 2024, compared to $9.2 million for the same period in 2023.
• The number of OvaSuite tests performed increased 1.3% to approximately 24,305 during the year ended December 31, 2024, compared to the approximately 23,990 OvaSuite tests for the same period in 2023.
• The average unit price (AUP) decreased 1.0% to $378 for the year ended December 31, 2024, compared to $382 for the same period in 2023.
• Gross profit margin improved 2.2 percentage points to 59.7% for the year ended December 31, 2024, compared to 57.5% for the year ended December 31, 2023.
• Total operating expenses were $21.8 million for the year ended December 31, 2024, a decrease of $2.4 million, or 10%, compared to the same period in 2023.

Newly appointed CEO Mike Buhle stated, "The Aspira team generated record test volume and revenue in a challenging environment in 2024. During a period of transition and change, our sales and operational team remained focused on markets and the medical community we serve. We are deeply committed to meeting the medical needs of millions of women that benefit from the life-saving capabilities of our early detection OvaSuite product."

Mr. Buhle continued, "Looking ahead, our strategic focus in 2025 and beyond is to rapidly accelerate top-line revenue growth through our improved go-to-market strategy. This is our highest priority for the team at this time, and we believe this is how we will quickly improve top line financial performance in 2025."

"Additionally, we have identified clear opportunities to run a leaner cost model, dedicating more of our financial resources to sales growth, improved profitability, while will continue to look at new in-licensing opportunities, channel partners, and other strategic collaborations that enable efficient revenue streams and digital integrations."

"Lastly, our research and development pipeline will not only increase our total addressable market but will also enhance our current portfolio of treatment pathway solutions, making us more attractive for long-term partnerships. In addition, we were honored by the $10 million Federal Government investment in ENDOinform^TM, which is a strong validation of our mission to empower patients and healthcare providers with facts, not fear," continued Mr. Buhle. "This funding will accelerate our near-term pipeline, fuel meaningful growth, and drive new strategic partnerships to make a lasting impact on women's health."

Recent Corporate Highlights
• Announced the appointment of Mike Buhle as Chief Executive Officer
• Successfully reached the first milestone of the ARPA-H $10 million award
• Appointed Ellen Beausang, former Chief Commercial Officer of BioReference Health, to the Board of Directors
• Closed $1.36 million private placement of convertible notes in March 2025
• Generated $3.48 million in gross proceeds through our 2024 At the Market Offering Agreement so far in Q1 2025

About Aspira Women's Health Inc.
Aspira Women's Health Inc. is dedicated to the discovery, development, and commercialization of noninvasive, AI-enabled tests to aid in the diagnosis of gynecologic diseases.  

OvaWatch^® and Ova1Plus^® are offered to clinicians as OvaSuite^SM. Together, they provide the only comprehensive portfolio of blood tests to aid in the detection of ovarian cancer risk for the more than 1.2 million American women diagnosed with an adnexal mass each year. OvaWatch provides a negative predictive value of 99% and is used to assess ovarian cancer risk for women where initial clinical assessment indicates the mass is indeterminate or benign, and thus surgery may be premature or unnecessary. Ova1Plus is a reflex process of two FDA-cleared tests, Ova1^® and Overa^®, to assess the risk of ovarian malignancy in women with an adnexal mass planned for surgery.

Our in-development test pipeline will expand our ovarian cancer portfolio and address the need for non-invasive diagnostics for endometriosis, a debilitating disease that impacts millions of women worldwide. In ovarian cancer, we intend to combine microRNA and protein biomarkers with patient data to further enhance the sensitivity and specificity of our current tests and expand the indicated population to screen women with a family history of ovarian cancer or a germline mutation. Through our ongoing endometriosis development program, we are combining microRNA and protein biomarkers with patient data, with the intent of identifying endometriosis independent of disease location or severity.

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 development pipeline and other statements that are predictive in nature, and whether the marketing of the OvaSuite portfolio will prove successful. 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," and other words of similar meaning and the use of future dates. These and additional risks and uncertainties are described more fully in the Company's filings with the Securities and Exchange Commission (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, 2024, 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 :
investors@aspirawh.com

Aspira Women's Health Inc.
Condensed Consolidated Balance Sheets
(Amounts in Thousands, Except Share and Par Value Amounts)

		December 31,				December 31,
		2024				2023
Assets
Current assets:
Cash and cash equivalents		$	1,769			$	2,597
Accounts receivable, net of reserves of $0 and $15, as of December 31, 2024 and December 31, 2023, respectively			990				1,459
Prepaid expenses and other current assets			1,098				997
Inventories			326				227
Total current assets			4,183				5,280
Property and equipment, net			69				165
Right-of-use assets			1,194				528
Restricted cash			-				258
Other assets			45				31
Total assets		$	5,491			$	6,262
Liabilities and Stockholders' (Deficit) Equity
Current liabilities:
Accounts payable		$	2,173			$	1,261
Accrued liabilities			2,445				2,863
Current portion of long-term debt			229				166
Short-term debt			614				670
Current maturities of lease liabilities			7				159
Total current liabilities			5,468				5,119
Non-current liabilities:
Long-term debt			1,278				1,430
Non-current maturities of lease liabilities			1,248				427
Warrant liabilities			60				1,651
Total liabilities			8,054				8,627
Commitments and contingencies
Stockholders' (deficit) equity:
Common stock, par value $0.001 per share, 200,000,000 and 200,000,000 shares authorized at December 31, 2024 and December 31, 2023, respectively; 17,407,120 and 10,645,049 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively			17				11
Additional paid-in capital			528,817				515,927
Accumulated deficit			(531,397	)			(518,303	)
Total stockholders' deficit			(2,563	)			(2,365	)
Total liabilities and stockholders' deficit		$	5,491			$	6,262

Aspira Women's Health Inc.
Condensed Consolidated Statements of Operations
(Amounts in Thousands, Except Share and Par Value Amounts)

		Three Months Ended								Year Ended
		December 31,								December 31,
		2024				2023				2024				2023
Revenue:
Product		$	2,349			$	2,130			$	9,182			$	9,153
Genetics			-				-				-				1
Total revenue			2,349				2,130				9,182				9,154
Cost of revenue:
Product			860				911				3,703				3,892
Genetics			-				-				-				-
Total cost of revenue			860				911				3,703				3,892
Gross profit			1,489				1,219				5,479				5,262
Operating expenses:
Research and development			500				1,077				3,266				4,035
Sales and marketing			1,977				1,743				8,146				7,812
General and administrative			2,443				2,534				10,345				12,267
Total operating expenses			4,920				5,354				21,757				24,114
Loss from operations			(3,431	)			(4,135	)			(16,278	)			(18,852	)
Other income, net:
Change in fair value of warrant liabilities			32				862				1,346				629
Interest income (expense), net			(13	)			2				(33	)			48
Forgiveness of DECD loan			-				-				-				1,000
Other income, net			2,024				182				1,871				485
Total other income, net			2,043				1,046				3,184				2,162
Net loss		$	(1,388	)		$	(3,089	)		$	(13,094	)		$	(16,690	)
Net loss per share - basic and diluted		$	(0.08	)		$	(0.30	)		$	(0.93	)		$	(1.81	)
Weighted average common shares used to compute basic and diluted net loss per common share			16,715,342				10,408,132				14,134,626				9,233,306

SOURCE: Aspira Women's Health

View the original press release on ACCESS Newswire

FAQ

What was AWH's Q4 2024 revenue growth compared to Q4 2023?

AWH's product revenue increased 9.5% to $2.3 million in Q4 2024 compared to $2.1 million in Q4 2023.

How many OvaSuite tests did AWH perform in full-year 2024?

AWH performed 24,305 OvaSuite tests in 2024, a 1.3% increase from 23,990 tests in 2023.

What was AWH's gross profit margin improvement in Q4 2024?

Gross profit margin improved by 6.2 percentage points to 63.4% in Q4 2024 compared to 57.2% in Q4 2023.

How much capital did AWH raise in Q4 2024 and early 2025?

AWH raised $5.75M total through a $1.36M convertible note placement and $4.39M from its ATM facility.

What is AWH's current cash position as of March 2024?

AWH has a cash balance of $3.7M, with an additional $1.5M ARPA-H milestone payment pending.