Aspira Women’s Health Announces Preliminary Fourth Quarter 2022 Volume, Preliminary Results in Line with Cash Utilization Guidance, and Other Highlights
10 January 2023 - 8:05AM
Aspira Women’s Health Inc. (“Aspira”), a bio-analytical based
women’s health company focused on the development of gynecologic
disease diagnostic tools, today announced preliminary fourth
quarter highlights.
Preliminary Fourth Quarter Highlights
- The number of OvaSuiteSM tests performed increased 23% to
21,424 tests during the year ended December 31, 2022, compared to
17,377 tests in 2021.
- The number of OvaSuite tests performed increased 18% to 5,643
tests during the quarter ended December 31, 2022, compared to 4,768
tests for the fourth quarter of 2021.
- Average daily test volume reached a new high in the fourth
quarter, increasing to 86.6.
- Preliminary results indicate that Aspira has achieved
previously provided cash utilization guidance for the fourth
quarter of between $6 million and 8 million.
Aspira President and CEO, Nicole Sandford, stated, “This
year-over-year increase in test volume demonstrates consistent
provider adoption and the growing trust in our Ova1Plus® ovarian
cancer risk assessment test. To further accelerate the trajectory
of our OvaSuite product portfolio in 2023, we have identified our
most impactful sales and marketing practices and have made
immediate adjustments to our strategies as a result. Territories
have been expanded for our most effective field representatives,
and we plan to create more high-touch physician educational
opportunities based on the OvaWatch clinical study recently
published in Frontiers in Medicine . We are also taking steps to
continue to enhance our relationship with BioReference following
the successful launch of our co-marketing and distribution
agreement in the fourth quarter.”
Ms. Sandford continued, “We continue to make progress on cost
containment, and preliminary results demonstrate we comfortably met
our previously provided cash utilization guidance for the fourth
quarter and full year of 2022. Including the force reduction we
executed last week, we expect to save more than $6 million dollars,
plus the cost of benefits, in 2023 related to redundant roles. We
do not expect these reductions to have a material impact on our
growth plans. We believe our current resources and incremental
revenue will sustain the company through its product innovation and
growth goals in 2023,” Ms. Sandford concluded.
About Aspira Women’s Health Inc.Aspira Women’s
Health Inc. is transforming women’s gynecological health with the
discovery, development, and commercialization of innovative testing
options for women of all races and ethnicities. OvaSuite is the
company’s portfolio of blood-based ovarian cancer risk assessment
tests designed to help healthcare providers move confidently from
assessment to action for women with adnexal masses.
Ova1Plus combines our FDA-cleared products, Ova1® and
Overa®, to detect risk of ovarian malignancy in women with adnexal
masses planned for surgery. OvaWatchSM, a lab-developed test with a
99% Negative Predictive Value, was designed to rule out ovarian
cancer risk in patients with masses that appear benign or
indeterminate based on the clinician’s initial assessment.
EndoCheckTM, Aspira’s first-of-its-kind non-invasive diagnostic
test for endometriosis, is currently in development. Visit our
website for more information at www.aspirawh.com.
Forward-Looking StatementsThis
press release contains forward-looking statements, as defined in
the Private Securities Litigation Reform Act of 1995, including
statements regarding strategic plans, progress with respect to cost
containment, estimated test volumes, estimated cash utilization for
the fourth quarter and full year of 2022, cash resources and
anticipated savings and impacts from workforce reductions.
Forward-looking statements involve a number of risks and
uncertainties. 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, 2021, as supplemented by the section entitled
“Risk Factors” in Aspira’s Quarterly Report on Form 10-Q for the
quarter ended September 30, 2022. Among other things, there can be
no assurance that Aspira’s actual full year 2022 financial and
operating results will not differ, perhaps substantially, from the
preliminary financial and operating results contained in this press
release. In addition, Aspira has not completed its fourth quarter
and full year 2022 closing and review process, and the final
results for the full year 2022 may differ, perhaps substantially,
from the statements made in this press release. During the course
of preparing our 2022 financial statements and during our review
process, we may identify items that would require us to make
adjustments that may be material to the amounts described in this
press release. Actual results may also differ from those
contemplated by forward-looking statements due to risks including,
but not limited to: our ability to continue as a going concern; our
ability to comply with Nasdaq’s continued listing requirements;
impacts resulting from potential changes to coverage of Ova1
through our Medicare Administrative Carrier for Ova1; impacts
resulting from or relating to the COVID-19 pandemic and actions
taken to contain it; anticipated use of capital and its effects;
our ability to increase the volume of our product sales; failures
by third-party payers to reimburse for our products and services or
changes to reimbursement rates; our ability to continue developing
existing technologies and to develop, protect and promote our
proprietary technologies; plans to develop and perform laboratory
developed tests; our ability to comply with Food and Drug
Administration (“FDA”) regulations that relate to our products and
to obtain any FDA clearance or approval required to develop and
commercialize medical devices; our ability to develop and
commercialize additional diagnostic products and achieve market
acceptance with respect to these products; our ability to compete
successfully; our ability to obtain any regulatory approval
required for our future diagnostic products; or our suppliers’
ability to comply with FDA requirements for production, marketing
and post-market monitoring of our products; our ability to maintain
sufficient or acceptable supplies of immunoassay kits from our
suppliers; in the event that we succeed in commercializing our
products outside the United States, the political, economic and
other conditions affecting other countries; changes in healthcare
policy; our ability to comply with environmental laws; our ability
to comply with the additional laws and regulations that apply to us
in connection with the operation of ASPiRA LABS; our ability to use
our net operating loss carryforwards; our ability to use
intellectual property; our ability to successfully defend our
proprietary technology against third parties; our ability to obtain
licenses in the event a third party successfully asserts
proprietary rights; the liquidity and trading volume of our common
stock; the concentration of ownership of our common stock; our
ability to retain key employees; our ability to secure additional
capital on acceptable terms to execute our business plan; business
interruptions; the effectiveness and availability of our
information systems; our ability to integrate and achieve
anticipated results from any acquisitions or strategic alliances;
future litigation against us, including infringement of
intellectual property and product liability exposure; and
additional costs that may be required to make further improvements
to our laboratory operations. 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 whether as a result of new information,
future events or otherwise, except as required by law.
Investor Relations
Contact:Monique Kosse Managing DirectorLifeSci Advisors,
LLCTel: 212-915-3820
Aspira Womans Health (NASDAQ:AWH)
Historical Stock Chart
From Mar 2024 to Apr 2024
Aspira Womans Health (NASDAQ:AWH)
Historical Stock Chart
From Apr 2023 to Apr 2024