Full Press Release Details
Aspira Women's Health Reports First Quarter 2021 Financial Results
Conference call scheduled for today, May13 at 4:30 p.m. ET
AUSTIN, Texas May 13, 2021 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
We 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.
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.
Greg 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.
On 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.
Year 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
Quarter over Quarter Results First Quarter 2021 versus Fourth Quarter 2020:
fourth quarter of last year.
First Quarter Highlights:
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 Statements
This 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:
LifeSci Advisors, LLC
Aspira Women's Health Inc.
Condensed Consolidated Balance Sheets
(Amounts in Thousands, Except Share and Par Value Amounts)
| March 31, | December 31, | ||||
| 2021 | 2020 | ||||
| Assets | |||||
| Current assets: | |||||
| Cash and cash equivalents | $ | 59,369 | $ | 16,631 | |
| Accounts receivable | 952 | 865 | |||
| Prepaid expenses and other current assets | 981 | 1,077 | |||
| Inventories | 71 | 30 | |||
| Total current assets | 61,373 | 18,603 | |||
| Property and equipment, net | 533 | 583 | |||
| Right-of-use assets | 391 | 406 | |||
| Other assets | - | 13 | |||
| Total assets | $ | 62,297 | $ | 19,605 | |
| Liabilities and Stockholders' Equity | |||||
| Current liabilities: | |||||
| Accounts payable | $ | 1,587 | $ | 1,103 | |
| Accrued liabilities | 3,471 | 3,618 | |||
| Current portion long-term debt | 645 | 645 | |||
| Short-term debt | 408 | 611 | |||
| Lease liability | 37 | 23 | |||
| Total current liabilities | 6,148 | 6,000 | |||
| Non-current liabilities: | |||||
| Long-term debt | 3,428 | 3,477 | |||
| Lease liability | 396 | 409 | |||
| Total liabilities | 9,972 | 9,886 | |||
| Commitments and contingencies | |||||
| Stockholders' equity: | |||||
| Common stock, par value $0.001 per share, 150,000,000 shares authorized at March 31, 2021 and December 31, 2020; 111,716,852 and 104,619,876 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 112 | 105 | |||
| Additional paid-in capital | 498,199 | 449,680 | |||
| Accumulated deficit | (445,986) | (440,066) | |||
| Total stockholders' equity | 52,325 | 9,719 | |||
| Total liabilities and stockholders' equity | $ | 62,297 | $ | 19,605 |
Aspira Women's Health Inc.
Condensed Consolidated Statements of Operations
(Amounts in Thousands, Except Share and Per Share Amounts)
| Three Months Ended | |||||
| March 31, | |||||
| 2021 | 2020 | ||||
| Revenue: | |||||
| Product | $ | 1,416 | $ | 1,185 | |
| Genetics | 80 | $ | 25 | ||
| Service | - | 10 | |||
| Total revenue | 1,496 | 1,220 | |||
| Cost of revenue (1) : | |||||
| Product | 648 | 665 | |||
| Genetics | 245 | 130 | |||
| Service | - | 5 | |||
| Total cost of revenue | 893 | 800 | |||
| Gross profit | 603 | 420 | |||
| Operating expenses: | |||||
| Research and development (2) | 872 | 395 | |||
| Sales and marketing (3) | 3,108 | 2,115 | |||
| General and administrative (4) | 2,509 | 1,710 | |||
| Total operating expenses | 6,489 | 4,220 | |||
| Loss from operations | (5,886) | (3,800) | |||
| Interest income (expense), net | (24) | 8 | |||
| Other income (expense), net | (10) | 86 | |||
| Net loss | $ | (5,920) | $ | (3,706) | |
| Net loss per share - basic and diluted | $ | (0.05) | $ | (0.04) | |
| Weighted average common shares used to compute basic and diluted net loss per common share | 108,661,712 | 97,287,461 | |||
| Non-cash stock-based compensation expense included in cost of revenue and operating expenses: | |||||
| (1) Cost of revenue | $ | 34 | $ | 25 | |
| (2) Research and development | 26 | - | |||
| (3) Sales and marketing | 139 | 42 | |||
| (4) General and administrative | 290 | 202 |