Reports 3Q23 Results
Aspira Women’s Health reported 3Q23 financial results, mostly in line with our estimates. Revenue of $2.2 million was below our estimate, but good expense control is in place and is expected to continue. Our estimates for 2023 and 2024 remain in line with our prior estimates. Aspira said it hired a business development (BD) executive in the quarter who will expand on the company’s current commercial expansion plans. The BD effort will focus on building partnerships with large health systems, MD groups, and provider groups, which will be less expensive than relying solely on field reps. This broadens the commercial effort, while being more cost effective. Aspira noted that the OvaWatch test continues to grow as an important part of clinical assessment of ovarian cancer risk for women with adnexal masses. CEO Nicole Sandford said that the company submitted the OvaWatch longitudinal monitoring clinical study to be published, which should help expand the addressable market for the OvaSuite portfolio. Other near-term pipeline products, such as OvaMDx, EndoMDx, and EndoCheck, made good progress in the quarter. EndoCheck algorithm verification continues and when this is complete, it will be able to launch. Other highlights in the quarter include a poster presentation of a miRNA-based ovarian cancer test at the American Association of Cancer Research (AACR) Special Conference for Ovarian Cancer, which showed microRNA’s potential to improve the diagnostic accuracy when combining serum protein and patient clinical information from Aspira’s ovarian cancer clinical studies with miRNA defined by the Elias Laboratory. This presentation concluded that the combination of miRNAs, proteins, and metadata identified 90% of early-stage and 100% of late-stage ovarian cancers in the studied populations. The research forms the basis for OvaMDx, which is expected to become part of the company’s OvaSuite portfolio. Aspira also established a new Clinical Advisory Board to provide clinical input and guidance throughout the development of the company’s portfolio of products. The board will be chaired by Dr. Leo Twiggs, Director of Medical Affairs. Also, Aspira named Dr. Jody Berry as the company’s new Chief Scientific Officer. He brings a track record of innovation and scientific achievement in two decades of commercial, government, and academic experience.
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