Reports In-Line 2Q23
Aspira Women’s Health reported in-line 2Q23 financial results. Revenues in the quarter were $2.5 million, below our estimate of $3.2 million. EPS for the quarter was ($0.28), above our estimate of ($0.66). AWH continues its good expense control, showing its ability to continue to grow revenue and test volumes, while keeping expenses well under control. 2Q23’s gross margin was 62% versus 47% a year ago, and operating loss for the quarter was ($4.3 million), a significant improvement from 2Q22’s level of ($8.2 million). More detail on the revenue growth showed a 16% Y/Y increase in the volume of OvaSuite tests performed, and revenue per test increased 6% to $396, compared with $373 from a year ago, reflecting the better-than-expected collections for OvaWatch in its second quarter of adoption. AWH recently lost its Chief Medical Officer Dr. Ryan Phan and is actively looking for a replacement for his successor. We maintain our estimates for the rest of this year and next year.
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