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Globe Newswire 25-Mar-2021 4:20 PM
AUSTIN, Texas, March 25, 2021 (GLOBE NEWSWIRE) -- 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 fourth quarter and year ended December 31, 2020.
"In a year dominated by the pandemic, we delivered strong stock price appreciation, growth in revenue and test volume, and financial stability. In addition, we strengthened our team and board of directors. We are starting 2021 by announcing an accelerated product launch of OVASight, a new strategic partnership and increases in our sales footprint," stated Valerie Palmieri, President and CEO.
Recent Corporate Highlights
Quarter over Quarter Results – Fourth Quarter 2020 versus Fourth Quarter 2019:
- | Total product and genetics volumes were relatively flat at 3,937 units compared to 3,950 units in the fourth quarter of last year | |
- | Total product and genetics revenue increased 11% to $1.4 million up from $1.3 million in the fourth quarter of last year |
Year over Year Results – Full Year of 2020 versus Full Year 2019:
- | Total product and genetics volumes increased 7% to 13,864 units up from 12,994 units in 2019 | |
- | Total product and genetics revenue increased 5% to $4.6 million up from $4.4 million in 2019 |
Fourth 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.
Thursday March 25th @ 4:30pmET
Investors Dial: 877-407-4018
Int'l Investors Dial: 201-689-8471
Conference ID: 13717832
Webcast: http://public.viavid.com/index.php?id=144003
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, 2019, as supplemented by the section entitled "Risk Factors" in Aspira's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and September 30, 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:
Ashley R. Robinson
LifeSci Advisors, LLC
Tel 617-535-7742
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Aspira Women's Health Inc.
Consolidated Balance Sheets
(Amounts in Thousands, Except Share and Par Value Amounts)
December 31, | December 31, | |||||||
2020 | 2019 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 16,631 | $ | 11,703 | ||||
Accounts receivable | 865 | 924 | ||||||
Prepaid expenses and other current assets | 1,077 | 758 | ||||||
Inventories | 30 | 25 | ||||||
Total current assets | 18,603 | 13,410 | ||||||
Property and equipment, net | 583 | 353 | ||||||
Right-of-use assets | 406 | 52 | ||||||
Other assets | 13 | 13 | ||||||
Total assets | $ | 19,605 | $ | 13,828 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,149 | $ | 855 | ||||
Accrued liabilities | 3,618 | 2,588 | ||||||
Current portion long-term debt | 999 | 193 | ||||||
Short-term debt | 611 | 303 | ||||||
Lease liability | 23 | 39 | ||||||
Total current liabilities | 6,400 | 3,978 | ||||||
Non-current liabilities: | ||||||||
Long-term debt | 3,077 | 1,099 | ||||||
Lease liability | 409 | 13 | ||||||
Total liabilities | 9,886 | 5,090 | ||||||
Commitments and contingencies | ||||||||
Stockholders' equity: | ||||||||
Common stock, par value $0.001 per share, 150,000,000 shares authorized at December 31, 2020 and December 31, 2019; 104,619,876 and 97,286,157 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively | 105 | 97 | ||||||
Additional paid-in capital | 449,680 | 430,802 | ||||||
Accumulated deficit | (440,066 | ) | (422,161 | ) | ||||
Total stockholders' equity | 9,719 | 8,738 | ||||||
Total liabilities and stockholders' equity | $ | 19,605 | $ | 13,828 |
Aspira Women's Health Inc.
Consolidated Statements of Operations
(Amounts in Thousands, Except Share and Per Share Amounts)
Three Months Ended December | Year Ended December 31, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenue: | |||||||||||||||
Product | $ | 1,402 | $ | 1,284 | $ | 4,530 | $ | 4,404 | |||||||
Genetics | 44 | 22 | 108 | 22 | |||||||||||
Service | - | 2 | 13 | 112 | |||||||||||
Total revenue | 1,446 | 1,308 | 4,651 | 4,538 | |||||||||||
Cost of revenue(1): | |||||||||||||||
Product | 707 | 665 | 2,500 | 2,378 | |||||||||||
Genetics | 504 | 58 | 898 | 295 | |||||||||||
Service | 4 | 69 | 17 | 670 | |||||||||||
Total cost of revenue | 1,215 | 792 | 3,415 | 3,343 | |||||||||||
Gross profit | 231 | 516 | 1,236 | 1,195 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development(2) | 734 | 244 | 2,104 | 1,018 | |||||||||||
Sales and marketing(3) | 2,843 | 2,076 | 8,843 | 9,645 | |||||||||||
General and administrative(4) | 2,728 | 1,600 | 8,270 | 5,810 | |||||||||||
Total operating expenses | 6,305 | 3,920 | 19,217 | 16,473 | |||||||||||
Loss from operations | (6,074 | ) | (3,404 | ) | (17,981 | ) | (15,278 | ) | |||||||
Interest income, net | (4 | ) | 20 | 10 | 59 | ||||||||||
Other income (expense), net | (3 | ) | (3 | ) | 66 | (18 | ) | ||||||||
Net loss | $ | (6,081 | ) | $ | (3,387 | ) | $ | (17,905 | ) | $ | (15,237 | ) | |||
Net loss per share - basic and diluted | $ | (0.58 | ) | $ | (0.03 | ) | $ | (0.18 | ) | $ | (0.18 | ) | |||
Weighted average common shares used to compute basic and diluted net loss per common share | 10,423,070 | 97,253,311 | 100,723,303 | 86,595,581 | |||||||||||
Non-cash stock-based compensation expense included in cost of revenue and operating expenses: | |||||||||||||||
(1) Cost of revenue | $ | 33 | $ | 21 | $ | 106 | $ | 78 | |||||||
(2) Research and development | 17 | — | 34 | 4 | |||||||||||
(3) Sales and marketing | 112 | 31 | 228 | 124 | |||||||||||
(4) General and administrative | 265 | 248 | 1,180 | 986 |