Financial Performance - In Q2 2024, Aspira Women's Health Inc. reported revenue of $2.4 million, a slight decrease from $2.5 million in Q2 2023, with approximately 6,471 OvaSuite tests performed, representing a 3% increase year-over-year [5] - The average unit price for OvaSuite tests was $374 in Q2 2024, down from $396 in Q2 2023 [5] - Gross profit margin for Q2 2024 was 59%, compared to 62% in the same period last year, impacted by increased shipping costs [6] - Research and development expenses rose by 37% to $1.0 million in Q2 2024, while sales and marketing expenses increased by 21% to $2.1 million [7] - General and administrative expenses decreased by 20% to $2.7 million in Q2 2024 [7] Cash Utilization and Guidance - Cash utilization decreased by 16% in Q2 2024 compared to Q1 2024 [1] - The full-year cash guidance for 2024 has been revised down to $13-$14.5 million from an earlier estimate of $15-$18 million [1][8] Market Expansion and Product Development - OvaWatch product volume grew by 48% in Q2 2024 compared to the previous year, indicating strong future growth potential [2] - The addressable market for the commercial portfolio has expanded to between 2 and 4 million tests per year, significantly larger than the Ova1Plus test's current market share of 5-10% [2] - The company is focused on developing molecular tests for ovarian cancer and endometriosis, which are expected to be groundbreaking for women's health [2] Corporate Developments - Aspira appointed John Ragard to its Board of Directors, bringing extensive experience in managing billion-dollar portfolios [3] - The company closed a private placement for gross proceeds of $1.9 million and completed a warrant exercise transaction for $2.1 million in July 2024 [4] - John Kallassy has been appointed as interim chief financial officer, effective August 15, 2024 [4] Conference Call - A conference call and webcast are scheduled for today at 4:30 pm ET to discuss the financial results and future outlook [1][9]
Aspira Women's Health Reports Second Quarter 2024 Financial Results