Financial Data and Key Metrics Changes - OvaSuite revenue for Q3 2024 was $2.3 million, a 2% increase from $2.2 million in Q3 2023, but a slight decrease from $2.4 million in Q2 2024 [21] - The number of OvaSuite tests performed increased by 4% year-over-year, with over 6,000 tests delivered in Q3 2024 compared to approximately 5,783 in Q3 2023 [5][21] - Gross margins improved to 60% in Q3 2024 from 59% in Q3 2023 [24] - Cash used in operating activities decreased by 12% to $2.9 million in Q3 2024 compared to $3.3 million in Q3 2023 [26] Business Line Data and Key Metrics Changes - OvaWatch test volume increased by 27% year-over-year for Q3 2024, now making up 22% of total OvaSuite test volume compared to 18% in the same period last year [21][22] - The average unit price for OvaWatch increased by 4% to $360 in Q3 2024 from $347 in Q3 2023 [22] Market Data and Key Metrics Changes - Severe weather, including Hurricane Helene, negatively impacted performance in key markets such as Florida, Georgia, and South Carolina [21][22] - The average unit price for OvaSuite tests decreased to $376 in Q3 2024 from $383 in Q3 2023 [22] Company Strategy and Development Direction - The company is focused on expanding its ovarian cancer portfolio, including the launch of OvaWatch for longitudinal monitoring of ovarian masses [7] - A new agreement with Dorsata aims to enhance clinical decision-making tools integrated into EMR systems for OB-GYNs [8] - The approval of OvaWatch by the New York State Department of Health opens access to a significant healthcare market [9][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of severe weather on Q3 performance but noted strong volume days in October and November [6] - The company is optimistic about the future adoption of its OvaSuite portfolio and the potential for reordering behavior to change as providers consider retesting patients [7] - The $10 million federal award for the ENDOinform project is seen as a validation of the company's capabilities and a significant opportunity for expansion [11][12] Other Important Information - The company has filed for an extension to November 19, 2024, for filing its Form 10-Q due to complex accounting matters related to a warrants inducement transaction [27] - Cash and restricted cash as of September 30, 2024, was $2.1 million, down from $2.9 million as of December 31, 2023 [26][27] Q&A Session Summary Question: Can we provide a range of estimated timelines for OVAinform and ENDOinform development to commercialization? - The company is contracted with ARPA-H for full 2 years of funding and is optimistic about accelerating development [31] Question: Any thoughts on possible partnering with a company creating endometriosis therapies in the future? - The company is focused on moving ENDOinform across the line as a diagnostic and will consider partnerships for predictive diagnostics in the future [32] Question: How would the company describe the current overall partnership environment? - The partnership environment is viewed positively, with expectations for increased investment in women's health [33]
Aspira Women’s Health (AWH) - 2024 Q3 - Earnings Call Transcript