Aspira Women’s Health Inc. (NASDAQ: AWH) displayed a positive trend on the US stock charts in the previous session following the release of its quarterly product volume and highlights. The company disclosed preliminary second quarter 2024 OvaSuite product volume data, revealing a significant increase in the number of OvaWatch tests performed, which drove it stock price 26.77% higher to $1.61.
Impressive Quarterly Performance
In Aspira’s second quarter, which concluded on June 30, 2024, 1,307 OvaWatch tests and 6,471 OvaSuite tests were conducted. That represented a 3% increase for OvaSuite and a 48% increase for OvaWatch year over year. The fact that Aspira was chosen as a finalist for an ARPA-H award to promote the development of their protein + microRNA blood test for endometriosis is another proof of the company’s growth.
In the second half of 2024, the beneficiaries of the final grant awards are anticipated to be announced. Aspira has also finished a comprehensive investigation of its biobank, locating up to 70,000 serum, plasma, and whole blood samples that can be used in follow-up studies. The business is looking into ways to work with linked parties to create non-dilutive financial streams.
Strategic Focus
The consistent growth in OvaSuite product volume, particularly OvaWatch, demonstrates the positive impact of the commercial changes implemented last year. The clinical effectiveness of OvaWatch is gaining recognition among physicians and payers, with OvaWatch now representing 20% of Aspira’s total volume.
The introduction of the periodic monitoring feature in May significantly expanded the test’s addressable market to between 2 and 4 million tests annually. With a seasoned and effective sales force backed by robust clinical data, Aspira’s momentum is evident. In terms of financial strategy, Aspira has remained focused on cash management.
Financial Initiatives
Recently, the company announced the closing of an at-the-market private placement, yielding gross proceeds of nearly $1.9 million, with substantial support from major shareholders and company insiders. As mentioned in its June update, Aspira anticipates providing a downward revision of cash use for operations guidance at the time of its quarterly earnings report.
The net proceeds from the $1.9 million private placement equity financing will support Aspira’s ongoing commercial activities, general corporate purposes, and working capital. Aspira Women’s Health Inc. continues to build on its positive trajectory, driven by strategic initiatives, effective product offerings, and strong financial management.
