May 18, 2023, ST. PETERSBURG, FL – Water Tower Research ( has published an Initiation of Coverage Report on Aspira Women’s Health, Inc. (NASDAQ: AWH) titled, “Leader in Ovarian Cancer Detection; Initiating Coverage of Aspira Women’s Health”. The report can be accessed here.

Aspira Women’s Health (AWH) has developed and markets innovative testing solutions that improve gynecologic health outcomes for women. AWH’s commercial revenue-generating products include multiple assays for the earlier detection of ovarian cancer risk when a woman presents with a pelvic mass, which it markets as OvaSuite. The OvaSuite tests are trusted by healthcare providers that have ordered AWH’s tests more than 80,000 times since 2018. AWH’s aim is to eradicate late-stage detection of ovarian cancer and ensure solutions that will meet the needs of women of all ages, races, and stages of disease. There are no other comparable testing solutions for earlier detection of ovarian cancer risk on the market. The market potential for AWH’s products is significant and AWH should be able to further develop and deliver these products to the market.

AWH has developed and markets innovative testing solutions that improve gynecologic health outcomes for women. AWH’s products include tests for the early detection of ovarian cancer risk. AWH also owns and operates a Clinical Laboratory Improvement Amendment of 1988 (CLIA)-certified laboratory, which provides and processes AWH’s ovarian cancer tests. AWH was founded in 1993.

AWH experienced a Y/Y increase in 2022 OvaSuite revenues of 21% and a 1Q23 increase of 23%, continuing the strong growth from 2020’s COVID-19 effects, which kept patients from going to see their doctors. OvaSuite test volumes increased 29% Y/Y in 1Q23, continuing the strong growth in test volumes 2022, even though the average revenue per OvaSuite test decreased in 2022 to $372/test from $378/test in 2021, due to a shift in payer mix to the lower Medicaid rate. Gross profit margin in 1Q23 was 51%, down slightly from 53% in 2022. Spending on 1Q23 sales and marketing decreased to $2.6 million from $2.9 million in 4Q22, R&D was $1.2 million up from $1.0 million in 4Q22, and G&A was $3.2 million, up from $2.9 million in 4Q22. This resulted in a 1Q23 operating loss of $5.7 million and EPS of ($0.73) for 1Q23. On May 9, at the company’s annual shareholder meeting, shareholders approved a proposal to effect a reverse stock split of its shares outstanding. The Board of Directors approved a 1-for-15 reverse split, resulting in shares outstanding of 8.3 million, down from 116.5 million in 2022.

For 2023, we expect revenue to grow 55% to $12.35 million, with expenses $7 million less than 2022, due to cost-cutting efforts, for EPS of ($2.70). For 2024 and 2025, we estimate annual revenue growth in the 45-50% range, and annual expenses in line with 2023, for EPS of ($2.41) and ($1.92), respectively. AWH finished 2022 with $13.3 million in cash, down from $37.2 million in 2021. 1Q23 cash was $7.5 million. AWH had $2.2 million in debt in 1Q23, down from $3.1 million in 2022 and $3.5 million in 2021.

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