$AWH
Aspira Women's Health Inc.

2022 Q1 Form 10-Q Financial Statement

#000092661722000032 Filed on May 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $1.893M $1.496M
YoY Change 26.54% 22.62%
Cost Of Revenue $932.0K $893.0K
YoY Change 4.37% 11.63%
Gross Profit $961.0K $603.0K
YoY Change 59.37% 43.57%
Gross Profit Margin 50.77% 40.31%
Selling, General & Admin $8.860M $5.617M
YoY Change 57.74% 46.85%
% of Gross Profit 921.96% 931.51%
Research & Development $1.348M $872.0K
YoY Change 54.59% 120.76%
% of Gross Profit 140.27% 144.61%
Depreciation & Amortization $64.00K $90.00K
YoY Change -28.89% 60.71%
% of Gross Profit 6.66% 14.93%
Operating Expenses $10.21M $6.489M
YoY Change 57.31% 53.77%
Operating Profit -$9.247M -$5.886M
YoY Change 57.1% 54.89%
Interest Expense -$18.00K -$20.00K
YoY Change -10.0% -300.0%
% of Operating Profit
Other Income/Expense, Net -$3.000K -$10.00K
YoY Change -70.0% -111.63%
Pretax Income -$9.268M -$5.920M
YoY Change 56.55% 59.57%
Income Tax
% Of Pretax Income
Net Earnings -$9.268M -$5.920M
YoY Change 56.55% 59.74%
Net Earnings / Revenue -489.59% -395.72%
Basic Earnings Per Share -$1.24
Diluted Earnings Per Share -$82.65K -$54.48K
COMMON SHARES
Basic Shares Outstanding 112.1M 111.7M
Diluted Shares Outstanding 7.476M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.86M $59.40M
YoY Change -54.79% 633.33%
Cash & Equivalents $26.86M $59.37M
Short-Term Investments
Other Short-Term Assets $1.620M $1.000M
YoY Change 62.0% 25.0%
Inventory $189.0K $71.00K
Prepaid Expenses
Receivables $1.136M $952.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $29.80M $61.37M
YoY Change -51.44% 514.59%
LONG-TERM ASSETS
Property, Plant & Equipment $480.0K $533.0K
YoY Change -9.94% 67.61%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $250.0K $0.00
YoY Change -100.0%
Total Long-Term Assets $1.061M $924.0K
YoY Change 14.83% 151.77%
TOTAL ASSETS
Total Short-Term Assets $29.80M $61.37M
Total Long-Term Assets $1.061M $924.0K
Total Assets $30.86M $62.30M
YoY Change -50.46% 501.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.298M $1.587M
YoY Change -18.21% -0.5%
Accrued Expenses $4.035M $3.471M
YoY Change 16.25% 60.4%
Deferred Revenue
YoY Change
Short-Term Debt $519.0K $400.0K
YoY Change 29.75% 106.19%
Long-Term Debt Due $223.0K $201.0K
YoY Change 10.95%
Total Short-Term Liabilities $6.139M $6.100M
YoY Change 0.64% 53.07%
LONG-TERM LIABILITIES
Long-Term Debt $2.646M $2.718M
YoY Change -2.65% 158.86%
Other Long-Term Liabilities $332.0K $400.0K
YoY Change -17.0% 2400.0%
Total Long-Term Liabilities $2.646M $2.718M
YoY Change -2.65% 154.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.139M $6.100M
Total Long-Term Liabilities $2.646M $2.718M
Total Liabilities $9.117M $10.00M
YoY Change -8.83% 97.98%
SHAREHOLDERS EQUITY
Retained Earnings -$481.0M -$446.0M
YoY Change 7.85% 4.72%
Common Stock $112.0K $112.0K
YoY Change 0.0% 15.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.74M $52.33M
YoY Change
Total Liabilities & Shareholders Equity $30.86M $62.30M
YoY Change -50.46% 501.73%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$9.268M -$5.920M
YoY Change 56.55% 59.74%
Depreciation, Depletion And Amortization $64.00K $90.00K
YoY Change -28.89% 60.71%
Cash From Operating Activities -$10.17M -$5.255M
YoY Change 93.59% 50.1%
INVESTING ACTIVITIES
Capital Expenditures $82.00K $41.00K
YoY Change 100.0% 78.26%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$82.00K -$41.00K
YoY Change 100.0% 78.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $48.24M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -70.00K 48.03M
YoY Change -100.15% -102300.0%
NET CHANGE
Cash From Operating Activities -10.17M -5.255M
Cash From Investing Activities -82.00K -41.00K
Cash From Financing Activities -70.00K 48.03M
Net Change In Cash -10.33M 42.74M
YoY Change -124.16% -1296.81%
FREE CASH FLOW
Cash From Operating Activities -$10.17M -$5.255M
Capital Expenditures $82.00K $41.00K
Free Cash Flow -$10.26M -$5.296M
YoY Change 93.64% 50.28%

Facts In Submission

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<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: italic;font-weight: bold;margin: 0;padding: 0;">Organization </span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0.06in;margin-top: 0;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Aspira Women’s Health Inc., formerly known as Vermillion, Inc. (“Aspira” and its wholly-owned subsidiaries are collectively referred to as the “Company</span><span id="BKMK_206" style="text-decoration: none;"/><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">”) is incorporated in the state of Delaware, and is engaged in the business of developing and commercializing diagnostic tests for gynecologic disease. The Company currently markets and sells the following products and related services: (1) OVA1, a blood test intended as an aid to further assess the likelihood of malignancy in women with an ovarian adnexal mass for which surgery is planned when the physician’s independent clinical and radiological evaluation does not indicate malignancy; (2) OVERA, a second-generation biomarker reflex intended to maintain OVA1’s high sensitivity while improving specificity; (3) OVA1plus, a reflex offering which uses OVA1 as the primary test and OVERA as a confirmation for OVA1 intermediate range results and leverages the strengths of OVA1’s Multivariate Index Assay (“MIA”) sensitivity and OVERA’s (MIA2G) specificity and as a result reduces false elevations by over 40%; (4) Aspira GenetiX, a genetic test for hereditary gynecologic cancer risk, with a core focus on hereditary female reproductive cancers, including breast, ovarian, endometrial, uterine and cervical cancers; and (5) Aspira Synergy, the Company’s decentralized testing platform and cloud service for decentralized global access of both protein biomarker and hereditary genetic testing. The Company plans to make OVA1, OVERA, OVA1plus and Aspira GenetiX and future technology available through Aspira Synergy. The Company’s OVA1 test received FDA </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">de novo</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> classification in September 2009. OVA1 comprises instruments, assays, reagents, and the OVACALC software, which includes a proprietary algorithm that produces a risk score. The Company’s OVERA test, which includes an updated version of OVACALC, received FDA 510(k) clearance in March 2016. OVA1 and OVERA each use the Roche cobas 4000, 6000 and 8000 platforms for analysis of proteins. Through March 31, 2022, the Company’s product and related services revenue has been limited to revenue generated by sales of OVA1, OVA1plus and Aspira GenetiX. In 2021, the Company entered into decentralized arrangements with large healthcare networks and large practices for its Aspira Synergy platform offering specialty and genetic testing solutions.  The modules available under Aspira Synergy include the Company’s flagship OVA1plus risk assessment, Genetics Carrier Screening, and Genetics Hereditary Cancer solutions. The Company has entered into </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">four</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> technology transfer agreements since the launch of Aspira Synergy. The first </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">two</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> agreements are with two of the nation’s largest and leading independent women’s healthcare groups which together include approximately </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">750</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> providers and serve approximately </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">950,000</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> patients annually.  The other </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">two</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> agreements are with independent laboratories providing services across </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">five</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> states. In the fourth quarter of 2021, the Company started receiving specimens for accessioning related to its OVA1 Aspira Synergy product.</span></p>
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NumberOfTechnologyTransferAgreements
4
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CashAndCashEquivalentsAtCarryingValue
26855000
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RestrictedCashNoncurrent
250000
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RetainedEarningsAccumulatedDeficit
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FinancingReceivableCollectivelyEvaluatedForImpairment
0
CY2022Q1 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
0
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y2M12D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0933
CY2022Q1 us-gaap Severance Costs1
SeveranceCosts1
1284000
CY2022Q1 awh Insurance Reimbursement Including Not Paid
InsuranceReimbursementIncludingNotPaid
523000
CY2022Q1 us-gaap Insurance Recoveries
InsuranceRecoveries
162000
CY2022Q1 us-gaap Prepaid Insurance
PrepaidInsurance
361000
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
508000
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
2869000
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
2919000
CY2022Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
223000
CY2021Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
201000
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2646000
CY2021Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2718000
CY2022Q1 us-gaap Contractual Obligation
ContractualObligation
2883000
CY2022Q1 us-gaap Contractual Obligation Future Minimum Payments Due Remainder Of Fiscal Year
ContractualObligationFutureMinimumPaymentsDueRemainderOfFiscalYear
154000
CY2022Q1 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
406000
CY2022Q1 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
452000
CY2022Q1 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
461000
CY2022Q1 us-gaap Contractual Obligation Due In Fourth Year
ContractualObligationDueInFourthYear
341000
CY2022Q1 us-gaap Contractual Obligation Due After Fifth Year
ContractualObligationDueAfterFifthYear
1069000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
73000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
106000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
116000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
123000

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