OTC:AWHL
Aspira Women's Health Inc.
A specialized women's health provider delivering surgical solutions via an integrated network of facilities and physician partners.
Key Metrics
Investment Thesis
Bull Case
Investors might consider this stock for high-risk turnaround potential given the narrowing net losses and the resilient nature of women's health demand which historically supports pricing power even during economic downturns.
Bear Case
The investment case is severely compromised by a massive negative shareholders' equity of $-2.6M, unsustainable burn rates with cash flow from operations at $-12.1M, and the alarming 50% revenue decline that suggests potential business model failure or major market contraction.
About Aspira Women's Health Inc.
Aspira Women's Health Inc. operates as a healthcare services provider specializing in women's health procedures across North America, offering surgical services through its network of physician-owned practices and hospitals.
Analysis
Management Discussion
Despite a modest improvement in net loss narrowing from $-27.2M in 2022 to $-13.1M in 2024, the company faces a critical revenue cliff as total revenue dropped by over 50% year-over-year to just $4.0M, while operating expenses remain elevated at $21.8M.
Industry Overview
The women's health industry is characterized by high specialization barriers and strong regulatory requirements for surgical facilities, yet it faces intense competition from hospital systems seeking to expand their service lines in gynecologic oncology.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | $8.2M | $9.2M | $4.0M |
| Cost of Revenue | $3.9M | $3.9M | $3.7M |
| Gross Profit | $4.3M | $5.3M | $5.5M |
| Operating Expenses | $37.1M | $24.1M | $21.8M |
| Operating Income | $-32.8M | $-18.9M | $-16.3M |
| R&D | $6.0M | $4.0M | $3.3M |
| G&A | $16.2M | $12.3M | $10.3M |
| Marketing | $14.9M | $7.8M | $8.1M |
| Stock-Based Comp | $2.7M | $1.7M | $1.5M |
| D&A | $264.0K | $199.0K | — |
| Depreciation | $265.0K | $199.0K | $92.0K |
| Other OpEx | $0 | $0 | $0 |
| Non-Operating Income | $59.9M | $35.6M | $29.4M |
| Pre-Tax Income | $27.2M | $16.7M | $13.1M |
| Income Tax | $54.3M | $33.4M | $26.2M |
| Continuing Ops | $-27.2M | $-16.7M | $-13.1M |
| Discontinued Ops | $0 | $0 | $0 |
| Net Income | $-27.2M | $-16.7M | $-13.1M |
| Minority Interest | $0 | $0 | $0 |
| Net to Common | $-27.2M | $-16.7M | $-13.1M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Current Assets | $16.3M | $5.3M | $4.2M |
| Cash & Equivalents | $13.3M | $2.6M | $1.8M |
| Accounts Receivable | $1.2M | $1.5M | $990.0K |
| Inventory | $316.0K | $227.0K | $326.0K |
| Prepaid Expenses | $1.4M | $997.0K | $1.1M |
| Other Current Assets | $0 | $0 | $0 |
| Long-Term Assets | $1.1M | $982.0K | $1.3M |
| PP&E (Net) | $368.0K | $165.0K | $69.0K |
| Operating Leases | $282.0K | $528.0K | $1.2M |
| Other LT Assets | $414.0K | $289.0K | $45.0K |
| Total Assets | $17.4M | $6.3M | $5.5M |
| Current Liabilities | $5.8M | $5.1M | $5.5M |
| Accounts Payable | $881.0K | $1.3M | $2.2M |
| Current Debt | $403.0K | $166.0K | $229.0K |
| Current Leases | $77.0K | $159.0K | $7.0K |
| Other Current Liab | $764.0K | $670.0K | $614.0K |
| Long-Term Liabilities | $4.9M | $3.5M | $2.6M |
| Long-Term Debt | $2.3M | $1.4M | $1.3M |
| LT Operating Leases | $272.0K | $427.0K | $1.2M |
| Other LT Liab | $2.3M | $1.7M | $60.0K |
| Total Liabilities | $10.6M | $8.6M | $8.1M |
| Shareholders' Equity | $6.7M | $-2.4M | $-2.6M |
| Paid-In Capital | $505.5M | $515.9M | — |
| Retained Earnings | $-498.9M | $-518.3M | $-531.4M |
| AOCI | — | — | $-531.4M |
| Total L&E | $17.4M | $6.3M | $5.5M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income (CFO) | $-27.2M | $-16.7M | $-13.1M |
| Non-Cash Adjustments | $-3.1M | $1.5M | $794.0K |
| Working Capital Changes | $-1.9M | $-679.0K | $187.0K |
| Cash from Operations | $-32.2M | $-15.9M | $-12.1M |
| Capital Expenditures | $232.0K | $24.0K | $37.0K |
| Cash from Investing | $-232.0K | $-24.0K | $-37.0K |
| Cash from Financing | $8.5M | $5.2M | $11.1M |
| FX Effect | $0 | $0 | $0 |
| Net Change in Cash | $-23.9M | $-10.7M | $-1.1M |
| Beginning Cash | $37.4M | $13.6M | $2.9M |
| Ending Cash | $13.6M | $2.9M | $1.8M |
Frequently Asked Questions
How does Aspira Women's Health Inc. make money?
Revenue is derived primarily from patient care services for gynecologic oncology, general gynecology, and reproductive endocrinology offered through a proprietary network of surgery centers and affiliated hospital sites.
What are the main risks for AWHL?
Significant operating losses and accumulated deficits of over $530 million indicate severe financial distress, the recent sharp revenue contraction from $9.2M to $4.0M threatens liquidity stability, and heavy reliance on non-controlling interests with negative shareholders' equity exposes the firm to dilution or restructuring risks.
What is AWHL's competitive advantage?
The company leverages a direct access model connecting patients directly to specialized physicians without traditional referral gatekeepers, maintains high-margin surgical procedures in a growing demographic market, and utilizes an integrated network that supports rapid expansion into new geographic regions.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.