AWH - Earnings call transcript Q1 2021 | Aspira Women's Health Inc.

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Operator

Good afternoon, ladies and gentlemen, and welcome to the Aspira Women's Health First Quarter 2021 conference call. My name is Rob, and I'll be your coordinator for the call today. At this time, all participants are in a listen-only mode.

Following management's prepared remarks, we will open the call for your questions.

As a reminder, this conference is being recorded. are Chief President Zagger, Financial Officer. today Officer; Chief Chief call Beechey, Bob Officer the Valerie and Palmieri, Executive Operating Leading and Kaile Dr. Northrop, Dr. Lesley Officer Scientific Chief and Chief Medicine. Global Elena and Adviser, Translational Ratner, Medical Clinical Q&A. After the will we prepared call open the remarks, for

begin, future remind that the Before or prospects future performance, during future I statements relating session plans like Reform the Act Litigation statements Securities events under including business Private call, Q&A would as are to made to we XXXX. everyone this Aspira's defined forward-looking expected or of

from those Valerie? such control the law. statements At cause actual actual results risk to that factors and Although Executive subject and anticipated believes the the Company Officer. in of or results as cautionary of press a as the over of are otherwise, to beyond materially and based factors required Aspira. for well to Company expectations President new Chief set in as or to assumptions, release reflected forth reasonable in no as differ in many the of and to today's SEC differ uncertainties those could time, forward-looking by any information, impact to upon supplement to a assumes update except statements, the risks forward-looking are call are could set annual obligation statements. notes from I outcomes due forward-looking the whether anticipated result events The future materially this turn report the like directed description would Aspira's with Valerie forth that factors Palmieri, the Participants

Valerie Palmieri

product update, care our launch first as provider acceleration we first of study the in financial us a and quarter oversight network, a everyone, large afternoon, agreement our addition an our confirmed and QX Aspira afternoon, for performance joining a to XXXX, provide ENDOCHECK strategic review lastly, with York, Synergy executed our with executive This very as New on agreement including women's new health thank update team. will developments, for an accomplishments, Good today. QX largest health our well you

Our women's starting health, to cancer. mind in end with is transform ovarian

goal initial of and that ovarian ages, women our race, of solutions ensure the of all detection late-stage meet cancer eradicate of will is all of stage ethnicities Our to needs all disease. and

and Our deliver second quarter. with each from of puberty core women a control like woman optimal relationship developments cure, to We access aspire health you take Aspira patient to I diagnostics. ensuring six is providers to goal would update care. the in to to lifelong empower develop has best-in-class now recent the each at gynecologic their patient on to

will agreement First, Aspira women's that Women's XXX-plus data performed laboratory testing one year. Health of responsible with Aspira whereby largest be an the with networks, OVAXPlus physicians today is The their and executing patient in per by visits interpretation is employs Aspira. announcing network Synergy for XXX,XXX health the health is

an a update We are changing milestone. to this provide I with of fundamental the care. is building X, on development This extremely pleased and standard will Number block ENDOCHECK.

as Institute patients study acceleration York physicians to Northwell million This to a reaffirming are over with New benign the and of over request. breakthrough test very technology arm study announce is prospective agency and This device state. Feinstein we leverage Northwell Northwell target this over Number the oversight work launch our masses better continuing Northwell malignancy. to to pelvic in assess XX,XXX predictive for the our the two are with on assist with Health, employs monitoring Today, and assist rule cancer Medical detection of largest And initiated type reasons value with compelling versus and on of Research. science they its The the regarding needed high pleased performing that and test for next Aspira We quarter Aspira is interested a to is of device we will our treats mass in be high-risk are designation. of be predictive very clinical with are X, X, ENDOCHECK, both will discussions productive many the allow allow risk Health. early very value monitored to why a of as which in acknowledged will annually the negative FDA we provider much the to revision, we date FDA with will out ovarian is high the treating are has there patients. breakthrough risk that benign communications physicians The indicated healthcare XXXX. FDA for credential fourth private for This physicians. in Number time. CAXXX. a well positive new initially continuing

Society The will a better occur their is which to key ASCO, X. XXXX at advocacy be payer of patient review X, Clinical changing this building data known on and Oncology, provider are foundation. a will held of awareness and American we virtually first education strong of as at the care. the meeting, standard June product's Number Awareness,

state experience sections. briefings Ratner and a extremely with with announce lastly, overall to and and joined as health social Kaile clinicians. leverage in for our Company products long-term York as Medicaid overall in Richard successes for to and achieve our into strategy will and well managed reimbursement a important coverage added strategy, influencers, market In role, our diagnostics strategy out and Greg of leader the will of as for Dr. systems discuss breadth Company's with and be industry establishing short- Head the round team the their are Corporate are New responsible further Greg we will lead Reimbursement in clinical have recent enhancing payers. and for We the and new current objectives. And corporate establishing we our our the needed expand care Managed He pleased products social the as to gaining Strategy, a care integrated pipeline. foundation to this we managed patients other Company's participating and media OVAX blueprint media robust Care. services congressional

In initiatives. be business cycle Corp. for strategic addition, he has support Diagnostics, revenue Lab served in at will Greg Quest development managing the the senior internal leadership Company's team management responsible Interpace Diagnostics will also and positions and several executive

in this I previewed update, which COVID. XX% a increased COVID were patient Before fourth May, and quarter and financial we position continue than as in gaining And restrictions to with strategic to footprint less our a COVID and pipeline. test the Kaile invest with are see our things I are check, continues stronger, commercialization from stay patients for reducing we our adoption we that the still goal, stronger due our have the This returning continue to turn commercial in fourth our due we coupled our as our to stronger quarter flat organization, momentum we we provide report disruptions. to are continued improve. versus increased the was pandemic we March, is believe volumes In the to If hopeful work to continue in to confident for sequentially in quarter COVID This XX% with will traction the team, to access XXXX. oversight territories to sales and as our call of continue first XXXX. was over will prepare drive our to commercial commercial call, April promising on and commercial am and weather to U.S., investment. access, pleased doctors, towards have emerge QX larger summary, stronger in accomplished overall we offices our

save would over adoption like Kyle Kaile? turn now well to invest, to I the to and We importantly, most our lives. to Zagger, are Operating positioned call drive Chief to Officer. grow and

Kaile Zagger

Thank you, Valerie.

the complexities strategy we our We cancer two-pronged the how sales to journey have patient ago, with late-stage capture the year to through channel studied decentralized journey channel. diagnosis. have approach patient the a ovarian platform One mirrored intersect had of direct go-to-market and and and that prior presents

patients workflow integration be these cancer we complex our the by that of sales or sales owned intersect XXXX be systems systems. across to They ologies and pathways the team added in that anticipated that oversight, healthcare a health new into physicians integrate to will and system and system. of will We environments direct clinical a the into affiliated target as by the we health of launch With to include are sales ovarian actively deployed various team expect channel, integrate large proud team. over health dual XX% technology dedicated our announce which system the

and We strategies critical for are that timely these confident our organization. are

the care, of XXXX. by experts industry strong nearly our QX size track current double of and a of We standards on and end disrupting are care constructing history operations team commercial we organizations actively the of who to of have are health the

integration team health with Our products. within for drive experienced working system integration seamless highly the and of healthcare to informatics expertise. create adoption This of our team comprised executive workflows is

number and Aspira gain of with working adoption products are will of care. believe and suite a of institutions We approach the this enable standard become to the

Aspira responsible sales health laboratory Regarding largest with happy Synergy are to XXX-plus patient agreement XXX,XXX and for network an is the force, will is in our announcing called visits Aspira. we year. with platform Women's our women's OVAXPlus is executed channel their network, the that one by announce whereby testing today health be and performed The of interpretation employs Synergy per physicians decentralized Aspira Health data

this block the We and is are a fundamental extremely change to pleased with milestone. This building standard care. of development

commercialized into expect the access for expect Synergy innovations We platform. all future pipeline products, expand Aspira blended will be will to also and Synergy we the that

and are GenetiX allow of for of now care adoption to solution standard a poised both growth We as offering. OVAXPlus

a to of adoption. Finally, strategy market population. increasing in factor is activation the awareness and of the We awareness greater the critical commercial as our glue believe to driving

in activation have and two presence have last over We marketing digital the our quarters. acutely invested commercial expanded

present the at the tests were the XXXX, at months this volumes basis. during XXXX, quarter, gain ended to addition, just are we'll OVAXPlus New held traction Company. and just X, for ASCO for abstract period SGO second down continued are oversight to on quarter a performed XXXX, The York X% XXXX have our number slightly tests April ACOG in of XX, presenting we OVAXPlus Also, record June. XXXX restrictions to compared received the three March coverage of sequential which in COVID-XX In State in we XXXX, we starting virtually be increased so April as traction a was market. tests and in month in OVAXPlus to same date. were Medicaid we gaining

quarter, physicians fourth flat essentially of was for terms physicians ordering of ordered XXXX ordering from number the first levels. The physicians In the OVAXPlus. quarter

for new like groundwork larger introduction, are continue the healthcare to on orders that XX% we receiving top health XX adoption I note generate we would and of product from in the focus to As U.S. listed systems lay of institutions to

to impacts of on early-stage Dr. on Report momentum becoming over awareness This like to the as an World in demonstrates to of diverse and health ethnic Roll. driving Best and team. use to technology particularly care care the would foundational our expand our & OVAXPlus now risk supports update the provide detection of drive News to cancer, Ratner its Honor I of commercial adoption standard the ovarian our racial Elena standard and populations. system Hospital the potential hand call we and

Dr. Elena Ratner

Thank you, Kaile.

physician, is of standard the care. key education, a and awareness to adoption changing As

had several in quarter. We milestones have this

women presented first the need risk Women at as The for assessment action for ovarian Outcomes was cancer In We and first call race care briefing. of quarter a for ethnicity-based delivered to we a congressional and Minorities. Health Caucasian of for the briefing; OVAX for congressional standard and XXXX, the non-Caucasian Advancing large funding and a trials.

gain be basis believe type Congress. focusing the with More this as on to is the for now change will to continued a come. of policy on this time momentum We we

We milestone, providers done for ovarian review need from the The OB/GYN education for including on Risk that attended of mass to Zoom participants. of session, report second pleased options type mainly other a ovarian OVAXPlus Brooks the was presentation serves These and how The value of diagnosis. a We Aspira's I'm Directors. risk, an conducted detection was were in Sandra indicative audience Cancer dinner approach the very defining topics Utilization of non-Aspira turnout pelvic personalized early Board discussed event. was OVAXPlus country. for over assessments. assessing cancer, XXX strong to hereditary the is Ovarian presentation across participants of The who title successful impactful collaboration we've testing is believe the cancer OVAXPlus Assessment, risk Dr. genetic this of to Optimize from need XXX for of that risk for which optimizing of by was very with

on performance a had also CAXXX. racial We OVAXPlus focused and the in and differences discussion of ethic

continuing and education well. be will as larger method a this We of communication to degree

a The and is team team addition ovarian the is Shieva of Dr. our and will movement. has Head media medical a new third milestone and team and Ghofrany Implementation. to Health cancer awareness Ghofrany, of to social practicing survivor, our cancer Dr. member joined a in assist the influencer OB/GYN serve will Global as driving Clinical overall. awareness key Aspira Women's ovarian support

under continuing and recruit validity our utility of the critical to sites more studies leadership, to we're clinical support Regarding my tests. academic both

our about are products. I assessment building clinical risk [Philippines] data major implementation taken, healthcare tool provides have the programs And allows systems. have repository. adoption continuously This I'm funding's lastly, to we and expand studies program us our projects our program like ovarian continue fuel direction that to and to of for We data also incredibly on study. research around cancer our help and excited report study to clinical a our nominal update strengthen would launched the for our physician-initiated

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on to provide working to the continuing be and to to pipeline. soon. would will hand innovation publishing our like update We're support Northrop an oversight patients study. monitor five We this on to we to actively I the our serially forward longitudinal look data, now to the analyzing up data call over Dr. years

Dr. Lesley Northrop

Thank Ratner. update would enhancements. products you, on upcoming and to Dr. like an provide our I

me my reiterate for Let optimism ENDOCHECK.

productive we As a having Valerie are FDA. the mentioned, dialogue with

FDA standard laparoscopic we are are assessment. with we sensitivity while While specificity care, discussions cannot and current our of the the performance disclose pleased ongoing, data relative of our test surgical to

breakthrough updating showing on based is our the endometriosis their designation irreversible guidance working on meet debilitating are disease. to an We FDA submission to

for endometriosis. to provide we severe are confirmation clinical There to developing better of based contraceptives help delaying in on guide of a an anxiety oversight. cause increasing test is have management. an community. population confirm that Aspira is need unmet oral We are thereby is symptoms patient that is blood-based endometriosis this as goal received appropriate of to becoming women's allow who immediate and health updates alone the all moderate disease address where same I management chronic extensive will the confirmation diagnosis and on treated and pain predominantly public women is for from The feedback early on disease. to the experiencing of this systemic, that medical are endometriosis. women's fact the of their a pelvic paid would test rarer, of for clinical pelvic indicative now diagnosis nonsurgical chronic progression is symptoms and like reduces direct provide by detection the that surgical Endometriosis their early prescription tests ENDOCHECK potentially pain

initial biomarker prevalence in longitudinal Arm genetic XXXX. Northwell critical clinical and less malignancy rich the This Science than predisposed allows of is monitoring for provide research for the predictive the will were This continue known the planning in collaboration as positive we targeting OVAXPlus on partnership a negative QX surgery variant oversight the value a OvaInherit. XXXX. metrics clinical poster clinical clinical women risk be and smaller current prophylactic with also genes clinicians greater supports management. use suspected greater this June variances of blood-based real-world our undergoing oversight presents low population a be accelerated the in associated the from risk The ASCO on Samples This entered OVASight in developing Health. of of to to presented confidence developed now a provide risk benign ovarian in studies of a for of performance ovarian Institute a oversight. for a a To initial and confidence Medical and cancer. Wayne publications to collaboration collaboration clinical test test our high-risk in in accepted a validation on third-generation experiment Institute Feinstein Center. Research, malignancy our who in with and on malignancy for value in validate is to to women ability risk predictive with hereditary a the validation peer-reviewed are cancer validation Philadelphia X%, for than collected time, positive expected as mass. [serial] all findings data physician-initiated as technology, available ovarian population of recently in evidence the well Aspira's is The studies pathogenic third to women University with and and addition, cancer, as XXXX. next of The institution our long-term abstract associated We screen in launch algorithm. use monitoring in an used of laboratory product for data of steps development increase of be with to women both analytical studies within Einstein analytical participate QX assessment mass for Cancer general plan cancer, with are which on same support for addition and high to further is analytical demonstrating test, This adnexal of X, academic scheduled ovarian State a National will presentation validity At track

less for academic in clinical coming our optimize pandemic was studies product of one we women all XXX greater across continuously of to development now patients Associates we OBGYN Our clinical studies as out of Arizona than collect sites, a able and the and recruit three our months. cohort larger can and that are bringing gaining practices, are clinical than traction pipeline. ethnicities races to comprehensive our By on institutions recruit

that technology we to these through studies to high OVASight the with clinical eventually Multi-omics technology We late-stage rate provides survival woman's reported with performance microRNA as with continue metrics Harvard to need detection technology as academic with develop sensitivity us a ovarian a cancer. specificity diagnosis diagnostic of ovarian the well our earlier for develop high cancer. will help cancer. Cancer opportunity the already multi-omics that increase our data screening can desperately Combining institutions and an eradicate and ovarian larger allow faced when technologies approach validated Institute's established Dana-Farber

These in addition, test. the results were our testing referred was poster adnexal a loop a specificity the In products Gynecologic test that XXXX Meeting the specificity on of women's patient. begin score detection better to objective to This an OVAXPlus With in testing to at to of Cancer, masses; of meeting. relationship XXXX, as The a ovarian approach detection Oncology women will we lifetime using the in products on March Overa of of with process perform health. providing improve can SGO see indicate are OVAXXX circular tough OVAXPlus high OVAX study within malignancy results of you OVAXPlus of in is results the we've cancers. study presented Annual with did a determine as whether to in Society the building improve the pipeline, a all Women's and reflux

into the residual product reoccurrence as in and with of testing. hereditary early cancer and negative assessments testing, early risk prenatal testing when allow developing coupling risk hereditary OVAXPlus eventually well genetics menses, of following life genetic sporadic carrier cancer, can planning our as later OVASight cancer clinical risk genetic future new into as developing are look products and therapeutic testing, diagnostic OVAXPlus detection monitoring We the to and as ENDOCHECK ovarian that start detection of with

concepts scientific our to current our it products based ensure health clinical turn validating we update for is future Our developing team women's actively always I on Bob wellness. off products over studies help Bob? to financials. are an will manage these our and now and optimizing that

Bob Beechey

of three $X,XXX,XXX by XXXX; X% on storms. was the the XX%. the Product XX, same you, March sequential down OVAXPlus period XX, months to tests same during to increased revenue volume was compared XX% basis Thank period the performed of quarter to in in compared $XXX slightly same of performed to to XX% of quarter for for an to price for for $XXX. OVAXPlus Dr. months in by disruptions February primarily on period and compared March increase payers. The This XX% margin XX% was the the quarter OVAXPlus compared X% per revenue driven tests test was a a increased payments products fourth an XXXX, XXXX, the $X,XXX,XXX approximately first from Gross three increase the in also and compared Northrop. of number XXXX. The in increase contracted experienced X,XXX in ended OVAX as first we the $XXX the tests XXXX, XXXX. The XXXX ended of and an increase fourth quarter increase in

clearly critical in revenue. GenetiX the a reported conviction do early early of a cancer. Aspira or our assessment is research [exceptions] not portion testing, Consequently, include obtaining which driven risk testing is participation innings, by the in use of is that in in in samples, the Our factor we GenetiX as effort ovarian significant our of

Cash on volume XXX of year-on-year investments price driven in very cash. the first average unit XXXX position with R&D R&D, first of marketing we in a in the $X.X comprised bonus and quarter and as expenses. growth with sales were quarter Significantly, personnel the basis, payouts $XX,XXX, a first generated represents representing marketing $XX.X was increases timing The for of the marketing of used as significant R&D -- fourth well $X.X $X,XXX,XXX was million. on offset Total Cash expenditures compared of XXXX an and but quarter. administrative lower the area; well $X,XXX,XXX revenue the percentage units activities first hires ended operating in driven in sales expenses the in consultants, The fourth quarter was by in and by and of XXX the in costs million Our the as first promotional increase in quarter new increase slightly spending base. quarter samples million. low as off by sequential in administrative and to operations in was quarter. GenetiX and ENDOCHECK. focused research was This utilization primarily XXXX a We $XXX.

February Our secondary underwriting the of closed resulted XXXX, deducting $X.XX a on offering million expenses. discounts offering at turn X, and net share in Valerie. to Company February and I'll a now of $XX.X proceeds call the after back to price -- it back over

Valerie Palmieri

Thank you, Bob.

for will disease; than women be hereditary than market, optimism without specific are with open deaths endometriosis. for the starting call parallel, Company rate. mortality larger and we our ovarian we OvaInherit cancer this our any cancer reproductive Keep monitoring cancer serve Before and the gender with only in building XX% in executing with the Q&A, sustainable for greater test, mission largest let ovarian incremental of mind, quickly U.S., a product for up this eventually cancer assessment, a system female women is tackling the and mass the the for million XX on restate long-term. and the mass. accounts the to risk me our near-term In is to pelvic more for the growth monitoring and cancer Ovarian other

in racial and, detection of forefront the importantly, at are helping survival ovarian more We the products and pelvic coupled and gap cancer. become the risk our care ethnicities In work standard are believe we care mass standards of genetics will the ovarian the malignancies. assessment believe and of detection close for for with changing near differentiation we Our women. for and term, personalized of OVAXPlus,

ENDOCHECK on term, product moving for our planned of forward endometriosis, we benign OVASight genetic lastly, For OvaInherit and mass for high-risk predisposition management, also are monitoring. the launch longer our for

incorporation gynecologic mind In via the biopsy inclusive standard most and of and ethnicities. liquid we strengthened all, biopsy. to robust traditional business. team, of Our other more our which position and of goal a to the in stages, financial and cannot could end detected time, our is to proud confident ethnicity all genes With be disease, the become that portfolio, excited these is that and now every and we detect across ages, diseases, all enhanced of care, for proteins, make be It possible receive time race women not best is the happen. are modalities

We are questions. your the now and Operator? Q&A happy call up for answer to open any of

Operator

Thank Instructions] questions. One session. you. moment, we for while please, now a poll [Operator conducting We'll be question-and-answer

comes Blair. first with Brian William Our from the line of question Weinstein

Andrew Brackmann

Andrew of is now. Valerie, that your of around where of you where right Brian. in ended sort pieces can This script, on you you for place here the of maybe have sort all sort start sort

in sort of got You've business. core momentum the building the

You've got the nice of new hires place team sort now in set and there. some

sort you've got it. now capital behind with pipeline all the of encompassing raise the You've and this the of sort all of got of

when all in starts of exiting XXXX is So of Or it as XXXX this of here, we think sort that together revenue sort more XXXX? coming of about all those building blocks terms growth? sort half should is we of thinking be back and

Valerie Palmieri

no.

in this want different couple QX we new So put was to in I'll in hospital of answer leader place. COVID. team of Andrew, in the the terms I hiring the systems in QX, thanks our for And parts. started a have And say, XXXX. the question. We flat of growth vertical driven Really, by

So team hospitals. we place in now the in have a

OVASight. going back QX, believe, XX the in take up in want We And that by go the to wrapping OVASight of momentum We team in we beginning people line now people the for the our to year. up and prior QX, are had with we in to the XXXX. I in ready are entire lost the will mind, the to COVID, we and launch. will field. see, half team of XX closer loaded field Keep launch this really The and OVASight in

Andrew Brackmann

That's Perfect. helpful.

strategy. a to today. bit us agreement Aspira's volume Is part be this and Synergy this that predefined contribution to going pivot from like thinking Can to going that's that, And give revenue that? about associated? Or Okay. how detail something sounds around then should here sort a Maybe core of is have it we to here? you the little the second just be announced of more

we funnel be should agreements how beyond about this? additional thinking the of So

Valerie Palmieri

Okay.

let So couple in of -- a different terms me that of in enter pieces.

working strategy, as super for terms right? P&L's the down. upside were in something groups distracted, been of Their we've years, this honestly, and So these on, in a is the core COVID gap large were about caused two strategy

right-siding still that gaps. they have Now themselves, they're

for to So years have having them been Synergy brings few table we with customer go. them, a ready now, I said, that is discussing this revenue for discussions and And actually as to a the we're -- now immediately.

to volume? is that to bring Well, incentivized in terms down, since prospectively. their So businesses those right they going at upside revenue in P&L are mean being they're looking what of

So huge that in had, primarily Keep customers not to our of there's in XXX-plus were mind a CAXXX from them converting within OVA. terms the that business do to have I that were we we to in using wind spending for -- I of terms spotty convert But did in practice. CAXXX. believe all this would they physicians, sails say,

couple of then as particular right, months -- seeing in checks partner customers think conversion is happens, it's healthcare that the But as of what of, full there's do will got a that to balances and I volume are from terms network. that process we've care us in going happen, when we pre-conversion get I to it they get process, really communication notification probably this part the opportunity it take there going of to couple an conversion as tilt. terms converted. to So QX. it's And the this process, start the the I old a because up see -- to early pathway, within of call But to but

in. firmly firmly We this care. we software our because at the believe win that subscription data as in is to the the a something doctors identified on And locally is believe this this point becomes empowering of as So margins access well it service. on the

Andrew Brackmann

Great. one And sort on pipeline associated A wins of the really lot for me, of that. last then here. with

viewing and final the as serial can really one get some just we Anything line focused product, Thanks on that? housekeeping relates how key to bring on to a bit on the ENDOCHECK. And that like you in what monitoring metrics there? successful trial OVASight for tell the sort us more for to be track be a product a just First, readout we'll of market? order when And a on time the then you're question. little it on you around decision the fast of maybe should that can are that specific

Valerie Palmieri

No problem.

So let that me as answer parts well. two in

and but we're it a I debilitating make in difference say pointed a pointed a I our terms what FDA, right? does back this it's are because with So the predicate, So that make working it's difference? well, device, gone no forth a a very How with on the reason is it's these acknowledged out, reasons there have discussions of is So very where is the would say They've Lesley and as does that How there's process, would out and device? disease? breakthrough the discussions why a initial is I with ENDOCHECK, need. it -- really breakthrough optimistic. we're compelling

as People But I think compelling it you it pause. don't data, initially think endometriosis. on really of show there's education makes people some them the when debilitating.

-- giving going mode really in will within be sense we're we feedback terms this year, X that them. put release. line it's year think have feedback we because FDA, your a time And of I now, to earnings from right question have will I them on feedback. this And I my say to And say want the us next the it's is OVASight. timeline, can't on of would for hopefully, I then a in don't So Part but of

So trials. OVASight, two there's

trial, onetime and launching product that's have which QX trial. we XXXX, have We the that's then use monitoring our the

to [rev the completed, aspects in launching longitudinally this actual the then of half of we back be two] that will will be this monitoring onetime will uses, XXXX, test If completed launched QX XXXX. by technology. that QX and That be this not have of have analysis doctor test, a be the of multiple trial -- this in and XXXX. will of the we use So elects use we studied will for

questions. I answer that So you color hope to gives your enough

Operator

question Fitzgerald. with Kyle is line coming of next Mikson the Our from Cantor

Kyle Mikson

the on Congrats quarter. nice

I with So expansion. commercial the wanted start to

I guess, second start to last So sales it's investment. XX% in going increase in quarter. the force, like about believe or you the talked the quarter, I

how strategy And of more just reps health then implemented the me end you of So part that system is the count of recently? And kind the rep large that if the that those exit as towards you you year want large plan? sales XXXX? tell like do get to on just Thank. also is to of then could the how right are still kind now? focused many the you And how of force

Valerie Palmieri

Kaile. Kyle, to I'm ball to the get and then I'm going So, going to start,

kind tight So held and XX as you of we with we started COVID. through know, reps,

we that than QX. has on truly can that increases getting three, this in two, business new opening see then can't weekly going I terms in is a hospital although do we is our you all seeing we and up, into weekly I One it's tell volume. of see function XX% XX% doctors. things pillars. Now access. But we're breaking, go And vertical. access, details still really are we records three of Number patients of are this number access to have less

in we'll and momentum where started in in but into where going details of confident of QX. end we're of the starting the seeing to year, terms we're So the we're we we're QX the be by going go and terms be where to pretty

So I'll Kaile. toss to ball the

Kaile Zagger

nice Kyle, speak Hi, with to you.

some can we I So you folks statistics have. of give the actuals actual that on

physician now. practices which So right inside strictly is the on the organization, core focused sales

next is across In We which have to able moving of and with candidates will of are be XX currently health informatics America, to systems have sales expertise. the rapidly with week We move XX. have funnel representatives moving comprised an are in to our the three, care to the end we health number. organization, that five, we to and executives the we by North XX

For currently to specialty our are five. moving Synergy have two and force, sales we we individuals,

which [state] of of identified. place, five and in and And consultant engineer head few have to in We have sits the a system integrating. a one integration candidates vertical, engineers, our team to HLX next we hospital and include currently technical those a have health then we to properly right also to the folks system assist team, most moving we are

Kyle Mikson

-- Thanks and just few that just to are And if recently. switching and, the women's All right. just shots Valerie. confirm Or are was I Northwell -- are same kind here are partnerships or bringing directly? on just OvaInherit? working gears to I'm so trying great Dana-Farber just much. these they they like kind the of you, wanted switching to if partnerships all gears Kaile, of study understand Thank related Wow, have to study, the to the detail. complementary? announced trying the partnership a goal -- the just you're of the towards is goal, and

Valerie Palmieri

Yes.

good question, and additional Lesley very I'll give intuitive. start, Dr. Kyle, also let context. you really I'll So some Northrop And

So sensitivity combination the is OvaInherit proteins, we -- specificity. to the to which basis microRNA OVASight panel, goal protein are it XX%, with And plus that is the XX% and to we adding a get team, is of Harvard a that of seven proteins, is age. our are panel a

as enriched population. due also a Jewish can study patients. to has access We with in imagine, a getting want start Ashkenazi enriched prospective you Long Harvard to additional population, Island, to population, very an specimens, it's of the us genetically predisposed with So a bank actually

doing this proteins. product, also OvaInherit prospective the Harvard the product further other exosome's Kyle. color research if the OvaInherit might It there's include Lesley, I'd include you'd future, to include, in and our could give you also with other is to like well. a can to give the the like looking any analyte's So study, we're Baylor basically floor It as at samples. as

Dr. Lesley Northrop

it's with you, and Yes. Thank to you, speak Valerie, Kyle. nice

able as with developed the well drivers of to make to to collected these test to sure at on And cancer. mentioned, we potentially test alluded I targets future detection biological as because are country for carriers validate is our meets tumor products, recruiting that we're looking that on to well same Valerie's we're as high-risk ensure development for patients then DNA population Northwell samples. our to studies prospectively future, really time, which these trying what that be the test Valerie have develop multiple the also Harvard -- and enriched ovarian really this across who monitoring across really therapeutic where and is want other -- that we're we we want development. beauty cell we really also collecting we the as reoccurrence at, the cohorts diagnostics that women the at looking we're diagnostic start clinical So target right, additional comprehensive going point ovarian as is with can to really relationship of to OvaInherit germline cancer to But population, to companion

to validate lab. to studies large order get And need in to tests clinical do really clinically we after set these validate so our be of large we the and analytically samples a them that, in to able

Kyle Mikson

subject, the Northrop bit. Valerie, little Thanks, to I actually the and Okay. Dr. that pipeline stick on And a perfect. about was want

this use like. to test going multi-omics So it approach, is a OvaInherit sounds

market? there kind would run to So -- test -- to of love you if it's it residual test? of kind bit out obviously, Thank about it I'd are And system are you And So I cancer, that same still high-level just those dive still, be you thoughts risk of the also, of but there's early ovarian awesome deeper use hear. a run because, -- obviously, still way? lot or know to a assessment then it you. coming the cobas could just be interesting the right? would thinking And could you to MRD in kind into

Valerie Palmieri

Kyle. you, Thank

She also like Dr. Lesley too. So let line is to I'll on the in. And start Ratner may also Elena comment. and also fill

cobas So from a perspective, yes.

cleared, of microRNA using -- the technology us platform. combination LDT the with of the it's and a we're is FDA-cleared an on with FDA the side, those kits starting of pulling drivers we're So together all protein that the will not the looking it course, at and key on is disease be proteins

we cobas we the continue the system. But going could use, Siemens analysts mind, but an use in -- are to So Abbott right keep we to on system, that actually a put now.

We So intentionally we're not done really are wed we've that. to ambidextrous. Roche, and

this put as goes comment well. can really say, the we we're road I'll now, on on platform platform. down and the we how let's way Lesley right that -- a with So a is it global cobas. the uniform other opportunity let than ambidextrous is, make technology staying some this But just

Dr. Lesley Northrop

you, Valerie. Yes. Thank

sample. the FDA these up really well as that proteins But our Valerie we system alluded in are since system easily assays. can already and So We the are proteins, and the more throughput use implement to the technology we where the system you looking higher simplified same run a microRNA validated on have validated actually can this and to on as bring same quickly.

this on COG. and at amounts in of allows throughput really both quantify exact more microRNA platform and a high put would throughput very us proteins able us to a operation. And the can be do blood to what low same we So is low this give

cancer. And clinical Myriad on based focused for risk So test myRisk that's actually make scientific as a question. I as also with as you'd this their far is that we team. we're the well is and area has to really we're that as throughput the that something think using scale be then This can more familiar areas sure backend residual fascinating And on that as of appropriately a the system. developing breast that high one

the enriched that I'm implementation samples patients. And our team from where we're mass data these could polygenic on germline these OVAXPlus cancer. actually ovarian were so score can our could We we called be our assessment a would was have testing, risk study, have sites general testing. now your utilize sales is three greater coupled be variant, with to then looking we OVAXPlus assessment residual run a [snips] and present the germline risk then reflex--we and we're known from see on scores the there run -- of what test going a negative clinical and are for can the really for you polygenic And also our same do selling associated population with approach commercial cohort it's what's if get for risk then ovarian from for that an and anything doing -- we are than to what actually enrich the the to a reflex GenetiX, if out And low-risk patients that cancer. Kaile were is the a patient you and a

Operator

question from line the is of next with Draper Truist Securities. Our Sandy

Sandy Draper

questions product asked. of been and the lot been have have science A

sure not to oriented I'm chime more little if if right be more you these So for bit Bob so Valerie mine are now. in, financial are want to a maybe or going

revenue think of you pay model. can about they a a to Is model a testing? you're get recurring volumes? with Just is paid? of get First, Is And amount mentioned it that? the recurring just impact the Does dollars seasonal? how sense it with it to it license more just think just scale month. amount trying then it of of up remind to network, service a some Just a me like type you where to health going truly X it's that is to where about fixed trying or

Bob Beechey

this Sandy, the click you question. It volume-driven. model. for business is thank and is per is Bob, It a No,

be would there no more seasonality. So

ramp we how looking be things I think is the only as issue to put we're quickly place. in implementation at there's can up

and nature, blood is with cost that the lots it, deliver, things own though, about as We of it's basically the a source in it's their to in license sure the source sense coordination as with will of own, supplier, variable the really click working have not So their tests. us, in QA think well in terms per of client do they'll that but the reagents fee. appropriately way to making terms it's but of

be be in send transition of facility. terms their outs. in they do will costs it when So there period logistical won't a There

We have the but a well, as to fee will work billing will we them get they out per with be reimbursement and license coordinate click. tests, and

Sandy Draper

Great.

certainly, that, on what seeing test then -- right is you now that higher-margin at just than volume? a to And it -- notably so I would you're assume standard should come what

Bob Beechey

That's clear. Yes.

Sandy Draper

Yes.

Okay. Great.

Second question on margins.

XX% gross but actually I were XX%. volumes margins that? quarter, margins said slightly, you Well, XX% Should last we one, Bob, just about, product, down about went OVA the talked the your up. You think on think flattish, are

drove what between but and the that, on the cadence? So color is maybe about this is XX% GenetiX, difference margin, reported XX% think goods? something in is really on that's we gross that then the quarter that And cost going that of the else or some should

Bob Beechey

definitely like the eye That the blended the specific is which OVA number. margins. on of is matter an keep We to terms GenetiX, in

plenty labor we've terms I and not scale. is I think as of marginal at of way cost small. capacity should our relatively we the got in think well clearly, are margins you is mean, about

now. handled current cobas of the Our volume we're multiples right doing could

So our gets but on and draw some variability reagent clearly depends on blood efficiency there's degree variable arrangement, cost better. that, our of

was our So well, half year up and volume-driven. we And had margins. some year very noise anticipate flat the there our probably next going second year. margins the ramp then, just in as into There's of uplift much considerably. Clearly, year-on-year last margin we relative volumes to

for we was as just It a relatively think I segregating transitioned, try in and we the be was really true efficiency. As and smooth OVA but it portfolio, genetics quarter. as of we can terms more costs

in So the there it is prior no one-off rise that quarter. gave item to

Sandy Draper

Got it.

that just year, this on Okay. paid what helpful. remind where the to quarter for this of launch my and product? and the are the be exactly And terms levels be think reimbursement fourth you you question, longer-term I OVASight, of end are we for reimbursement year, target then can in know reimbursement which getting and me how of should thinking going just volume final That's about

Bob Beechey

that handle you do Valerie, one? to want

Valerie Palmieri

for will. I you will. question, Thank the I Sandy.

let through it. kind walk So me of

be So OVASight based algorithm. seven-test analyte will a

Keep if are the OVAX OVAX the was is cancer. there's it. crosswalk crosswalk components seven for Overa, a actually and Overa mind, in created at from tests, Score seven you test, a OVAX. there to backbone created of which from of of prostate So look X OPKO was

So AMA now that that's code, code to seven proteins. this is with that? timing on So an and Where getting -- Overa through called the which crosswalked the going PLA test back be will the what's process. the

then getting the probably will be And us we're But clinical of place, you test, the through launching getting but but the publications course, being with which, pricing a takes time. AMA the test unspecified to making launching utility, the plan Overa. again, PLA over to available. the working this, with prior would get the And to in monitoring available see, back code. the appreciate it test call, be to through -- an will We code, I crosswalk

Operator

the Thank you. back closing At to for time, remarks. this turn Palmieri floor I'll Valerie

Valerie Palmieri

we right Thank within and you, the subside, to commercial COVID progress as drive the will see rates With strengthened Rob. doing footprint, closing, growth. In on are sheet, sustainability things balance tests differentiated focusing lives in restrictions support plus believe vaccination of we our our and XX% a U.S., guideline point, position profitability. in endorsed the the the and differentiated portfolio believe we growth in same we continued and are a and to a test, covered now of call

serve. drive Thank you which large well-being and we is women's joining support to science Our today, health to and mass in Health. us end data proprietary a and for with overall population goal global market your health and appreciate a Women's Aspira coupled interest serve platform patient pelvic with and tools, each every and will better we

Operator

concludes This conference. today's

You for at may lines your disconnect you time. Thank this participation. your

Aspira Women's Health (AWH) 14 May 212021 Q1 Earnings call transcript