Benzinga | Feb 22, 2021 08:08AM EST

Aspen Group Sees Q3 2021 Quarterly Enrollments Up 22%; Sees Bookings Up By 24%

NEW YORK, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Aspen Group, Inc. ("Aspen Group" or "AGI") (NASDAQ:ASPU), an education technology holding company, today announced that for the third-quarter fiscal year 2021, ending January 31, 2021, student enrollments increased by 22% year-over-year to 2,129. Aspen Group's rising enrollment in higher LTV nursing licensure degree programs was the primary revenue and bookings growth driver. Quarterly bookings increased 24% year-over-year to $33.0 million. Total nursing students comprised 87% of the active student body, up from 84% in the prior-year period.

"Aspen Group's increased enrollment in high LTV nursing programs delivered bookings growth of 24%, despite the dramatic acceleration in COVID-19 cases during our third quarter," said Chairman & CEO Michael Mathews. "Our proprietary EdTech platform continued to deliver industry-leading marketing metrics. This key technology differentiator in the for-profit education sector enables our low-cost CAC model, which allows us to pass these savings onto our students. The result is a win-win that drives growth and improves our student outcomes."

"Our two largest enrollment segments, Aspen's Nursing + Other post-licensure programs and USU's MSN-FNP program, target registered nurses looking to earn an advanced nursing degree. During our third quarter, infection rates of COVID-19 skyrocketed, filling emergency rooms and hospital beds and increasing registered nurses' workloads. Despite the short term headwinds, we delivered strong enrollment growth in every unit of the Company. Aspen's Pre-Licensure BSN program also experienced strong growth from our recently launched campuses in Tampa and Austin given the tailwind of millennials looking for better paying, secure jobs. As previously disclosed, the Company intentionally slowed year-over-year enrollment growth at our Phoenix pre-licensure campuses. These campuses currently have a full pipeline of first-year online pre-requisite students. This decision moderated pre-licensure growth in the quarter to 15%. Longer-term, Aspen plans to open eight new campuses throughout the Southern United States over the next four years to deliver continued growth and shareholder value," stated Mathews.

In the third quarter, Aspen University generated 1,593 new student enrollments, up 16% year-over-year, attributable to strength in its Doctoral and Nursing + Other units. United States University ("USU") delivered 536 new student enrollments, a 43% increase year-over-year, primarily from MSN-Family Nurse Practitioner ("FNP") enrollments. The FNP enrollment growth is especially notable, given the demands on nursing professionals with COVID-19 infection rates accelerating throughout the quarter.