iSpecimen Inc
NASDAQ:ISPC

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iSpecimen Inc
NASDAQ:ISPC
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Price: 0.286 USD 9.96%
Market Cap: 2.8m USD

iSpecimen Inc
Investor Relations

iSpecimen, Inc. operates as healthcare organization that engages in procurement of human biospecimens. The company is headquartered in Lexington, Massachusetts and currently employs 59 full-time employees. The company went IPO on 2021-06-17. The firm designed iSpecimen Marketplace platform to transform the biospecimen procurement process to accelerate medical discovery. Its technology consolidates the biospecimen buying experience in a single, online marketplace that brings together healthcare providers who have biospecimens and researchers across industry, academia, and government institutions who need them. The Company’s marketplace platform ingests de-identified healthcare data provided by healthcare supply partners. The iSpecimen Marketplace supports the supply chain management and bioprocurement process for specimens and associated data. The Company’s platform helps with administrating and reporting function for researchers, suppliers, and internal personnel, including user and compliance management. The firm serves to biopharmaceutical companies, in vitro diagnostic (IVD) companies, and government/academic institutions.

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Last Earnings Call
Fiscal Period
Q2 2024
Call Date
Aug 6, 2024
AI Summary
Q2 2024

Revenue Growth: iSpecimen's Q2 2024 revenue rose to $2.9 million, up 76% from $1.6 million in Q2 2023, exceeding internal targets.

Operational Improvement: Initiatives like the Next Day Quote program are driving higher sales funnel conversions and customer satisfaction.

Cost Reduction: Cash burn was cut to $2.9 million in the first half of 2024, down 59% compared to the prior year.

Supplier Network Optimization: The company reduced suppliers from 240 to 105, focusing on quality and capabilities, with no supply issues reported.

Macro Environment: Management noted customers remain cautious with research investments, but projects continue with greater specificity and urgency.

Key Financials
Revenue
$2.9 million
Revenue (six months)
$5.2 million
Specimen Count (Q2)
5,918 specimens
Average Selling Price per Specimen (Q2)
$484
Specimen Count (six months)
11,159 specimens
Average Selling Price per Specimen (six months)
$462
Cost of Revenue (Q2)
$1.4 million
Cost of Revenue (six months)
$2.4 million
Cash Burn (six months)
$2.9 million
Cash and Available-for-sale Securities
$2.1 million
Sales and Marketing Expenses (Q2)
$1.1 million
Sales and Marketing Expenses (six months)
$1.7 million
General and Administrative Expenses (Q2)
$1.1 million
General and Administrative Expenses (six months)
$3.2 million
Next Day Quote Conversion Rate
58%
Earnings Call Recording
Other Earnings Calls

Management

Ms. Leslie Hoyt
Senior Vice President of Operations
No Bio Available
Ms. Carly Lejnieks
Vice President of Marketing
No Bio Available
Ms. Annette Arnold
Vice President of Sales & Business Development
No Bio Available
Mr. Evan Cox
Senior Vice President of Strategy & Innovation
No Bio Available
Ms. Brielan Smiechowski
Senior Vice President of Business Development
No Bio Available

Contacts

Address
MASSACHUSETTS
Lexington
450 Bedford Street, Suite 1010
Contacts
+17813016700.0
www.ispecimen.com