iSpecimen Reports First Quarter 2024 Results

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iSpecimen Inc
iSpecimen Inc

LEXINGTON, Mass., May 07, 2024 (GLOBE NEWSWIRE) -- iSpecimen Inc. (Nasdaq: ISPC) (“iSpecimen” or the “Company”), an online global marketplace that connects scientists requiring biospecimens for medical research with a network of healthcare specimen providers, today reported its financial and operating results for the three-month period ended March 31, 2024.

“iSpecimen made tremendous progress during the first quarter advancing our most promising operational initiative, Next Day Quotes, a program that expedites the biospecimen transaction process, which has helped elevate our market position and is expected to contribute meaningfully to our growth in 2024 and beyond,” said Tracy Curley, CEO of iSpecimen. “To transition our suppliers to Next Day Quotes, we have strategically refined our supplier network, deeply aligning and effectively engaging with our strongest suppliers to maximize their operational capabilities, while terminating relationships with suppliers unable to support the needs of our expanding customer base.”

“In the first quarter of 2024, 40% of all quotes provided to customers qualified as Next Day Quotes, compared to 34% in the fourth quarter of 2023 and 25% in the third quarter of 2023. This favorable quarter-over-quarter increase in Next Day Quotes was directly correlated to growth across all of our business lines. During the first quarter of 2024, 91% of prospective Next Day Quotes dollars converted to purchase orders, compared to 32% in the fourth quarter of 2023. As we continue to refine and strengthen our supplier network, I am confident transitioning a majority of our business into Next Day Quotes will result in stronger positioning for iSpecimen and result in greatly improved top- and bottom-line results over time,” concluded Ms. Curley.

First Quarter 2024 Highlights

  • As of March 31, 2024, iSpecimen had over 140 unique supplier organizations under contract, a reduction of 103 from 243 suppliers at December 31, 2023, a planned reduction related to the Company’s focus on building a higher quality of our supplier network;

  • As of March 31, 2024, over 600 unique customer organizations purchased from iSpecimen, an increase of 66 from 534 at the end of the first quarter 2023;

  • iSpecimen Marketplace had nearly 7,564 registered research and supplier users as of March 31, 2024, up approximately 9% from 6,918 as of March 31, 2023.

Recent Corporate Updates

Financial Results for First Quarter 2024
For the quarter ended March 31, 2024, revenue was approximately $2.29 million, compared to approximately $2.95 million for the quarter ended March 31, 2023. The reduction was primarily due to a decrease of 3,388 specimens, or approximately 39%, in specimen count, from 8,629 specimens during the quarter ended March 31, 2023 to 5,241 specimens during the quarter ended March 31, 2024. The effect of the decrease in specimen count was partially offset by an increase in the average selling price per specimen by approximately $95, or approximately 28%, from $342 in the first quarter of 2023 to approximately $437 in the first quarter of 2024.


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