iSpecimen Preannounces Third Quarter 2023 Revenue Increase of 60-70% Sequentially
23 October 2023 - 10:30PM
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, announced today preliminary financial results
for the third quarter of 2023.
The Company expects third quarter 2023 revenue
to be between $2.6 to $2.8 million, representing an increase of
between 60% to 70% from second quarter 2023 revenue of $1.63
million. The launch of the iSpecimen’s next-day quote program in
the third quarter of 2023 is a key driver of the Company’s higher
financial performance for the third quarter of 2023, as it
accelerates the biospecimen transaction process, leading to a
condensed timeframe from opportunity through fulfillment of
purchase orders. Due to this program, iSpecimen has recognized a
conversion increase of 122% for quotes to purchase orders for the
third quarter of 2023 compared to the blended quarterly average of
the prior four quarters, demonstrating the positive impact of this
program.
Tracy Curley, CEO of iSpecimen, commented, “In
the first half of 2023, we focused largely on improving our
operational performance across all departments and creating a line
of business structure which leverages resources and the power of
our proprietary online marketplace. Given our success in the
implementations of these process improvement efforts and
specifically with the immediate impact of our recently launched
next-day quote program, we are projecting strong third quarter
revenue and we expect continued growth to our top-line going
forward.”
The iSpecimen management team will host a
conference call on Thursday, November 2, 2023 at 8:30 a.m. ET to
review its financial and operational results for the third quarter
of 2023. To access the call, please use the below information
below:
Dial in: |
1-888-886-7786
(U.S. Toll Free) or 1-416-764-8658 (International) |
Webcast: |
https://viavid.webcasts.com/starthere.jsp?ei=1638322&tp_key=9fc5429911 |
|
|
For interested individuals unable to join the
conference call, a replay will be available through November 16,
2023, at +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671
(International). Participants must use the following code to access
the replay of the call: 68130784. An archived version of the
webcast will also be available on iSpecimen’s Investor Relations
site: https://investors.ispecimen.com/presentations/.
About iSpecimeniSpecimen
(Nasdaq: ISPC) offers an online marketplace for human biospecimens,
connecting scientists in commercial and non-profit organizations
with healthcare providers that have access to patients and
specimens needed for medical discovery. Proprietary, cloud-based
technology enables scientists to intuitively search for specimens
and patients across a federated partner network of hospitals, labs,
biobanks, blood centers and other healthcare organizations. For
more information, please visit www.ispecimen.com.
Forward Looking StatementsThis
press release may contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Such forward-looking statements are characterized by future or
conditional verbs such as “may,” “will,” “expect,” “intend,”
“anticipate,” “believe,” “estimate” and “continue” or similar
words. You should read statements that contain these words
carefully because they discuss future expectations and plans, which
contain projections of future results of operations or financial
condition or state other forward-looking information.
Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this press release, including but not limited to the
risk factors contained in the Company’s filings with the Securities
and Exchange Commission, which are available for review at
www.sec.gov. Forward-looking statements speak only as of the date
they are made. New risks and uncertainties arise over time, and it
is not possible for the Company to predict those events or how they
may affect the Company. If a change to the events and circumstances
reflected in the Company’s forward-looking statements occurs, the
Company’s business, financial condition and operating results may
vary materially from those expressed in the Company’s
forward-looking statements.
Readers are cautioned not to put undue reliance
on forward-looking statements, and the Company assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise.
Disclaimer Regarding Financial Information
The financial information presented in this
press release is based on preliminary, unaudited financial
statements prepared by management, for the quarter ended September
30, 2023. Accordingly, such financial information may be subject to
change. All information contained in this press release will be
qualified with reference to the unaudited financial results for the
quarter ended September 30, 2023, which is expected to be released
on or before November 2, 2023, and will be posted
on www.SEC.gov. While the Company does not expect there to be
any material changes to the financial information provided in this
press release, any variation between the Company’s actual results
and the preliminary financial information set forth herein may be
material.
For further information, please contact:
Investor ContactsKCSA Strategic
CommunicationsPhil Carlson / Erika Kay iSpecimen@kcsa.com
Media ContactsKCSA Strategic
CommunicationsRaquel Cona / Shana Marino iSpecimen@kcsa.com
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