Business
iSpecimen Reports First Quarter 2023 Results
Quarterly Revenue Increased 17% Year-Over-Year LEXINGTON, Mass., May 04, 2023 (GLOBE NEWSWIRE) -- iSpecimen Inc. (Nasdaq: ISPC) (“iSpecimen” or the
About this update from Ispecimen Inc.
[{"type":"text","content":"Quarterly Revenue Increased 17% Year-Over-Year\nLEXINGTON, Mass., May 04, 2023 (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, 2023. “I am pleased to report that iSpecimen delivered strong revenue of approximately $3.0 million, a 17% increase year-over-year for the first quarter of 2023, which met our internal expectations and reflects the seasonality of our business,” said Tracy Curley, CEO and CFO. “Earlier this year we presented our 2023 strategic plan, which includes developing several adjacent revenue opportunities, realigning resources in order to address operational inefficiencies and a significant investment in technology to improve our search functionality and user interface, increase automation and enhance matchmaking. We have experienced tremendous progress in these efforts, and the board and leadership team remain confident that iSpecimen is on track to transform the biospecimen supply chain.” “iSpecimen is working diligently to accelerate life science research and development via its global marketplace platform to seamlessly connect medical researchers with suppliers of biospecimens subjects, specimens and data. In doing so, not only is iSpecimen developing a best-in-class biospecimen commerce solution, it is simultaneously developing several adjacent offerings to increase our revenue opportunities,” concluded Ms. Curley. Q1 2023 Financial & Operational Highlights Revenue of $3.0 million, an increase of 17% from $2.5 million in Q1 2022.Unique supplier organizations under agreement were 217 as of March 31, 2023, an increase of 6% over Q1 2022.Unique customer organizations who have purchased from iSpecimen totaled 534 as of March 31, 2023, an increase of 22% over Q1 2022.iSpecimen Marketplace had nearly 6,900 registered research and supplier users as of March 31, 2023, up 24% over Q1 2022. Recent Corporate Updates Solidified senior leadership team with the appointment of Tracy Curley as permanent Chief Executive Officer and Eric Langlois as Chief Revenue Officer in January 2023.Named to Fast Company‘s annual list of the World’s Most Innovative Comp...