iSpecimen Reports Full Year 2022 Results

About this update from Ispecimen Inc.

[{"type":"text","content":"- Reported Record Quarterly Revenue of $3.2 Million, Up 28% Year-Over-Year -\nLEXINGTON, Mass., March 14, 2023 (GLOBE NEWSWIRE) -- iSpecimen Inc. (Nasdaq: ISPC) (“iSpecimen” or the “Company”), an online global marketplace that connects scientists in need of biospecimens for medical research with a network of healthcare specimen providers, today reported its financial and operating results for the twelve-month period ended December 31, 2022. “At the beginning of the fourth quarter of 2022, I stepped into the role of interim CEO, and together with the Board, undertook an in depth review of iSpecimen’s operations. Based on our initial findings, the team quickly implemented several improvements that we believe contributed to our record revenue of $3.2 million for the fourth quarter of 2022, up 28% year-over-year,” said Tracy Curley, CEO and CFO. “Throughout the remainder of the quarter and into 2023, we continued with our strategic corporate review, in which we discovered a significant imbalance within our supplier network, specifically, high levels of utilization across a small subsection of suppliers. Today, I am pleased to report that with several initiatives underway by our site development department, we are gaining a much better understanding of our suppliers and their capabilities. Armed with this information, I am confident that during 2023 we will be able to materially increase our supplier utilization rates, which will allow us to increase fulfillment and ultimately result in increased revenue opportunities in 2023 and beyond.” “In 2023 we plan to have a record level of investment in our technology, demonstrating continued commitment to our vision of our online marketplace to be transformational in our industry. Additionally, we are excited by the progress of several revenue enhancement projects, in areas that include sequencing, remnants and normal blood, as well as new initiatives with suppliers to facilitate improved coordination and utilization. We will continue to invest where necessary throughout 2023 to accelerate these revenue growth initiatives. We look forward to keeping the investment community apprised as we continue to improve our operations,” concluded Ms. Curley. Financial & Operational Highlights Revenue increased 28% to $3.2 million for Q4 2022, compared to $2.5 million for Q4 2021.Unique supplier organiza...

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