Business
iSpecimen Reports Second Quarter 2021 Financial Results
-Delivered Revenue Growth of 93% Year-Over-Year- -Successfully Completed IPO Raising Total Gross Proceeds of $20.7 Million- LEXINGTON, Mass., Aug. 10, 2021
About this update from Ispecimen Inc.
[{"type":"text","content":"-Delivered Revenue Growth of 93% Year-Over-Year-\n -Successfully Completed IPO Raising Total Gross Proceeds of $20.7 Million-\n\n\nLEXINGTON, Mass., Aug. 10, 2021 /PRNewswire/ -- iSpecimen Inc. (Nasdaq: ISPC) (\"iSpecimen\" or the \"Company\"), an online marketplace for human biospecimens, today reported its financial results for the three-month period ended June 30, 2021. \n\n \n \n \n \n \n \n\n \n\"During the second quarter of 2021, iSpecimen successfully completed its initial public offering and began trading on the Nasdaq Capital Market. This is both a significant milestone and the starting point of a new and exciting chapter for the Company,\" said Christopher Ianelli, MD, PhD, CEO and President of iSpecimen. \"During the quarter, we continued to deliver exceptional financial and operating performance, posted revenue growth of 93% on a year-over-year basis and increased the number of registered research users on the iSpecimen Marketplace™ by 40% year-over-year to more than 3,800 users. With our enhanced capital position, iSpecimen is well-positioned to expand and scale its operations, with the goal of becoming the preeminent, online marketplace for human biospecimens.\"\n\"We continue to broaden our supply network and data assets while improving our technology platform, which should accelerate our sales and revenue momentum as more suppliers and customers embrace the iSpecimen Marketplace. Through our continued expansion, iSpecimen is disrupting the biospecimen procurement process, providing instant access to a vast repository of biospecimens and patient data from a global network of healthcare organizations, thereby empowering researchers to advance scientific discovery,\" concluded Dr. Ianelli. \nQ2 2021 Financial & Operational Updates\nRevenue increased 93% to $2.9 million for the second quarter of 2021, compared to $1.5 million for the same period in 2020. Cash and cash equivalents were $13.2 million as of June 30, 2021. Unique supplier organizations under agreement were 190 as of June 30, 2021, an increase of 33 organizations year-over-year. Unique customer organizations with purchases totaled 378 as of June 30, 2021, an increase of 74 new customer organizations year-over-year. iSpecimen Marketplace had surpassed 3,800 registered research users as of June 30, 2021, up 40% year-over-year. As of June 30, 2021, iSpecimen...