Business
iSpecimen Reports Third Quarter 2021 Financial Results
-Record Nine-Month Revenue of $8.6 Million Surpassing Full-Year Revenue for 2020- LEXINGTON, Mass., Nov. 4, 2021 /PRNewswire/ -- iSpecimen Inc. (Nasdaq: ISPC)
About this update from Ispecimen Inc.
[{"type":"text","content":"-Record Nine-Month Revenue of $8.6 Million Surpassing Full-Year Revenue for 2020-\n\n\nLEXINGTON, Mass., Nov. 4, 2021 /PRNewswire/ -- iSpecimen Inc. (Nasdaq: ISPC) (\"iSpecimen\" or the \"Company\"), an online marketplace for human biospecimens, today reported its financial results for the three and nine-month periods ended September 30, 2021. \n\n \n \n \n \n \n \n\n \n\"In the third quarter of 2021, we continued to achieve strong growth in our core biospecimen business, while simultaneously expanding our market penetration through increased sales and marketing initiatives,\" said Christopher Ianelli, MD, PhD, CEO and President of iSpecimen. \"These efforts contributed to nine-month 2021 revenue results that have already surpassed our full-year revenue for 2020. At the same time, we increased our number of supplier organizations under agreement to nearly 200 while growing our registered users on the iSpecimen Marketplace.\" \nDr. Ianelli added, \"iSpecimen continues to execute its strategic initiatives to broaden our service offerings and expand our number of supplier organizations under agreement to grow our procurement reach and data assets. At the same time, we are assessing potential investments that can further enhance our technology and expand our capabilities. We believe these efforts will allow us to increase our value proposition for users and suppliers, increase our sales momentum and drive long-term revenue growth and shareholder value.\" \nQ3 2021 Financial & Operational Highlights\nRevenue increased 21% to $2.7 million for the third quarter of 2021, compared to $2.3 million for the same period in 2020. Revenue increased 57% to $8.6 million for the first nine months of 2021, compared to $5.5 million for the same period in 2020. Unique supplier organizations under agreement were 197 as of September 30, 2021, up from 190 organizations at the end of the second quarter of 2021. Unique customer organizations with purchases totaled 398 as of September 30, 2021, an increase from 378 as of June 30, 2021. iSpecimen Marketplace had approximately 4,900 registered research and supplier users as of September 30, 2021, up 30% year-over-year. As of September 30, 2021, iSpecimen received $12.8 million in purchase orders year-to-date, up 30% year-over-year.Recent Corporate Updates\nLaunched an Enhanced Custom Biofluids Collection Se...