Business
iSpecimen Reports Third Quarter 2022 Financial and Operating Results
- Reported Revenue of $2.6 Million, Comprised Of A Record 88% Non-COVID Revenue - LEXINGTON, Mass., Nov. 08, 2022 (GLOBE NEWSWIRE) -- iSpecimen Inc. (Nasdaq:
About this update from Ispecimen Inc.
[{"type":"text","content":"- Reported Revenue of $2.6 Million, Comprised Of A Record 88% Non-COVID Revenue -\nLEXINGTON, Mass., Nov. 08, 2022 (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 three- and nine-month period ended September 30, 2022. “During the third quarter of 2022, iSpecimen achieved record non-COVID revenue of $2.26 million, or 88% of total revenue. Also, representing the fifth quarter in a row of increasing non-COVID revenue for the Company. This exemplifies the durability of our core business model and the investments we’ve made to date,” said Tracy Curley, Interim CEO and CFO. “We remain committed to enhancing the iSpecimen Marketplace platform. We recently launched the Open Feasibilities Dashboard on iSpecimen Marketplace, which allows supplier partners to review potential future research projects at any time and initiate their interest by submitting a proposal. Through these recent initiatives, we are aiming to provide a best in-class platform for researchers and suppliers to connect seamlessly and to improve the biospecimen procurement process. To that end, we have several additional internally developed software projects in the pipeline to support our efforts.” “Having recently stepped into the role of interim CEO, I am excited and encouraged about both our near- and long-term prospects. We are actively pursuing several new multimillion dollar business initiatives. At the same time, we are reviewing the Company’s structure, processes and resources to evaluate and identify areas for improvement. We are laser-focused on creating a runway for growth and scale. We look forward to keeping the investment community apprised of our developments as we achieve these milestones,” concluded Ms. Curley. Q3 2022 Financial & Operational Highlights Revenue mix in Q3 2022 was comprised of approximately $2.26 million in general specimen revenue and approximately $0.32 million in COVID-related revenue, or 88% and 12% of revenue, respectively, compared to approximately $1.80 million in general specimen revenue and $0.92 million in COVID-related revenue, or 66% and 34% of revenue, respectively the same period a year a...