iSpecimen Reports Second Quarter 2024 Results

Core Viewpoint - iSpecimen Inc. reported a significant revenue increase of 76% year-over-year, reaching approximately $2.86 million for the second quarter of 2024, driven by operational improvements and strategic initiatives [1][2]. Financial Performance - Revenue for the second quarter of 2024 was approximately $2.86 million, up from approximately $1.63 million in the same quarter of 2023, primarily due to a 26% increase in specimen count and a 39% rise in average selling price per specimen [4][5]. - For the first half of 2024, total revenue was approximately $5.15 million, compared to approximately $4.58 million for the same period in 2023, attributed to a 34% increase in average selling price per specimen [5]. - The net loss for the second quarter of 2024 was approximately $2.11 million, an improvement from a net loss of approximately $3.50 million in the second quarter of 2023 [9]. Operational Highlights - The company achieved a conversion rate of 58% for its Next Day Quotes program, which significantly contributed to exceeding internal revenue goals for Q2 2024 [3]. - iSpecimen had over 105 unique supplier organizations under contract as of June 30, 2024, down from 243 suppliers at the end of 2023, indicating a focus on building a higher quality supplier network [3]. - The company hired Brielan Smiechowski as the new Senior Vice President of Sales & Business Development, bringing over 15 years of experience in life sciences and healthcare [2]. Cost Management - Cost of revenue for the second quarter of 2024 increased by approximately $570,000, or 67%, due to a 26% increase in the number of specimens accessioned and a 32% rise in average cost per specimen [6]. - General and administrative expenses decreased by approximately $703,000, or 40%, for the second quarter of 2024 compared to the same period in the prior year [8]. Cash Position - As of June 30, 2024, iSpecimen had approximately $2.15 million in cash and available-for-sale securities, a decrease from approximately $5.01 million as of December 31, 2023 [10].