iSpecimen (US:ISPC)2021-11-06 16:59Financial Data and Key Metrics Changes - The company reported revenue of approximately $2.7 million for Q3 2021, a 21% increase compared to approximately $2.3 million for Q3 2020 [15] - For the first nine months of 2021, revenue reached approximately $8.6 million, a 57% increase compared to $5.5 million for the same period in 2020 [15][37] - The average selling price per specimen increased by approximately $138 or 37% in Q3 2021 compared to Q3 2020 [36] Business Line Data and Key Metrics Changes - Non-COVID related revenue for Q3 2021 was approximately $1.8 million, or 66% of total revenue, compared to approximately $838,000 or 37% for Q3 2020 [35] - COVID-19 related revenue was approximately $923,000 in Q3 2021, accounting for 34% of total revenue, down from approximately $1.4 million or 63% in Q3 2020 [35] Market Data and Key Metrics Changes - The company grew its unique supplier organizations under agreement to 197 by the end of Q3 2021, up from 190 at the end of Q2 2021 [13] - The number of specimens accessioned during Q3 2021 decreased by approximately 700 specimens, or 12%, to approximately 5,300 specimens compared to Q3 2020 [36] Company Strategy and Development Direction - The company aims to broaden service offerings and expand the supplier network to relieve supply constraints and increase data asset value [31][32] - Strategic investments will be made to refine the technology platform and expand capabilities, which are key components of the growth strategy [32] Management's Comments on Operating Environment and Future Outlook - Management expects strong growth in the core non-COVID-related business to continue, replacing the diminishing COVID business [23] - The company believes its ability to adapt and grow during the pandemic demonstrates the strength of its technology-enabled approach and marketplace platform [24] Other Important Information - iSpecimen was added to the Russell Microcap Index in late September 2021, which is expected to increase visibility and exposure to investors [30] - The company launched an enhanced custom biofluids collection service to provide rapid delivery options for researchers [25] Q&A Session Summary Question: Please describe the enhanced custom biofluids collection service - The service allows the company to collect specimens internally and use mobile phlebotomists to quickly access patients not connected to healthcare systems [59] Question: Can you clarify the backlog figure? - The company ended the quarter with a backlog of approximately $7.5 million, which includes orders taken but not yet shipped [62] Question: How does seasonality affect the business? - Historically, the fourth quarter tends to be stronger due to budget spending before year-end, making it the best quarter for the company [67]