iSpecimen Inc. (Nasdaq: ISPC) (“iSpecimen” or the “Company”),
an online global marketplace that connects scientists requiring
biospecimens for medical research with a network of healthcare
specimen providers, today reported its financial and operating
results for the three and six month periods ended June 30, 2023.
“In the second quarter we focused our efforts on
advancing key revenue enhancement opportunities that are
complementary to our core business, including sequencing, embedded
coordinators and a reboot of our remnant line of business, as well
as integrating new technologies to the iSpecimen Marketplace to
enhance our capabilities and meet increasing demand from our
customers,” said Tracy Curley, iSpecimen’s CEO. “As we aim to
create the most expansive global biospecimen supply chain
technology platform and marketplace, we are efficiently connecting
researchers with healthcare providers and meeting the specific
needs of the evolving life science industry.”
“While we pride ourselves on our ability to
offer, what we believe to be, the most advanced solution for
biospecimen procurement, our financial results this quarter fell
below expectations. A reduction in purchase order requests, due to
an industry-wide slowdown in funding to our life science research
customer base, contributed to lower quarterly revenues. However,
our ability to pivot to launch several new initiatives during the
quarter to reinstate our expected levels of order fulfillment is
proving successful as we have witnessed an increase in the level of
our backlog at the close of the second quarter. Given the increase
in backlog, we believe the decrease in revenue for the second
quarter of 2023 represents a temporary downturn in our business. We
have taken the required actions to address the industry-wide issues
impacting our regular course of business and we believe we are on
track to produce stronger results for the third quarter of 2023 and
beyond.”
“Additionally, the implementation of our
technology rollouts supports our core business and revenue
enhancement opportunities. We have completed our pilot run for our
sequencing project and are in the process of placing embedded
project coordinators at supplier sites to expedite processing. As
we continue to roll out these new growth initiatives and more
rapidly process orders from our growing supplier and customer base,
we expect to build both our top and bottom-line results,” concluded
Curley.
Q2 2023 Financial Results & Recent
Operational Highlights
- Revenue of $1.63 million for the
three month period and $4.6 million for the six month period of
2023 compared to $2.34 million for the three month period and $4.9
million for the six month period of 2022.
- Unique supplier organizations under
agreement were 230 as of June 30, 2023, an increase of 7.5% over Q2
2022, added 13 new biospecimen suppliers to iSpecimen’s proprietary
network in the first half of 2023.
- Unique customer organizations who
have purchased from iSpecimen, totaled 534 in Q2 2023, an increase
of 22% over Q2 2022.
- iSpecimen Marketplace had nearly
6,900 registered research and supplier users in Q2 2023, up 24%
over Q2 2022.
Q2 2023 Corporate Events
- CEO Tracy Curley presented at the
Aegis Virtual Conference April 24, 2023.
- CEO Tracy Curley participated in a
fireside chat at the Healthcare IT Virtual Conference hosted by
Maxim Group and M-Vest June 1, 2023.
Financial Results for the Three and Six
Month Periods Ended June 30, 2023
Revenue was approximately $1.63 million for the
second quarter of 2023, a decrease of 31%, compared to
approximately $2.34 million for the second quarter of 2022. The
reduction in revenue was primarily due to a decrease of 2,322, or
33%, in specimen count from 7,004 specimens in the three months
ended June 30, 2022 to 4,682 specimens in the three months ended
June 30, 2023. The effect of the decrease in specimen count was
offset by a change in the specimen mix which caused the average
selling price per specimen to increase by $13, or 4%, from
approximately $334 in the three months ended June 30, 2022 to $347
in the three months ended June 30, 2023.
During the six-month period ended June 30, 2023,
we reported revenue of approximately $4.6 million, compared to
approximately $4.9 million during the same period last year. The
decrease in revenue for the six-month period ended June 30, 2023,
was attributable to a decrease in average selling price per
specimen of $64, or 16%, from approximately $407 in the six months
ended June 30, 2022 to $343 in the six months ended June 30, 2023.
The decrease in average selling price per specimen was offset by an
increase of 1,383, or 12%, in specimen count from 11,928 specimens
in the six months ended June 30, 2022 to 13,311 specimens in the
six months ended June 30, 2023.
Cost of revenue decreased by approximately
$146,000, or 15%, from approximately $1.0 million in the second
quarter of 2022 to approximately $854,000 for the second quarter of
2023, which was attributable to a 33% decrease in the number of
specimens accessioned for the current period compared to the same
period in the prior year, offset by a $40, or 28%, increase in the
average cost per specimen.
Cost of revenue for the six-month period ended
June 30, 2023, was approximately $2 million compared to
approximately $2.2 million for the same period in 2022, a decrease
of 8%. The six-month period decrease was attributable to a 17%
decrease in the average cost per specimen impacted by the specimen
mix, offset by a 12% increase in the number of specimens
accessioned during the six months ended June 30, 2023, over the
same period in the prior year.
General and administrative expenses for the
three months ended June 30, 2023, increased by $183,000, to
approximately $1.8 million or 12%, compared to approximately $1.6
million for the same period in the prior year. For the six-month
period ended June 30, 2023, general and administrative expenses
increased by $100,000, to approximately $3.5 million or 3%,
compared to approximately $3.4 million during the same period in
the prior year.
Net loss was approximately $3.5 million, or
$(0.39) per share, for the second quarter of 2023, compared to a
net loss of approximately $2.6 million, or $(0.30) per share, for
the second quarter of 2022. Net loss was approximately $5.9
million, or $(0.66) per share, for the first six months of 2023,
compared to a net loss of approximately $5.0 million, or $(0.57)
per share, for the first six months of 2022.
As of June 30, 2023, iSpecimen had approximately
$2.0 million in cash and cash equivalents and approximately $6.2
million in available-for-sale securities, with the sum of both
classifications totaling approximately $8.2 million, compared to
cash of approximately $15.3 million as of December 31, 2022. This
decrease was primarily the result of an increased spend for
operating expenses of approximately $4.7 million and investments in
technology of approximately $2.7 million offset by increased
conversions of accounts receivable to cash of approximately
$300,000 during the first half of 2023.
For more information on our financial results
and other information relating to iSpecimen for the second quarter
of 2023, including the Company’s unaudited financial statements for
the three-month period ended June 30, 2023, please see the
Company’s Report on Form 10-Q for the Quarterly Period ended June
30, 2023, which will be filed with the Securities and Exchange
Commission (“SEC”) on its Edgar database on today, August 2,
2023.
Conference Call and Webcast
Information
The Company will host a conference call and audio webcast today,
August 2, 2023 at 8:30 a.m. Eastern Time featuring remarks by Tracy
Curley, CEO.
Event: |
iSpecimen Second Quarter 2023
Results Conference Call |
Date: |
Wednesday, August 2, 2023 |
Time: |
8:30 a.m. Eastern Time |
Live
Call: |
+1-844-826-3035 (U.S. Toll
Free) or +1-412-317-5195 (International) |
Webcast: |
https://viavid.webcasts.com/starthere.jsp?ei=1621940&tp_key=e0a2fff245 |
|
|
For interested individuals unable to join the conference call, a
replay will be available through August 16, 2023, at
+1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671
(International). Participants must use the following code to access
the replay of the call: 10180082. An archived version of the
webcast will also be available on iSpecimen’s Investor Relations
site: https://investors.ispecimen.com/presentations/.
About iSpecimeniSpecimen
(Nasdaq: ISPC) offers an online marketplace for human biospecimens,
connecting scientists in commercial and non-profit organizations
with healthcare providers that have access to patients and
specimens needed for medical discovery. Proprietary, cloud-based
technology enables scientists to intuitively search for specimens
and patients across a federated partner network of hospitals, labs,
biobanks, blood centers and other healthcare organizations. For
more information, please visit www.ispecimen.com.
Forward Looking StatementsThis
press release may contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Such forward-looking statements are characterized by future or
conditional verbs such as "may," "will," "expect," "intend,"
"anticipate," “believe," "estimate" and "continue" or similar
words. You should read statements that contain these words
carefully because they discuss future expectations and plans, which
contain projections of future results of operations or financial
condition or state other forward-looking information.
Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this press release, including but not limited to the
risk factors contained in the Company's filings with the SEC, which
are available for review at www.sec.gov. Forward-looking statements
speak only as of the date they are made. New risks and
uncertainties arise over time, and it is not possible for the
Company to predict those events or how they may affect the Company.
If a change to the events and circumstances reflected in the
Company's forward-looking statements occurs, the Company's
business, financial condition and operating results may vary
materially from those expressed in the Company's forward-looking
statements.
Readers are cautioned not to put undue reliance
on forward-looking statements, and the Company assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise.
For further information, please contact:
Investor ContactKCSA Strategic
CommunicationsPhil Carlson / Erika Kay iSpecimen@kcsa.com
Media ContactsKCSA Strategic
CommunicationsRaquel Cona / Shana MarinoiSpecimen@kcsa.com
iSpecimen Inc.Condensed Balance
Sheets |
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
December 31, 2022 |
ASSETS |
|
(Unaudited) |
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
2,004,500 |
|
|
$ |
15,308,710 |
|
Available-for-sale securities |
|
|
6,209,491 |
|
|
|
— |
|
Accounts receivable – unbilled |
|
|
1,098,356 |
|
|
|
2,327,789 |
|
Accounts receivable, net of allowance for doubtful accounts of
$492,609 and $230,999 at June 30, 2023 and
December 31, 2022, respectively |
|
|
1,458,845 |
|
|
|
1,597,915 |
|
Prepaid expenses and other current assets |
|
|
187,769 |
|
|
|
300,434 |
|
Tax credit receivable |
|
|
12,332 |
|
|
|
140,873 |
|
Total current assets |
|
|
10,971,293 |
|
|
|
19,675,721 |
|
Property and equipment, net |
|
|
163,871 |
|
|
|
225,852 |
|
Internally developed software, net |
|
|
6,300,465 |
|
|
|
4,503,787 |
|
Operating lease right-of-use asset |
|
|
107,115 |
|
|
|
184,692 |
|
Security deposits |
|
|
27,601 |
|
|
|
27,601 |
|
Total assets |
|
$ |
17,570,345 |
|
|
$ |
24,617,653 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
1,779,920 |
|
|
$ |
2,459,063 |
|
Accrued expenses |
|
|
882,274 |
|
|
|
1,531,238 |
|
Operating lease current obligation |
|
|
107,975 |
|
|
|
158,451 |
|
Deferred revenue |
|
|
89,601 |
|
|
|
132,335 |
|
Total current liabilities |
|
|
2,859,770 |
|
|
|
4,281,087 |
|
Operating lease long-term
obligation |
|
|
— |
|
|
|
27,396 |
|
Total liabilities |
|
|
2,859,770 |
|
|
|
4,308,483 |
|
|
|
|
|
|
|
|
Commitments and contingencies
(See Note 8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
Common stock, $0.0001 par value, 200,000,000 shares authorized,
9,094,274 issued, and 9,063,274 outstanding at June 30, 2023
and 8,956,808 issued and 8,925,808 outstanding at
December 31, 2022 |
|
|
906 |
|
|
|
892 |
|
Additional paid-in capital |
|
|
68,889,903 |
|
|
|
68,573,774 |
|
Treasury stock, 31,000 shares at June 30, 2023 and
December 31, 2022, at cost |
|
|
(172 |
) |
|
|
(172 |
) |
Accumulated other comprehensive income |
|
|
688 |
|
|
|
— |
|
Accumulated deficit |
|
|
(54,180,750 |
) |
|
|
(48,265,324 |
) |
Total stockholders’ equity |
|
|
14,710,575 |
|
|
|
20,309,170 |
|
Total liabilities and stockholders’ equity |
|
$ |
17,570,345 |
|
|
$ |
24,617,653 |
|
See accompanying notes to these unaudited
condensed financial statements.
iSpecimen Inc.Condensed Statements of
Operations and Comprehensive
Loss(Unaudited) |
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
1,625,140 |
|
|
$ |
2,338,688 |
|
|
$ |
4,575,339 |
|
|
$ |
4,857,348 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
853,633 |
|
|
|
999,743 |
|
|
|
2,000,545 |
|
|
|
2,165,659 |
|
Technology |
|
|
843,099 |
|
|
|
635,650 |
|
|
|
1,677,506 |
|
|
|
1,163,173 |
|
Sales and marketing |
|
|
977,748 |
|
|
|
950,563 |
|
|
|
2,025,346 |
|
|
|
1,697,994 |
|
Supply development |
|
|
291,360 |
|
|
|
242,380 |
|
|
|
614,862 |
|
|
|
424,450 |
|
Fulfillment |
|
|
462,672 |
|
|
|
519,994 |
|
|
|
891,692 |
|
|
|
963,788 |
|
General and administrative |
|
|
1,758,451 |
|
|
|
1,575,365 |
|
|
|
3,469,633 |
|
|
|
3,385,679 |
|
Total operating expenses |
|
|
5,186,963 |
|
|
|
4,923,695 |
|
|
|
10,679,584 |
|
|
|
9,800,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(3,561,823 |
) |
|
|
(2,585,007 |
) |
|
|
(6,104,245 |
) |
|
|
(4,943,395 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense),
net |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(3,535 |
) |
|
|
(42,273 |
) |
|
|
(7,070 |
) |
|
|
(80,321 |
) |
Interest income |
|
|
110,882 |
|
|
|
13,881 |
|
|
|
225,144 |
|
|
|
26,535 |
|
Other income (expense), net |
|
|
(29,138 |
) |
|
|
6,590 |
|
|
|
(29,255 |
) |
|
|
6,630 |
|
Total other income (expense),
net |
|
|
78,209 |
|
|
|
(21,802 |
) |
|
|
188,819 |
|
|
|
(47,156 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(3,483,614 |
) |
|
$ |
(2,606,809 |
) |
|
$ |
(5,915,426 |
) |
|
$ |
(4,990,551 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(3,483,614 |
) |
|
$ |
(2,606,809 |
) |
|
$ |
(5,915,426 |
) |
|
$ |
(4,990,551 |
) |
Unrealized gain (loss) on available-for-sale securities |
|
|
(18,155 |
) |
|
|
— |
|
|
|
688 |
|
|
|
— |
|
Total other comprehensive income |
|
|
(18,155 |
) |
|
|
— |
|
|
|
688 |
|
|
|
— |
|
Comprehensive loss |
|
$ |
(3,501,769 |
) |
|
$ |
(2,606,809 |
) |
|
$ |
(5,914,738 |
) |
|
$ |
(4,990,551 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share - basic and
diluted |
|
$ |
(0.39 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.66 |
) |
|
$ |
(0.57 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares of common stock outstanding - basic and
diluted |
|
|
9,033,868 |
|
|
|
8,821,698 |
|
|
|
9,011,644 |
|
|
|
8,793,723 |
|
See accompanying notes to these unaudited
condensed financial statements.
iSpecimen (NASDAQ:ISPC)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
iSpecimen (NASDAQ:ISPC)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024