iSpecimen Inc. (ISPC) Bundle
An Overview of iSpecimen Inc. (ISPC)
General Summary of iSpecimen Inc. (ISPC)
iSpecimen Inc. (ISPC), founded in 2010, specializes in providing human specimens for medical research and commercial applications. The company has developed a proprietary platform that connects customers with a diverse network of specimen suppliers, including hospitals and laboratories. As of 2024, iSpecimen offers a range of products and services, including biospecimen procurement, biobanking, and data services related to the specimens. The company has reported revenues of approximately $7.82 million for the nine months ended September 30, 2024, representing a 6% increase from $7.35 million in the same period of 2023.
Company's Financial Performance in the Latest Financial Reports
In the latest financial reports for the nine months ended September 30, 2024, iSpecimen reported a revenue of $7,815,608, up from $7,353,090 in 2023. This growth was attributed to a 5% increase in specimen count from 18,678 specimens to 19,620 specimens. The average selling price per specimen also saw a slight increase, rising from $394 to $398.
| Financial Metric | 2024 (Nine Months) | 2023 (Nine Months) | Change ($) | Change (%) |
|---|---|---|---|---|
| Revenue | $7,815,608 | $7,353,090 | $462,518 | 6% |
| Cost of Revenue | $3,978,557 | $3,393,079 | $585,478 | 17% |
| Net Loss | $(6,450,994) | $(8,026,527) | $1,575,533 | 20% |
The cost of revenue increased by 17% to $3,978,557, primarily due to a 12% increase in the average cost per specimen. The company's net loss improved to $(6,450,994), a 20% reduction compared to the previous year.
Introduction to iSpecimen as a Leader in the Industry
iSpecimen Inc. stands out as a leader in the biospecimen procurement industry, leveraging its advanced technology platform to streamline the process of specimen acquisition for research purposes. The company’s growth trajectory and strategic partnerships within the healthcare and research sectors position it as a key player in the market. With the increasing demand for human specimens in medical research, iSpecimen is well-positioned to capitalize on this trend and continue its expansion. For those interested in understanding the factors contributing to iSpecimen's success, further details can be explored below.
Mission Statement of iSpecimen Inc. (ISPC)
Mission Statement of iSpecimen Inc. (ISPC)
iSpecimen Inc. is dedicated to transforming the way biological specimens are acquired and utilized for research and clinical applications. The company's mission statement emphasizes their commitment to providing high-quality, ethically sourced specimens that meet the diverse needs of their clients in the medical and research communities.
Core Component 1: Quality Assurance
The first core component of iSpecimen's mission statement is their unwavering commitment to quality assurance. iSpecimen ensures that all specimens are collected, processed, and stored according to stringent quality control measures. This dedication to quality is reflected in their operational statistics:
| Metric | Value (2024) | Value (2023) |
|---|---|---|
| Specimen Count | 19,620 | 18,678 |
| Average Selling Price per Specimen | $398 | $394 |
| Revenue | $7,816,000 | $7,353,000 |
These figures indicate a strong increase in the overall specimen count while maintaining a steady average selling price, showcasing iSpecimen's efficiency in specimen acquisition and quality management.
Core Component 2: Ethical Sourcing
The second core component of the mission statement focuses on ethical sourcing practices. iSpecimen is committed to obtaining specimens in a manner that respects donor rights and complies with all regulatory guidelines. In 2024, the company faced increased scrutiny regarding sales tax liabilities, with an estimated liability of approximately $707,000 established for prior sales. This reflects their proactive approach to compliance and ethics in specimen sourcing.
Core Component 3: Customer-Centric Solutions
The final core component emphasizes delivering customer-centric solutions tailored to the unique needs of their clients. iSpecimen's operational strategies include personalized service and flexible specimen offerings, which are vital for their customers, including researchers and healthcare providers. The company's investment in technology has decreased significantly, from approximately $6.1 million in 2023 to about $3.2 million in 2024, allowing for more focused resource allocation towards customer service initiatives.
Overall, iSpecimen's mission statement encapsulates their core values of quality, ethics, and customer focus, driving their strategic objectives and operational practices in 2024.
Vision Statement of iSpecimen Inc. (ISPC)
Vision Statement Overview
The vision of iSpecimen Inc. as of 2024 is to revolutionize the way biospecimens are sourced and utilized in medical research. This vision is focused on enhancing the accessibility and efficiency of specimen procurement, which is critical for advancing healthcare solutions.
Innovation and Accessibility
iSpecimen aims to leverage technology to provide seamless access to a diverse range of biospecimens. The company's proprietary software facilitates the identification and location of required specimens, ensuring that researchers can quickly obtain the samples they need. This approach is designed to eliminate traditional inventory risks and improve the speed of research.
| Metric | 2023 | 2024 |
|---|---|---|
| Specimen Count | 18,678 | 19,620 |
| Average Selling Price per Specimen | $394 | $398 |
| Total Revenue | $7,353,000 | $7,816,000 |
Commitment to Quality
Quality assurance in specimen collection and processing is a cornerstone of iSpecimen's vision. The company is committed to maintaining high standards in specimen integrity, which is critical for reliable research outcomes. Continuous improvement initiatives are in place to enhance the quality control processes.
Collaborative Partnerships
iSpecimen's vision includes building strategic partnerships with hospitals, laboratories, and research institutions. By expanding its network, iSpecimen aims to enhance specimen availability and foster collaboration in medical research.
| Partnership Type | Number of Partnerships (2023) | Projected Number of Partnerships (2024) |
|---|---|---|
| Hospitals | 150 | 200 |
| Laboratories | 100 | 150 |
| Research Institutions | 75 | 100 |
Sustainability and Ethical Practices
As part of its vision, iSpecimen is committed to sustainable and ethical practices in biospecimen procurement. The company adheres to strict ethical guidelines to ensure that all specimens are collected with the consent of donors, thereby fostering trust and integrity in the research community.
Future Growth and Market Expansion
Looking ahead, iSpecimen aims to expand its market presence by enhancing its technological capabilities and broadening its specimen offerings. This growth strategy is focused on meeting the increasing demand for biospecimens in various research areas.
| Growth Metric | 2023 | 2024 |
|---|---|---|
| Revenue Growth Rate | 6% | Projected 7% |
| Market Share | 5% | Projected 6% |
Core Values of iSpecimen Inc. (ISPC)
Integrity
Integrity is a cornerstone value at iSpecimen Inc. (ISPC), reflecting the company's commitment to ethical practices and transparency. This value is critical for building trust with clients, partners, and stakeholders.
ISPC demonstrates its commitment to integrity through compliance with legal and regulatory standards across its operations. For instance, the company has actively engaged in obtaining sales tax exemption letters from customers, ensuring that its practices align with tax regulations. As of September 30, 2024, ISPC successfully reduced its sales tax liability to approximately $407,000, reflecting responsible financial management and ethical compliance.
Innovation
Innovation drives iSpecimen's growth strategy, pushing the company to develop cutting-edge solutions in the specimen procurement industry. This value is essential for maintaining competitiveness and meeting the evolving needs of research clients.
In 2024, iSpecimen invested significantly in technology, with total technology expenditures amounting to approximately $3,167,000, a decrease of 48% from the previous year due to strategic adjustments. This investment is directed towards enhancing its proprietary software platform, which optimizes specimen identification and retrieval processes.
Customer Focus
Customer focus is integral to iSpecimen's mission, ensuring that the needs and expectations of medical research clients are prioritized in all business operations.
For example, iSpecimen reported an increase in specimen count, reaching 19,620 specimens in the nine months ended September 30, 2024, up from 18,678 specimens during the same period in 2023. This 5% increase indicates a direct response to customer demand for more diverse specimen types.
Collaboration
Collaboration is vital for iSpecimen to forge strong partnerships and enhance operational efficiencies across its network of hospitals and laboratories.
The company has developed strategic alliances with multiple healthcare institutions, enabling access to a broader range of specimens. As of September 30, 2024, iSpecimen's revenues grew to approximately $7,816,000, marking a 6% increase compared to the prior year, largely attributed to collaborative efforts in specimen sourcing.
Accountability
Accountability at ISPC ensures that all employees and management are responsible for their actions, reinforcing a culture of trust and reliability.
The company has implemented rigorous reporting systems to track financial performance and operational metrics. For the nine months ending September 30, 2024, iSpecimen reported a net loss of $6,450,994, which was a reduction from a loss of $8,026,527 in the same period the previous year, demonstrating a commitment to improving financial accountability.
| Core Value | Description | Key Metrics |
|---|---|---|
| Integrity | Commitment to ethical practices and transparency | Sales tax liability reduced to $407,000 |
| Innovation | Focus on developing cutting-edge solutions | Technology expenditures of $3,167,000 |
| Customer Focus | Prioritizing client needs in operations | Specimen count increased to 19,620 |
| Collaboration | Enhancing partnerships for operational efficiency | Revenue growth to $7,816,000 |
| Accountability | Ensuring responsibility across the organization | Net loss reduced to $6,450,994 |
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Updated on 16 Nov 2024
Resources:
- iSpecimen Inc. (ISPC) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of iSpecimen Inc. (ISPC)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View iSpecimen Inc. (ISPC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.