Craig-Hallum bullish on iSpecimen as Next Day Quoting fuels revene growth

Craig-Hallum analyst Matt Hewitt notes iSpecimen’s Q2 results exceeded the firm’s expectations, which Craig-Hallum attributes to the company’s growth initiatives, implemented at the end of FY23, starting to bear fruit. In particular, the Next Day Quoting initiative has significantly contributed to meaningful revenue growth, Craig-Hallum says. The firm continues to view iSpecimen as the rare example of a publicly traded e-commerce company that’s still in the first or second inning of its growth cycle. With a decent balance sheet, a highly scalable business model, and demand that’s driven by multiple verticals within healthcare, Craig-Hallum sees the potential for iSpecimen to become the go-to platform for human biospecimens and to generate revenue many multiples of what it is today. As such, the firm keeps a Buy rating and a price target of $3 on the shares.