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Ispecimen Inc (ISPC)
:ISPC
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iSpecimen (ISPC) AI Stock Analysis

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ISPC

iSpecimen

(NASDAQ:ISPC)

Rating:46Neutral
Price Target:
$1.50
▲(16.28%Upside)
iSpecimen's overall stock score is driven by significant financial challenges, including declining revenue and profitability. While technical indicators show some positive momentum, the company's valuation and compliance issues weigh heavily. Recent capital raising provides some relief but is offset by the Nasdaq non-compliance risk.

iSpecimen (ISPC) vs. SPDR S&P 500 ETF (SPY)

iSpecimen Business Overview & Revenue Model

Company DescriptioniSpecimen Inc. (ISPC) is a technology-driven company operating in the healthcare sector, specializing in the procurement and distribution of human biospecimens. The company provides a centralized marketplace that connects researchers with a diverse network of healthcare providers and biobanks. iSpecimen's platform streamlines the process of sourcing, managing, and delivering biological samples, which are critical for advancing medical research and development.
How the Company Makes MoneyiSpecimen makes money primarily through its marketplace platform, which facilitates the procurement of human biospecimens for research purposes. The company generates revenue by charging fees for matching researchers with biospecimen suppliers and for providing logistical services in the collection and delivery of specimens. Additionally, iSpecimen may earn through subscription or transaction-based models with its partners in the healthcare and biobanking sectors. Strategic partnerships with healthcare institutions and biobanks further enhance its revenue-generating capabilities by expanding its access to a wide range of sample types and increasing the platform's attractiveness to researchers.

iSpecimen Earnings Call Summary

Earnings Call Date:May 13, 2025
(Q2-2024)
|
% Change Since: 10.26%|
Next Earnings Date:Aug 12, 2025
Earnings Call Sentiment Positive
The earnings call highlighted strong revenue growth and significant operational improvements, particularly with the successful Next Day Quote program. However, challenges such as increased costs and a decrease in specimen count were noted. Despite some challenges, the overall tone was optimistic about future growth.
Q2-2024 Updates
Positive Updates
Significant Revenue Growth
Generated revenues of approximately $2.9 million in Q2 2024, a 76% increase compared to $1.6 million for the same period in the prior year.
Reduction in Cash Burn
Reduced cash burn from approximately $7.1 million in the first half of 2023 to $2.9 million for the first half of 2024, a 59% decrease.
Next Day Quote Program Success
The Next Day Quote program has been successful, with 58% of quotes converting to purchase orders in the first half of 2024.
Improvement in Supplier Network
Reduced the supplier network from 240 in 2023 to 105, while improving capabilities and quality.
New Leadership in Sales
Appointed Brielan Smiechowski as Senior Vice President of Sales and Business Development, bringing over 15 years of experience.
Negative Updates
Increased Cost of Revenue
Cost of revenue increased by approximately $570,000 or 67% in Q2 2024 compared to the same period in the prior year.
Decrease in Specimen Count
Specimen count decreased by 16% from 13,311 specimens in the first half of 2023 to 11,159 specimens in the first half of 2024.
Cash and Securities Decrease
Cash and available-for-sale securities decreased by approximately $2.9 million from December 31, 2023, to June 30, 2024.
Challenging Macro Environment
Customers remain cautious with investments due to a tough macro environment, affecting project prioritization.
Company Guidance
During the second quarter of 2024, iSpecimen reported revenue of approximately $2.9 million, a 76% increase from $1.6 million in the same period the previous year. This growth was driven by a 26% rise in specimen count, from 4,682 to 5,918, and a 39% increase in the average selling price per specimen, from $347 to $484. The company's Next Day Quote program significantly contributed to these results, with 44% of quotes provided under this program, up from 38% in Q4 2023. Additionally, 58% of these quotes converted to purchase orders in the first half of 2024. iSpecimen also achieved a 59% reduction in cash burn from $7.1 million in H1 2023 to $2.9 million in H1 2024. They focused on enhancing supplier quality, reducing their network from 240 to 105 suppliers while improving capabilities. Cost of revenue increased by 67% to $1.4 million, aligned with the growth in specimen count and average cost per specimen. The company reduced its cash spend for technology by 64%, from $1.5 million to $541,000, for Q2 2024. Overall, iSpecimen continues to refine operations and expects sustained success in the latter half of 2024.

iSpecimen Financial Statement Overview

Summary
iSpecimen faces significant financial challenges, including declining revenues, negative profitability, and cash flow issues. Despite some improvements in the balance sheet with reduced debt levels and improved equity ratios, the company's financial health remains weak, with persistent net losses and cash flow deficits. Strategic improvements are essential to stabilize and enhance financial performance.
Income Statement
30
Negative
The company has shown a declining trend in revenue and profitability. Gross Profit Margin decreased from 52.8% in 2020 to 42.9% in 2024. Net Profit Margins remain negative, with worsening EBIT and EBITDA margins, indicating operational inefficiency. Revenue has been declining from $11.13 million in 2021 to $9.29 million in 2024, showcasing negative growth.
Balance Sheet
45
Neutral
The balance sheet reflects a relatively high level of debt with a Debt-to-Equity Ratio of 0.09 in 2024, reduced from previous years. However, the negative equity in prior years raises concerns about financial stability. The equity ratio improved to 35.4% in 2024 from negative figures in earlier years, indicating some improvement in financial health.
Cash Flow
40
Negative
The company has consistently negative operating and free cash flows, with a significant cash burn. The operating cash flow to net income ratio is negative, highlighting issues in converting income into cash. Although free cash flow improved slightly in 2024 compared to previous years, it remains negative, indicating continued challenges in liquidity.
BreakdownDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue9.29M9.93M10.40M11.14M8.18M
Gross Profit3.99M5.11M5.65M5.89M4.60M
EBITDA-12.73M-9.10M-8.80M-5.86M-1.74M
Net Income-12.50M-11.10M-9.04M-10.02M-6.76M
Balance Sheet
Total Assets9.35M15.82M24.62M35.72M6.21M
Cash, Cash Equivalents and Short-Term Investments1.88M5.01M15.31M27.74M695.91K
Total Debt312.17K196.24K185.85K3.42M12.77M
Total Liabilities6.04M6.08M4.31M5.93M33.49M
Stockholders Equity3.31M9.74M20.31M29.79M-27.28M
Cash Flow
Free Cash Flow-8.30M-10.55M-9.01M-11.71M-1.39M
Operating Cash Flow-8.26M-5.81M-5.82M-10.67M-288.38K
Investing Cash Flow1.98M-7.23M-3.19M-1.04M-1.10M
Financing Cash Flow5.82M70.89K-3.42M38.75M2.03M

iSpecimen Technical Analysis

Technical Analysis Sentiment
Positive
Last Price1.29
Price Trends
50DMA
1.09
Positive
100DMA
1.16
Positive
200DMA
2.19
Negative
Market Momentum
MACD
0.03
Negative
RSI
61.73
Neutral
STOCH
70.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ISPC, the sentiment is Positive. The current price of 1.29 is above the 20-day moving average (MA) of 1.08, above the 50-day MA of 1.09, and below the 200-day MA of 2.19, indicating a neutral trend. The MACD of 0.03 indicates Negative momentum. The RSI at 61.73 is Neutral, neither overbought nor oversold. The STOCH value of 70.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ISPC.

iSpecimen Risk Analysis

iSpecimen disclosed 72 risk factors in its most recent earnings report. iSpecimen reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks

iSpecimen Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
61
Neutral
HK$17.40B5.81-7.44%3.53%11.55%-28.15%
48
Neutral
$6.21M
3.53%52.86%
46
Neutral
$4.93M-265.37%-13.05%49.76%
42
Neutral
$2.40M-141.39%-58.46%47.98%
34
Underperform
$3.97M-358.41%71.89%
26
Underperform
$4.33M-74.17%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
ISPC
iSpecimen
1.24
-4.02
-76.43%
AWHL
Aspira Women's Health
0.21
-1.10
-83.97%
APDN
Applied DNA Sciences
4.63
-276.62
-98.35%
CHEK
Check-Cap
0.74
-1.26
-63.00%
NDRA
ENDRA Life Sciences
5.28
-134.72
-96.23%

iSpecimen Corporate Events

Private Placements and FinancingBusiness Operations and Strategy
iSpecimen Completes Public Offering to Raise $4 Million
Positive
Jul 25, 2025

On July 23, 2025, iSpecimen Inc. entered into an underwriting agreement with WestPark Capital, Inc. to sell 5,714,283 securities in an underwritten public offering, closing on July 25, 2025. The offering raised approximately $4 million in gross proceeds, with net proceeds of around $3.53 million, which the company plans to use for marketing, a software purchase, and general corporate purposes. The offering enhances iSpecimen’s financial resources, potentially strengthening its market position and operational capabilities.

Executive/Board Changes
iSpecimen Appoints Anthony Lau to Board of Directors
Neutral
Jun 24, 2025

On June 18, 2025, Richard J. Paolone and John L. Brooks III resigned from the Board of Directors of iSpecimen Inc., with no disagreements cited regarding company operations or policies. Subsequently, on June 20, 2025, Anthony Lau was appointed to the Board, bringing extensive experience in corporate governance and financial oversight, which is expected to enhance the company’s governance and oversight capabilities.

Delistings and Listing ChangesRegulatory Filings and Compliance
iSpecimen Faces Nasdaq Non-Compliance Notice
Negative
Jun 5, 2025

On June 4, 2025, iSpecimen Inc. received a notification from Nasdaq indicating non-compliance with the minimum stockholders’ equity requirement of $2.5 million for continued listing on the Nasdaq Capital Market, as their equity was reported at $1,668,513. The company has 45 days to submit a compliance plan, and if accepted, may receive an extension of up to 180 days to meet the listing criteria, although there is no guarantee of acceptance or compliance.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jul 31, 2025