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iSpecimen (ISPC)
NASDAQ:ISPC
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iSpecimen
(NASDAQ:ISPC)
Rating:40Underperform
Price Target:
$1.00
▼(-5.66%Downside)
iSpecimen (ISPC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.82M
Dividend YieldN/A
Average Volume (3M)45.86K
Price to Earnings (P/E)―
Beta (1Y)0.03
Revenue Growth-13.05%
EPS Growth49.76%
CountryUS
Employees24
SectorHealthcare
Sector Strength58
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)-0.71
Shares Outstanding2,496,858
10 Day Avg. Volume48,343
30 Day Avg. Volume45,860
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)0.60
Price to Sales (P/S)0.00
P/FCF Ratio-1.35
Enterprise Value/Market Cap-1.06
Enterprise Value/Revenue-0.08
Enterprise Value/Gross Profit-1.07
Enterprise Value/Ebitda0.09
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
iSpecimen Business Overview & Revenue Model
Company DescriptioniSpecimen Inc. provides technology that connects life science researchers who need human biofluids, tissues, and living cells for their research with biospecimens available in healthcare provider organizations worldwide. Its cloud-based technology enables scientists to search for specimens and patients across a network of hospitals, labs, biobanks, blood centers, and other healthcare organizations. The company develops and operates iSpecimen Marketplace, a proprietary online marketplace platform that connects medical researchers who need access to subjects, samples, and data with hospitals, laboratories, and other organizations who have access to them. It serves biopharmaceutical companies, in vitro diagnostic companies, and government/academic institutions. The company was incorporated in 2009 and is headquartered in Lexington, Massachusetts.
How the Company Makes MoneyiSpecimen makes money primarily through transaction fees charged to researchers and organizations that procure biospecimens via its platform. The company partners with hospitals, laboratories, and biobanks to source diverse and high-quality specimens, creating a robust supply chain. Revenue is generated from the fees applied to each transaction facilitated on their marketplace, and they may also earn through subscription or service fees for access to additional platform features. Strategic partnerships with healthcare providers enhance their specimen network, contributing to the company's ability to attract more researchers and drive transactions.
iSpecimen Earnings Call Summary
Earnings Call Date:May 13, 2025
(Q2-2024)
| % Change Since: -9.40%|
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
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.30
Negative
Balance Sheet
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.45
Neutral
Cash Flow
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.40
Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 9.29M | 9.93M | 10.40M | 11.14M | 8.18M | Gross Profit |
| 3.99M | 5.11M | 5.65M | 5.89M | 4.60M | EBIT |
| -12.73M | -11.17M | -10.19M | -5.93M | -2.41M | EBITDA |
| -12.73M | -9.10M | -8.80M | -5.86M | -1.74M | Net Income Common Stockholders |
| -12.50M | -11.10M | -9.04M | -10.02M | -6.76M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 1.88M | 5.01M | 15.31M | 27.74M | 695.91K | Total Assets |
| 9.35M | 15.82M | 24.62M | 35.72M | 6.21M | Total Debt |
| 312.17K | 196.24K | 185.85K | 3.42M | 12.77M | Net Debt |
| -1.57M | -2.15M | -15.12M | -24.32M | 12.07M | Total Liabilities |
| 6.04M | 6.08M | 4.31M | 5.93M | 33.49M | Stockholders Equity |
| 3.31M | 9.74M | 20.31M | 29.79M | -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 Flow |
| 1.98M | -7.23M | -3.19M | -1.04M | -1.10M | Financing Cash Flow |
| 5.82M | 70.89K | -3.42M | 38.75M | 2.03M |
iSpecimen Technical Analysis
Negative
1.06
Price Trends
1.20
Negative
1.44
Negative
2.82
Negative
Market Momentum
>-0.01
Positive
37.75
Neutral
28.91
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ISPC, the sentiment is Negative. The current price of 1.06 is below the 20-day moving average (MA) of 1.18, below the 50-day MA of 1.20, and below the 200-day MA of 2.82, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 37.75 is Neutral, neither overbought nor oversold. The STOCH value of 28.91 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 (54)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
54 Neutral | $5.41B | 3.27 | -45.10% | 3.29% | 16.81% | 0.02% | |
42 Neutral | $2.63M | ― | -141.39% | ― | -58.46% | 47.98% | |
40 Underperform | $2.82M | ― | -265.37% | ― | -13.05% | 49.76% | |
39 Underperform | $4.13M | ― | ― | 3.53% | 52.86% | ||
34 Underperform | $2.49M | ― | -358.41% | ― | ― | 71.89% | |
26 Underperform | $4.73M | ― | -74.17% | ― | ― | ― | |
| $5.35M | ― | -24.75% | ― | ― | ― |
* Healthcare Sector Average
Performance Comparison
ISPC
iSpecimen
1.06
-7.56
-87.70%
AWHL
Aspira Women's Health
0.14
-1.60
-91.95%
APDN
Applied DNA Sciences
4.68
-340.32
-98.64%
CHEK
Check-Cap
0.74
-1.50
-66.96%
NDRA
ENDRA Life Sciences
3.45
-239.80
-98.58%
BGLC
BioNexus Gene Lab Corp
2.76
-1.74
-38.67%
iSpecimen Corporate Events
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.