ISPC - iSpecimen Preannounces Third Quarter 2023 Revenue Increase of 60-70% Sequentially | Benzinga
LEXINGTON, Mass., Oct. 23, 2023 (GLOBE NEWSWIRE) -- 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, announced today preliminary financial results for the third quarter of 2023.
The Company expects third quarter 2023 revenue to be between $2.6 to $2.8 million, representing an increase of between 60% to 70% from second quarter 2023 revenue of $1.63 million. The launch of the iSpecimen's next-day quote program in the third quarter of 2023 is a key driver of the Company's higher financial performance for the third quarter of 2023, as it accelerates the biospecimen transaction process, leading to a condensed timeframe from opportunity through fulfillment of purchase orders. Due to this program, iSpecimen has recognized a conversion increase of 122% for quotes to purchase orders for the third quarter of 2023 compared to the blended quarterly average of the prior four quarters, demonstrating the positive impact of this program.
Tracy Curley, CEO of iSpecimen, commented, "In the first half of 2023, we focused largely on improving our operational performance across all departments and creating a line of business structure which leverages resources and the power of our proprietary online marketplace. Given our success in the implementations of these process improvement efforts and specifically with the immediate impact of our recently launched next-day quote program, we are projecting strong third quarter revenue and we expect continued growth to our top-line going forward."
The iSpecimen ...