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-Record Nine-Month Revenue of $8.6 Million Surpassing Full-Year Revenue for 2020-

LEXINGTON, Mass.Nov. 4, 2021 /PRNewswire/ — iSpecimen Inc. (Nasdaq: ISPC) (“iSpecimen” or the “Company”), an online marketplace for human biospecimens, today reported its financial results for the three and nine-month periods ended September 30, 2021.

“In the third quarter of 2021, we continued to achieve strong growth in our core biospecimen business, while simultaneously expanding our market penetration through increased sales and marketing initiatives,” said Christopher Ianelli, MD, PhD, CEO and President of iSpecimen. “These efforts contributed to nine-month 2021 revenue results that have already surpassed our full-year revenue for 2020. At the same time, we increased our number of supplier organizations under agreement to nearly 200 while growing our registered users on the iSpecimen Marketplace.”

Dr. Ianelli added, “iSpecimen continues to execute its strategic initiatives to broaden our service offerings and expand our number of supplier organizations under agreement to grow our procurement reach and data assets. At the same time, we are assessing potential investments that can further enhance our technology and expand our capabilities. We believe these efforts will allow us to increase our value proposition for users and suppliers, increase our sales momentum and drive long-term revenue growth and shareholder value.”

Q3 2021 Financial & Operational Highlights

  • Revenue increased 21% to $2.7 million for the third quarter of 2021, compared to $2.3 million for the same period in 2020.
  • Revenue increased 57% to $8.6 million for the first nine months of 2021, compared to $5.5 million for the same period in 2020.
  • Unique supplier organizations under agreement were 197 as of September 30, 2021, up from 190 organizations at the end of the second quarter of 2021.
  • Unique customer organizations with purchases totaled 398 as of September 30, 2021, an increase from 378 as of June 30, 2021.
  • iSpecimen Marketplace had approximately 4,900 registered research and supplier users as of September 30, 2021, up 30% year-over-year.
  • As of September 30, 2021, iSpecimen received $12.8 million in purchase orders year-to-date, up 30% year-over-year.

Recent Corporate Updates

  • Launched an Enhanced Custom Biofluids Collection Service to offer U.S. researchers and life sciences organizations a new rapid delivery option. The new offering significantly improves specimen availability for organizations involved in cancer research and development including basic research, the development of new treatments, such as molecular and genomic-targeted therapies and immunotherapies, and the development of new diagnostic tests, including liquid biopsies.
  • Expanded network with a new wave of suppliers to offer increasingly comprehensive selections of annotated cancer tissue, biofluids, and cells through iSpecimen Marketplace. In addition, launched a partnership with a new European healthcare organization offering 17 forms of biofluids, solid tissue, and stem and immune cells from cancer patients, as well as healthy controls. The specimens represent more than 30 categories of cancer.
  • Enhanced global biospecimen supplier network to offer increasingly comprehensive selections of whole blood, plasma and other biofluids to help accelerate the development of liquid biopsies. In connection with the development of liquid biopsies, iSpecimen is working closely with another U.S.-based organization with numerous blood donation centers across the country and access to tens of thousands of donors registered to provide blood for research.
  • Joined the Russell Microcap® Index in late September, as part of the 2021 Russell indexes reconstitution. Membership in the Russell Microcap® Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes.
  • Appointed Erik Uribe as Director of Global Implementations. Uribe joined from Discovery Life Sciences, where he led all global system implementation projects. Uribe will be responsible for advancing the development of the iSpecimen Marketplace™ and tightening its integration with customer and supplier workflows and systems to ensure a continuously streamlined experience

Financial Results for the Third Quarter of 2021

Revenue for the third quarter of 2021 increased 21% to $2.7 million, compared to approximately $2.3 million for the same period in 2020. This increase was primarily driven by the success of its maturing sales team, continued demand for specimens from patients with known COVID-19 test results, and an increasing demand for specimens in non-COVID-19 research areas. For the third quarter of 2021, COVID-19 related revenue accounted for approximately 34% of total revenue, compared to 63% for the third quarter of 2020. COVID-19 related revenue is expected to continue to decline, while being replaced by increased demand for specimens in non-COVID-19 research areas.

Cost of revenue was $0.9 million for the third quarter of 2021, consistent with the prior year. This was attributable to a 14% increase in the average cost per specimen impacted by the specimen mix, offset by a decrease of 12% in the number of specimens accessioned for the current period compared to the same period in 2020.

General and administrative expenses were $1.7 million for the third quarter of 2021, compared to $0.8 million for the third quarter of 2020. The year-over-year increase was primarily attributable to an increase in costs related to iSpecimen becoming a public company in the second quarter of this year, including increases in legal and accounting expenses, an increase in other general and administrative expenses related to amortization of internally developed software, associated software licenses, human resource related expenses, insurance costs and facility expenses, an increase in director and officer insurance, and an increase in payroll-related costs.

Net loss was approximately $1.1 million for the third quarter of 2021, compared to net loss of over $1.2 million for the same period in 2020.

Cash was approximately $9.8 million as of September 30, 2021.

Conference Call and Webcast Information

The Company will host a conference call and audio webcast today, Thursday, November 4th at 8:30 a.m. Eastern Time featuring remarks by Christopher Ianelli, MD, PhD, CEO and President, Tracy Curley, CFO, and Jill Mullan, COO.


iSpecimen Third Quarter 2021 Results Conference Call


Thursday, November 4, 2021


8:30 a.m. Eastern Time

Live Call:

+1-855-327-6838 (Toll Free) or + 1-604-235-2082 (International)


For interested individuals unable to join the conference call, a replay will be available through November 18, 2021, at +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International). Participants must use the following code to access the replay of the call: 10016869. An archived version of the webcast will also be available on iSpecimen’s Investor Relations site:

About iSpecimen
iSpecimen offers an online marketplace for human biospecimens, connecting life scientists in commercial and non-profit organizations with healthcare providers that have access to patients and specimens needed for medical discovery. Proprietary, cloud-based technology enables scientists to intuitively search for specimens and patients across a federated partner network of hospitals, labs, biobanks, blood centers, and other healthcare organizations. For more information about iSpecimen, please visit

Forward Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are characterized by future or conditional verbs such as “may,” “will,” “expect,” “intend,” “anticipate,” believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information.

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the risks factors contained in the Company’s filings with the Securities and Exchange Commission, which are available for review at Forward-looking statements speak only as of the date they are made. New risks and uncertainties arise over time, and it is not possible for the Company to predict those events or how they may affect the Company. If a change to the events and circumstances reflected in the Company’s forward-looking statements occurs, the Company’s business, financial condition and operating results may vary materially from those expressed in the Company’s forward-looking statements.

Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

For further information, please contact:

Investor Contact
KCSA Strategic Communications
Allison Soss / Scott Eckstein

Media Contact
Kaitlynn Cooney
For iSpecimen


iSpecimen Inc.

September 30, 2021

December 31, 2020

Current assets:
Cash $                             9,790,732 $                                695,909
Accounts receivable – unbilled                                1,750,744                                   652,761
Accounts receivable, net of allowance for doubtful accounts of $141,952 and $108,096 at September 30, 2021 and December 31, 2020, respectively                                2,718,682                                1,526,392
Inventory                                             –                                             –
Prepaid expenses and other current assets                                   459,321                                   417,929
Tax credit receivable, current portion                                   179,376


Total current assets                              14,898,855                                3,472,367
Property and equipment, net                                     44,749                                     75,589
Internally developed software, net                                2,650,867                                2,634,139
Tax credit receivable, net of current portion                                             –                                             –
Security deposits                                     27,601


Total assets $                           17,622,072

$                             6,209,696

Current liabilities:
Accounts payable $                                351,424 $                             1,792,432
Accrued expenses                                1,025,136                                   810,910
Accrued interest                                       7,510                                3,696,944
Convertible notes payable, related parties, net of unamortized debt discount and debt issuance costs                                             –                                5,490,811
Derivative liability for embedded conversion features on convertible notes payable                                             –                                2,373,000
Bridge notes payable, net of debt issuance costs                                     –                                4,589,228
Bridge notes payable, related parties                                     –                                1,905,000
Note payable, current portion                                             –                                   604,109
Deferred revenue                                   718,723


Total current liabilities                                2,102,793                              22,135,688
Note payable, net of current portion                                             –                                   178,899
Term loan                                3,428,380


Total liabilities                                5,531,173


Commitments and contingencies
Series B convertible preferred stock, $0.0001 par value, 3,200,000 shares authorized, 0 and 572,465 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively                                                –                                7,999,997
Series A-1 convertible preferred stock, $0.0001 par value, 556,550 shares authorized, 0 and 100,365 issued and outstanding at September 30, 2021 and December 31, 2020, respectively                                                –                                   561,041
Series A convertible preferred stock, $0.0001 par value, 3,427,871 shares authorized, 0 and 618,182 issued and outstanding at September 30, 2021 and December 31, 2020, respectively                                                –


Total convertible preferred stock                                                –


Stockholders’ equity (deficit)
Common stock, $0.0001 par value, 200,000,000 shares authorized, 6,996,758 issued, and 6,965,758 outstanding at September 30, 2021, and 16,000,000 shares authorized, 967,213 issued and 936,213 outstanding at December 31, 2020                                          697                                            94
Additional paid-in capital                              48,059,389                                1,779,698
Treasury stock, 31,000 shares at September 30, 2021 and December 31, 2020, at cost                                        (172)                                        (172)
Accumulated deficit                            (35,969,015)


Total stockholders’ equity (deficit)                              12,090,899


Total liabilities, convertible preferred stock and stockholders’ equity (deficit) $                           17,622,072

$                             6,209,696

iSpecimen Inc.
Three months ended September 30, Nine months ended September 30,




Revenue $                         2,718,534

$                        2,250,147

$                        8,586,217

$                        5,466,375

Operating expenses:
Cost of revenue                               913,833                              903,862                           4,026,680                           2,032,111
Technology                               543,581                              413,381                           1,315,331                           1,131,695
Sales and marketing                               513,107                              506,641                           1,690,085                           1,305,897
Supply development                               171,595                              133,007                              383,864                              395,200
Fulfillment                               399,145                              241,785                              955,516                              642,140
General and administrative                            1,636,346




Total operating expenses                            4,177,607




Loss from operations                          (1,459,073)




Other expense, net
Interest expense                               (75,922)                            (469,477)                        (2,062,548)                         (1,517,697)
Change in fair value of derivative liability on convertible notes                                         –                              (54,000)                            (271,000)                              (76,000)
Change in fair value of derivative liability on bridge notes and bridge notes, related parties                                         –                                       –                           1,582,700                                       –
Gain (loss) on extinguishment of bridge notes and bridge notes, related parties                                         –                                       –                         (2,740,425)                                       –
Loss on extinguishment of convertible notes and convertible notes, related parties                                         –                                       –                            (260,185)                                       –
Gain on extinguishment of note payable                                         –                                       –                              788,156                                       –
Other expense, net                               (21,687)                                       –                              (21,756)                                  6,691
Interest income                                   3,659




Other expense, net                               (93,950)




Income (loss) before benefit from income taxes                          (1,553,023)                         (1,246,469)                         (6,911,428)                         (3,058,540)
Benefit from income taxes                                         –




Net income (loss) $                       (1,553,023)

$                      (1,246,469)

$                      (6,911,428)

$                      (3,058,540)

Net income (loss) per share
    Basic and diluted $                                (0.22)

$                               (1.33)

$                               (2.17)

$                               (3.27)

Weighted average common shares outstanding
    Basic and diluted                            6,960,330