Ispecimen Inc. Financials
This page shows Ispecimen Inc. (ISPC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
iSpecimen is funding operations externally while current-scale revenue contributes almost nothing after direct service costs.
In FY2025, gross margin collapsed to1.3% while free cash burn stayed near operating cash burn at-$4.2M , showing the drain is coming from weak current operations rather than heavy reinvestment. Cash ended at$6.9M only because financing supplied$10.2M , so the improvement in near-term liquidity came from outside capital, not from a self-funding model.
The revenue drop to
This is now an asset-light cash burn story, not a capex story. Capital spending was only
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Ispecimen Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Ispecimen Inc. has an operating margin of -465.4%, meaning the company retains $-465 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -137.0% the prior year.
Ispecimen Inc.'s revenue declined 79.2% year-over-year, from $9.3M to $1.9M. This contraction results in a growth score of 0/100.
Ispecimen Inc. has a moderate D/E ratio of 2.09. This balance of debt and equity financing earns a leverage score of 59/100.
Ispecimen Inc.'s current ratio of 1.12 is below the typical benchmark, resulting in a score of 17/100. However, the company holds substantial cash reserves (110% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
While Ispecimen Inc. generated -$4.2M in operating cash flow, capex of $454 consumed most of it, leaving -$4.2M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Ispecimen Inc. generates a -339.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -377.5% the prior year.
Ispecimen Inc. passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Ispecimen Inc. generates $0.40 in operating cash flow (-$4.2M OCF vs -$10.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Ispecimen Inc. earns $-4606.4 in operating income for every $1 of interest expense (-$9.0M vs $2K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Ispecimen Inc. generated $1.9M in revenue in fiscal year 2025. This represents a decrease of 79.2% from the prior year.
Ispecimen Inc.'s EBITDA was -$7.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 30.5% from the prior year.
Ispecimen Inc. reported -$10.5M in net income in fiscal year 2025. This represents an increase of 16.1% from the prior year.
Ispecimen Inc. earned $-2.28 per diluted share (EPS) in fiscal year 2025. This represents an increase of 87.0% from the prior year.
Cash & Balance Sheet
Ispecimen Inc. generated -$4.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 48.9% from the prior year.
Ispecimen Inc. held $6.9M in cash against $0 in long-term debt as of fiscal year 2025.
Ispecimen Inc. had 211,965 shares outstanding in fiscal year 2025. This represents a decrease of 87.5% from the prior year.
Margins & Returns
Ispecimen Inc.'s gross margin was 1.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 41.7 percentage points from the prior year.
Ispecimen Inc.'s operating margin was -465.4% in fiscal year 2025, reflecting core business profitability. This is down 328.4 percentage points from the prior year.
Ispecimen Inc.'s net profit margin was -543.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 409.2 percentage points from the prior year.
Ispecimen Inc.'s ROE was -339.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 37.9 percentage points from the prior year.
Capital Allocation
Ispecimen Inc. invested $454 in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 98.6% from the prior year.
ISPC Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $156K+201.4% | $52K-51.4% | $107K-85.1% | $713K-32.6% | $1.1M-28.3% | $1.5M-44.6% | $2.7M-7.0% | $2.9M |
| Cost of Revenue | $84K-85.9% | $599K+192.7% | $205K-53.9% | $444K-32.4% | $657K-50.4% | $1.3M-14.8% | $1.6M+9.1% | $1.4M |
| Gross Profit | $72K+113.1% | -$547K-458.2% | -$98K-136.4% | $269K-32.8% | $400K+164.4% | $151K-86.3% | $1.1M-23.0% | $1.4M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $680K-24.5% | $901K+4.3% | $864K-8.9% | $948K+25.0% | $759K-62.4% | $2.0M+125.7% | $893K-15.4% | $1.1M |
| Operating Income | -$2.5M+5.6% | -$2.7M+5.0% | -$2.8M-55.4% | -$1.8M-11.2% | -$1.6M+71.9% | -$5.8M-242.5% | -$1.7M+21.8% | -$2.2M |
| Interest Expense | N/A | N/A | $2 | N/A | $2K-98.8% | $157K+2038.3% | $7K+64.6% | $4K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$2.3M+54.5% | -$5.0M-79.9% | -$2.8M-165.5% | -$1.0M+36.9% | -$1.7M+72.6% | -$6.0M-320.0% | -$1.4M+31.7% | -$2.1M |
| EPS (Diluted) | $-6.66 | N/A | $-0.48-14.3% | $-0.42+98.5% | $-28.55 | N/A | $-2.10 | $-3.72 |
ISPC Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.6M-30.7% | $9.5M+5.9% | $9.0M+49.1% | $6.0M-11.8% | $6.8M-26.8% | $9.4M-17.0% | $11.3M-5.4% | $11.9M |
| Current Assets | $3.5M-49.9% | $7.0M+93.1% | $3.6M+208.9% | $1.2M-23.7% | $1.5M-57.4% | $3.6M-23.0% | $4.7M-11.0% | $5.2M |
| Cash & Equivalents | $2.8M-59.0% | $6.9M+147.3% | $2.8M+372.6% | $589K-24.8% | $783K-58.3% | $1.9M+7.2% | $1.8M-18.6% | $2.2M |
| Inventory | N/A | N/A | N/A | N/A | N/A | $45K | N/A | N/A |
| Accounts Receivable | $133K+175.1% | $48K-60.1% | $121K-67.5% | $372K-36.0% | $582K-59.7% | $1.4M+48.3% | $974K+9.1% | $893K |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $5.8M-10.1% | $6.4M+8.7% | $5.9M+9.5% | $5.4M+4.6% | $5.2M-14.3% | $6.0M-7.8% | $6.5M+12.7% | $5.8M |
| Current Liabilities | $5.6M-10.1% | $6.2M+9.4% | $5.7M+10.2% | $5.2M+5.1% | $4.9M-14.7% | $5.8M-7.9% | $6.3M+7.8% | $5.8M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $814K-73.6% | $3.1M+0.5% | $3.1M+394.0% | $622K-62.7% | $1.7M-49.6% | $3.3M-29.8% | $4.7M-22.6% | $6.1M |
| Retained Earnings | -$84.6M-2.8% | -$82.4M-6.5% | -$77.3M-3.7% | -$74.6M-1.4% | -$73.5M-2.3% | -$71.9M-9.2% | -$65.8M-2.2% | -$64.4M |
ISPC Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.4M-266.6% | -$917K+55.0% | -$2.0M-958.9% | -$192K+82.5% | -$1.1M+69.3% | -$3.6M-231.0% | -$1.1M+29.9% | -$1.5M |
| Capital Expenditures | N/A | $0 | $0 | N/A | N/A | $8K-45.9% | $15K | $0 |
| Free Cash Flow | N/A | -$917K+55.0% | -$2.0M | N/A | N/A | -$3.6M-227.3% | -$1.1M+28.9% | -$1.5M |
| Investing Cash Flow | -$700K | $0+100.0% | -$1.0M | N/A | N/A | -$73K+59.4% | -$180K-161.0% | $295K |
| Financing Cash Flow | N/A | $5.0M-4.1% | $5.2M | N/A | N/A | $3.8M+338.6% | $860K-34.1% | $1.3M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0 |
ISPC Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.9%+1102.8pp | -1056.9%-965.0pp | -91.9%-129.7pp | 37.7%-0.1pp | 37.9%+27.6pp | 10.3%-31.4pp | 41.6%-8.6pp | 50.3% |
| Operating Margin | -1627.1%+3565.8pp | -5192.9%-2537.7pp | -2655.2%-2399.8pp | -255.4%-100.5pp | -154.9%+240.9pp | -395.8%-331.8pp | -64.1%+12.1pp | -76.2% |
| Net Margin | -1458.4%+8203.8pp | -9662.2%-7053.5pp | -2608.7%-2461.8pp | -146.8%+10.0pp | -156.8%+253.0pp | -409.8%-355.7pp | -54.1%+19.6pp | -73.7% |
| Return on Equity | -279.5%-117.6pp | -161.9%-71.5pp | -90.5%+77.9pp | -168.4%-69.0pp | -99.4%+83.2pp | -182.6%-152.1pp | -30.5%+4.1pp | -34.6% |
| Return on Assets | -34.4%+18.1pp | -52.5%-21.6pp | -30.9%-13.6pp | -17.3%+6.9pp | -24.2%+40.4pp | -64.7%-51.9pp | -12.8%+4.9pp | -17.7% |
| Current Ratio | 0.62-0.5 | 1.12+0.5 | 0.63+0.4 | 0.23-0.1 | 0.31-0.3 | 0.62-0.1 | 0.74-0.2 | 0.90 |
| Debt-to-Equity | 7.12+5.0 | 2.09+0.2 | 1.93-6.8 | 8.70+5.6 | 3.10+1.3 | 1.82+0.4 | 1.39+0.4 | 0.95 |
| FCF Margin | N/A | -1771.5%+138.3pp | -1909.7% | N/A | N/A | -242.7%-201.6pp | -41.1%+12.7pp | -53.8% |
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Frequently Asked Questions
What is Ispecimen Inc.'s annual revenue?
Ispecimen Inc. (ISPC) reported $1.9M in total revenue for fiscal year 2025. This represents a -79.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ispecimen Inc.'s revenue growing?
Ispecimen Inc. (ISPC) revenue declined by 79.2% year-over-year, from $9.3M to $1.9M in fiscal year 2025.
Is Ispecimen Inc. profitable?
No, Ispecimen Inc. (ISPC) reported a net income of -$10.5M in fiscal year 2025, with a net profit margin of -543.7%.
What is Ispecimen Inc.'s EBITDA?
Ispecimen Inc. (ISPC) had EBITDA of -$7.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Ispecimen Inc.'s gross margin?
Ispecimen Inc. (ISPC) had a gross margin of 1.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Ispecimen Inc.'s operating margin?
Ispecimen Inc. (ISPC) had an operating margin of -465.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Ispecimen Inc.'s net profit margin?
Ispecimen Inc. (ISPC) had a net profit margin of -543.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Ispecimen Inc.'s return on equity (ROE)?
Ispecimen Inc. (ISPC) has a return on equity of -339.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Ispecimen Inc.'s free cash flow?
Ispecimen Inc. (ISPC) generated -$4.2M in free cash flow during fiscal year 2025. This represents a 48.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ispecimen Inc.'s operating cash flow?
Ispecimen Inc. (ISPC) generated -$4.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Ispecimen Inc.'s total assets?
Ispecimen Inc. (ISPC) had $9.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ispecimen Inc.'s capital expenditures?
Ispecimen Inc. (ISPC) invested $454 in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Ispecimen Inc.'s current ratio?
Ispecimen Inc. (ISPC) had a current ratio of 1.12 as of fiscal year 2025, which is considered adequate.
What is Ispecimen Inc.'s debt-to-equity ratio?
Ispecimen Inc. (ISPC) had a debt-to-equity ratio of 2.09 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Ispecimen Inc.'s return on assets (ROA)?
Ispecimen Inc. (ISPC) had a return on assets of -110.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Ispecimen Inc.'s cash runway?
Based on fiscal year 2025 data, Ispecimen Inc. (ISPC) had $6.9M in cash against an annual operating cash burn of $4.2M. This gives an estimated cash runway of approximately 19 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Ispecimen Inc.'s Piotroski F-Score?
Ispecimen Inc. (ISPC) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ispecimen Inc.'s earnings high quality?
Ispecimen Inc. (ISPC) has an earnings quality ratio of 0.40x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Ispecimen Inc. cover its interest payments?
Ispecimen Inc. (ISPC) has an interest coverage ratio of -4606.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Ispecimen Inc.?
Ispecimen Inc. (ISPC) scores 13 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.