iSpecimen Releases Cancer Biospecimen Offering; Orders Anticipated of Over $9,500,000 Annually

Rhea-AI Summary

iSpecimen announced a major enhancement to its online biospecimen marketplace, expanding its searchable inventory of cancer samples across various tumor types. The company aims to streamline access to high-quality biospecimens for oncology research, supporting developments in therapies, diagnostics, and personalized medicine. Through new lead generation strategies and improved fulfillment timelines, iSpecimen projects potential orders worth $10,000,000 annually, expecting a 25% conversion rate leading to approximately 20% annual revenue growth.

Positive

• Projected annual orders of $10,000,000 with expected 25% conversion rate
• Anticipated 20% annual revenue growth
• Enhanced operational efficiency through shortened sales and fulfillment timelines
• Expanded searchable inventory of cancer biospecimens

Negative

• None.

WOBURN, Mass., Nov. 07, 2024 (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 a significant enhancement to its searchable inventory that provides researchers with increased access to a wide array of biospecimens vital to advancing oncology research and treatments.

The expanded inventory includes highly sought-after cancer samples across a variety of tumor types, stages, and patient demographics, enabling researchers to access the specific samples they need efficiently and by cancer type, including colorectal, breast, lung, ovarian, pancreatic, brain, and more. By streamlining the acquisition of specific, high-quality biospecimens, iSpecimen is shortening sales and fulfillment timelines, increasing profitable revenue and supporting breakthroughs in cancer research, including studies focused on the development of new therapies, diagnostics, and personalized medicine approaches.

"Our mission has always been to connect researchers with the specimens they need to drive impactful advancements in healthcare," said Annette Arnold, Vice President of Sales and Business Development of iSpecimen. "With this expanded oncology biospecimen offering, we are empowering researchers around the world with access to critical resources that can fast-track their discoveries in cancer treatment and diagnostics to support life-saving treatments. We are also shortening lead times for order fulfillment which the Company expects to drive profitability for shareholders.”

In addition, the Company has rolled out new strategies and tactics for lead generation leveraging email marketing, organic search, and search engine marketing to increase inbound order volume. “We have expanded the pool of potential revenue by developing key capabilities to generate demand with our customers, both returning and new. We estimate there are $10,000,000 worth of orders that can be converted annually. Assuming a possible 25% conversion rate, this will naturally lead to approximately 20% annual revenue growth. The sales team is excited to deliver on the Company’s anticipated growth plan.”

About iSpecimen
iSpecimen (Nasdaq: ISPC) offers an online marketplace for human biospecimens, connecting 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, please visit www.ispecimen.com.

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 risk factors contained in the Company’s filings with the SEC, which are available for review at www.sec.gov. 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 does 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
Phil Carlson
iSpecimen@kcsa.com

FAQ

What is iSpecimen's (ISPC) projected annual order value for cancer biospecimens?

iSpecimen (ISPC) projects potential orders worth $10,000,000 annually, with an expected 25% conversion rate.

What is iSpecimen's (ISPC) expected annual revenue growth from the new cancer biospecimen offering?

iSpecimen (ISPC) anticipates approximately 20% annual revenue growth from their enhanced cancer biospecimen offering.

What types of cancer samples does iSpecimen (ISPC) offer in their expanded inventory?

iSpecimen (ISPC) offers samples across various cancer types including colorectal, breast, lung, ovarian, pancreatic, brain, and more.

How is iSpecimen (ISPC) generating new leads for their biospecimen business?

iSpecimen (ISPC) is implementing new lead generation strategies through email marketing, organic search, and search engine marketing to increase inbound order volume.