Full Press Release Details
Organizational Changes to Enhance Operational Efficiencies and Drive Profitability
on Core Revenue Drivers, New Revenue Growth Opportunities from Recently Launched Sequencing Procurement Program and Expense Reductions
September 6, 2023 - 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 that the Board of Directors has approved an organizational restructuring plan to improve operational performance
and drive shareholder value.
immediate headcount reductions of approximately 20% of the Company's total workforce and additional expense reductions after streamlining
operations and rationalizing resources to focus on key market opportunities. Recently, the Company completed its implementation of lines
of business teams and next day quotes to shorten sales cycles, improve quote-to-purchase order ratios, increase fulfillment and accelerate
revenue generation. As a result of these changes, monthly expenses related to headcount, including other employee turnover during the
year, as well as all other monthly operational costs, are expected to decrease by approximately 29% and 52%, respectively, compared to
the average monthly costs for the first eight months of the year.
believes that the investments made during the first half of the year should allow the iSpecimen Marketplace to remain a leading source
for researchers in need of biospecimens. We remain committed to becoming cash flow neutral and then cash flow positive as quickly as
possible," said Tracy Curley, iSpecimen's CEO.
announced the launch of its virtual cancer sequencing procurement program aimed at providing researchers with consistent and direct
access to cancer tumor tissues. The genetic signatures of cancer tumor tissues provide important information necessary to develop new
treatments and diagnostics. Through this new offering, cancer researchers can advance their work by efficiently accessing these highly
sought tumor tissues from iSpecimen, overcoming the existing manual, time-consuming and costly process of requesting biospecimen samples
from multiple sources and suppliers.
concluded, "Capitalizing on our market position and leveraging our broad supplier network, we saw a tremendous opportunity to launch
our cancer sequencing program. We see strong demand for these highly valuable and challenging-to-obtain samples. This program relieves
a major bottleneck in cancer research today, and we are working to realize revenue from this new opportunity as quickly as possible."
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
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Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including
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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.
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or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
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