iSpecimen Reports Third Quarter 2023 Financial and Operating Results Sequential Quarterly Revenue Growth of 75% Driven by Enhanced Operational Efficiencies of iSpecimen Marketplace and Rollout of New Business Initiatives

Third Quarter 2023 Financial and Operating Results

Sequential Quarterly Revenue Growth of 75%

Driven by Enhanced Operational Efficiencies of iSpecimen Marketplace and Rollout of New Business Initiatives

LEXINGTON, Mass., November 2, 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, today reported

its financial and operating results for the three and nine month periods ended September 30, 2023.

Q3 2023 Financial Results & Recent

Operational Highlights

Tracy Curley, Chief Executive Officer of iSpecimen,

stated, "Our third quarter results highlight the success of our efforts to improve operational efficiencies. I am extremely encouraged

by the positive turnaround of our results in the third quarter compared to the second quarter, which combined with our recent cost cutting

initiatives, adds to my belief that we are on track with our target to become cash flow neutral by year end."

Curley added, "One of the most impactful

initiatives we completed in the third quarter of 2023 was the rollout of our Next-Day Quote Program. This effort has been successful in

expediting the biospecimen procurement process, resulting in greatly improved order fulfillment levels, as evidenced by a significant

increase in conversions from quote to purchase orders during the third quarter. I am confident that iSpecimen will continue to benefit

from the improvements we've made to drive efficiencies and increase revenue opportunities throughout our business."

"Finally, we made strong progress advancing

our Cancer Sequencing Procurement Program during the third quarter, which is a key revenue enhancing project for iSpecimen. As one of

a select number of companies capable of offering large-scale, on-demand cancer sequenced specimens, we are seeing tremendous interest

for these high-demand specimens and believe we can play an integral role in supporting the advancement of cancer research with this program.

We are encouraged by our operational and financial progress, as well as the increasing strength of the core business and prospects of

our Cancer Sequencing Program. We are assuredly much stronger and far better positioned for success than we were at the beginning of the

year," concluded Curley.

Q3 2023 iSpecimen Business Developments

Subsequent Operational Highlights

Financial Results for the Three and Nine Month

Periods Ended September 30, 2023

Revenue increased 8% to $2.8 million for the third

quarter of 2023, compared to $2.6 million for the third quarter of 2022, and increased 75% compared to $1.6 million for the second quarter

of 2023. The increase in the third quarter ended September 30, 2023 was primarily attributable to an increase of 527 specimens, or

11%, in specimen count to 5,367 specimens, compared with 4,840 specimens in the three months ended September 30, 2022. The effect

of the increase in specimen count was partially offset by a change in the specimen mix which caused the average selling price per specimen

to decrease 3% to $518 per specimen for the three months ended September 30, 2023, compared with $534 per specimen of the same period

For the nine-month period ended September 30,

2023, iSpecimen reported revenue of $7.35 million, compared to $7.44 million during the same period last year. The slight decrease in

revenue was primarily attributable to an 11% decrease in average selling price per specimen to $394, compared to $444 per specimen in

the nine months ended September 30, 2022. The decrease in average selling price per specimen was offset by an 11% increase, or 18,678

specimens accessioned, compared to 16,768 specimens accessioned in the nine months ended September 30, 2022.

Cost of revenue increased by $211,000, or 18%,

to $1.4 million for the nine-month period ended September 30, 2023, compared to $1.2 million in the third quarter of 2022, which

was attributable to a $15 per specimen, or 6%, increase in the average cost per specimen and an 11% increase in the number of specimens

accessioned for the current period, compared to the same period in the prior year.

Cost of revenue for the

nine-month period ended September 30, 2023, was $3.39 million, compared to $3.35 million for the same period in 2022. The slight

increase was attributable to an 11% increase in the number of specimens accessioned during the nine months ended September 30, 2023,

over the same period in the prior year. This increase was offset by an $18 per specimen, or 9%, decrease in the average cost per specimen,

impacted by the specimen mix, during the nine-month period ended September 30, 2023, compared to the same period in 2022.

General and administrative expenses for the three

months ended September 30, 2023, decreased by $1.1 million or 51%, to approximately $1.1 million, compared to $2.2 million for the

same period in the prior year. For the nine-month period ended September 30, 2023, general and administrative expenses decreased

by $1.1 million, or 20%, to approximately $4.5 million, compared to approximately $5.6 million during the same period in the prior year.

Net loss was $2.1 million, or $(0.23) per share,

for the third quarter of 2023, compared to a net loss of $3.1 million, or $(0.35) per share for the third quarter of 2022. For the first

nine months of 2023, net loss was approximately $8.0 million, or $(0.89) per share, compared to a net loss of approximately $8.1 million,

or $(0.92) per share for the first nine months of 2022.

Through the first nine months of 2023, the Company

had a cash burn of $9.7 million, primarily comprised of $6.2 million for operating expenses and $3.5 million of investments to further

develop the iSpecimen Marketplace technology, with plans to invest at a lower level in the remainder of the year.

As of September 30, 2023, iSpecimen had approximately

$2.7 million of cash and cash equivalents and approximately $2.9 million of available-for-sale securities, or $5.6 million combined, as

of September 30, 2023, compared to a cash balance of approximately $15.3 million as of December 31, 2022.

For more information on our financial results

and other information relating to iSpecimen for the third quarter of 2023, including the Company's unaudited financial statements

for the three-month period ended September 30, 2023, please see the Company's Report on Form 10-Q for the Quarterly Period

ended September 30, 2023, which will be filed with the Securities and Exchange Commission ("SEC") on its Edgar database

on today, November 2, 2023.

Conference Call and Webcast Information

The Company will host a conference call and audio webcast today, November 2,

2023 at 8:30 a.m. Eastern Time featuring remarks by Tracy Curley, CEO.

For interested individuals unable to join the

conference call, a replay will be available through November 16, 2023, 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: 68130784. An archived version of the webcast will also be

available on iSpecimen's Investor Relations site: https://investors.ispecimen.com/presentations/.

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: