Mon, Apr 14, 9:25 PM (12 days ago)
**Financial Performance** - **Revenue**: $9,291,115 in 2024, a 6% decrease from $9,928,184 in 2023. - **Net Income**: $(12,497,805) in 2024, a 13% increase in loss from $(11,099,488) in 2023. - **Earnings per Share (EPS)**: $(17.58) in 2024, compared to $(24.55) in 2023. **Operating Expenses** - **Cost of Revenue**: $5,302,712 in 2024, a 10% increase from $4,820,268 in 2023. - **Technology**: $3,530,291 in 2024, a 1% decrease from $3,566,917 in 2023. - **Sales and Marketing**: $4,945,269 in 2024, a 25% increase from $3,955,974 in 2023. - **Supply Development**: $537,888 in 2024, a 48% decrease from $1,030,403 in 2023. - **Fulfillment**: $1,635,724 in 2024, a 9% decrease from $1,788,879 in 2023. - **General and Administrative**: $6,067,276 in 2024, a 2% increase from $5,935,092 in 2023. **Strategic Overview** - **Marketplace Platform**: iSpecimen Marketplace supports the supply chain management and bioprocurement process for specimens and associated data. - **Revenue Model**: Generates revenue by procuring specimens from hospitals, laboratories, and other supply sites, and distributing them to medical research customers. - **Technology Investment**: Continues to invest in the evolution of the iSpecimen Marketplace to improve engagement with the platform and liquidity across it. **Future Outlook** - **Growth Strategy**: Focus on expanding the platform capabilities to drive increased acquisition of annotated biospecimens, further expansion of the customer and supplier base, and expansion into new lines of business. - **Market Position**: Competes in a highly fragmented landscape with organizations having access to human biospecimens. **Risk Factors** - **Financial Condition**: Recurring losses and negative cash flows from operations raise substantial doubt about the ability to continue as a going concern. - **Operational Risks**: Dependence on specimen availability, supply chain constraints, and regulatory compliance. - **Market Risks**: Competition from larger biospecimen providers and potential pricing pressure. **Financial Condition** - **Cash and Cash Equivalents**: $1,878,408 in 2024, a 20% decrease from $2,343,666 in 2023. - **Working Capital**: $(2,182,488) in 2024, compared to $2,189,673 in 2023. - **Total Assets**: $10,019,551 in 2024, a 37% decrease from $15,819,137 in 2023. - **Total Stockholders’ Equity**: $3,980,329 in 2024, a 59% decrease from $9,741,077 in 2023. **Market Position Changes** - **Customer Base**: Distributed specimens to approximately 765 customers in 2024. - **Geographical Revenue Distribution**: 85.13% from the Americas, 12.71% from Europe, Middle East and Africa, and 2.16% from Asia Pacific in 2024.