iSpecimen Inc. (ISPC) stock surged 18.63% in the after-market trading session at the price of $12.10 despite no fundamental reason. iSpecimen provides a virtual marketplace for human bio-specimens that connects scientists with the healthcare officials that have access to both patients and specimens required for medical discovery.
ISPC Supplied Human Bio-specimens for COVID-19 Research
On 22nd November 2021, ISPC published that it had chosen by U.S. Government to support advanced research on Covid-19. The research aims to seek insights on variants, transmissibility, testing validity, and outcomes of Covid-19 among different population segments. The company has also contracted with various research and health care organizations on diverse projects requiring Covid-19 samples.
ISPC has started working on Covid-19 last year by sending serum samples to the U.S. Centers for Disease Control and Prevention to support researchers to monitor antibodies. iSpecimen delivered near 100 negative serum samples and 600 SARS-CoV-2-positive serum samples to the Centers for Disease Control and Prevention.
Management Comments
Founder and chief executive officer of ISPC, Christopher Ianelli, remarked that COVID-19 had killed above 5 million people. There is a dire need for advanced research to control the pandemic and raise society’s capacity to fight future outbreaks. They are honored that researchers are contacting and asking them for the particular bio-specimens they need.
ISPC Third Quarter 2021 Financial Results
On 4th November 2021, ISPC announced its financial results for the three and nine-month ended 30th September 2021.
Financial Highlights
ISPC reported revenue of $2.7 million for the third quarter ended 30th September 2021. It represents a gain of 21% from $2.3 million for the same quarter of 2020. For the first nine months ended on 30th September 2021, revenue totaled $8.6 million. It represents a gain of 57% from $5.5 million for the nine months ended on 30th September 2020.
For the third quarter of 2021, net loss totaled $1.1 million. The company reported $1.2 million in net loss for the same three months of 2020. As of 30th September 2021, ISPC generated $9.8 million in cash. For the three months ended on 30th September 2021, the cost of revenue totaled $0.9 million.
