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iSpecimen Inc. (ISPC-4.14%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in revenue to $2,661,936 for the three months ended September 30, 2024, compared to $2,777,751 in the same period of the previous year, representing a 4% decline.
Cost of revenue increased by 12% to $1,554,159, up from $1,392,534 in the previous year, attributed to a 58% increase in the number of specimens accessioned.
Technology expenses decreased by 18% to $754,730, due to reductions in workforce and lower investment in software development.
Sales and marketing expenses fell by 30% to $631,625, primarily due to decreases in payroll and external marketing expenses.
Supply development expenses decreased by 54% to $84,972, with reductions in payroll and professional fees.
Fulfillment costs decreased by 5% to $449,142, attributed to lower professional fees and general operating expenses.
General and administrative expenses fell by 19% to $892,712, primarily due to reductions in compensation and general operating expenses.
Net loss for the quarter was $1,439,853, compared to $2,111,101 in the previous year, reflecting a 32% improvement.
Cash used in operating activities was $4,691,032 for the nine months ended September 30, 2024, compared to $6,152,691 in the previous year.
Net cash provided by investing activities was $2,052,614, primarily from the proceeds of sales and maturities of available-for-sale securities.
Net cash provided by financing activities was $2,046,606, mainly from the issuance of common stock and senior note payable.
The company reported a working capital deficit of $1,610,379 as of September 30, 2024, with total stockholders' equity of $4,714,572.
iSpecimen continues to focus on improving its financial position by reducing expenditures and raising capital through debt and equity offerings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the iSpecimen Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.