iSpecimen, Inc. (ISPC), a technology-driven company, has surged 46.73% in aftermarket trading session. Consequently, ISPC stock is trading at $13.03 at the time of the writing. On Monday, ISPC closed the day at $8.88 after a gigantic increase of 80.49% during the mid-day session. This consistent rise is attributable to the selection of the company by the US government to supply critical human biospecimens.
Why ISPC Rising?
On Monday, ISPC announced that it had been contracted to support the new and advanced research on the COVID-19 pandemic. The research was to be aimed at seeking insights into the transmissibility, variants, outcomes, and testing validity in a major section of the society. During the last 10 months, ISPC has announced partnerships with many research and health care organizations on a variety of projects which required the COVID-19 samples. The company started working on the impacts of the pandemic soon after the outbreak last year. The company provided CDC with 600 SARS-CoV-2-positive serum samples and 100 negative serum samples.
Q3 2021 Financial Results
On 4th November, ISPC reported the financial results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company had cash of $9.79 million on 30th September 2021. The total revenue generated by the company during the period was $2.71 million against $2.25 million for the same quarter of 2020. The company bore total operating expenses of $4.17 million against $2.97 million for the same period of 2020. The net loss suffered by the company during the quarter was $1.55 million against $1.24 million for the same quarter of 2020. The net loss per basic and diluted share for the three months was $0.22 against $1.33 for the same three month period of 2020.
Executive Commentary
Christopher Ianelli, MD, Ph.D., CEO, and President of ISPC, while commenting on the results said that the company has achieved strong growth during the quarter, as a result of which, there was an expansion in market penetration. For him, these and similar efforts by the company have contributed to a strong quarter, as depicted from the results. He hoped that the efforts of the company would allow it to increase the value proposition for the users and suppliers and would further increase its sales momentum.
Future Outlook for ISPC
The last three months have proved to be outstanding for ISPC stock as it has surged more than 50% during the period. The prime reason for that is the increased reliance on innovation by the company, which in turn has gradually built the shareholder interest. Analysts believe that a continuation of these sorts of policies would yield the company numerous benefits in the future to come.
