On Tuesday, iSpecimen Inc. (ISPC) took a hit by 5.53% in the after-hours as it fell under corrections due to its recent gains. In the previous regular session, the stock gained a humungous 39.41% at the closing price of $14.29. Following the huge gain, the stock went down in the after-hours to $13.50 at 1.16M shares.
The stock has been seeing bouts of gains and losses under correction after its expansion news on December 16.
More about ISPC and its Movements
Founded in 2009, the biospecimen procurer, iSpecimen Inc. (ISPC) has a market capitalization of $89.48 million. Currently, the company has 8.73 million shares outstanding in the market. Moreover, the ISPC stock has gained 13.96% in the past five days. Further, the stock has added over 8.3% last month and a huge 141.79% in the last three months.
On December 16, the company announced the expansion of its global supplier network to widen its footprint worldwide. Following the news, ISPC has seen outbursts of gains followed by losses under corrections. Similarly, the stock gained hugely in Tuesday’s regular session. Consequently, it entered corrections in the after-hours, falling down to shed its gains.
The Expansion
According to December 16’s announcement, in 2021 25% of the company’s new suppliers are from outside the U.S. Moreover, the company has been adding new specimen suppliers throughout 2021, including from the U.S., Europe, and Asia-Pacific. Moreover, ISPC’s expanded biospecimen access also includes Germany, Russia, South America, Ukraine, Bulgaria, Spain, and India.
As per the CEO and Founder of ISPC, Christopher Ianelli, the company has been receiving increased demand from Europe and Asia-Pacific. Given the high demand, it was important for ISPC to expand its reach in those areas as well. Hence, the company is providing quality specimens with a huge variety to researchers for their important work.
ISPC’s Financial Highlights
On November 04, the company announced its financial results for the third quarter of 2021. In the Q3 of 2021, ISPC reported revenue of $2.7 million, against $2.3 million in the year-ago quarter. This shows an increase of 21% year-over-year.
Moreover, the company’s marketplace showed an increase of 30% year-over-year to registered research and supplier users of 4,900 approx.
In addition, at the end of the third quarter of 2021, the year-to-date purchase orders of the company were $12.8 million. This marks an increase of 30% year over year.
