iSpecimen Inc. (NASDAQ:ISPC) Q4 2023 Earnings Call Transcript
iSpecimen Inc. (NASDAQ:ISPC) Q4 2023 Earnings Call Transcript March 14, 2024
iSpecimen Inc. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good day, everyone, and welcome to iSpecimen's Full-Year 2023 Results Conference Call. At this time, all participants are in a listen-only mode. This conference call is being recorded. A replay of today's call will be available on the Investor Relations section of iSpecimen's website and will remain posted for the next 30 days. I will now hand the call over to Phil Carlson, Investor Relations for introductions and the reading of the safe harbor statement. If there are any questions for the management following the call, please e-mail iSpecimen@kcsa.com. Please go ahead.
Phil Carlson: Thank you, operator. Good morning, everyone, and welcome to iSpecimen's 2023 full-year results conference call. With us on today's call is Tracy Curley, Chief Executive Officer; and Eric Langlois, Chief Revenue Officer. Before we begin, I would like to remind you that today's call contains certain forward-looking statements from our management made within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities and Exchange Act of 1934 as amended concerning future events. Words such as may, should, projects, expects, intends, plans, believes, anticipates, hopes, estimates and variations of such words and similar expressions are intended to identify forward-looking statements.
These statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's Form 10-K for the year ended December 31, 2023, filed with the SEC. Copies of this document are available on the SEC's website at www.sec.gov. Actual results may differ materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to update these statements or revisions or changes after the date of this call, except as required by law. Now it's my pleasure to introduce Tracy Curley, Chief Executive Officer. Tracy, please go ahead.
Tracy Curley: Good morning, and thank you for joining our call. Throughout 2023, we worked diligently to streamline our operations, reduce costs and right-size our business. By driving operational efficiencies throughout the company, we are increasingly able to realize the true value of the iSpecimen Marketplace quarter-over-quarter and even month-to-month. On today's call, I will discuss how these ongoing improvements have strengthened iSpecimen's position operationally, at what we believe to be the forefront of the biospecimen procurement market. I will then turn the call over to our Chief Revenue Officer, Eric Langlois, who will address the advancements we made in 2023 and the revenue enhancement initiative for sequencing, which has launched a higher margin revenue stream for iSpecimen.
Finally, I will review our financial results for the 2023 year-end. At the beginning of Q4 2023 and in preparation for 2024, we completed a top to bottom review of the entire business, and concluded that focusing on specific initiatives capable of contributing to our topline growth, would provide a clear path to future success. To accomplish our goals, we launched several important marketing initiatives and realigned our sales efforts, several of which helped the company generate $1.7 million in revenue in December, the strongest sales month in our history. Also encouraging for the fourth quarter, we have sanctioned over $3.1 million in specimens. Unfortunately, Q4 revenue was negatively impacted by one-time customer credits of approximately $545,000, which reduced our GAAP basis revenue.
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