The following is a summary of the ISpecimen Inc. (ISPC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• iSpecimen reported Q1 2024 revenue of approximately $2.3 million, a decrease from approximately $3 million for the same quarter in the previous year.

• Cost of revenue decreased by approximately $147,000 or 13% from the same period last year.

• Technology expenses increased by approximately $78,000 or 9% while sales and marketing expenses decreased by about $296,000 or 31%.

• General and administrative expenses increased by approximately $286,000 or 16% from the same quarter in 2023.

Business Progress:

• iSpecimen initiated several organizational changes including reducing compensation costs by 41% and technology expenses by 66% from Q1 2023.

• Significant developments have been made to the Next-Day Quotes Program, with its prospective purchase order dollar value increasing by 190% in Q1 2024.

• The company reduced its supplier network to enhance specimen quality and availability, and is focused on increasing revenues through the Next-Day Quotes Program and revenue enhancement projects.

More details: iSpecimen IR

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