Q2 2024 iSpecimen Inc Earnings Call Transcript
Key Points
- Revenue increased by 76% year-over-year, reaching approximately $2.9 million for Q2 2024.
- The Next Day Quote Program has significantly improved sales funnel velocity, with 58% of quotes converting to purchase orders.
- Operational expenditures have been strategically reduced, resulting in a 59% decrease in cash burn for the first half of 2024 compared to the same period in 2023.
- The company has successfully streamlined its supplier network, reducing the number of suppliers from 240 to 105, while enhancing supplier capabilities.
- New leadership appointments, including Breielan Smiechowski as Senior Vice President of Sales and Business Development, are expected to drive future growth.
- Cost of revenue increased by 67% year-over-year for Q2 2024, primarily due to higher specimen costs.
- The macro environment remains challenging for researchers, impacting customer funding and project prioritization.
- General and administrative expenses, although reduced, still represent a significant portion of overall costs.
- The company experienced a decrease in the number of specimens accessed, down 16% for the first half of 2024 compared to the same period in 2023.
- Cash and available-for-sale securities decreased by approximately $2.9 million from December 31, 2023, indicating ongoing cash flow challenges.
Good morning, everyone, and welcome to the iSpecimen second-quarter 2024 earnings conference call. (Operator instructions) Management's remarks on 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 the introduction and the reading of the Safe Harbor statements. Please go ahead.
Thank you, operator. Good morning, everyone, and welcome to iSpecimen's second-quarter 2024 conference call. With us on today's call is Tracy Curley, Chief Executive Officer and Chief Financial Officer; and Leslie Hoyt, Senior Vice President of Operations.
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 in Section 21E of the Securities and Exchange Act of 1934, as
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