An iSpecimen IPO is here! The company recently filed to go public with the SEC. Now, investors want to know all of the details about iSpecimen stock.
Is iSpecimen a good investment opportunity? Here’s what we know…
iSpecimen IPO: Business Overview
iSpecimen was created in 2009 to provide researchers with the samples they need from the patients they want. iSpecimen connects scientists to patients, human biospecimens and data for research. The company’s vision is to create an “Amazon-like” marketplace for science research and development that can improve the quality of human life.
In iSpecimen’s recent prospectus filing, the company wrote…
iSpecimen is a technology-driven company founded to address a critical challenge: how to connect life science researchers who need human biofluids, tissues, and living cells (“biospecimens”) for their research, with the billions of biospecimens available (but not easily accessible) in healthcare provider organizations worldwide.
iSpecimen is aiming to shift the paradigm in healthcare. The company’s marketplace allows researchers to find patients and biospecimens that they need. In doing this, the research process to find needed patients and specimens is simplified.
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To get more insight into the company’s finances, you can find it all in the iSpecimen IPO prospectus. And for those interested in iSpecimen stock, let’s look at the details.
iSpecimen highlights some key information for investors. The company’s balance sheet data can be summarized as follows…
- Revenue: The company recorded an increase in revenue. iSpecimen recorded $4.3 million in revenue 2019. At the end of 2020, iSpecimen’s revenue increased to about $8.2 million. That’s over 90% growth!
- Net Income (Loss): The company’s recorded net income has stayed relatively the same. In 2019, the company reported roughly a $4.7 million loss. And in 2020, the company reported a $4.6 million loss.
- Cash: As of March 31, 2021, iSpecimen reported just over $350,000 in cash.
- Total Assets and Liabilities: As of March 31, 2021, iSpecimen reported almost $6 million in total assets and nearly $26 million in total liabilities.
iSpecimen IPO: Use of Proceeds
Under the section “Use of Proceeds,” iSpecimen wrote…
We currently estimate that we will use the net proceeds from this offering, together with our existing cash as follows:
- approximately $3.0 million to continue development and expansion of the iSpecimen Marketplace platform to support more diverse and complex data sets, improve search functionality (including patient/subject search), enhance user workflows, and optimize administrative and reporting functionality;
- approximately $2.0 million to grow our sales and marketing efforts;
- approximately $1.0 million to expand our supplier development and management capabilities, including gaining access to more diverse and emerging healthcare data sets;
- approximately $1.0 million for our operations and fulfillment function to support our expected growth in specimen orders;
- the remainder for working capital, business development opportunities, general corporate purposes, including expanding our legal, finance, and compliance capabilities to support operating as a public company.
- approximately $2.5 million to repay the accrued and unpaid interest of the Bridge Notes (as of March 31, 2021).
Now that we’ve looked at iSpecimen’s finances, let’s look at the details of the iSpecimen IPO…
iSpecimen IPO Details
iSpecimen filed on November 19, 2020. The company is planning to raise $18 million by offering 2.2 million shares priced at $8. These shares began trading on June 16, 2021 under the ticker symbol ISPC on the Nasdaq exchange. The offering is expected to close on June 21, 2021.
For more detailed information about iSpecimen and its offering, check out the iSpecimen prospectus. Make sure you do your research before investing. IPOs are volatile for the first few months. For other biotech investing opportunities, check out 8 top biotech stocks for 2021.
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