iSpecimen Inc. (NASDAQ: ISPC) shares improved Friday, as the company, an online global marketplace that connects scientists requiring biospecimens for medical research with a network of healthcare specimen providers, announced today positive results attributed to its Next Day Quote Program. This next-day quote service for researchers and providers is tailored to accelerate the biospecimen transaction process and delivers accurate biospecimen sample pricing within 24 hours of receiving the customer request. Next Day Quotes are possible to implement only when the Company knows the supplier's data on their specific capabilities and pricing, as well as understands the customer's requirements.
“Recognizing the need for timely access to high-quality biospecimens to advance life science research,” read Friday’s news release, “iSpecimen had introduced NDQ to offer researchers and providers with swift and accurate sample pricing. From fresh whole blood and prescreened mutation-characterized blocks to an array of clinically collected remnant, banked and prospective biospecimens, most quotes are provided within a day of receiving the inquiry.”
Since introducing the program in 2023 and the recently completed build of a search tool, quotes can be created within minutes. With this capability, the Company's sales mix has increasingly shifted towards NDQ. In November 2024, 30% of all sales opportunities were Next Day Quotes. Of all quotes that were generated in November 2024, 48% were Next Day Quotes. Meanwhile, the conversion rate was high for Next Day Quotes. 60% of all purchase orders were Next Day Quote.
ISPC shares gained 39 cents, or 11.5%, to $3.84.
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