Detailed financial statements for iSpecimen Inc. (ISPC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
iSpecimen Inc. operates a sophisticated technological platform that effectively bridges the gap between life science researchers and crucial human biological materials. Its proprietary cloud-based system empowers scientists to efficiently locate and access a vast array of biospecimens—such as biofluids, tissues, and living cells—as well as connect with potential study subjects, all sourced from a global network of healthcare providers, including hospitals, laboratories, bioba...
Analysis Summary
iSpecimen Inc. reported revenue of $1.9M in the most recent fiscal year, growing at a 5-year CAGR of -25.1%.
Trailing-twelve-month margins: gross margin -151.5%, operating margin -20.2%, net margin -24.5%.
At the current price of $1.37, ISPC has negative trailing earnings (P/E not meaningful) and an ROE of -5.24%. Market capitalisation stands at $0M.
Balance sheet quality for ISPC: current ratio of 1.1, net cash position of $6.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.4M | $4.3M | $8.2M | $11.1M | $10.4M | $9.9M | $9.3M | $1.9M |
| Cost of Revenue | $2.4M | $2.1M | $3.6M | $5.2M | $4.8M | $4.8M | $5.3M | $1.9M |
| Gross Profit | $2.0M | $2.2M | $4.6M | $5.9M | $5.6M | $5.1M | $4.0M | $24110 |
| Research & Development | $1.2M | $993329 | $1.5M | $1.8M | $2.7M | $3.6M | $3.5M | $2.2M |
| Selling, General & Admin | $3.5M | $4.3M | $5.0M | $9.4M | $12.4M | $11.7M | $12.6M | $6.6M |
| Operating Expenses | $5.4M | $6.1M | $7.0M | $11.8M | $15.8M | $16.3M | $16.7M | $9.0M |
| Operating Income | -$3.4M | -$3.9M | -$2.4M | -$5.9M | -$10.2M | -$11.2M | -$12.7M | -$9.0M |
| EBITDA | -$3.8M | -$2.5M | -$1.7M | -$5.9M | -$8.8M | -$8.8M | -$10.4M | -$8.7M |
| Interest Expense | $1.2M | $1.7M | $2.1M | $2.1M | $238963 | $230785 | $220074 | $1949 |
| Pre-tax Income | -$5.5M | -$4.9M | -$4.7M | -$9.0M | -$10.2M | -$11.1M | -$12.5M | -$10.5M |
| Income Tax | -$127000 | -$157000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$5.3M | -$4.7M | -$4.7M | -$9.0M | -$10.2M | -$11.1M | -$12.5M | -$10.5M |
| EPS | $-651.51 | $-575.97 | $-566.83 | $-820.91 | $-926.78 | $-982.11 | $-703.26 | $-91.15 |
| EPS (Diluted) | $-651.51 | $-575.97 | $-566.83 | $-820.91 | $-926.78 | $-982.11 | $-703.26 | $-91.15 |
| Shares Outstanding (Diluted) | $8207 | $8207 | $8207 | $10916 | $11055 | $11301 | $17771 | $115061 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.1M | $53893 | $695909 | $27.7M | $15.3M | $2.3M | $1.9M | $6.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | $2.7M | 0 | 0 |
| Receivables | $1.0M | $1.4M | $2.4M | $4.9M | $3.9M | $2.9M | $1.4M | $48298 |
| Inventory | $47287 | $54908 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $2.3M | $1.6M | $3.5M | $32.9M | $19.7M | $8.2M | $3.6M | $7.0M |
| Property, Plant & Equipment | $149098 | $119921 | $75589 | $32781 | $410544 | $321644 | $421540 | $294703 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $1.4M | $2.3M | $2.6M | $2.7M | $4.5M | $7.2M | $5.3M | $1.0M |
| Total Assets | $4.0M | $4.2M | $6.2M | $35.7M | $24.6M | $15.8M | $9.4M | $9.5M |
| Accounts Payable | $696912 | $737794 | $1.8M | $832678 | $2.5M | $3.9M | $4.2M | $5.4M |
| Short-term Debt | $7.0M | $10.6M | $12.6M | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $11.3M | $15.8M | $22.1M | $2.5M | $4.3M | $6.0M | $5.8M | $6.2M |
| Long-term Debt | 0 | 0 | $178899 | $3.4M | 0 | 0 | 0 | 0 |
| Total Liabilities | $22.5M | $26.9M | $33.5M | $5.9M | $4.3M | $6.1M | $6.0M | $6.4M |
| Retained Earnings | -$19.7M | -$24.4M | -$29.1M | -$38.0M | -$48.3M | -$59.4M | -$71.9M | -$82.4M |
| Total Equity | -$18.4M | -$22.7M | -$27.3M | $29.8M | $20.3M | $9.7M | $3.3M | $3.1M |
| Total Debt | $7.0M | $10.6M | $12.8M | $3.4M | $185847 | $196244 | $312167 | $268798 |
| Net Debt | $5.8M | $10.5M | $12.1M | -$24.3M | -$15.1M | -$4.8M | -$1.6M | -$6.6M |
| Working Capital | -$9.0M | -$14.2M | -$18.7M | $30.4M | $15.4M | $2.2M | -$2.2M | $723284 |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$5.3M | -$4.7M | -$4.7M | -$9.0M | -$10.2M | -$11.1M | -$12.5M | -$10.5M |
| Depreciation & Amortization | $469173 | $634965 | $819687 | $1.0M | $1.2M | $2.1M | $2.3M | $1.7M |
| Stock-based Compensation | $113921 | $360379 | $92866 | $622064 | $678613 | $459666 | $249675 | $21266 |
| Change in Working Capital | $368493 | $1.1M | $3.0M | -$5.3M | $2.4M | $2.6M | -$502668 | $2.1M |
| Operating Cash Flow | -$2.7M | -$2.7M | -$288380 | -$10.7M | -$5.8M | -$5.8M | -$8.3M | -$4.2M |
| Capital Expenditure | -$1.0M | -$1.5M | -$1.1M | -$1.0M | -$3.2M | -$4.7M | -$56547 | -$454 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$41 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$3.7M | -$4.2M | -$1.4M | -$11.7M | -$9.0M | -$10.6M | -$8.3M | -$4.2M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -2.2% | +90.4% | +36.1% | -6.6% | -4.6% | -6.4% | -79.2% | |
| Net Income Growth (YoY) | +11.6% | +1.6% | -92.6% | -14.3% | -8.3% | -12.6% | +16.1% | |
| EPS Growth (YoY) | +11.6% | +1.6% | -44.8% | -12.9% | -6.0% | +28.4% | +87.0% | |
| Shares Change (YoY) | +0.0% | +0.0% | +33.0% | +1.3% | +2.2% | +57.3% | +547.5% | |
| FCF Growth (YoY) | -12.1% | +66.5% | -741.6% | +23.0% | -17.1% | +21.4% | +48.9% | |
| Gross Margin | 46.2% | 50.5% | 56.2% | 52.9% | 54.3% | 51.4% | 42.9% | 1.2% |
| Operating Margin | -76.4% | -90.3% | -29.4% | -53.2% | -97.9% | -112.5% | -137.0% | -465.4% |
| EBITDA Margin | -86.2% | -58.7% | -21.2% | -52.6% | -84.6% | -88.7% | -111.7% | -453.4% |
| Net Margin | -121.7% | -110.0% | -56.8% | -80.5% | -98.5% | -111.8% | -134.5% | -543.7% |
| FCF Margin | -84.4% | -96.7% | -17.0% | -105.1% | -86.6% | -106.3% | -89.3% | -219.9% |
| Effective Tax Rate | 2.3% | 3.2% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-451.73 | $-506.29 | $-169.49 | $-1072.40 | $-814.92 | $-933.73 | $-466.79 | $-36.86 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $8207 | $8207 | $8207 | $10916 | $11055 | $11301 | $17771 | $115061 |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -524.37% |
| Return on Invested Capital | -476.39% |
| Return on Assets | -154.47% |
| Gross Margin | -151.47% |
| Operating Margin | -2020.04% |
| Net Margin | -2449.04% |
Financial Health
| Debt / Equity | 0.14 |
| Current Ratio | 0.82 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -14.80 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | -8.78 | -9.93 | -10.09 | -7.61 | -1.19 | -0.41 | -0.15 | -0.11 |
| P/B | -2.55 | -2.07 | -1.72 | 2.29 | 0.60 | 0.46 | 0.57 | 0.39 |
| P/S | 10.68 | 10.92 | 5.74 | 6.12 | 1.17 | 0.46 | 0.20 | 0.62 |
| Gross Margin | 46.2% | 50.5% | 56.2% | 52.9% | 54.3% | 51.4% | 42.9% | 1.2% |
| Operating Margin | -76.4% | -90.3% | -29.4% | -53.2% | -97.9% | -112.5% | -137.0% | -465.4% |
| Net Margin | -121.7% | -110.0% | -56.8% | -80.5% | -98.5% | -111.8% | -134.5% | -543.7% |
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Explore sector: Healthcare · Medical - Diagnostics & Research
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