iSpecimen Reports Positive Results on Next Day Quote Program for Researchers and Providers
Newsfile Corp.
Newsfile Corp
Woburn, Massachusetts--(Newsfile Corp. - December 13, 2024) - iSpecimen Inc. (NASDAQ: ISPC) ("iSpecimen" or 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 ("NDQ"). 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, 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 Quotes1.
Leslie Hoyt, Senior Vice President of Operations commented, "Our customers have responded enthusiastically to iSpecimen's Next Day Quote Program. For the first six months of the program, NDQ has consistently yielded strong results, driving an estimated 60% of sales. The data continue to show that if we quote within the next business day, we greatly increase the likelihood of receiving a signed purchase order. Current and future customers respond positively because time matters."
Ms. Hoyt further commented, "We continue to enhance our internal databases and search tools to proactively harvest data, ensuring the viability of Next day Quote program while increasing the frequency with which Next Day Quotes are possible. This offering accelerates our operational timeline and the customer decision journey. Ultimately next day quotes allow researchers and providers to focus on what matters most, and iSpecimen to be a valuable service provider for all customers."
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