iSpecimen Inc. (NASDAQ:ISPC) Q3 2023 Earnings Call Transcript

Matt Hewitt: Excellent. And then last quarter, on the conference call, you mentioned that with some of the new initiatives that you’ve implemented this year, both on the cost reduction side as well as some of the new programs that you services that you’ve implemented, you expected to get to cash flow neutral by the end of this year. Is that still the plan? Is that still on track?

Tracy Curley: Yes, good question, Matt. I probably should have been more explicit in my comments earlier about that. But yes, we just finished October, we’re looking – we’re doing the accounting course for that and really, really pleased that we are exactly where we needed to be from position ourselves to do that through the end of October. So the answer is that I believe we are positioned well to get to cash flow neutral. There are obviously revenue goals that need to be met, and we don’t give guidance, but we’re working very hard to meet those revenue goals. But on the expense side, we cut the expenses down, and we’re seeing those results coming through for October.

Matt Hewitt: That’s great. And then maybe one last one and then I’ll hop back in the queue. This year, obviously, has required a lot of – I don’t know if heavy lifting is the way to characterize it, but a lot of work, both on the streamlining of the organization and on the cost side as well as the new product launches and some of that’s been more back half weighted with the next day quote service and now the sequencing. As we start to look to fiscal ’24, how should we be thinking about your focus next year? Next year, more about driving growth and delivering on some of these new services? Or is there still some fine-tuning of the organization that’s going to be required in addition to some new product launches? Thank you.

Tracy Curley: Yes. So I believe that an organization should always be growing and assessing their core competencies and efficiencies and effectiveness. So there’s still going to be some tweaking to be had to find two things because we did just do a lot of stuff. And now we’ve got to sort of let – let the dust bet a little bit, and then we will begin and see, okay, where else do we need to improve. But definitely, next year is all about revenue growth, especially now that we’ve got operations where they need to be. And also some of the technology build-out that we lead in for investment purposes, the first half of this year, even though we’re blowing that work now the second half, it’s still going on, and so we’re going to see some improvements on our marketplace platform in 2024 as well. So it it’s really ease all the way around, I believe, for the company in all areas of operations and in our ability to generate value for our shareholders.

Matt Hewitt: That’s great. Well, congratulations on the progress so far. Thank you.

Operator: Thank you. [Operator Instructions] And we have a further question coming free. That’s from the line of James Lieberman at River Securities [ph] Please go ahead. Your line is open.

Q – Unidentified Analyst: Thank you very much. I’m really impressed by the incredible momentum that you’ve been building and by the investments and the focus that you brought there and to see such good results coming in so quickly. So I want to congratulate you on your efforts, and I’m extremely confident on the progress you’ve made. I just wanted to add that to your overall narrative. Thank you.