10-Q · May 15, 2026
iSpecimen's Q1 2026 results showed a significant decline in revenue to $156,009, down 85% from $1,057,510 in Q1 2025, largely due to a decrease in specimen orders. EPS worsened to -$2.28 compared to -$1.58 in the prior…
Earnings analysis · 10-Q
ISPC earnings analysis
Filed August 14, 2026 · Our reading of the company's report
The latest report
The supplied 10-Q sections do not include the income statement, balance sheet, cash flow statement, or segment tables, so current-quarter revenue, margins, EPS, cash flow, and working-capital metrics are unavailable.…
Read full summary
The supplied 10-Q sections do not include the income statement, balance sheet, cash flow statement, or segment tables, so current-quarter revenue, margins, EPS, cash flow, and working-capital metrics are unavailable. The filing nevertheless reports an unresolved material weakness as of June 30, 2026, an approximately 83% six-month revenue decline, and a 245% increase in sales and marketing expense. Management also identifies substantial doubt about the company’s ability to continue as a going concern, while legal matters include a $651,262 Azenta claim and a remaining Focus dispute.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Material weakness remains unresolved
Management concluded disclosure controls were not effective as of June 30, 2026 because controls over customer tax-exempt documentation, sales-tax collection, and remittance were inadequate. Remediation has been ongoing since the second quarter of fiscal 2023.
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EGS litigation settled
The company settled the EGS legal matter for $200,000 pursuant to an agreement executed February 15, 2026, reducing the uncertainty associated with that proceeding.
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Focus dispute remains a cash risk
Focus litigation remains in discovery after the company withheld payments under a $500,000 settlement agreement; only $13,000 has been deposited into escrow under the clarified 15% net-revenue security order.
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Azenta claim has defined settlement exposure
Management has made a $125,000 settlement offer in the Azenta case, which involves a $651,262 claim, and expects Azenta to seek summary judgment.
What to watch
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Revenue contraction
Revenue declined approximately 83% for the six months ended June 30, 2026 versus the prior-year period, indicating severe deterioration in operating scale.
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Marketing spend outpaces revenue
Sales and marketing expenses increased approximately 245% for the six months ended June 30, 2026 versus the prior-year period, primarily due to advertising and promotion costs, while revenue continued to decline.
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Nasdaq compliance and split risk
The company completed a second reverse stock split at a 1-for-40 ratio in April 2026 to regain or maintain compliance with Nasdaq's minimum bid-price requirement, highlighting continued listing risk and potential dilution pressure.
Management's outlook
The supplied 10-Q text does not provide numeric revenue or EPS guidance. Management states remediation is ongoing but cannot assure when the material weakness will be fully remediated or what additional costs may be required.
Earlier filings 4
10-K · April 1, 2026
iSpecimen positions itself as an “Amazon-like” global marketplace connecting researchers to human biospecimens and associated data, recently investing in a cloud-native SalesStack re-platform to modernize its…
10-Q · August 14, 2025
iSpecimen reported Q2 revenue of $713,135, down sharply from $2,863,679 in Q2 2024 and down vs. Q1 2025 ($1,057,510). Gross margin compressed to 37.7% (from 50.3% in 2024Q2) while operating loss widened to -$1.82M…
10-Q · May 19, 2025
iSpecimen reported Q1 revenue of $1,057,510, down $1,232,483 (‑53.8%) from $2,289,993 a year ago, and a net loss of $1,658,396 (EPS $(0.71)) versus a loss of $2,902,117 (EPS $(6.36)) in Q1 2024. Gross margin narrowed to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.