HomeMarket NewsiSpecimen Implements Workforce Reduction in Order to Enhance Financial Sustainability

iSpecimen Implements Workforce Reduction in Order to Enhance Financial Sustainability

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SARS-COV-2 pcr diagnostics kit. Epidemiologist in protective suit, mask and glasses works with patient swabs to detect specific region of 2019-nCoV virus causing Covid-19 viral pneumonia.

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iSpecimen, a company listed on the NASDAQ exchange under the ticker symbol ISPC, announced a decisive reduction in its workforce on Wednesday to streamline operations and improve financial viability.

Following the announcement, iSpecimen’s stock price experienced a moderate decline of nearly 2% during after-hours trading. Overall, the company’s shares have faced a significant decrease of approximately 53% year-to-date.

The Lexington-based organization specializes in managing an online marketplace for human biospecimens. As a result of the workforce reduction, iSpecimen anticipates a reduction of approximately 29% in monthly expenses related to headcount, as well as a 52% decrease in other monthly operational costs. These adjustments are expected to contribute to improved financial sustainability compared to the average monthly costs incurred during the first eight months of this year.

β€œWe hold a steadfast commitment to achieving cash flow neutrality and, subsequently, positive cash flow as promptly as possible,” stated Tracy Curley, the Chief Executive Officer of iSpecimen.

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