iSpecimen Inc. Q1 2023 Earnings Call

While pharma and biotech companies are you seeing any impact from that if so what kind of a headwind is that creating.

Yes.

Nice to speak with you or not.

We are and it is concerning to us.

Im actually at a conference in Seattle.

Right.

Slide 30.

And in talking with a lot of the companies they are saying, they're seeing the same thing and we don't know how long. This is going to so it is a concern to us.

Yeah.

Where we're seeing some.

Slower.

Time to get from quote to P O.

The slower.

Payments on.

On accounts receivable.

We also have.

Several of.

Of our customers that were smaller boutique lifestyle company that we got notification in Q1 and definitely with my length of bankruptcy, but they had to increase our allowance for doubtful accounts. So we are seeing that there are a lot of things that we are doing internally to see if we can over.

It comes specifically.

The conversion from quote to pay a little bit faster.

I can turn it over to Eric and he can talk a little bit more about that our chief revenue Officer. Eric language is also on the line.

Yes, good morning, everyone.

Yeah, if I go with Tracy was saying I mean, I think what we've been seeing as companies kind of slow rolling their larger project right now.

It was a bit of a surprise me in the normal at the beginning of the year, we're seeing an increase.

The number of bid requests so people that are looking for respect some of these that are kind of ready off the shelf.

Okay eligible immediately.

That seems to be the biggest adjustment is just in the past a lot of time.

These would be.

Starting off their projects with a very firmly part of the year perspective.

Well they would have the longest possible.

Gotcha.

We just view that as kind of being pushed out.

Carrying that sort of certain projects.

Together.

Larger.

Cohort type projects.

Low road pushed into the future in the future.

Yeah.

So on the ground that's partly of us.

The biggest thing we're seeing.

And kind of gets a little bit interesting because for Q1, we had.

Good opportunities coming in and and we did record a quote.

They're stocking right before it hits the P&L.

Last earnings call I talked about the fact that Oh.

A lot of companies are adding additional layers of review before they move forward with projects I think that's part of the slowdown.

As well that we're seeing.

Yeah, that's perfect. Thank you.

The other part I meant to mention yes, the top of the funnel is up an aggregated amount of almost 100%.

So it's not that these customers are making the requests are asking for Amit as Tracy said the decision process vendor vendor qualification and all of those things is moving slower than.

Got it that's really helpful. Thank you and then.

Maybe a question on the new product.

Embedded project coordinator I realize it's early days first one in what has been.

The initial feedback that youre getting from your partner.

What kind of opportunities are you seeing even in that first site.

Yeah.

I'll, let I'll, let Sam.

This site.

When we first talked to them they are like sinus immediately.

That's desperately want to increase.

The revenue stream that you.

It's kind of it's been really exciting working with Matt.

I think Karen can talk more into the details of what will come.

That experience.

Yes, absolutely yes.

Yes.

Main thing were seeing is that.

When we go into this new supply conversation.

Much more commercial bank with a much more commercial focus.

Bringing to them growth plan in a sense that we haven't in the past there really.

Interested in these resources, what we've found one straight CNI have gotten involved in these meetings from us on a much higher executive level. We found that these sites are dying for resources coming out of Covid.

It's a major nationalized hospital system, they need resources just to be able to operate good today and they're looking for alternative revenue streams.

In the case of our first site that we lined up they are going to fight for a very very long time, but they had struggled with resources to help with that.

And they also had massive.

S. T E technology archive that again, they lacked resources, even could be samples into our system and any kind of a searchable format.

So and then we come to find out the competition. They are actually very interested with respect with collections is just never really been asked.

So when you look at a pilot site like that and then there is very different.

Curiously back the amount of revenue that will can generate themselves.

So we're pushing this forward and looking at additional sites, we're looking at them through the lens of.

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