VirtualScopics Achieves Operating Cash Flow Breakeven in the Fourth Quarter 2008; Reports Record 2008 Revenue and Gr... ( 4th quarter gross profit grows by nea...)

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VirtualScopics Achieves Operating Cash Flow Breakeven in the Fourth Quarter 2008; Reports Record 2008 Revenue and Gross Profit

Date:2/25/2009

4th quarter gross profit grows by nearly 90%, operating loss reduced by 73%

ROCHESTER, N.Y., Feb. 25 /PRNewswire-FirstCall/ -- VirtualScopics, Inc. (Nasdaq: VSCP), a leading provider of quantitative imaging for clinical trials, announced today that revenues for the fourth quarter of 2008 were over $1.9 million, a 33% increase over prior year's fourth quarter. Revenues for the year ended December 31, 2008 were approximately $7.1 million compared to $5.6 million in the comparable period in 2007. The gross profit for the fourth quarter of 2008 was $973,522 compared to $513,361 in the fourth quarter of 2007, representing a 90% increase. Gross margin increased to 50%, in the fourth quarter ended December 31, 2008 compared to 35% in the fourth quarter of 2007, a 43% improvement. The Company's operating loss for the quarter ended December 31, 2008 was reduced by $828,536, or 73%, to $313,915 compared to $1,142,451 for the prior year's comparable period.

"We are extremely proud of the significant accomplishments we have made across many fronts in 2008," stated Jeff Markin, president and chief executive officer of VirtualScopics. "From a client perspective, we have expanded our customer base by securing contracts with an additional three leading pharmaceutical companies and have demonstrated a greater than 65% increase in the average size of new projects which now stands at $350,000. These two items, we believe, provide the best validation of our value proposition to the industry." He added, "On top of this confidence we are seeing from our customers, we also achieved our 2008 guidance in delivering a 50% gross margin in the fourth quarter, demonstrating the strength in our business model as we enter 2009."

The company announced additional highlights during 2008, including:

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VirtualScopics Achieves Operating Cash Flow Breakeven in the Fourth Quarter 2008; Reports Record 2008 Revenue and Gr...( 4th quarter gross profit grows by nea...)