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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

n 80% year over year increase in project backlog (as announced on December 2, 2008)
  • Six phase III contracts under award
  • Issuance of its 10th and 11th patents
  • Opening of a European office
  • Development of a new cardiovascular system which automates the detection of high risk plaques for both ultrasound and magnetic resonance imaging
  • "In early 2008, we announced that we had targeted the fourth quarter of 2008 for the company to be cash flow breakeven on an operating basis(1), I am very pleased to announce that we have achieved this objective," stated Molly Henderson, chief business and financial officer of VirtualScopics, Inc. She continued, "Not only is this an essential milestone for the company, especially in light of the volatility within the financial markets, but also provides us the ability to be self sufficient from a cash perspective which is extremely important for the company and our stockholders." She concluded, "This accomplishment, coupled with meeting our revenue and gross margin targets, has resulted in us delivering our strongest financial quarter and full year in the company's history."

    Jeff Markin and Molly Henderson will provide a business and 2009 update and discuss these results during the conference call on Thursday, February 26, 2009 at 11:00 a.m. EST. Interested participants should call 877-407-0778 when calling within the United States or 201-689-8565 when calling internationally. There will be a playback available until March 26, 2009. To listen to the playback, please call 877-660-6853 when calling within the United States or 201-612-7415 when calling internationally. For the replay, please use account number: 286, conference ID number: 313687.

    About VirtualScopics, Inc.

    VirtualScopics, Inc. is a leading provider of imaging solutions to accelerate drug and medical device development. VirtualS
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    SOURCE VirtualScopics, Inc.
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