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VirtualScopics, Inc. Reports a Record Breaking Quarter
Date:8/12/2009

ROCHESTER, N.Y., Aug. 12 /PRNewswire-FirstCall/ -- VirtualScopics, Inc. (Nasdaq: VSCP), a leading provider of quantitative imaging for clinical trials, today announced its financial results for the quarter and six months ended June 30, 2009.

Highlights include:

  • Revenues for the second quarter of 2009 increased 47% to $2.5 million, compared to prior year's second quarter revenues of $1.7 million.
  • Gross profit for the second quarter of 2009 increased 96% to $1.4 million, compared to $0.7 million in the second quarter of 2008.
  • Gross margin increased to 55% in the second quarter ended June 30, 2009, compared to 41% in the second quarter of 2008, a 34% improvement.
  • Earnings before interest, taxes, deprecation and amortization, and excluding stock compensation of $269,016 and a loss from derivative financial instrument of $205,914 ("Adjusted EBITDA"), was $180,846 for the quarter ended June 30, 2009 compared to an Adjusted EBITDA loss of ($467,119) for the comparable period in 2008.
  • For the six months ended June 30, 2009, Adjusted EBITDA was $221,791 compared to a loss of ($899,727) for the first six months of 2008.
  • Net loss for the quarter ended June 30, 2009 was ($413,123) compared to a net loss of ($851,110) for the second quarter of 2008. For the six months ended June 30, 2009, net loss was ($1,169,236) compared to a net loss of ($1,775,623) for the six months ended June 30, 2008.

"This has been a transformational year for VirtualScopics," stated Jeff Markin, president and chief executive officer of VirtualScopics. "We have successfully progressed the company from a consumer of cash to a generator of cash. I am especially pleased that we have accomplished this by building a strong operati
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SOURCE VirtualScopics, Inc.
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