VirtualScopics Reports Record Revenues and Gross Profit in the Fir... ( 1st quarter revenues grow by 31% and ...)

VirtualScopics Reports Record Revenues and Gross Profit in the First Quarter

Date:5/5/2009

1st quarter revenues grow by 31% and gross profit increases 85%

ROCHESTER, N.Y., May 5 /PRNewswire-FirstCall/ -- VirtualScopics, Inc. (Nasdaq: VSCP), a leading provider of quantitative imaging for clinical trials, announced today that revenues for the first quarter of 2009 were over $2.1 million, a 31% increase over prior year's first quarter. The gross profit for the first quarter of 2009 was $1,119,786 compared to $604,119 in the first quarter of 2008, representing an 85% increase. Gross margin increased to 52%, in the first quarter ended March 31, 2009 compared to 37% in the first quarter of 2008, a 41% improvement. The Company's operating loss for the quarter ended March 31, 2009 was reduced by $591,243, or 62%, to $360,412 compared to a loss of $951,655 in the prior year's comparable period. Additionally, recent accounting pronouncements require the Company to reflect the changes in fair value of certain outstanding warrants. As a result, a non-cash, marked to market adjustment of $397,409 was recorded in the first quarter of 2009. Subsequent changes in fair values will be similarly reflected and included in the net income or loss for the reported period.

"The first quarter was extremely strong for VirtualScopics," stated Jeff Markin, president and chief executive officer of VirtualScopics. "We are especially encouraged in today's challenging economic environment that we have delivered greater than 80% growth in our project balance and 30% growth in revenue so far in 2009." He added, "Operationally we are seeing the benefits of this growth, along with our focus on systems and processes, which has yielded a 52% gross margin in the first quarter." He concluded, "Our first quarter top line and bottom line performance continues to demonstrate the increasing value we are providing to our customers and stockholders."

SOURCE Virtual Scopics, LLC
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VirtualScopics Reports Record Revenues and Gross Profit in the Fir...( 1st quarter revenues grow by 31% and ...),Health