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VirtualScopics Reports Second Quarter 2008 Results
Date:8/12/2008

2008 First Half Revenues Increased 20% over 2007

ROCHESTER, N.Y., Aug. 12 /PRNewswire-FirstCall/ -- VirtualScopics, Inc. (Nasdaq: VSCP), a leading provider of quantitative imaging for clinical trials, announced today that revenues for the first half of 2008 rose to nearly $3.4 million, a 20% increase over prior year's comparable period. Revenues for the second quarter ended June 30, 2008 were over $1.7 million compared to $1.5 million in the second quarter of 2007. The gross margin for the second quarter of 2008 was 41% compared to 37% in the second quarter of 2007, leading to a 25% improvement in gross profit. Operating loss for the quarter ended June 30, 2008 was $866,727 compared to $1,065,066 for the prior year's comparable period.

"We are very pleased by the growth in revenue and gross margin through the first half of 2008 which we believe further validates our operating model," stated Jeff Markin, president and chief executive officer of VirtualScopics. "These improvements in quarterly performance coupled with the greater than $20,000,000 in project backlog gives us confidence in the strength and demand of our business and the services we offer in the marketplace." He added, "We fully anticipate this momentum to continue as we execute on our operating and financial plans for 2008."

Jeff Markin and Chief Business and Financial Officer, Molly Henderson will provide a business update and discuss these results during the conference call on Wednesday, August 13, 2008 at 11:00 a.m. EDT. 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 September 13, 2008. To listen to the playback, plea
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SOURCE VirtualScopics, Inc.
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