VirtualScopics Reports Second Quarter 20... (es are discussed in theCompany's Annual ...)

VirtualScopics Reports Second Quarter 2008 Results

Date:8/12/2008

es are discussed in the Company's Annual Report on Form 10-KSB for the fiscal year ended December 31, 2007 filed with the Securities and Exchange Commission (the "SEC"), and in any subsequent reports filed with the SEC, all of which are available at the SEC's website at http://www.sec.gov. These include without limitation: the risk of cancellation or delay of customer contracts or specifically as it relates to contact awards, the risk that they may not get signed. Other risks include the company's dependence on its largest customers and risks of contract performance, protection of our intellectual property and the risks of infringement of the intellectual property rights of others. All forward-looking statements speak only as of the date of this press release and the Company undertakes no obligation to update such forward-looking statements.

VirtualScopics, Inc.

Condensed Consolidated Statements of Operations (unaudited)

Three Months Ended

June 30, Six Months Ended June 30,

2008 2007 2008 2007

Revenues $1,733,299 $1,536,287 $3,367,402 $2,814,692

Cost of services 1,021,536 967,839 2,051,520 1,768,358

Gross profit 711,763 568,448 1,315,882 1,046,334

41% 37% 39% 37%

Operating expenses:

Research and

development 212,825 380,965 464,654 787,919

Sales and marketing 384,237 193,163 673,111 405,279

General and

administrative 580,435 601,615 1,074,876 1,205,633

Stock based

compensation expense 284,228 339,278 687,291 745,482

Depreciation and

amortization 116
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