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VirtualScopics, Inc. Reports Second Quarter and Six Months 2014 Financial Results; Awards Outstanding and Bookings Reflect a Two-Fold Increase Over 2013 First Six Months
Date:8/14/2014

ROCHESTER, N.Y., Aug. 14, 2014 /PRNewswire/ -- VirtualScopics, Inc. (NASDAQ: VSCP), a leading provider of clinical trial imaging solutions, today reported the financial results for the second quarter and six months ended June 30, 2014.  Awards outstanding and bookings for the first six months of 2014 increased to $17.6 million, more than double the $7.7 million reported during the same period in 2013.  Year to date 2014 awards outstanding and bookings are approximately $23.5 million, 115% of the $20.5 million recognized in the full year 2013 with over four months still left in the year.

"We are very pleased with these year over year comparisons and the fact that the positive momentum established in the first quarter of 2014 is continuing," said Eric T. Converse, president and chief executive officer. "New business wins this year include the return of two big pharma companies to VirtualScopics and a Phase III clinical study with a significant new customer in addition to our first-ever program award in the first quarter of 2014.  We believe this year's significant increase in awards outstanding and bookings will result in improved revenues and the company's return to profitability in 2015."

"During the second quarter of 2014," Mr. Converse continued, "we completed a number of strategic initiatives that centered around the formation of an international commercial and operational alliance with London-based IXICO plc, the brain health company. Less than two months after signing our strategic alliance, we have already experienced the benefit of our two companies working together with our first joint win of an award.  Additionally, in June we opened a joint office in New Hope, Pennsylvania, in the heart of the Big Pharma corridor where many of our customers are located.  VirtualScopics and IXICO also announced the formation of a joint Scientific Advis
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