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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

ory Board with seven initial members that will focus on current and future roles of imaging in clinical trials for early and late phase oncology, cardiology, metabolic disorders and neurology studies."

Revenues for the second quarter of 2014 were $2,648,747 compared to $3,706,677 in the second quarter of 2013.  Revenues for the first six months of 2014 were $5,001,732 compared to $6,239,264 in the first six months of 2013.  In the second quarter of 2013, the company completed a six week, Phase III breast cancer study that generated over $1 million in revenue.  In addition, the decrease in revenues in the 2014 periods is indicative of the related slowdown in the amount of new projects awarded in 2012, the timing of the initiation of projects, and the large number of studies that ended during 2013 and the first six months of 2014. 

VirtualScopics reported a net loss for the second quarter of 2014 of $731,531 compared to net income of $134,286 in the second quarter of 2013.  In the first six months of 2014, the company reported a net loss of $1,377,904 compared to a net loss of $978,661 in the 2013 six months period.  The net loss in the 2014 periods is primarily related to the decrease in the volume of revenue and VirtualScopics' increased investments in infrastructure, systems, training and human capital offset by no additional monies being spent on the personalized medicine application.

"We look forward to our positive new business development efforts continuing in the second half of 2014," Mr. Converse said.  "The entire VirtualScopics team is focused on providing the highest quality customer service and unsurpassed innovative imaging solutions for all of our pharmaceutical and contract research organization (CRO) customers.  We will continue to invest in our business and believe the investments we are making this year will result in the company's future prosperity."

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