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VirtualScopics Reports 2nd Quarter 2011 Results; Revenues Rise 20%
Date:8/9/2011

ROCHESTER, N.Y., Aug. 9, 2011 /PRNewswire/ -- VirtualScopics, Inc. (NASDAQ: VSCP), a leading provider of quantitative imaging for clinical trials, today reported revenues of $3,852,925 for the second quarter of 2011 compared to revenues of $3,221,593 in the second quarter of 2010, a 20% increase. Gross profit for the quarter ended June 30, 2011 was $1,821,018 compared to $1,639,017 for the quarter ended June 30, 2010. Operating income for the second quarter of 2011 was $158,029 compared to $90,427 in the second quarter of 2010, a 75% increase. Earnings before interest, taxes, depreciation and amortization, and excluding stock compensation expense and gain (loss) from derivative financial instrument ("Adjusted EBITDA") for the second quarter of 2011 was $489,234 compared to $419,026 in the comparable period in 2010, a 17% increase. Net income for the quarter ended June 30, 2011 was $327,650 compared to $341,024 for the quarter ended June 30, 2010.

Highlights for the first half of 2011 include:

  • Total revenues of $7,511,902 an increase of $1,219,303, or 19%, compared to the first half of 2010.
  • Gross profit of $3,420,759 compared to $3,237,130 in first half of 2010, a 6% increase.
  • Adjusted EBITDA of $882,177 compared to $868,706 in the comparable period in 2010.
  • Working capital as of June 30, 2011 was $5,195,835 compared to $2,863,503 at December 31, 2010, an increase of over 80%.

  • "The company delivered very good top and bottom line operating performance in the second quarter and first half of 2011 along with making progress on the strategic initiatives we outlined at the beginning of the year," stated Jeff Markin, president and chief executive officer of VirtualScopics. "The PPD alliance that we announced in October of 2010 is beginning to pay dividends as we have been awarded several studies resulting from the alliance that are,
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    SOURCE VirtualScopics, Inc.
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