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

or soon will be, coming online along with others in the sales process." He further stated, "The personnel investments made earlier in the year to our software and technology teams have resulted in enhancements that will reduce cost, increase study speed, and soon allow for greater customer access to study information through our web portal." He concluded, "As the market awareness of the cost and quality benefits of the PPD alliance increases, along with the deployment of our technology roadmap to enhance efficiency and capabilities, we believe we will see strong demand for our services in the second half of 2011."

"We are pleased with our revenue growth and the solid increase in our operating income during the second quarter," said Molly Henderson, chief business and financial officer of VirtualScopics. "Additionally, our cash position remains strong as we enter the second half of 2011. We continue to balance investment on our development and new market initiatives in order to stay innovative with our technology while being prudent with our capital on-hand." She added, "We are also encouraged by our new business success in 2011 as we've been awarded projects with five new customers this year and are in consideration for projects with several companies new to VirtualScopics."  She concluded, "The continued diversification of our client base will play an important role in helping us achieve our 2011 second half goals."

Jeff Markin and Molly Henderson will provide a business and second quarter 2011 financial update during the conference call tomorrow, August 10, 2011 at 9:00 a.m. ET.  Interested participants should call 877.407.8035 when calling within the United States or +1 201 689 8035 when calling internationally. This call can also be accessed at www.virtualscopics.com and will be available for 30 days after the call.

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SOURCE VirtualScopics, Inc.
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