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VirtualScopics Reports 2nd Quarter 2012 Results
Date:8/14/2012

ROCHESTER, N.Y., Aug. 14, 2012 /PRNewswire/ -- VirtualScopics, Inc. (NASDAQ: VSCP), a leading provider of quantitative imaging, today reported revenues of $3,335,861 for the second quarter of 2012 compared to revenues of $3,852,925 in the second quarter of 2011. Gross profit for the quarter ended June 30, 2012 was $1,343,937 compared to $1,821,018 for the quarter ended June 30, 2011. Operating loss for the second quarter of 2012 was $166,694 compared to operating income of $158,029 in the second quarter of 2011. 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 2012 was $72,973 compared to $489,234 in the comparable period in 2011.

Year to date, ending June 30, 2012 results were as follows:

  • Total revenues of $7,038,019 compared to $7,511,902 for the first six months of 2011.
  • Gross profit of $2,754,850 compared to $3,420,759 in first half of 2011.
  • Adjusted EBITDA of $155,078 compared to $882,177 in the comparable period in 2011.
  • Working capital as of June 30, 2012 was $9,406,735 compared to $6,353,054 at December 31, 2011.
  • "Over the past year we have experienced a slowdown in new project awards and delays in the initiation of new studies which has impacted our top line performance," said Jeff Markin, president and chief executive officer of VirtualScopics.  He stated, "As a result, we have made and continue to make significant changes to our selling and operational processes which include the appointment of a new VP of Marketing and Business Development, the hiring of 2 new sales people covering the Western United States and Europe, along with certain procedural changes that enable our sales team significantly more face to face time with customers." He added, "Although
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    SOURCE VirtualScopics, Inc.
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