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VirtualScopics Reports 3rd Quarter 2010 Results; Revenues Increase 28%
Date:11/11/2010

ROCHESTER, N.Y., Nov. 11, 2010 /PRNewswire-FirstCall/ -- VirtualScopics, Inc. (Nasdaq: VSCP), a leading provider of quantitative imaging for clinical trials, today reported revenues of $3,590,591 for the third quarter of 2010 compared to revenues of $2,797,680 in the third quarter of 2009, a 28% increase. Excluding work performed in 2009 for the Department of Defense under projects that ended in 2009, the company posted a 39% increase in revenues during the first three quarters of 2010 compared to the same period in 2009. Gross profit for the quarter ended September 30, 2010 was $1,894,312 compared to $1,596,327 for the quarter ended September 30, 2009. Operating income for the third quarter of 2010 was $400,235 compared to $189,326 during the third quarter of 2009, a 111% increase. Net income for the quarter ended September 30, 2010 was $628,699 compared to a net loss of $215,907 for the quarter ended September 30, 2009.

Highlights for the first nine months of 2010 include:

  • Total revenues of $9,883,190, an increase of $2,409,824, or 32%, compared to the same period in 2009.
  • Gross profit of $5,147,102 compared to $4,109,450 in the first three quarters of 2009, a 25% increase.
  • Operating income of $624,143 compared to an operating loss of $371,790 in the first nine months of 2009, a $995,933 improvement.
  • Earnings before interest, taxes, depreciation and amortization, and excluding stock compensation expense and unrealized gain (loss) from derivative financial instrument ("Adjusted EBITDA") was $1,627,342 compared to $815,957 in the comparable period in 2009, a 99% improvement.
  • Net income was $977,815 compared to a net loss of $1,385,143 during the first three quarters of 2009.
  • Backlog (the amount remaining to be recognized from active projects) of $42 million compared to $37 million at the same point in 2009, a 14% increase.

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    SOURCE VirtualScopics, Inc.
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