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


"We are extremely pleased to deliver to our stockholders another quarter of solid financial performance delivering significant growth in revenue and gross profit," stated Jeff Markin, chief executive officer of VirtualScopics.  He added, "In addition to our financial results, we are excited about our recent announcement regarding the strategic alliance we formed with PPD which was a visible result of the strategic plan we put into place earlier in the year. They are well respected in the industry and we share many of the core principles and values that have made us each a leader in the industry." He concluded, "The joint solution resulting from the alliance presents a very strong value proposition for our collective clients and it presents us with a broader opportunity to expand our business and underscores our commitment to delivering value to our stockholders."

"2010 has been a pivotal year for VirtualScopics," said Molly Henderson, chief business and financial officer of VirtualScopics. She added, "We have successfully executed several of our key strategic initiatives including achieving our nine-month financial goals.  Of significant note, during three quarters we generated nearly $1.0 million more in year over year operating income and surpassed the total Adjusted EBITDA we earned throughout all of 2009." She concluded, "Our focus for the remainder of 2010 will be towards a strong close to the year and preparing for what we expect to be a robust 2011."

Jeff Markin and Molly Henderson will provide a business and third quarter 2010 financial update during the conference call today at 11:00 a.m. EST.  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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