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VirtualScopics Reports First Quarter 2013 Results
Date:5/15/2013

ROCHESTER, N.Y., May 15, 2013 /PRNewswire/ -- VirtualScopics, Inc. (NASDAQ:  VSCP), a leading provider of quantitative imaging, today announced revenues of $2,532,587 for the quarter ended March 31, 2013 compared to $3,702,159 for the quarter ended March 31, 2012. Net loss for the three months ended March 31, 2013 was $1,112,948 compared to a net loss of $613,544 for the three months ended March 31, 2012.

Other first quarter ended March 31, 2013 results were:

  • Gross margin of 31% compared to 38% in the first quarter of 2012.
  • Operating loss of $1,117,456 compared to an operating loss of $218,780 in the first quarter of 2012. Excluding investments made in personalized medicine, operating loss of $772,898 in the first quarter of 2013.
  • Adjusted EBITDA of ($880,356) compared to $82,106 for the first quarter of 2012. Excluding investments made in personalized medicine, Adjusted EBITDA of ($535,798) in the first quarter of 2013.
  • Jeff Markin, president and chief executive officer of VirtualScopics stated, "While our revenues continue to suffer due to our low new project bookings in 2012 we are encouraged with our sales performance this year." He added, "Included in year to date project awards is the analysis of a significant Phase III study that will occur primarily in the second quarter. This project, along with others awarded to date, demonstrates a greater than 40% increase in awards and bookings over the same period in 2012." He continued, "While our softness in 2012 bookings will continue to impact near term revenue we are optimistic that the measures we put in place last year are now showing increased sales activity." He further stated, "Another example of our improving sales efforts is seen in the number of individual project awards in the first quarter of 2013 which has doubled versus those won during the same period of 2012. Additionally, over the last two quarters we were awarded more projects during a two-q
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    SOURCE VirtualScopics, Inc.
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