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VirtualScopics Reports Fourth-Quarter and Full-Year 2012 Results
Date:2/19/2013

ROCHESTER, N.Y., Feb. 19, 2013 /PRNewswire/ -- VirtualScopics, Inc. (NASDAQ:   VSCP), a leading provider of quantitative imaging, today announced revenues of $12,963,164 for the year ended December 31, 2012 compared to $14,281,603 for the year ended December 31, 2011. Net loss for the twelve months ended December 31, 2012 was $1,528,652 compared to a net income of $703,295 for the twelve months ended December 31, 2011.

Other full-year 2012 results include:

  • Approximately $550,000 in investments made within its Personalized Medicine initiative, expenses included within research and development and general and administrative costs in 2012.
  • Gross margin of 41% compared to 44% for the full year of 2011.
  • Research and development expenditures of $1,524,721, representing a $200,258, or 15%, increase compared to prior year.
  • Earnings/(Loss) before interest, taxes, depreciation and amortization, and excluding stock compensation expense and gain/loss from derivative financial instrument ("Adjusted EBITDA") of ($207,512) for the year ended December 31, 2012 compared to Adjusted EBITDA of $1,407,118 for the comparable period in 2011.
  • Excluding investments made within the personalized medicine initiative, full-year Adjusted EBITDA of approximately $340,000.
  • Cash balance of $8,523,807 compared to $5,737,009 as of December 31, 2011.
  • Fourth quarter ended December 31, 2012 results were:

  • Revenues of $2,596,928 compared to $3,500,892 in the fourth quarter of 2011.
  • Gross margin of 40% compared to 39% in the fourth quarter of 2011.
  • Operating loss of $804,300 compared to a loss of $141,747 in the fourth quarter of 2011. Excluding investments made in personalized medicine, operating loss of $432,730.
  • Adjusted EBITDA loss of ($554,635) compared to $183,271 for the fourth quarter of 2011. Excluding investments made in personalized medicine, Adjusted EBITDA of ($183,065)
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  • SOURCE VirtualScopics, Inc.
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