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

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Jeff Markin, president and chief executive officer of VirtualScopics stated, "While the company continued to advance technically and operationally in 2012, we were disappointed with the lack of revenue growth which impacted our bottom line."  He continued, "As I have stated in previous comments, our 2012 top line numbers were impacted by a slowdown in new project awards and delays in the initiation of new studies. This drove an internal analysis to identify areas that would have the greatest impact on accelerating new contract awards while enhancing client satisfaction."  He stated, "I am proud of the commitment shown by our employees and am pleased to report that project wins in the fourth quarter were the greatest of any quarter last year."  He added, "I also remain encouraged about our opportunities heading into 2013 as our RFP (request for proposal) activity remains strong."  He further added, "We also saw a significant increase in the number of proposal requests generated through our PPD alliance as we continued to more fully integrate our sales and operations teams."  He concluded, "With the continued strengthening of the PPD alliance, strong relationships with existing clients, and a growing proposal pipeline we anticipate 2013 will show a rebound in new project activity."

"During 2012, we made investments in several key areas, specifically, our software platform which is the basis of our image analysis services, our customer satisfaction program, and our personalized medicine initiative. In light of the softness we experienced in new project awards, we believe it is important to continue to invest in areas that will result in expanding our capabilities and focusing on the needs of our customers," stated Molly Henderson, chief business and financial officer of VirtualScopics. She added, "Certain investments have already yielded results; specifically our investments in enhancing customer satisfaction generated a
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SOURCE VirtualScopics, Inc.
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