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VirtualScopics Reports Second Quarter 2013 Results
Date:8/13/2013

ROCHESTER, N.Y., Aug. 13, 2013 /PRNewswire/ -- VirtualScopics, Inc. (NASDAQ: VSCP), a leading provider of quantitative imaging, today announced revenues of $3,706,677 for the quarter ended June 30, 2013 compared to $3,335,861 for the quarter ended June 30, 2012. Net income for the three months ended June 30, 2013 was $134,286 compared to a net loss of $62,966 for the three months ended June 30, 2012. Year to date 2013 new project awards totaled $15.9 million as compared to $4.6 million during the same period in 2012, a 246% increase.

Other second quarter ended June 30, 2013 results were:

  • Gross profit of $1,770,083 compared to $1,343,937 in the second quarter of 2012.
  • Gross margin of 48% compared to 40% in the second quarter of 2012.
  • Operating income of $131,371 compared to an operating loss of $166,694 in the second quarter of 2012.
  • Adjusted EBITDA of $333,445 compared to $72,973 for the second quarter of 2012.
  • Jeff Markin, president and chief executive officer of VirtualScopics stated, "We are very pleased with our performance in the second quarter which exhibited a 14% growth in revenue, a rebound in gross margins to 48%, resulting in a significant improvement in our operating performance and cash generation as compared to the first quarter of 2013." He continued, "We are also pleased with the amount of new project awards that we have received so far in 2013.  New project awards are up more than 240% versus the similar period last year, and exceed the amount of new awards received during the full year of 2012." He concluded, "We are especially encouraged that more than 40% of our new study awards in 2013 are through our alliance with PPD which visibly validates the significant client benefits offered by our joint clinical and imaging solution."

    "Aside from the second quarter 2013 growth in revenues, one of the stro
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    SOURCE VirtualScopics, Inc.
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