ROCHESTER, N.Y., Aug. 11, 2015 /PRNewswire/ -- VirtualScopics, Inc. (NASDAQ:VSCP), a leading provider of clinical trial imaging solutions, today reported financial results for the second quarter and six months ended June 30, 2015. Revenues for the second quarter of 2015 rose 14% to $3,019,126 compared to revenues of $2,648,747 for the comparable prior year period. The company reported a net loss for the second quarter of 2015 of $546,992, or $0.20 loss per share, representing a 25% improvement from a net loss of $731,531, or $0.26 loss per share, reported in the second quarter of 2014. Revenues for the first half of 2015 rose 17% to $5,833,568 compared to revenues of $5,001,732 for the comparable prior year period. The company reported a net loss for the first half of 2015 of $1,099,664, or $0.40 loss per share, representing a 20% improvement from a net loss of $1,377,904, or $0.49 loss per share, reported in the first half of 2014.
"The 17% increase in revenue during the first half of 2015 is the result of the company's strong performance in awards and bookings in 2014," said Eric. T. Converse, president and chief executive officer of VirtualScopics, Inc. "During the coming year, the entire VirtualScopics team is focused on continuing to improve revenues while building the company's backlog and returning the business to profitability. We believe we have created a very positive path and are excited to see this continue for the remainder of the year."
In addition, VirtualScopics has secured a line of credit for up to $2 million with Silicon Valley Bank which will be used as a non-dilutive cash facility for any operating and financial needs. "We are pleased to have this line in place, it provides us with operating capital to offset fluctuations in cash flow," said Jim Groff, chief financial officer of VirtualScopics, Inc.
Conference Call and Webcast Information
The company's management will host a conference call and webcast today at 4:30 p.m. ET to discuss the company's second quarter 2015 financial results and business outlook. The conference call dial in information, webcast URL and replay information are as follows:
- Domestic Call Dial In: 877-407-8035
- International Call Dial In: 201-689-8035
- Conference Call ID: 13615639
An accompanying slide presentation to enhance managements' formal remarks, as well as a webcast of the call, can be accessed at the following:
- http://virtualscopics.investorroom.com/webcasts or at:
- http://www.investorcalendar.com/IC/CEPage.asp?ID=174218
A replay and slide presentation will be available one hour after the conclusion of the conference call for 90 days, and can be accessed using the following:
- Replay Domestic Call Dial In: 877-660-6853
- Replay International Call Dial In: 201-612-7415
- Replay Conference Call ID: 13615639
The webcast and slide presentation can be accessed at the following:
- http://virtualscopics.investorroom.com/webcasts or at:
- http://www.investorcalendar.com/IC/CEPage.asp?ID=174218
About VirtualScopics, Inc.
VirtualScopics, Inc. (NASDAQ:VSCP) is a leading provider of clinical trial imaging solutions to accelerate drug and medical device development. For risk-averse, time-constrained Clinical Trial Study Teams, Medical Directors and Imaging Scientists who require quality imaging data delivered on-time, within budget and on a consistent basis, VirtualScopics' clinical trial imaging solutions are an inspired true exception to commonly-accepted services provided by other clinical trial imaging providers. Because of the scientific and operational flexibility and responsiveness available, VirtualScopics' clinical trial imaging solutions deliver special performance advantages compared to other image service providers that offer common, every day clinical trial imaging services. For more information on VirtualScopics, Inc., please visit www.virtualscopics.com.
Forward-looking Statements
The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created thereby. These forward-looking statements include, but are not limited to, statements regarding the expected benefits of the company's investment in infrastructure, sales and marketing efforts, the increase in backlog, awards and bookings and the performance of existing projects and/or statements preceded by, followed by or that include the words "believes", "could", "expects", "anticipates", "estimates", "intends", "plans", "projects", "seeks", or similar expressions.
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