ROCHESTER, N.Y., Feb. 26, 2015 /PRNewswire/ -- VirtualScopics, Inc. (NASDAQ: VSCP), a leading provider of clinical trial imaging solutions, today reported financial results for the fourth quarter and year ended December 31, 2014. Revenues for the fourth quarter of 2014 were $2,709,511 compared to $2,706,910 during the fourth quarter of 2013. Revenues for the full year 2014 were $10,452,484 compared to revenues of $11,174,051 for the full year 2013. The company reported a net loss for the fourth quarter of 2014 of $1,088,996, or $0.38 per share, compared to a net loss of $1,014,558, or $0.35 per share, in the fourth quarter of 2013. The net loss for the full year 2014 was $3,422,423, or $1.20 per share, compared to a net loss for the full year 2013 of $2,744,541, or $0.98 per share. The increase in net loss for the 2014 periods is primarily related to VirtualScopics’ increased investments in infrastructure, sales and marketing, systems, training and human capital while supporting the current business.
“As anticipated, revenues for the full year 2014 declined and losses were higher than the previous year due to the increased investments we’ve been making to support the near record $26.2 million in bookings accumulated at December 31, 2014,” said Eric T. Converse, president and chief executive officer of VirtualScopics, Inc. “At December 31, 2014, our book-to-bill ratio was 2.50 which we believe indicates that our future revenue should be increasing.”
Conference Call and Webcast Information
The company’s management will host a conference call and webcast today at 8:30 a.m. ET to discuss the company’s fourth quarter full year financial results and business outlook. The conference call dial in information, webcast URL and replay information is as follows:
- Domestic Call Dial In: 877-407-8035
- International Call Dial In: 201-689-8035
- Conference Call ID: 13601313
An accompanying slide presentation to enhance managements’ formal remarks, as well as a webcast of the call, can be accessed at: http://virtualscopics.investorroom.com/webcasts or at http://www.investorcalendar.com/IC/CEPage.asp?ID=173648.
A replay and slide presentation will be available one hour after the conclusion of the conference call for 90 days, and can be accessed at:
- Replay Domestic Dial In: 877-660-6853
- Replay International Dial In: 201-612-7415
- Conference Call ID: 13601313
- Webcast and slide presentation can be accessed at:
http://virtualscopics.investorroom.com/webcasts or at
http://investorcalendar.com/IC/CEPage.asp?ID=173648
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.
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