ROCHESTER, N.Y., Nov. 13, 2014 /PRNewswire/ -- VirtualScopics, Inc. (NASDAQ: VSCP), a leading provider of clinical trial imaging solutions, today reported financial results for the third quarter and nine months ended September 30, 2014. Awards outstanding and bookings as of and for the nine months ended September 30, 2014 increased 29% to $23.8 million, as compared to $18.4 million for the same period in 2013. Awards outstanding and bookings as of and for the year to date period ended today, November 13, 2014 are approximately $25.5 million, 124% of the $20.5 million as of and for the fiscal year ended December 31, 2013.
Revenues for the third quarter of 2014 were $2,741,241, an increase of 23%, as compared to $2,227,877 during the third quarter of 2013. Revenues for the first nine months of 2014 were $7,742,974 compared to $8,467,141 for the first nine months of 2013. The results from the prior year nine month period include a six week, one-time Phase III breast cancer study during the second quarter of 2013 that generated over $1 million in revenue. Excluding this six week study from 2013 revenues, VirtualScopics’ 2014 revenues for the first nine months would have increased over the prior year period by approximately $276,000, or 4%. The company’s book-to-bill ratio for the first nine months of 2014 was 2.54 compared to 1.29 in the first nine months of 2013, reflecting a 97% increase.
“We are very pleased with these positive year over year comparisons, as well as the strength of our awards outstanding and bookings that are indicative of future revenues for the company,” said Eric T. Converse, president and chief executive officer. “We believe that the increase in our book-to-bill ratio is the result of the focused and disciplined approach that the entire VirtualScopics team has demonstrated this year, which is gratifying for all of us. It is also important to note that revenues since the beginning of 2014 have increased quarter over quarter, a trend that we believe will continue for the rest of the year and into 2015.”
VirtualScopics reported a net loss for the third quarter of 2014 of $997,523 compared to a net loss of $793,322 in the third quarter of 2013. For the first nine months of 2014, the company reported a net loss of $2,459,427 compared to a net loss of $1,855,983 in the prior year period. 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.
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 third quarter and nine months 2014 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: 13594825
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=173384.
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: 13594825
- Webcast and slide presentation can be accessed at:
http://virtualscopics.investorroom.com/webcasts or at:
http://www.investorcalendar.com/IC/CEPage.asp?ID=173384
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 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.
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