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VirtualScopics reports net loss as Q4 revenue falls

Rochester Business Journal
February 19, 2013

VirtualScopics Inc. closed 2012 with a net loss and drop in revenue for the fourth quarter.

The medical image analysis company Tuesday reported a net loss available to common stockholders of $814,892, or 3 cents a share, for the quarter ended Dec. 31, compared with earnings of $1,100, or zero cents a share, a year ago. Adjusted loss before interest, taxes, depreciation and amortization was $554,635 compared with a gain of $183,065 in the fourth quarter 2011.

Total revenue was roughly $2.6 million, down from $3.5 million a year ago, affected by a slowdown in project awards.
 
“While the company continued to advance technically in 2012, we were disappointed with the lack of revenue growth which impacted our bottom line,” said Jeffrey Markin, president and CEO of VirtualScopics, in a statement.

For the full year, the company reported a net loss of $1.5 million, or 11 cents a share, compared with net income of $703,295, or 2 cents a share, in 2011. Adjusted EBITDA loss for 2012 was $207,512, compared with adjusted earnings of $1.4 million in 2011.

The company logged revenues in 2012 of $12.96 million, down from $14.28 million. 

Still, company officials voiced optimism over opportunities this year. Markin said the request for proposal activity remains strong.

VirtualScopics invested $1.5 million in research and development in 2012, a 15 percent jump over 2011. Some $550,000 of that went toward its personalized medicine initiative.

At the end of the year, the company had more than $8.5 million in cash, compared with $5.7 million at the end of 2011.

“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,” said Molly Henderson, chief business and financial officer. “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.”

VirtualScopics’ stock (NasdaqCM:VSCP) midday was trading at 65 cents a share, up nearly 6 percent from Monday’s close of 61 cents.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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