This Week
  • UTC Retail Inc. grabbed the top spot on the 2014 Rochester Top 100.

  • Jean Maess is the site executive for Thomson Reuters, a top local employer.

  • UTC Retail Inc. grabbed the top spot on the 2014 Rochester Top 100.

  • Kelby Russell wants you to know: Local wines are among the world's finest.

  • The nominees for the upcoming 2014 Philanthropy Awards are profiled.

  • WebTitle Agency continues to grow following its 2012 merger with Customized Lenders Services.

VirtualScopics shares climb after second-quarter report

Rochester Business Journal
August 14, 2014

Brighton-based VirtualScopics Inc. posted a net loss for the second quarter, but saw continued success in rise in awards outstanding and bookings.

The company posted a net loss available to common shareholders of $773,531, or 26 cents a share, compared with a net income of $92,286, or 3 cents a share, a year ago.

VirtualScopics also reported Thursday a drop in revenues to $2.65 million, from $3.7 million a year earlier.

VirtualScopics stock (NasdaqCM: VSCP) was trading at $4.10 a share Thursday afternoon, up more than 9 percent from Wednesday’s close of $3.77. They day’s high was $4.28 a share; though it closed at $3.77.

Company officials were upbeat on its awards outstanding and bookings for the first six months, which at $17.6 million were more than double the $7.7 million during the same period in 2013.

The clinical trial imaging company has grown its 2014 bookings year to date to $23.5 million, with more than four months left in the year. The company reported $20.5 million for the full year 2013.

"We are very pleased with these year-over-year comparisons and the fact that the positive momentum established in the first quarter of 2014 is continuing," said Eric Converse, president and CEO, in a statement. "New business wins this year include the return of two big pharma companies to VirtualScopics and a Phase III clinical study with a significant new customer.
 
“We believe this year's significant increase in awards outstanding and bookings will result in improved revenues and the company's return to profitability in 2015."

As of June 30 the company reported $5.6 million in cash, down from $7.3 million on Dec. 31.

“We look forward to our positive new business development efforts continuing in the second half of 2014,” Converse said. “We will continue to invest in our business and believe the investments we are making this year will result in the company’s future prosperity.”

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google