VirtualScopics Inc. reported a bigger net loss in the third quarter as revenues shrank.
The imaging company posted a net loss attributable to common shareholders of $793,322, or 27 cents a share, compared with a net loss of $121,249 or 4 cents a share, a year ago.
The company also reported a drop in revenues in the quarter at $2.2 million, compared with $3.3 million a year ago.
New project awards and bookings year to date exceed $19 million, more than double the same period a year ago.
“From a financial results perspective, this was a challenging quarter for VirtualScopics," said Eric Converse, interim CEO, in a statement. "While we have demonstrated remarkable improvement in our new project awards in 2013, our revenues are impacted by the slowdown in project awards we experienced in 2012. We are encouraged by our bookings in 2013, and believe that this positive trajectory will continue."
As of Sept. 30, the company had $7 million in cash.
The company expects 2013 revenues to total $10.5 million to $11 million.
"I am very pleased with our sales and marketing effort, which has resulted in greatly improved year-to-date awards and bookings when compared to 2012,” Converse said. “The team is employing smart strategies, such as complementing our early phase capabilities with late phase capabilities and further leveraging our core technology to strengthen relationships with customers."
VirtualScopics stock (Nasdaq: VSCP) was trading at $3.64 a share Thursday afternoon, up 4 percent from Wednesday’s close of $3.49.
Late last month the company announced the board of directors had hired Korn/Ferry International to initiate a search for the firm's next CEO following the resignation of Jeffrey Markin.
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