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VirtualScopics net loss grows in first quarter

By TROY L. SMITH
 - 5/15/2013 3:44:26 PM

A lack of new project booking in 2012 affected VirtualScopics Inc.’s bottom line in the first quarter.

The medical image analysis company reported a net loss available to shareholders of $1.15 million, or 4 cents a share in the quarter, compared with a net loss of $625,544, or 2 cents a share, during the same period a year ago.

First-quarter revenues were down to $2.28 million from $3.29 million in 2012. VirtualScopics’ operating loss in the quarter grew significantly to $1.12 million from $218,780 a year ago. Excluding investments made in personalized medicine, operating loss was $772,898.

The first quarter numbers come after the company reported a net loss for the full year 2012 of $1.5 million, or 11 cents a share, compared with a net income of $703,000, or 2 cents a share, in 2011.

Molly Henderson, chief financial officer at VirtualScopics, said the company is working to monitor its costs, but is already seeing an increase in new business.

“In light of the continued softness in our top line, we remain diligent in monitoring our costs,” Henderson said. “In addition to the increase in the number of project awards in 2013, we are encouraged by the nature of the new business we have experienced.”

She added that seven of the firm’s year-to-date 2013 project awards came from new customers, exceeding the amount of new customers VirtualScopics secured in all of 2012.

President and CEO Jeff Markin reiterated VirtualScopics strong start, in terms of new business, in 2013.

“While our revenues continue to suffer due to our low new project bookings in 2012 we are encouraged with our sales performance this year,” said Markin, in a statement. “Included in year-to-date project awards is the analysis of a significant Phase III study that will occur primarily in the second quarter. This project, along with others awarded to date, demonstrates a greater than 40 percent increase in awards and bookings over the same period in 2012.”

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