VirtualScopics Reports Significant Revenue Growth and Cash Flow for 2009
ROCHESTER, N.Y., Feb. 9 VirtualScopics, Inc. (Nasdaq: VSCP), a provider of quantitative imaging for clinical trials, today announced revenues for the fourth quarter ended December 31, 2009 exceeded $2.9 million, representing a 50% increase over the same period in 2008. Full year 2009 revenues were approximately $10.4 million compared to $7.1 million for 2008. Cash flow generated during 2009 was $1.2 million compared to a cash flow usage of over ($800,000) in 2008.
"By delivering another quarter and year of record revenue growth, I am extremely pleased to say we exceeded all of the targets we set forth for ourselves in the beginning of 2009," stated President and Chief Executive Officer, Jeff Markin. He continued, "In what was a difficult year for many businesses we were able to deliver a 46% increase in revenues. Additionally, our strong revenue growth and cost controls enabled us to significantly enhance our cash position throughout last year." He concluded, "We are confident that we will continue to deliver solid returns in 2010 as we further grow and expand the business."
VirtualScopics plans to report its complete fourth quarter and full-year 2009 financial results on Thursday, February 25, 2010. Jeff Markin and Molly Henderson, VirtualScopics' Chief Business and Financial Officer, will provide a business update and discuss the results during the conference call on Thursday, February 25, 2010 at 11:00 a.m. EST.
About VirtualScopics, Inc.
VirtualScopics, Inc. is a leading provider of imaging solutions to accelerate drug and medical device development. VirtualScopics has developed a robust software platform for analysis and modeling of both structural and functional medical images. In combination with VirtualScopics' industry-leading experience and expertise in advanced imaging biomarker measurement, this platform provides a uniquely clear window into the biological activity of drugs and devices in clinical trial patients, allowing sponsors to make better decisions faster. For more information about VirtualScopics, visit www.virtualscopics.com.
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. These forward-looking statements include, but are not limited to, statements regarding the expected benefits of the Company's investment in infrastructure and new customer contract signings and awards in 2009, the risk that the Company will not meet its 2009 financial targets and/or statements preceded by, followed by or that include the words "believes," "could," "expects," "anticipates," "estimates," "intends," "plans," "projects," "seeks," or similar expressions. Forward-looking statements deal with the Company's current plans, intentions, beliefs and expectations. Investors are cautioned that all forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Many of these risks and uncertainties are discussed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2008 filed with the Securities and Exchange Commission (the "SEC"), and in any subsequent reports filed with the SEC, all of which are available at the SEC's website at www.sec.gov.
CONTACT: Company Contact: Molly Henderson Chief Business and Financial Officer 500 Linden Oaks Rochester, New York 14625 (585) 249.6231
SOURCE VirtualScopics, Inc.
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