ROCHESTER, N.Y., Aug. 11, 2015 /PRNewswire/
-- VirtualScopics, Inc. (NASDAQ:VSCP), a leading provider of
clinical trial imaging solutions, today reported financial results
for the second quarter and six months ended June 30, 2015. Revenues for the second
quarter of 2015 rose 14% to $3,019,126 compared to revenues of $2,648,747 for the comparable prior year
period. The company reported a net loss for the second
quarter of 2015 of $546,992, or
$0.20 loss per share, representing a
25% improvement from a net loss of $731,531, or $0.26
loss per share, reported in the second quarter of 2014.
Revenues for the first half of 2015 rose 17% to $5,833,568 compared to revenues of $5,001,732 for the comparable prior year
period. The company reported a net loss for the first half of
2015 of $1,099,664, or $0.40 loss per share, representing a 20%
improvement from a net loss of $1,377,904, or $0.49 loss per share, reported in the first half
of 2014.
"The 17% increase in revenue during the first half of 2015 is
the result of the company's strong performance in awards and
bookings in 2014," said Eric. T. Converse, president and chief
executive officer of VirtualScopics, Inc. "During the coming
year, the entire VirtualScopics team is focused on continuing to
improve revenues while building the company's backlog and returning
the business to profitability. We believe we have created a
very positive path and are excited to see this continue for the
remainder of the year."
In addition, VirtualScopics has secured a line of credit for up
to $2 million with Silicon Valley
Bank which will be used as a non-dilutive cash facility for any
operating and financial needs. "We are pleased to have this
line in place, it provides us with operating capital to offset
fluctuations in cash flow," said Jim
Groff, chief financial officer of VirtualScopics, Inc.
Conference Call and Webcast Information
The company's management will host a conference call and webcast
today at 4:30 p.m. ET to discuss the
company's second quarter 2015 financial results and business
outlook. The conference call dial in information, webcast URL
and replay information are as follows:
- Domestic Call Dial In: 877-407-8035
- International Call Dial In: 201-689-8035
- Conference Call ID: 13615639
An accompanying slide presentation to enhance managements'
formal remarks, as well as a webcast of the call, can be accessed
at the following:
- http://virtualscopics.investorroom.com/webcasts or
at:
- http://www.investorcalendar.com/IC/CEPage.asp?ID=174218
A replay and slide presentation will be available one hour after
the conclusion of the conference call for 90 days, and can be
accessed using the following:
- Replay Domestic Call Dial In: 877-660-6853
- Replay International Call Dial In: 201-612-7415
- Replay Conference Call ID: 13615639
The webcast and slide presentation can be accessed at the
following:
- http://virtualscopics.investorroom.com/webcasts or at:
- http://www.investorcalendar.com/IC/CEPage.asp?ID=174218
About VirtualScopics, Inc.
VirtualScopics, Inc. (NASDAQ:VSCP) is a leading provider of
clinical trial imaging solutions to accelerate drug and medical
device development. For risk-averse, time-constrained
Clinical Trial Study Teams, Medical Directors and Imaging
Scientists who require quality imaging data delivered on-time,
within budget and on a consistent basis, VirtualScopics' clinical
trial imaging solutions are an inspired true exception to
commonly-accepted services provided by other clinical trial imaging
providers. Because of the scientific and operational
flexibility and responsiveness available, VirtualScopics' clinical
trial imaging solutions deliver special performance advantages
compared to other image service providers that offer common, every
day clinical trial imaging services. For more information on
VirtualScopics, Inc., please visit www.virtualscopics.com.
Forward-looking Statements
The statements contained in this press release that are not
purely historical are forward-looking statements within the meaning
of the 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, sales and marketing
efforts, the increase in backlog, awards and bookings and the
performance of existing projects 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,
2014 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. These include without limitation: the risk of
cancellation or delay of customer contracts or that contract awards
do not turn into signed contracts. Other risks include the
company's dependence on its largest customers and risk of contract
performance, protection of our intellectual property and the risks
of infringement on the intellectual property rights of
others. All forward-looking statements speak only as of the
date of this press release and the company undertakes no obligation
to update such forward-looking statements.
For More Information, Contact:
Donna N. Stein, APR, Fellow PRSA
Managing Partner
Donna Stein & Partners
Phone: 315-361-4672
Email: dstein1@twcny.rr.com
Financial Tables to Follow
|
VirtualScopics, Inc.
and Subsidiary
|
|
Condensed
Consolidated Statements of Operations
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Six
Months Ended
|
|
June
30,
|
|
June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Revenues
|
$ 2,854,591
|
|
$ 2,542,048
|
|
$ 5,495,812
|
|
$ 4,789,001
|
|
Reimbursement
revenues
|
164,535
|
|
106,699
|
|
337,756
|
|
212,731
|
|
Total
revenues
|
3,019,126
|
|
2,648,747
|
|
5,833,568
|
|
5,001,732
|
|
|
|
|
|
|
|
|
|
Cost of
services
|
1,845,229
|
|
1,601,679
|
|
3,511,874
|
|
3,090,758
|
|
Cost of reimbursement
revenues
|
164,535
|
|
106,699
|
|
337,756
|
|
212,731
|
|
Total cost of
services
|
2,009,764
|
|
1,708,378
|
|
3,849,630
|
|
3,303,489
|
|
Gross
profit
|
1,009,362
|
|
940,369
|
|
1,983,938
|
|
1,698,243
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
Research &
development
|
298,456
|
|
306,289
|
|
648,293
|
|
592,185
|
|
Sales &
marketing
|
360,979
|
|
482,807
|
|
641,376
|
|
827,884
|
|
General &
administrative
|
779,382
|
|
807,642
|
|
1,578,770
|
|
1,494,643
|
|
Depreciation &
amortization
|
106,020
|
|
75,526
|
|
202,991
|
|
162,028
|
|
Total operating
expenses
|
1,544,837
|
|
1,672,264
|
|
3,071,430
|
|
3,076,740
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
( 535,475 )
|
|
( 731,895 )
|
|
( 1,087,492 )
|
|
( 1,378,497 )
|
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
Other
income
|
661
|
|
1,051
|
|
920
|
|
2,057
|
|
Other
expense
|
( 12,178 )
|
|
( 687 )
|
|
( 13,092 )
|
|
( 1,464 )
|
|
Total other (expense)
income
|
( 11,517 )
|
|
364
|
|
( 12,172 )
|
|
593
|
|
|
|
|
|
|
|
|
|
Net loss
|
( 546,992 )
|
|
( 731,531 )
|
|
( 1,099,664 )
|
|
( 1,377,904 )
|
|
|
|
|
|
|
|
|
|
Preferred stock
dividends
|
42,000
|
|
42,000
|
|
84,000
|
|
84,000
|
|
Net loss available to
common stockholders
|
$ ( 588,992 )
|
|
$ ( 773,531 )
|
|
$ ( 1,183,664 )
|
|
$ ( 1,461,904 )
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
basic and diluted shares outstanding
|
2,994,928
|
|
2,992,853
|
|
2,994,928
|
|
2,992,421
|
|
Basic and diluted
loss per share
|
$ ( 0.20
)
|
|
$ ( 0.26
)
|
|
$ ( 0.40
)
|
|
$ ( 0.49
)
|
|
|
|
|
|
|
|
|
|
VirtualScopics,
Inc.
|
|
Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
2015
|
|
2014
|
|
(Unaudited)
|
|
|
|
Assets
|
|
Current
assets
|
|
|
|
|
Cash
|
$
1,651,791
|
|
$
4,046,599
|
|
Accounts receivable, net
|
2,590,123
|
|
1,814,143
|
|
Prepaid expenses and other current assets
|
380,231
|
|
410,188
|
|
Total
current assets
|
4,622,145
|
|
6,270,930
|
|
|
|
|
|
Patents, net
|
1,115,889
|
|
1,211,770
|
|
Property and equipment, net
|
415,238
|
|
330,873
|
|
Other assets
|
6,309
|
|
10,661
|
|
Total
assets
|
$
6,159,581
|
|
$
7,824,234
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
Current
liabilities
|
|
|
|
|
Accounts payable and accrued expenses
|
$
873,049
|
|
$
1,289,099
|
|
Accrued payroll
|
628,127
|
|
681,964
|
|
Unearned revenue
|
582,981
|
|
670,332
|
|
Dividends payable
|
335,333
|
|
335,333
|
|
Total
current liabilities
|
2,419,490
|
|
2,976,728
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
Convertible preferred
stock, $0.001 par value; 1,000,000 shares authorized at June 30,
2015 and December 31, 2014;
|
|
|
|
|
Series C-1 3,000
shares authorized; issued and outstanding, 3,000 shares at June 30,
2015 and December 31, 2014; liquidation preference $1,000 per
share
|
3
|
|
3
|
|
Series B 6,000 shares
authorized; issued and outstanding, 600 shares at June 30, 2015 and
December 31, 2014; liquidation preference $1,000 per
share
|
1
|
|
1
|
|
Series A 8,400 shares
authorized; issued and outstanding, 2,165 shares at June 30, 2015
and December 31, 2014; liquidation preference $1,000 per
share
|
2
|
|
2
|
|
Series C-2 3,000
shares authorized; issued and outstanding, 0 shares at June 30,
2015 and December 31, 2014; liquidation preference $1,000 per
share
|
-
|
|
-
|
|
Common stock, $0.001
par value; 20,000,000 shares authorized;
|
|
|
|
|
issued and
outstanding, 2,994,928 shares at June 30, 2015 and December 31,
2014
|
2,995
|
|
2,995
|
|
Additional paid in capital
|
21,967,318
|
|
21,975,069
|
|
Accumulated deficit
|
( 18,230,228 )
|
|
( 17,130,564 )
|
|
Total
stockholders' equity
|
3,740,091
|
|
4,847,506
|
|
Total
liabilities and stockholders' equity
|
$
6,159,581
|
|
$
7,824,234
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/virtualscopics-inc-reports-2015-second-quarter-and-six-months-financial-results-revenues-increase-14-from-2014-second-quarter-and-17-above-the-six-months-reported-in-2014-300126209.html
SOURCE VirtualScopics, Inc.