ROCHESTER, N.Y., Oct. 1 /PRNewswire-FirstCall/ -- VirtualScopics, Inc. (Nasdaq: VSCP), a provider of quantitative imaging for clinical trials, today announced revenues for the third quarter ended September 30, 2010 exceeded $3.5 million, representing a greater than 25% increase over the comparable period in 2009 and a greater than 9% growth over the preceding quarter ended June 30, 2010. Year-to-date revenues increased over 30% for the period ended September 30, 2010 compared to the same period in 2009.
"We are extremely pleased to deliver another quarter of record revenue," stated Jeff Markin, president and chief executive officer of VirtualScopics. "Our growth this year has been spurred by the demand for our services within later stage clinical trials and as a result, our 2010 year-to-date clinical trial revenues have already exceeded what we recognized for the full year in 2009." He added, "Our strong value proposition within the industry is one of the main contributors to our ability to report our 13th consecutive quarter of revenue growth." He concluded, "We are excited about our opportunities as we enter the fourth quarter and anticipate a solid close to 2010."
VirtualScopics plans to report its complete third quarter 2010 financial results on Thursday, November 11, 2010. Jeff Markin and Molly Henderson, VirtualScopics' Chief Business and Financial Officer, will provide a business update and discuss the third quarter results during the conference call that morning 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 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, 2009 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 specifically as it relates to contact awards, the risk that they may not get signed. Other risks include the company's dependence on its largest customers and risks of contract performance, protection of our intellectual property and the risks of infringement of 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.
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SOURCE VirtualScopics, Inc.