VirtualScopics, Inc. Reports Fourth Quarter And Year End 2014 Financial Results
ROCHESTER, N.Y., Feb. 26, 2015 /PRNewswire/ -- VirtualScopics, Inc. (NASDAQ: VSCP), a leading provider of clinical trial imaging solutions, today reported financial results for the fourth quarter and year ended December 31, 2014. Revenues for the fourth quarter of 2014 were $2,709,511 compared to $2,706,910 during the fourth quarter of 2013. Revenues for the full year 2014 were $10,452,484 compared to revenues of $11,174,051 for the full year 2013. The company reported a net loss for the fourth quarter of 2014 of $1,088,996, or $0.38 per share, compared to a net loss of $1,014,558, or $0.35 per share, in the fourth quarter of 2013. The net loss for the full year 2014 was $3,422,423, or $1.20 per share, compared to a net loss for the full year 2013 of $2,744,541, or $0.98 per share. The increase in net loss for the 2014 periods is primarily related to VirtualScopics' increased investments in infrastructure, sales and marketing, systems, training and human capital while supporting the current business.
"As anticipated, revenues for the full year 2014 declined and losses were higher than the previous year due to the increased investments we've been making to support the near record $26.2 million in bookings accumulated at December 31, 2014," said Eric T. Converse, president and chief executive officer of VirtualScopics, Inc. "At December 31, 2014, our book-to-bill ratio was 2.50 which we believe indicates that our future revenue should be increasing."
Conference Call and Webcast Information
The company's management will host a conference call and webcast today at 8:30 a.m. ET to discuss the company's fourth quarter full year financial results and business outlook. The conference call dial in information, webcast URL and replay information is as follows:
- Domestic Call Dial In: 877-407-8035
- International Call Dial In: 201-689-8035
- Conference Call ID: 13601313
An accompanying slide presentation to enhance managements' formal remarks, as well as a webcast of the call, can be accessed at: http://virtualscopics.investorroom.com/webcasts or at http://www.investorcalendar.com/IC/CEPage.asp?ID=173648.
A replay and slide presentation will be available one hour after the conclusion of the conference call for 90 days, and can be accessed at:
- Replay Domestic Dial In: 877-660-6853
- Replay International Dial In: 201-612-7415
- Conference Call ID: 13601313
- Webcast and slide presentation can be accessed at:
http://virtualscopics.investorroom.com/webcasts or at
http://investorcalendar.com/IC/CEPage.asp?ID=173648
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 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, new office in New Hope, Pennsylvania, the Scientific Advisory Board, the strategic alliance with IXICO, plc, the increase in awards outstanding and bookings and new customer contract signings and awards the higher year over year book-to-bill ratio 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, 2013 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 contract awards, the risk that they may not get signed, change in scope of a project, timing of performance, timing of patient recruitment and image site identification and training. 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: [email protected]
Financial Tables to Follow
| VirtualScopics, Inc. and Subsidiary |
|||||||
| Consolidated Statements of Operations |
|||||||
| (unaudited) |
|||||||
| For the Three Months Ended |
For the Years Ended |
||||||
| December 31, |
December 31, |
||||||
| 2014 |
2013 |
2014 |
2013 |
||||
| Revenues |
$ 2,540,886 |
$ 2,492,375 |
$ 9,832,300 |
$ 10,466,348 |
|||
| Reimbursement revenues |
168,625 |
214,535 |
620,184 |
707,703 |
|||
| Total revenues |
2,709,511 |
2,706,910 |
10,452,484 |
11,174,051 |
|||
| Cost of services |
1,805,883 |
1,444,974 |
6,470,430 |
6,047,444 |
|||
| Cost of reimbursement revenues |
168,625 |
214,535 |
620,184 |
707,703 |
|||
| Total cost of services |
1,974,508 |
1,659,509 |
7,090,614 |
6,755,147 |
|||
| Gross profit |
735,003 |
1,047,401 |
3,361,870 |
4,418,904 |
|||
| Operating expenses |
|||||||
| Research & development |
345,609 |
330,962 |
1,245,264 |
1,510,721 |
|||
| Sales & marketing |
502,985 |
420,474 |
1,876,041 |
1,556,257 |
|||
| General & administrative |
897,442 |
1,222,648 |
3,349,879 |
3,749,130 |
|||
| Depreciation & amortization |
78,114 |
90,797 |
314,249 |
366,527 |
|||
| Total operating expenses |
1,824,150 |
2,064,881 |
6,785,433 |
7,182,635 |
|||
| Operating loss |
( 1,089,147 ) |
( 1,017,480 ) |
( 3,423,563 ) |
( 2,763,731 ) |
|||
| Other income (expense) |
|||||||
| Other income |
1,078 |
1,028 |
4,164 |
6,410 |
|||
| Other expense |
( 927 ) |
1,894 |
( 3,024 ) |
12,780 |
|||
| Total other income |
151 |
2,922 |
1,140 |
19,190 |
|||
| Net loss |
( 1,088,996 ) |
( 1,014,558 ) |
( 3,422,423 ) |
( 2,744,541 ) |
|||
| Preferred stock dividends |
42,000 |
42,000 |
168,000 |
168,000 |
|||
| Net loss available to common stockholders |
$( 1,130,996 ) |
$( 1,056,558 ) |
$( 3,590,423 ) |
$( 2,912,541 ) |
|||
| Weighted average basic and diluted shares outstanding |
2,994,928 |
2,987,046 |
2,993,601 |
2,981,732 |
|||
| Basic and diluted loss per share |
$ ( 0.38 ) |
$ ( 0.35 ) |
$ ( 1.20 ) |
$ ( 0.98 ) |
|||
| VirtualScopics, Inc. |
|||
| Consolidated Balance Sheets |
|||
| December 31, |
December 31, |
||
| 2014 |
2013 |
||
| (Unaudited) |
|||
| Assets |
|||
| Current assets |
|||
| Cash |
$ 4,046,599 |
$ 7,330,630 |
|
| Accounts receivable, net |
1,814,143 |
1,725,070 |
|
| Prepaid expenses and other current assets |
410,188 |
397,699 |
|
| Total current assets |
6,270,930 |
9,453,399 |
|
| Patents, net |
1,211,770 |
1,334,420 |
|
| Property and equipment, net |
330,873 |
221,700 |
|
| Other assets |
10,661 |
- |
|
| Total assets |
$ 7,824,234 |
$ 11,009,519 |
|
| Liabilities and Stockholders' Equity |
|||
| Current liabilities |
|||
| Accounts payable and accrued expenses |
$ 1,289,099 |
$ 846,071 |
|
| Accrued payroll |
681,964 |
837,611 |
|
| Unearned revenue |
670,332 |
745,028 |
|
| Dividends payable |
335,333 |
293,333 |
|
| Total current liabilities |
2,976,728 |
2,722,043 |
|
| Commitments and Contingencies |
|||
| Stockholders' Equity |
|||
| Convertible preferred stock, $0.001 par value; 1,000,000 and |
|||
| Series C-1 3,000 shares authorized; issued and outstanding, |
3 |
3 |
|
| Series B 6,000 shares authorized; issued and outstanding, 600 |
1 |
1 |
|
| Series A 8,400 shares authorized; issued and outstanding, 2,165 |
2 |
2 |
|
| Series C-2 3,000 shares authorized; issued and outstanding, 0 |
- |
- |
|
| Common stock, $0.001 par value; 20,000,000 and 85,000,000 |
|||
| issued 2,994,928 and 2,992,853 shares at December 31, 2014 |
2,995 |
2,992 |
|
| Additional paid in capital |
21,975,069 |
21,992,619 |
|
| Accumulated deficit |
( 17,130,564 ) |
( 13,708,141 ) |
|
| Total stockholders' equity |
4,847,506 |
8,287,476 |
|
| Total liabilities and stockholders' equity |
$ 7,824,234 |
$ 11,009,519 |
|
SOURCE VirtualScopics, Inc.
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