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VirtualScopics Reports Fourth-Quarter and Full-Year 2010 Results; 2010 Revenues Increase 29%

ROCHESTER, N.Y. Feb. 24, 2011 $13,393,120 December 31, 2010 $10,392,825 December 31, 2009 $3,000,295 December 31, 2010 $856,243 $279,271 December 31, 2009 $1.1 million

December 31, 2010

  • $3,509,930 $2,919,459
  • $1,708,133 $1,505,904
  • $232,100 $92,519
  • $604,404 December 31, 2010 $441,438
  • $1.8 million

December 31, 2010

  • $6,855,235 $5,615,354
  • $2,231,747 $1,257,394
  • $1.5 million $0.7 million
  • $629,042 $1,011,227

Jeff Markin $13.4 million $13 million

Molly Henderson $1.26 million $2.23 million $1 million December 31, 2010 $1.7 million $16 million

Jeff Markin Molly Henderson 11:00 a.m. EST the United States www.virtualscopics.com

The Company provides Adjusted EBITDA as a supplemental measure to GAAP regarding the Company’s operational performance. The Company defines Adjusted EBITDA as earnings less interest, taxes (if any), depreciation and amortization as further adjusted to exclude stock-based compensation expense and the loss/gain on derivative instrument (mark to market adjustment for warrants). This financial measure excludes the impact of certain items and, therefore, has not been calculated in accordance with GAAP. The Company’s method of calculating Adjusted EBITDA, however, may differ from methods used by other companies, and, as a result, Adjusted EBITDA measures disclosed herein may not be comparable to other similarly titled measures used by other companies. The Company continues to provide information in accordance with GAAP, however, with the adoption of ASC 815-40 and the non-cash variable nature of stock-based compensation expense and their very substantial impact on the overall reported net income/loss, the Company believes it is also helpful for investors to receive additional information relating more specifically to the Company’s operating results. Accordingly, the Company has presented Adjusted EBITDA which excludes the non-cash effects of ASC 815-40 and ASC 718 on its financial results. Management uses Adjusted EBITDA (a) to evaluate the Company’s financial performance, (b) to set internal spending budgets, and (c) to measure operational profitability. In addition, investors have requested these non-GAAP financial measures as a means of providing consistent and comparable information with past reports of financial results. Pursuant to the requirements of Regulation G, the Company has provided a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure, net income/(loss), below.

About VirtualScopics, Inc.

www.virtualscopics.com

Forward-Looking Statements

December 31, 2009 SEC www.sec.gov

VirtualScopics, Inc. and Subsidiary

Consolidated Statements of Operations

For the Three Months Ended December 31,

For the Year Ended
December 31,

2010

2009

2010

2009

(unaudited)

(unaudited)

Revenues

$ 3,509,930

$ 2,919,459

$13,393,120

$ 10,392,825

Cost of services

1,801,797

1,413,555

6,537,885

4,777,471

Gross profit

1,708,133

1,505,904

6,855,235

5,615,354

Gross margin

49%

52%

51%

54%

Operating expenses

Research and development

238,573

225,821

1,028,090

975,311

Sales and marketing

260,838

362,521

1,165,359

1,240,310

General and administrative

604,318

476,124

2,430,039

2,142,339

Stock-based compensation expense

241,749

230,677

863,522

1,067,080

Depreciation and amortization

130,555

118,242

511,982

469,585

Total operating expenses

1,476,033

1,413,385

5,998,992

5,894,625

Operating income (loss)

232,100

92,519

856,243

(279,271)

Other income (expense)

Interest income

1,372

3,169

9,788

7,116

Other expense

(10,717)

(9,724)

(25,318)

(22,027)

(Loss) Gain on derivative financial instrument

(1,829,613)

287,953

(1,469,755)

(717,045)

Total other (expense) income

(1,838,958)

281,398

(1,485,285)

(731,956)

Net (Loss) Income

$(1,606,858)

$    373,917

$   (629,042)

$ (1,011,227)

Series B preferred stock cash dividend

32,438

59,802

173,016

304,318

Net (loss) income attributable to common stockholders

$(1,639,296)

$    314,115

$   (802,058)

$ (1,315,545)

Basic and diluted net (loss) income per common share

$        (0.06)

$          0.01

$         (0.03)

$          (0.05)

Weighted average number of common shares outstanding

Basic

26,680,907

24,990,515

26,153,573

24,102,126

Diluted

26,680,907

30,789,084

26,153,573

24,102,126

VirtualScopics, Inc. and Subsidiary

Consolidated Balance Sheets

December 31,

2010

2009

Assets

(unaudited)

Current assets

Cash

$  4,576,060

$ 4,327,410

Accounts receivable, net

2,727,525

1,481,381

Prepaid expenses and other current assets

305,079

387,247

Total current assets

7,608,664

6,196,038

Patents, net

1,711,501

1,832,560

Property and equipment, net

404,426

456,169

Other assets

33,258

Total assets

$  9,724,591

$ 8,518,025

Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable and accrued expenses

$  1,099,838

$    658,430

Accrued payroll

821,107

837,177

Unearned revenue

214,508

1,011,498

  Derivative liability

2,609,708

1,139,953

Total current liabilities

4,745,161

3,647,058

Commitments and Contingencies

Stockholders’ Equity

Convertible preferred stock, $0.001 par value; 15,000,000 shares authorized;

Series A 8,400 shares authorized; issued and outstanding, 3,188 and 3,438 shares at December 31, 2010 and 2009, respectively; liquidation preference $1,000 per share

3

3

Series B 6,000 shares authorized; issued and outstanding, 800 and 2,910 shares at December 31, 2010 and 2009 respectively; liquidation preference $1,000 per share

1

3

Common stock, $0.001 par value; 85,000,000 shares authorized; issued and outstanding, 27,414,620 and 25,233,255 shares at December 31, 2010 and 2009, respectively

27,415

25,233

Additional paid-in capital

15,090,254

14,354,929

Accumulated deficit

(10,138,243)

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